1. Explain how academic research has influenced the development of accounting theories and the need for accounting information. Give examples.

2. Discuss the goals objectives of the conceptual framework of accounting.

3. What are the major disciplines that have influenced the development of accounting theory?

1. What is the importance of working capital in the financial statements and for financial statement analysis?

2. Discuss the matching concept and its importance to income reporting.

3. How is the balance sheet useful to investors?

4. Explain how comprehensive income is consistent with the all-inclusive concept of accounting.

5. Explain how comprehensive income is consistent with the financial capital maintenance concept. Give examples to support your decision.

Governmental Accounting

Government investment policies including those demonstrated by Orange Country, CA that led to their bankruptcy have been sharply criticized because of significant losses incurred by certain governments. What is the nature of the problem that is being criticized? What should be the role of accounting in determining and reporting investment strategies?

Greg Maddox Company constructed a building at a cost of $2,200,000 and occupied it beginning in January 2001. It was estimated at that time that its life would be 40 years, with no salvage value. In January 2021, a new roof was installed at a cost of $300,000, and it was estimated then that the building would have a useful life of 25 years from that date. The cost of the old roof was $160,000. Instructions a. What amount of depreciation should have been charged annually from the years 2001 to 2020? (Assume straight-line depreciation.) b. What entry should be made in 2021 to record the replacement of the roof? c. Prepare the entry in January 2021 to record the revision in the estimated life of the building, if necessary. d. What amount of depreciation should be charged for the year 2021?

List the names of 4 Emotional Intelligence Domains with your scores - select and list one of the options on Pg 23 for Growing your Emotional Intelligence

Tony and Suzie graduate from college in May 2021 and begin developing their new business. They begin by offering clinics for basic outdoor activities such as mountain biking or kayaking. Upon developing a customer base, they’ll hold their first adventure races. These races will involve four-person teams that race from one checkpoint to the next using a combination of kayaking, mountain biking, orienteering, and trail running. In the long run, they plan to sell outdoor gear and develop a ropes course for outdoor enthusiasts.

On July 1, 2021, Tony and Suzie organize their new company as a corporation, Great Adventures Inc. The articles of incorporation state that the corporation will sell 38,000 shares of common stock for $1 each. Each share of stock represents a unit of ownership. Tony and Suzie will act as co-presidents of the company. The following transactions occur from July 1 through December 31.

The following information relates to year-end adjusting entries as of December 31, 2021.

1. Depreciation of the mountain bikes purchased on July 8 and kayaks purchased on August 4 totals $7,380.
2. Six months’ of the one-year insurance policy purchased on July 1 has expired.
3. Four months of the one-year rental agreement purchased on September 1 has expired.
4. Of the $1,900 of office supplies purchased on July 4, $320 remains.
5. Interest expense on the $30,000 loan obtained from the city council on August 1 should be recorded.
6. Of the $2,100 of racing supplies purchased on December 12, $180 remains.
7. Suzie calculates that the company owes $14,600 in income taxes.

Using the dropdown buttons, select the item that accurately describes the values that either increase or decrease the balance indicated.

1. Describe the factors that determine whether expenditure relating to property, plant and equipment already in use should be capitalized.

2. Describe how to account for the gain or loss on the sale of property, plant and equipment.

Problem 11-16 Multiple Products, Materials, and Processes [LO11-1, LO11-2] Monte Rosa Corporation produces two products, Alpha8s and Zeta9s, which pass through two operations, Sintering and Finishing. Each of the products uses two raw materials, X342 and Y561. The company uses a standard cost system, with the following standards for each product (on a per unit basis):

Bass hunt is a local outdoor store that competes with other outdoor stores.

They are proposing two marketing plans follow (consider them independent of each other)

Plan 1: They sell a deer tree stand. they take a standard tree and modify it to make it work.

- They sold 80 stands during 2018 for $400 each

- the stands are warrantied for 3 years (manufacture defects)

- the company's purchase cost per stand is $250 and they spent another $3,000 modifying the 80 stands.

- in addition to the sale of the stand, they sold extended warranties for 20 stands that added 2 years to the period.

- the extended warranty was sold for $250 each

- the company estimates that they will incur $2,600 of total cost servicing the 3 year standard warranty for the 80 stands sold during 2018.

Plan 2: they have a customer royalty program that "rewards" customer with one point for every $10 purchase.

- each point is redeemable for $1.00 off any purchase from the store in the next two years.

- during 2018, customers bought $100,000 of products and earned 10,000 points.

- the standalone selling price of the products was $100,000

- based on previous data, they expect 9,400 of the points to be redeemed from the 10,000

Required:

A- prepare journal entries for the 2018 sale of tree stands and warranty.

B- The company incurred $350 of warranty cost during 2018 relating with 2018 sales. prepare journal entry to record the incurrence of these costs and prepare any 12/31/18 adjusting entries.

C- prepare journal entries related to bonus point sales for 2018.

D- How much will the company recognize additional revenue in 2019 assuming 4,600 of the 2018 points are redeemed.

Can you use Excel for time value of money computations such as NPV or IRR? If so, what are the functions?

Please no handwritten answers

I work for a company that uses accrual-based accounting, not that I'm directly dealing with the accrual accounts. I have an understanding of my role, accounts receivable, and how it plays into accruals. However, it does appear people outside of finance do sometimes struggle with the concept and with helping to keep finance aware of actions that need reporting, such things like offering a customer a special promotion for future sales not yet recorded.
When reading about the comparisons between US and International accounting practices, I again reflect on my personal experiences at work. I have heard of people within our organization refer to GAAP but not International Financial Reporting Standards (IFRS). We have three international offices, three different entities within our organization. I will be asking around at work to determine if the company prepares two separate financial statements due to having both have US and international business.
Our finance department is just finishing our yearly audit. I've learned the audit is heavily reviewing our US-based practices but also reviewing of our international. My question is how does the audit process differ between US and International, especially when the company being audited consist of both?

Classify the following quality costs as prevention costs, appraisal costs, internal failure costs, or external failure costs:

1. Internal audit to ensure that quality guidelines and processes are being followed

2. Repairing products in the field
3. Providing engineering assistance to selected suppliers to improve their product quality

4. Correcting a design error discovered during product development

5. Settling a bodily injury law suit caused by a defective product

6. Customer complaint department
7. Quality control circles

8. Continuing supplier verification

9 Redesigning a product to eliminate a product defect

10 Lost sales because of product quality concerns

ACTG 4650

Assignment 7

Due April 16

Answer the questions associated with each of the following scenarios.  The companies in each scenario are publicly traded, have a calendar year and entered into the agreements in 2018.

1.         Company A entered into a two-year contract with a customer to maintain the    customer’s fleet of delivery vehicles.  Company A receives payments from the            customer at regularly scheduled intervals during the contract and provides             monthly maintenance services needed to keep the vehicles in working order.       How should Company A recognize revenue on this contract? What is the         justification for your answer?

2.         Company B enters into a contract to manufacture equipment for a customer.  The equipment is manufactured at Company B’s plant and is under Company B’s control while it is being built.  The customer makes a 20% deposit at the inception of the contract.  Periodic payments from the customer over the life of the contract equal an additional 30% of the contract price.  The remaining 50% of the contract price is due upon   delivery of the equipment. Company B expects the customer to make all required payments. If the customer terminates the contract, Company B is entitled to keep all amounts received but has no claim for further payments.   How should Company B recognize revenue on this contract? What is the justification for your answer?

3.         Company C enters into a contract to build a building for a customer.  The             contract price is $3,000,000 and contains incentive bonuses of $25,000 for    eachweek the building is completed prior to the target date for completion.  There      are also $25,000 penalties for each week work goes on beyond the target date.     The customer is a governmental entity which is required to get all new buildings            inspected prior to taking possession. The contract contains a $50,000 bonus if the             building passes the initial inspection.  Explain how Company C should determine     the transaction price associated with this contract.

4.         Company D enters into a contract with a customer to sell Products W, Z, Y, and Z             for a price of $150,000.  None of these products are sold together in smaller        bundles. Company D regularly sells product W for $40,000 and Product X for          $50,000.  Company D is aware that other companies sell Product Y for $20,000.         Product Z is a new product and there are no other companies selling this          product.  Company D knows that Product Z costs them $40,000 to produce and their normal markup on other similar products is 25% of cost.  How should           Company D allocate the transaction price to the performance obligations of this      contract? What is thejustification for your answer?

Waterway Inc., a greeting card company, had the following statements prepared as of December 31, 2017.

Additional information:

Prepare a statement of cash flows using the indirect method. (Show amounts that decrease cash flow with either a - sign e.g. -15,000 or in parenthesis e.g. (15,000).)

Sarasota Inc., a greeting card company, had the following statements prepared as of December 31, 2017.

Additional information:

Prepare a statement of cash flows using the direct method. (Show amounts that decrease cash flow with either a - sign e.g. -15,000 or in parenthesis e.g. (15,000).)