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ACC 497 Inspiring Communication / snaptutorial.com

u2022 Working capital, current ratio, current cash debt coverage ratio, inventory turnover, days in inventory, accounts receivable turnover, average collection period, debt to asset ratio, times interest earned, free cash

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ACC 497 Inspiring Communication / snaptutorial.com

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  1. ACC 497 Entire Course (With New Final Guide) For more classes visits www.snaptutorial.com This Tutorial contains knowledge Check as well (Please check Questions) ACC 497 Final Exam Guide (New, 2017) ACC 497 Week 1 Knowledge Check ACC 497 Week 2 Team Accounting for Employee Stock Options ACC 497 Week 2 Accounting Ethics ACC 497 Week 2 Knowledge Check ACC 497 Week 3 Team Assignment Interest Cost ACC 497 Week 3 Accounting for Investments ACC 497 Week 3 Knowledge Check ACC 497 Week 4 Team Goodwill ACC 497 Week 4 Income Tax Implication of Capital Investment Decisions ACC 497 Week 4 knowledge Check ACC 497 Week 5 Signature Assignment FARS Case ACC 497 Week 5 Knowledge Check ACC 497 Individual Assignment FASB Codification System Orientation Paper ACC 497 Week 1 Case Study Cash Basis or Accrual Basis? (2 Sets) ACC 497 Week 1 DQ 1 ACC 497 Week 1 DQ 2

  2. ACC 497 Week 2 Individual Assignment Financial Statements Paper Part I (2 Papers) ACC 497 Week 2 Team Assignment Case Study Assignment (2 Papers) ACC 497 Week 2 DQ 1 ACC 497 Week 2 DQ 2 ACC 497 Week 3 Individual Assignment Financial Statements Paper Part II (2 Papers) ACC 497 Week 3 Individual Assignment From the Readings Exercise 17(E1-17) ACC 497 Week 3 Learning Team Assignment From the Reading (2 Sets) ACC 497 Week 3 Learning Team Case Study Assignment (2 Papers) ACC 497 Week 3 DQ 1 ACC 497 Week 3 DQ 2 ACC 497 Week 4 Individual Assignment From the Reading ACC 497 Week 4 Learning Team Assignment From the Reading ACC 497 Week 4 DQ 1 ACC 497 Week 4 DQ 2 ACC 497 Week 5 Individual Assignment from the Text ACC 497 Week 5 Learning Team Case Study Assignment (2 Papers) ACC 497 Week 5 Learning Team Case Study Presentation (2 Sets) ACC 497 Week 5 DQ 1 ACC 497 Week 5 DQ 2 ********************************************** ACC 497 Final Exam Guide (New, 2020)

  3. For more classes visit www.snaptutorial.com 1. An unmodified audit opinion rendered on a governmental unit's basic financial statements means those statements: Have been certified as free from error. Present the entity's financial position fairly in conformity with GAAP. Did not require modifications by the auditor. All of the above. 2 Melinda invests $200,000 in a City of Heflin bond that pays 6 percent interest. Alternatively, Melinda could have invested the $200,000 in a bond recently issued by Surething Inc., that pays 8 percent interest with similar risk and other nontax characteristics to the City of Heflin bond. Assume Melinda’s marginal tax rate is 25 percent. (Leave no cells blank - be sure to enter "0" wherever required.) a. What is her after-tax rate of return for the City of Heflin bond? 3.

  4. One of the primary purposes of the Single Audit Act of 1984 (amended in 1996) is to: Promote the efficient and effective use of audit resources. Make audit activity legal at the federal level. Allow federal auditors greater access to government entities receiving federal funds. Detect fraud, waste and abuse in government entities. 4. Tech Company has disclosed an uncertainty due to pending litigation. The auditor’s decision to issue a qualified opinion on Tech’s financial statements would most likely result from: the entity’s lack of experience with such litigation. an inability to estimate the amount of loss. a lack of sufficient evidence. a lack of insurance coverage for possible losses from such litigation. 5. The goal(s) of a performance audit include(s) assessment of: Economy. Internal control compliance. Program effectiveness. All of the above. 6.

  5. Eagle Company, a public company, had a computer failure and lost part of its financial data. As a result, the auditor was unable to obtain sufficient audit evidence relating to Eagle’s inventory account. Assuming the inventory account is at least material, the auditor would most likely choose either: a qualified opinion with no explanatory paragraph or a qualified opinion with an explanatory paragraph. an unqualified opinion with no explanatory paragraph or an unqualified opinion with an explanatory paragraph. a qualified opinion or an adverse opinion. a qualified opinion or a disclaimer of opinion. 7. Which of the following funds is a governmental fund-type? Enterprise fund. Internal service fund. Permanent fund. Private-purpose trust fund. 8. Which of the following is true regarding financial reporting for internal service funds? Internal service funds are generally reported in the Governmental Activities column of the government-wide financial statements.

  6. Internal service funds are generally reported in the Business-type Activities column of the government-wide financial statements. Internal service funds are aggregated and reported as a major fund in the proprietary fund financial statements. Internal service funds are reported in the governmental fund financial statements. 9. The body that has the responsibility to set generally accepted accounting principles in Canada is the: AcSB. OSC. FASB. IASC. 10. Under GASB standards, where are nonmajor funds reported? In aggregate amounts in a single column in the fund financial statements. In a note disclosure following the financial statements. In the government-wide financial statements. In the management's discussion and analysis preceding the financial statements. 11. For each of the following scenarios, indicate how they would be classified for fund balance reporting purposes by selecting from the list of classification.

  7. 12. Which of the following would be considered Category (b) GAAP for state and local government auditees? GASB Statements and Interpretations. AICPA Practice Bulletins if specifically made applicable to state and local governments by the AICPA and cleared by the GASB. GASB Technical Bulletins. GASB Implementation Guides. 13. The estate of Monique Chablis earned $450 of income this year. Is the estate required to file an income tax return? No, because the estate's gross income is less than $600, the estate is not required to file an income tax return. 14. The essential characteristic(s) of accounting is (are): communication of financial information to interested persons, communication of financial information about economic entities, and identification, measurement, and communication of financial information. communication of financial information about economic entities. communication of financial information to interested persons.

  8. identification, measurement, and communication of financial information. 15. For each of the following independent situations, indicate the type of financial statement audit report that you would issue and briefly explain your reasoning. Assume that all companies mentioned are private companies and that each item is at least material. a. Barefield Corporation, a wholly owned subsidiary of Sandy, Inc., is audited by another CPA firm. As the auditor of Sandy, Inc., you have assured yourself of the other CPA firm’s independence and professional reputation. However, you are unwilling to take complete responsibility for its audit work. b. The management of Bonner Corporation has decided to exclude the statement of cash flows from its financial statements because it believes that its bankers do not find the statement to be very useful. c. You are auditing Diverse Carbon, a manufacturer of nerve gas for the military, for the year ended September 30. On September 1, one of its manufacturing plants caught fire, releasing nerve gas into the surrounding area. Two thousand people were killed and numerous others paralyzed. The company’s legal counsel indicates that the company is liable and that the amount of the liability can be reasonably estimated, but the company refuses to disclose this information in the financial statements. d. During your audit of Cuccia Coal Company, the controller, Tracy Tricks, refuses to allow you to confirm accounts receivable because she is concerned about complaints from her customers. You are unable to

  9. satisfy yourself about accounts receivable by other audit procedures and you are concerned about Tracy’s true motives. e. On January 31, Asare Toy Manufacturing hired your firm to audit the company’s financial statements for the prior year. You were unable to observe the client’s inventory on December 31. However, you were able to satisfy yourself about the inventory balance using other auditing procedures. f. Gelato Bros., Inc., leases its manufacturing facility from a partnership controlled by the chief executive officer and major shareholder of Gelato. Your review of the lease indicates that the rental terms are in excess of rental terms for similar buildings in the area. The company refuses to disclose this related-party transaction in the footnotes. g. Johnstone Manufacturing Company has used the double-declining balance method to depreciate its machinery. During the current year, management switched to the straight-line method because it felt that it better represented the utilization of the assets. You concur with its decision. All information is adequately disclosed in the financial statements. 16. In which section of the standard audit report does the auditor inform financial statement users that certain information, such as combining statements or budgetary comparison schedules may not have been subject to the comprehensive audit procedures? Auditor’s Opinion section. Other Information section Other Matters section. Auditor’s Responsibility section.

  10. 17. Award Use the following selected information from Wheeler, LLC to determine the 2017 and 2016 trend percentages for net sales using 2016 as the base. 66.0% for 2017 and 64.6% for 2016. 54.2% for 2017 and 56.1% for 2016. 36.1% for 2017 and 40.4% for 2016. 120.3% for 2017 and 100.0% for 2016. 116.2% for 2017 and 100.0% for 2016. 2017: $279,200 / $232,000 × 100 = 120.3% 2016: $232,000 / $232,000 × 100 = 100.0% 18 A company reports basic earnings per share of $4.30, cash dividends per share of $1.65, and a market price per share of $65.15. The company's dividend yield equals: 2.62%. 3.82%. 15.50%. 2.53%. 6.45%.

  11. 19 Refer to the following selected financial information from McCormik, LLC. Compute the company's days' sales in inventory for Year 2. (Use 365 days a year.) 45.2. 115.2. 49.1. 82.2. 43.6. 20 Capital assets used by an enterprise fund should be accounted for in the Business-type activities journal but no depreciation on the capital assets should be recorded. Governmental activities journal and depreciation on the capital assets should be recorded. Enterprise fund but no depreciation on the capital assets should be recorded. Enterprise fund and depreciation on the capital assets should be recorded.

  12. 21. For each of the following definitions, indicate the key term from the list that best matches by placing the appropriate terms. 22. Which of the following statements regarding audit findings is true? A material weakness is a deficiency in internal control important enough to merit attention by those charged with governance. All of the above are true. A deficiency exists when the design or operation of a control does not allow management or employees to prevent, or detect and correct misstatements on a timely basis. A significant deficiency is a deficiency in internal control such that there is a reasonable possibility that a material misstatement of the entity’s financial statements will not be prevented, or detected and corrected on a timely basis. 23. Which of the following would be reported as a nonspendable fund balance? Assets whose use is limited. Restricted assets. Capital assets. Inventory.

  13. 24. For the following items that require reconciliation between governmental funds financial statements and governmental activities financial statements at the government-wide level according to GASB standards, indicate which is the best appropriate terms. A) Always be subtracted from fund balances—governmental funds. B) Always be added to fund balances—governmental funds C) May be added to or subtracted from fund balances—governmental funds in arriving at net position of governmental activities. 25. Martinez Corporation reported Net sales of $777,000 and Net income of $130,000. The Profit margin is: 83.27%. 1.67%. 5.98%. 598.0%. 16.73%. 26. Selected current year company information follows:

  14. 27. Some governments provide to their citizens highly condensed financial information, budget summaries, and narrative descriptions. This report is called a(an) Popular report. Required supplementary information. Basic financial statements. Comprehensive annual financial report. 28. A corporation reported cash of $25,600 and total assets of $454,000 on its balance sheet. Its common-size percent for cash equals: 5.64%. 100.00%. 17.73%. 1773%. 56.40%. 29. Refer to the following selected financial information from Shakley's Incorporated. Compute the company's profit margin for Year 2. 17.1%. 32.5%. 9.8%.

  15. 14.2%. 12.1%. 30. An organization that has not published financial accounting standards is the: Institute of Chartered Accountants. Emerging Issues Committee. Certified Management Accountants of Canada. International Accounting Standards Committee. ********************************************** ACC 497 Week 1 Case Study Cash Basis or Accrual Basis? For more classes visits www.snaptutorial.com

  16. Resources: Brain Teaser 4: Cash Basis or Accrual Basis? in Ch. 4 of Mastery of the Financial Accounting Research System (FARS) Through Cases Write a 350- to 700-word response to the questions that follow the case study. Note. Although Brain Teaser 4 references the Financial Accounting Research System, refer to the Financial Accounting Standards Board when answering the questions ********************************************** ACC 497 Week 1 Discussion For more classes visit www.snaptutorial.com What's your understanding of ethics and do you think it's critical to perform ethical behavior in the accounting field? Why or why not? Financial Statement analysis

  17. If you are a banker, what would you consider the most when performing a loan application? You understand there is risk involved with loan application and you’d like to minimize that risk. If you get the recent financial statements of the applicant company, what specific information you will be looking at and why? ********************************************** ACC 497 Week 1 DQ 1 For more classes visits www.snaptutorial.com What is the FASB Codification System? What is the purpose of the FASB Codification System? How can it be used to make better accounting decisions? ********************************************** ACC 497 Week 1 DQ 2

  18. For more classes visits www.snaptutorial.com What are Generally Accepted Accounting Principles (GAAP)? How do GAAP affect financial reporting? How might GAAP need to change to accommodate today’s dynamic business environment? ********************************************** ACC 497 Week 1 FASB Codification System (2 Papers) For more classes visits www.snaptutorial.com ACC 497 Week 1 FASB Codification System Access the FASB Online website and familiarize yourself with the contents. Write a 350- to 700-word paper in which you answer the following questions:

  19. § What is the FASB Codification System? § What is the purpose of the FASB Codification System? § What are the nine content areas located in the FASB Codification System? What types of items are located under each content area? Format your paper consistent with APA guidelines. Click the Assignment Files tab to submit your assignment. ********************************************** ACC 497 Week 1 Individual Assignment FASB Codification System Orientation Paper For more classes visits www.snaptutorial.com Resources: FASB Codification System website accessible through the FASB Online link located on your student website Access the FASB Online website and familiarize yourself with the contents. Write a 350-word paper in which you answer the following questions:

  20. What is the FASB Codification System? What is the purpose of the FASB Codification System? What are the nine content areas located in the FASB Codification System? What types of items are located under each content area? Format your paper consistent with APA guidelines. ********************************************** ACC 497 Week 1 Knowledge Check (2020 Syllabus) (3 Set) For more classes visit www.snaptutorial.com 1.Refer to the following selected financial information from McCormik, LLC. Compute the company's current ratio for Year 2.

  21. 2. Powers Company reported Net sales of $1,280,000 and average Accounts Receivable, net of $70,500. The accounts receivable turnover ratio is: 1. Refer to the following selected financial information from McCormik, LLC. Compute the company's working capital for Year 2. 3. A company reports basic earnings per share of $4.20, cash dividends per share of $1.60, and a market price per share of $65.10. The company's dividend yield equals: 4. Which of the following is NOT a primary source of GAAP? Accounting sections of the CPA Handbook, PART I. FASB accounting standards. Accounting sections of the CPA Handbook, PART II. Accounting Guidelines issued by the AcSB. 5. Which of the following is NOT a primary motivator for maximizing net income? To positively influence users' assessment of management performance. To enhance managers' performance-based compensation. To minimize the company's income tax liability. Compliance with debt covenants. 6. Private placements refer to: indirect negotiation with the one or more creditors. shares that form part of a control block.

  22. debt or equity securities issued to individuals or organizations without being listed with a securities commission. funds not disclosed by private companies. 2. If cash flow prediction is a company's primary reporting objective, this would likely result in: Fewer accruals and deferrals. Lower earnings. Higher earnings. Poor matching. 3. Refer to the following selected financial information from McCormik, LLC. Compute the company's inventory turnover for Year 2. 4. Selected current year company information follows: 5. Choose the correct statement about audits of corporations: Outside auditors are paid by the government for auditing the financial statements of corporations. Revenue Canada performs audits of corporations' financial statements.

  23. It is the employees of the firm being audited who perform the annual audit of the financial statements of that firm. Public corporations (those whose stock are traded on exchanges) are subject to annual audit as to their compliance with GAAP. 6. Refer to the following selected financial information from McCormik, LLC. Compute the company's accounts receivable turnover for Year 2. 7. A corporation reported cash of $28,400 and total assets of $468,000 on its balance sheet. Its common-size percent for cash equals: 7. A corporation reported cash of $25,800 and total assets of $455,000 on its balance sheet. Its common-size percent for cash equals: Use the following selected information from Wheeler, LLC to determine the 2017 and 2016 common size percentages for operating expenses using Net sales as the base. The stewardship function refers to: Disclosing management's use of funds and other financial information to absentee shareholders. A company's corporate citizenship track record. The collection of information to help present and potential investors and creditors and other users in assessing the amounts, timing and uncertainty of prospective cash receipts.

  24. The collection of information for planning the future of the entity, implementing those plans, and for controlling daily operations. Refer to the following selected financial information from McCormik, LLC. Compute the company's days' sales uncollected for Year 2. (Use 365 days a year.) The conceptual framework of accounting should have many positive effects as new accounting standards are developed. Which of the following is not one of those effects? Financial statements among companies and industries should be more consistent and comparable. Management should have greater latitude in choosing among accounting alternatives. Standard setting should be more consistent with an overall statement of the objectives and concepts of financial reporting. Accountants should be better able to assess the validity of different accounting alternatives for similar and dissimilar transactions and events. Users' understanding and confidence in financial statements should increase. 8. General-purpose financial statements report financial information relevant to: investors only. creditors only. investors, creditors and government users. government users only.

  25. 9. A corporation reports the following year-end balance sheet data. The company's current ratio equals: 10. Which of the following statements regarding cash flows is not accurate? Information about the balances of current liabilities, long-term debt and stockholders' equity can be found in the statement of cash flows. Before the present cash flow statement standard became effective, companies had a choice of whether to report cash flow from operating activities or working capital from operating activities. Information about past cash flows is useful in predicting an entity's future cash flows. The reported cash flow from operating activities has been found useful in evaluating a firm's ability to make interest payments and repay debt. Studies have shown that a cash flows report is more relevant to investor decisions than a working capital report. 1. Powers Company reported Net sales of $1,280,000 and average Accounts Receivable, net of $70,500. The accounts receivable turnover ratio is: 2. Which of the following financial statements are required for companies adhering to IFRS but NOT ASPE (private entity GAAP)? Statement of Comprehensive income.

  26. Statement of Retained Earnings. Statement of Cash Flows. Statement of financial position. 3. The stewardship function is reflected by: Full disclosure and minimizing interperiod allocations. Minimizing interperiod allocations only. Full disclosure only. Performance evaluation and minimizing interperiod allocations. Performance evaluation. 4. A corporation reports the following year-end balance sheet data. The company's debt-to-equity ratio equals: 5. Refer to the following selected financial information from McCormik, LLC. Compute the company's days' sales uncollected for Year 2. (Use 365 days a year.) 6. A corporation reports the following year-end balance sheet data. The company's current ratio equals: 7. The conceptual framework of accounting should have many positive effects as new accounting standards are developed. Which of the following is not one of those effects?

  27. Accountants should be better able to assess the validity of different accounting alternatives for similar and dissimilar transactions and events. Management should have greater latitude in choosing among accounting alternatives. Standard setting should be more consistent with an overall statement of the objectives and concepts of financial reporting. Users' understanding and confidence in financial statements should increase. Financial statements among companies and industries should be more consistent and comparable. 8. The organization created to develop accounting standards in Canada, the AcSB, is NOT concerned about: reporting financial position. reported comparability of results. reported earnings. reported cash flows. All of these answers are correct. 9. The essential characteristic(s) of accounting is (are): identification, measurement, and communication of financial information. communication of financial information to interested persons. communication of financial information about economic entities. communication of financial information to interested persons, communication of financial information about economic entities, and identification, measurement, and communication of financial information.

  28. 10. Selected current year company information follows: ********************************************** ACC 497 Week 2 Accounting Ethics For more classes visits www.snaptutorial.com Review the following case study: When the FASB issues new standards, the implementation date is often 12 months from date of issuance, and early implementation is encouraged. Becky Hoger, controller, discusses with her financial vice president the need for early implementation of a standard that would result in a fairer presentation of the company's financial condition and earnings. When the financial vice president determines that early implementation of the standard will adversely affect the reported net income for the year, he discourages Hoger from implementing the standard until it is required. Write a response of no more than 1,050 words in which you answer the following requirements: • Determine an ethical issue that is involved in this case if any. • Identify if the financial vice president acting improperly or immorally?

  29. • Explain what Hoger have to gain by advocacy of early implementation? • Identify who might be affected by the decision against early implementation? Click the Assignment Files tab to submit your assignment. ********************************************** ACC 497 Week 2 Discussion (LIFO) For more classes visits www.snaptutorial.com ACC 497 Week 2 Discussion Discuss the following: § Client X contacted you for clarification and recommendations on how the use of the LIFO method to value its inventories will be impacted if a switch to financial statements prepared in compliance with IFRS will be made. **********************************************

  30. ACC 497 Week 2 Discussion For more classes visit www.snaptutorial.com International Financial Reporting Standards, Part 1 Note: This is a custom book pulling chapters from various books. This course references chapter numbers in the table of contents; the chapter preview shows the original book chapter. International Financial Reporting Standards, Part 2 Note: This is a custom book pulling chapters from various books. This course references chapter numbers in the table of contents; the chapter preview shows the original book Appendix: Profitability Analysis Note: This is a custom book pulling chapters from various books. This course references chapter numbers in the table of contents; the chapter preview shows the original book chapter. Flexible Budgets and Performance Analysis

  31. Note: This is a custom book pulling chapters from various books. This course references chapter numbers in the table of contents; the chapter preview shows the original book chapter. ********************************************** ACC 497 Week 2 DQ 1 For more classes visits www.snaptutorial.com What are at least three International Accounting Standards? Are these standards the same as U.S. standards? Explain your response. Is it necessary to have global standards? Explain your response. ********************************************** ACC 497 Week 2 DQ 2

  32. http://www.snaptutorial.com/ACC-497/ACC-497-Week-2-DQ-2 For more classes visits www.snaptutorial.com What are some nonfinancial performance measures? What do they tell us about the performance of an organization? Why is it important for managers to include nonfinancial performance standards in their analysis of their operations? ********************************************** ACC 497 Week 2 Individual Assignment Financial Statements Paper Part I For more classes visits www.snaptutorial.com

  33. This Tutorial contains 2 different Papers Resources: Appendix A: The Home Depot, Inc. Annual Report in Fundamentals of Financial Accounting Write a 1,050- to 1,750-word paper in which you answer the following questions:  What does the Consolidated Statements of Earnings—the income statement—tell you about the company? Why is this statement important? What business decisions could be made using the income statement?  What does the balance sheet tell you about the company? Why is the balance sheet important? What business decisions could be made using the balance sheet?  What does the statement of cash flows tell you about the company? What business decisions could be made using the statement of cash flows?  What information is provided in the statements that will assist you in making these business decisions? What information is not provided that could assist in managerial decision making? Format your paper consistent with APA guidelines. **********************************************

  34. ACC 497 Week 2 Knowledge Check (2020 Syllabus) For more classes visit www.snaptutorial.com 1. The St. Lucia Blood Bank, a private charity partly supported by government grants, is located on the Caribbean island of St. Lucia. The blood bank has just finished its operations for September, which was a particularly busy month due to a powerful hurricane that hit neighboring islands causing many injuries. The hurricane largely bypassed St. Lucia, but residents of St. Lucia willingly donated their blood to help people on other islands. As a consequence, the blood bank collected and processed over 20% more blood than had been originally planned for the month. A report prepared by a government official comparing actual costs to budgeted costs for the blood bank appears below. Continued support from the government depends on the blood bank’s ability to demonstrate control over its costs.

  35. The managing director of the blood bank was very unhappy with this report, claiming that his costs were higher than expected due to the emergency on the neighboring islands. He also pointed out that the additional costs had been fully covered by payments from grateful recipients on the other islands. The government official who prepared the report countered that all of the figures had been submitted by the blood bank to the government; he was just pointing out that actual costs were a lot higher than promised in the budget. The following cost formulas were used to construct the planning budget: Required: 1. Complete the performance report for September using the flexible budget approach. (Indicate the effect of each variance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (i.e., zero variance). Input all amounts as positive values. Do not round intermediate calculations and round your final answers to nearest whole dollar.) 2. Heritage Watercraft makes reproductions of classic wooden boats. The bottleneck in the production process is fitting wooden planks to build up the curved sections of the hull. This process requires the attention of the shop’s most experienced craftsman. A total of 3,300 hours is available per year in this bottleneck operation. Data concerning the company’s four products appear below:

  36. ata concerning the pizzeria’s costs appear below: In November, the pizzeria budgeted for 1,620 pizzas at an average selling price of $17 per pizza and for 240 deliveries. Data concerning the pizzeria’s operations in November appear below: Required: 1. Complete the flexible budget performance report that shows both revenue and spending variances and activity variances for the pizzeria for November. (Indicate the effect of each variance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (i.e., zero variance). Input all amounts as positive values.) 1. Via Gelato is a popular neighborhood gelato shop. The company has provided the following data concerning its operations: While gelato is sold by the cone or cup, the shop measures its activity in terms of the total number of liters of gelato sold. For example, wages should be $5,900 plus $1.70 per liter of gelato sold and the actual wages for June were $15,900. Via Gelato expected to sell 6,000 liters in June, but actually sold 6,200 liters. Required: Complete the report showing Via Gelato revenue and spending variances for June

  37. 2. Heritage Watercraft makes reproductions of classic wooden boats. The bottleneck in the production process is fitting wooden planks to build up the curved sections of the hull. This process requires the attention of the shop’s most experienced craftsman. A total of 3,400 hours is available per year in this bottleneck operation. Data concerning the company’s four products appear below: No fixed costs could be avoided by modifying how many units are produced of any product or even by dropping any one of the products. Required: 1a. Calculate the total hours required in the bottleneck operation to satisfy demand for all the products. 3. Milano Pizza is a small neighborhood pizzeria that has a small area for in-store dining as well as offering take-out and free home delivery services. The pizzeria’s owner has determined that the shop has two major cost drivers—the number of pizzas sold and the number of deliveries made. Data concerning the pizzeria’s costs appear below: In November, the pizzeria budgeted for 2,250 pizzas at an average selling price of $22 per pizza and for 210 deliveries. Data concerning the pizzeria’s operations in November appear below:

  38. Required: 1. Complete the flexible budget performance report that shows both revenue and spending variances and activity variances for the pizzeria for November. 4. Jake’s Roof Repair has provided the following data concerning its costs: For example, wages and salaries should be $21,400 plus $15.00 per repair hour. The company expected to work 2,700 repair-hours in May, but actually worked 2,600 repair-hours. The company expects its sales to be $52.00 per repair-hour. Required: Compute the company’s activity variances for May. 5. Advanced Pharmaceuticals, Inc., is a wholesale distributor of prescription drugs to independent retail and hospital-based pharmacies. Management believes that top-notch customer representatives are the key factor in determining whether the company will be successful in the future. Customer representatives serve as the company’s liaison with customers—helping pharmacies monitor their stocks, delivering drugs when customer stocks run low, and providing up-to-date information on drugs from many different companies. Customer representatives must be ultra-reliable and are highly trained. Good customer representatives are hard to come by and are not easily replaced.

  39. Customer representatives routinely record the amount of time they spend serving each pharmacy. This time includes travel time to and from the company’s central warehouse as well as time spent replenishing stocks, dealing with complaints, answering questions about drugs, informing pharmacists of the latest developments and newest products, reviewing bills, explaining procedures, and so on. Some pharmacies require more hand-holding and attention than others and consequently they consume more of the representatives’ time. Recently, customer representatives have made more frequent complaints that it is impossible to do their jobs without working well beyond normal working hours. This has led to an alarming increase in the number of customer representatives quitting for jobs in other organizations. As a consequence, management is considering dropping some customers to reduce the workload on customer representatives. Data concerning a representative sample of the company’s customers appears below: Customer service costs include all of the costs—other than the costs of the drugs themselves—that could be avoided by dropping the customer. These costs include the hourly wages of the customer representatives, their sales commissions, the mileage-related costs of the customer representatives’ company-provided vehicles, and so on. Required: 1. Rank the four customers in terms of their profitability. Carlsville Company, which began operations in 2015, invests its idle cash in trading securities. The following transactions are from its short-term investments in trading securities. 2015 Jan. 20 Purchased 800 shares of Ford Motor Co. at $26 per share plus a $125 commission.

  40. Feb. 9 Purchased 2,200 shares of Lucent at $44.25 per share plus a $578 commission. Oct. 12 per share plus a $200 commission. Dec. 31 trading securities is $130,000. Purchased 750 shares of Z-Seven at $7.50 Fair value of the short-term investments in 2016 Apr. 15 Sold 800 shares of Ford Motor Co. at $29 per share less a $285 commission. July 5 share less a $102.50 commission. July 22 $30 per share plus a $444 commission. Aug. 19 $18.25 per share plus a $290 commission. Dec. 31 trading securities is $160,000. Sold 750 shares of Z-Seven at $10.25 per Purchased 1,600 shares of Hunt Corp. at Purchased 1,800 shares of Donna Karan at Fair value of the short-term investments in 2017 Feb. 27 Purchased 3,400 shares of HCA at $34 per share plus a $420 commission. Mar. 3 less a $250 commission. June 21 less a $420 commission. June 30 at $47.50 per share plus a $595 commission. Nov. 1 per share less a $309 commission. Dec. 31 trading securities is $180,000. Sold 1,600 shares of Hunt at $25 per share Sold 2,200 shares of Lucent at $42 per share Purchased 1,200 shares of Black & Decker Sold 1,800 shares of Donna Karan at $18.25 Fair value of the short-term investments in Required:

  41. Prepare journal entries to record these short-term investment activities for the years shown. On December 31 of each year, prepare the adjusting entry to record any necessary fair value adjustment for the portfolio of trading securities. 1. 7. [The following information applies to the questions displayed below.] Doering Company, a U.S. corporation with customers in several foreign countries, had the following selected transactions for 2015 and 2016. 2015 Sold merchandise to Salinas & Sons of Mexico for $5,938 cash. The exchange rate for pesos is $0.1043 on this day. July 21 Sold merchandise on credit to Sumito Corp. in Japan. The price of 1.5 million yen is to be paid 120 days from the date of sale. The exchange rate for yen is $0.0094 on this day. Oct. 14 Sold merchandise for 19,000 pounds to Smithers Ltd. of Great Britain, payment in full to be received in 90 days. The exchange rate for pounds is $1.4566 on this day. Nov. 18 Received Sumito’s payment in yen for its July 21 purchase and immediately exchanged the yen for dollars. The exchange rate for yen is $0.0092 on this day. Dec. 20 Sold merchandise for 17,000 ringgits to Hamid Albar of Malaysia, payment in full to be received in 30 days. On this day, the exchange rate for ringgits is $0.4501. Dec. 31 Recorded adjusting entries to recognize exchange gains or losses on Doering’s annual financial statements. Rates for exchanging foreign currencies on this day follow. Apr. 8

  42. 2016 Jan. 12 the October 14 sale and immediately exchanged the pounds for dollars. The exchange rate for pounds is $1.4699 on this day. Jan. 19 Received Hamid Albar’s full payment in ringgits for the December 20 sale and immediately exchanged the ringgits for dollars. The exchange rate for ringgits is $0.4420 on this day. Received full payment in pounds from Smithers for ********************************************** ACC 497 Week 2 Team Accounting for Employee Stock Options For more classes visits www.snaptutorial.com Discuss with your team the following case study: Client X offers a generous employee compensation package that includes employee stock options. The exercise price has always been equal to the market price of the stock at the date of grant. The corporate controller, John Jones, believes that employee stock options, like all obligations to issue the corporation's own stock, are equity. The new

  43. staff accountant, Marcy Means, disagrees. Marcy argues that when a company issues stock for less than current value, the value of preexisting stockholders' shares is diluted. Write a team consensus response of no more than 700 words in which you answer the following requirements: 1. Describe how Client X should account for its employee stock option plan, under existing GAAP. 2. Pretend you are hired to debate the issue of the proper treatment of options written on a company's own stock. 3. Formulate your argument, citing concepts and definitions to buttress your case, assuming: a. You are siding with John. b. You are siding with Marcy. Click the Assignment Files tab to submit your assignment. ********************************************** ACC 497 Week 2 Team Assignment Case Study Assignment (2 Papers) For more classes visits www.snaptutorial.com

  44. This Tutorial contains 2 different Papers Resources: Ch. 1 & 2 of Financial Accounting Theory and Analysis: Text and Cases Write a 350-word response for each of the following cases answering the questions located at the end of each case.  Case 1-3 Politicalization of Accounting Standards in Ch. 1  Case 1-4 Generally Accepted Accounting Principles in Ch. 1 Case 2-2 The Theoretical Foundation of Accounting Principles in Ch. 2 ********************************************** ACC 497 Week 2 Textbook Cases Case 1-1, Case 1-3, Case 2-2 (New Syllabus) For more classes visits www.snaptutorial.com ACC 497 Week 2 Textbook Cases

  45. Write a 350- to 700-word response for each of the following cases answering the questions located at the end of each case.  Case 1-1 Generally Accepted Accounting Principles on page 28)  Case 1-3 Politicization of Accounting Standards (page 28)  Case 2-2 The Theoretical Foundation of Accounting Principles (page 75) Format your paper consistent with APA guidelines. Click the Assignment Files tab to submit your assignment. ********************************************** ACC 497 Week 3 Accounting for Investments For more classes visits www.snaptutorial.com Review the following case study: FASB ASC 320 requires companies to assign their portfolio of investment securities into: • Trading securities. • Securities available for sale. • Held-to-maturity securities. Write a response of no more than 1,500 words in which you answer the following:

  46. • Define each of these categories of securities and discuss the accounting treatment for each category. • Discuss how companies are required to assign each category of securities into its current and noncurrent portions. • Discuss the arguments for each position. Some individuals maintain that the only proper accounting treatment for all marketable securities is current value. Others maintain that this treatment might allow companies to "manage earnings". Click the Assignment Files tab to submit your assignment. ********************************************** ACC 497 Week 3 Discussion For more classes visit www.snaptutorial.com An Introduction to Tax Note: This is a custom book pulling chapters from various books. This course references chapter numbers in the table of contents; the chapter preview shows the original book chapter. Tax research

  47. Have you ever been involved in tax research and if so, what's your experience? There are various projects on tax research and examples will be great. Tax planning Have you ever done your tax planning? Do you still remember filling out the W-4 form when you first started at your current working place? There is one line related to the number of allowance which is related to personal income tax withholding. Have you ever changed that information for tax purpose? How about paying estimated quarterly taxes or the estimation for your organization? Do you think it's important to conduct tax planning? Why or why not? Tax Planning Strategies and Related Limitations Note: This is a custom book pulling chapters from various books. This course references chapter numbers in the table of contents; the chapter preview shows the original book chapter. ********************************************** ACC 497 Week 3 DQ 1 For more classes visits www.snaptutorial.com What is tax research? What is the purpose of conducting tax research? Are results of tax research conclusive? Explain your response.

  48. ACC 497 Week 3 DQ 2 For more classes visits www.snaptutorial.com What is the purpose of tax planning? How do we conduct tax planning? How could tax planning lead to unethical behavior? Resources: Ch. 1 of Prentice Hall’s Federal Taxation 2011: Individuals Respond to the following problems by conducting tax research and including tax-planning advice:  I:1-48 Tax Strategy Problem I:1-49 Case Study Problem ********************************************** ACC 497 Week 3 Individual Assignment Financial Statements Paper Part II (2 Papers)

  49. For more classes visits www.snaptutorial.com This Tutorial contains 2 different Papers Resources: Appendix A, The Home Depot, Inc. Annual Report in Fundamentals of Financial Accounting Write a 1,050- to 1,750-word paper in which you address the following: Does management’s assessment of the financial condition agree with your assessment from the Financial Statements Paper Part I? Explain your response. Support your answer using trend analysis, vertical analysis, or ratio analysis. In the Annual Report, there are several concerns from management. Discuss these concerns, and identify other weaknesses not discussed by management. Then, recommend a course of action addressing these concerns. Format your paper consistent with APA guidelines. **********************************************

  50. ACC 497 Week 3 Individual Assignment From the Readings Exercise 17(E1-17) For more classes visits www.snaptutorial.com Resources: Ch. 1 of Managerial Accounting: Tools for Business Decision Making Prepare a written response to the following exercise: Exercise 17 (E1-17) at the end of Ch. 1 ********************************************** ACC 497 Week 3 Knowledge Check (2 Set) (2020 Syllabus)

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