Instructions:
Your two responses to other posts should each be approximately 250 words and cause the original writer (and other students) to think deeper about that scenario and the ethical and integrity issues discussed. You should, again, use the list of ethical dimensions below as focus areas for your responses. Responses are not comments on the author's writing ("Good post, it really made me think." or "I wouldn't have done that because it's not right.") The due date for these two responses (and hopefully your replies to other student responses to your posts) is March 1 (the Part 2 due date). This is the due date that will show in eCourseware’s calendar.
Responses to this:
I would report the shady, dangerous work. How I would go about doing it is making sure that I have all the evidence that I need to prove that the other company is doing some shady, dangerous work then report it to the proper authorities. The reason that I would want to report the problem is because of the possible legal trouble that all of the companies involved in the project could face and I wouldn’t want my company to be seen as responsible or a contributor to the problem. Even if you don’t report the problem and you were involved in the project where the issue came from, you could possibly face some or even the same penalties that the company doing wrong will face. Its more trouble than its worth to not report the problem and not prevent anything else bad from happening as soon as you can. To take care of the legal issues that come with being involved could, and possibly can, cost more than 20% of your revenue that you can lose by reporting the problem. Based off of that assumption it’s better to just report the issue as early as you can to minimize the negative affects it can have on the project or your company itself. Why that was my decision is because of the safety for the business, our customers, employees, and anyone else that can be affected by the dangerous work. Peoples safety, whether that be my own employees, our customers, etc., is a top priority.
The decision of reporting the problem is still a good decision in my opinion (regardless of people’s sex, race, skin color, native language, monetary outcome, etc.) because it stops a problem that can do more harm than good. I feel that when one person’s sense of correct ethical behavior overrules another person’s ethical behavior is when people’s safety, well-being, and company reputation is at risk. One person’s views are going to be very different (or even the opposite) of the next persons. In some cases, what may seem “correct” or “ethical” to some is actually harmful and dangerous to those that the issue affects. If you and your company are more worried about making sure that the products sell instead of the safety of said products and safety of your employees what does that say about your ethics and values? This can create a bad reputation for the company and result in loss of revenue among other issues. Above all human safety and doing the right thing should be a top priority for all companies. My personal sense of right and good for others can be an accurate yardstick. But as I mentioned earlier what you may think is right for everyone may not be the case or others may see it as the opposite of what you want it to be. When it can be an accurate yardstick is when the outcome of my views of right and good for others has a major positive impact or at least leads whatever the case may be in the right direction to create some good.
In: Accounting
Peerless Corporation acquires 80 percent of the common stock of Special Foods Co. Inc. on December 31, 20X0, for its underlying book value of $240,000.
At that date, the fair value of the noncontrolling interest is equal to its book value of $60,000.
Additionally:
1. On January 1, 20X1, Special Foods Co. (the sub) issues 10-year, 12 percent bonds payable with a par value of $100,000; the bonds are issued at 102. Nonaffiliated Corporation purchases the bonds from Special Foods Co.
2. The bonds pay interest on June 30 and December 31.
3. Both Peerless and Special Foods amortize bond discount and premium using the straight-line method.
4. On December 31, 20X1, Peerless (the parent) purchases the bonds from Nonaffiliated for $91,000.
5. Special Foods Co. reports net income of $50,000 for 20X1 and $75,000 for 20X2 and declares dividends of $30,000 in 20X1 and $40,000 in 20X2.
6. Peerless earns $140,000 in 20X1 and $160,000 in 20X2 from its own separate operations. Peerless declares dividends of $60,000 in both 20X1 and 20X2.
Prepare the journal entries for Special Foods (the debtor) related to the bonds during 2011.
Prepare the journal entries for Peerless (the lender) related to its bond investment in 2011.
Prepare the journal entries for Peerless (the lender) to account for its stock investment in 2011, under the fully adjusted equity method.
Prepare the worksheet elimination entries needed on December 31, 2011, to remove the effects of the intercorporate ownership of bonds.
Prepare the journal entries for Special Foods (the debtor) related to the bonds during 2012.
Prepare the journal entries for Peerless (the lender) related to its bond investment in 2012.
Prepare the journal entries for Peerless (the lender) to account for its stock investment in 2012, under the fully adjusted equity method.
Prepare the worksheet elimination entries needed on December 31, 2012, to remove the effects of the intercorporate ownership of bonds.
In: Accounting
Far Play Company uses a job order cost system in each of its three manufacturing departments. Manufacturing overhead is applied to jobs on the basis of direct labour cost in Department A, direct labour hours in Department B, and machine hours in Department C.
In establishing the predetermined overhead rates for 2017, the following estimates were made for the year.
Department |
|||
A |
B |
C | |
Manufacturing Overhead |
$720,000 |
$620,000 |
$910,000 |
Direct labour Cost |
$590,000 |
$125,000 |
$620,000 |
Direct labour Hours |
47,500 |
41,500 |
40,000 |
Machine Hours |
91,000 |
107,000 |
128,500 |
During January, the job cost sheets showed the following costs and production data.
Department |
|||
A |
B |
C |
|
Direct Materials Used |
$92,500 |
$82,000 |
$66,000 |
Direct Labour Cost |
$54,500 |
$33,000 |
$48,500 |
Manufacturing Overhead Incurred |
$63,500 |
$69,500 |
$72,500 |
Direct Labour Hours |
3,500 |
4,400 |
4,400 |
Machine Hours |
7,250 |
10,750 |
14,500 |
Required:
Calculate the predetermined overhead rate for each department
Calculate the total manufacturing costs assigned to jobs in January in each department.
Calculate the under-or over-applied overhead for each department at January 31st.
In: Accounting
The following transactions were completed by Wild Trout Gallery during the current fiscal year ended December 31:
Jan. 19. | Reinstated the account of Arlene Gurley, which had been written off in the preceding year as uncollectible. Journalize the receipt of $2,130 cash in full payment of Arlene’s account. |
Apr. 3. | Wrote off the $12,200 balance owed by Premier GS Co., which is bankrupt. |
July 16. | Received 40% of the $21,900 balance owed by Hayden Co., a bankrupt business, and wrote off the remainder as uncollectible. |
Nov. 23. | Reinstated the account of Harry Carr, which had been written off two years earlier as uncollectible. Recorded the receipt of $3,470 cash in full payment. |
Dec. 31. | Wrote off the following accounts as uncollectible (compound entry): Cavey Co., $9,180 ; Fogle Co., $2,725 ; Lake Furniture, $ 7,010 ; Melinda Shryer, $1,980. |
Dec. 31. | Based on an analysis of the $1,078,700 of accounts receivable, it was estimated that $46,900 will be uncollectible. Journalize the adjusting entry. |
Required:
1. Record the January 1 credit balance of $44,700 in a T account presented below in requirement 2b for Allowance for Doubtful Accounts.
2. a. Journalize the transactions. If an amount box does not require an entry, leave it blank. Note: For the December 31 adjusting entry, assume the $1,078,700 balance in accounts receivable reflects the adjustments made during the year.
Jan. 19-reinstate | |||
Jan. 19-collection | |||
Apr. 3 | |||
July 16 | |||
Nov. 23-reinstate | |||
Nov. 23-collection | |||
Dec. 31-write-off | |||
Dec. 31-adjusting | |||
2. b. Post each entry that affects the following T accounts and determine the new balances:
Allowance for Doubtful Accounts | |||
---|---|---|---|
Jan. 1 Balance | |||
Dec. 31 Adjusted Balance |
Bad Debt Expense | |||
---|---|---|---|
3. Determine the expected net realizable value
of the accounts receivable as of December 31 (after all of the
adjustments and the adjusting entry).
$
4. Assuming that instead of basing the provision for uncollectible accounts on an analysis of receivables, the adjusting entry on December 31 had been based on an estimated expense of ½ of 1% of the sales of $6,660,000 for the year, determine the following:
a. Bad debt expense for the year.
$
b. Balance in the allowance account after the adjustment of
December 31.
$
c. Expected net realizable value of the accounts receivable as
of December 31 (after all of the adjustments and the adjusting
entry).
$
In: Accounting
Topic = Sales promotion defination (100 words ) explain (150 words ) and give two examples ( eg. how it works , steps involved use and limitations and specific products organisations or issues and etc ) around 150 words plagiarism free
In: Accounting
what does a recommendations worksheet look like in a Master Budget created in Excel? I have already created the Assumptions tab, Sales Budget, Collections, Production Budget tabs and now need to provide my impressions and recommendations based on that information. I'm looking for an example of layout and type of content to include in that.
In: Accounting
PLEASE ANSWER IN A 500 WORD RESPONSE!
If you were the controller CFO, or VP of finance at a larger organization, what actions would you take as a result of the changing lease standards?
In: Accounting
--------Fatima Hopkins, the CEO of Central Adventures, is having difficulties with all three of her top management level employees. With one manager making questionable decisions, another threatening to leave, and the third likely ‘in the red’, Fatima is hoping there is a simple answer to all her difficulties, and needs some advice from her accountant on how to proceed.
Central Adventures owns and operates three amusement parks in Michigan: Central Funland, Central Waterworld, and Central Treetops. Central Adventures has a decentralized organizational structure, where each park is run as an investment center. Each park manager meets with the CEO at least once annually to review their performance, as measured by their park’s ROI. The park manager then receives a bonus equal to 10% of their base salary for every ROI percentage point above the required rate.
Central Funland is an outdoor theme park, with twelve roller coaster rides and several other attractions. This park has first opened 1965, and most of the rides have been in operation for 20+ years. Attendance at this park has been relatively stable over the past ten years. The park manager of Funland, Janet Lieberman, recently shared with Fatima a proposal to replace one of their older rides with a new roller coaster, a hybrid steel and wood rollercoaster with a 90 degree, 200 foot drop and three inversions. The proposal indicated that the ride would cost $8,000,000 with an estimated life of 20 years. In addition, this new style of coaster would require additional maintenance, costing $125,000 each year. However, it projected that this new attraction would boost attendance, earning the park an additional $1,190,000 per year in revenues. Janet ultimately decided not to invest in this new attraction.
Central Waterworld is an indoor water park, operating year-round. Run by park manager David Copperfield, Waterworld was built in 2016 and has increased attendance by 20% every year since. David recently sent you an email complaining that, based on the current bonus payout schedule, Janet Lieberman’s bonus last year was significantly higher than his. He points to the increasing attendance, and says that his park is being punished for having opened so recently (his park assets are much more recent than the roller coasters at Funland). He currently has an employment offer from another company at the same pay rate, which he says he will accept if his performance is not appropriately acknowledged.
Central Treetops includes a high ropes course and has a series of ziplines that criss-cross over the Chippewa River. For many years, it was a popular venue for corporate team-building activities, so it is equipped with a main indoor facility with cafeteria and overnight guest rooms. This park has lost popularity in recent years, and has been ‘in the red’ for the past two years. If the park is not profitable this year, you will need to decide whether to close it - permanently. Central Adventures has a $86,000 mortgage payment on the land and buildings for Treetops, which would still need to be paid if the park is closed. Incidentally, you recently had a conversation with the regional head of the YMCA, who would like to open a summer camp in the central Michigan region. If you decided to close Treetops, you are fairly certain that you could lease that land to the YMCA for $250,000 annually.
A partial report of this year’s financial results for Central Adventures shows the following:
Funland |
Waterworld |
Treetops |
|
Sales |
$59,460,690 |
$10,913,500 |
$1,965,600 |
# of tickets sold |
1,564,755 |
419,750 |
30,240 |
# of employees |
540 |
200 |
32 |
Average net operating assets |
$21,065,000 |
$13,452,000 |
$420,000 |
Gross margin |
$18,135,510 |
$3,601,455 |
$1,022,112 |
Selling and administrative costs |
$13,259,520 |
$944,620 |
$231,900 |
In addition to the information above, there are $2,542,920 in corporate costs, which are currently allocated evenly between the three parks. These costs are primarily due to employee benefits costs, which are billed at the corporate level. If the Treetops park is closed, the allocated corporate costs would decrease by $12,000. Central Adventures has a required rate of return of 12 percent (set at the company’s weighted-average cost of capital) and are subject to 18% income taxes.
Fatima needs to see this year’s performance results before she can make any decisions. Is David’s complaint about the performance evaluation metrics valid? Is that also affecting management decisions in the form of Janet’s rejection of the proposed new rollercoaster? And is the company better off without Treetops? She sets off to the company accountant’s office to help get some answers.
Required:
a. Create a multilevel income statement for Central Adventures.
b. Calculate the current annual ROI, residual income and EVA for the three parks.
c. Did Janet Lieberman (the Funland park manager) make the ‘right’ decision (i.e., was it in Central Adventure’s overall best interest for Funland to reject the new rollercoaster)? Explain your answer. Provide the appropriate financial analysis(es) to support your conclusion.
d. Is David Copperfield’s (the Waterworld park manager) complaint valid? Or would a different performance metric tell the same story?
e. Provide a recommendation on whether to close Treetops. Provide the appropriate financial analysis to support your conclusion.
f. Provide a recommendation on a different allocation base for corporate overhead.
In: Accounting
During fiscal year 2019, the voters of the City of Bingham approved the issuance of 3 percent tax-supported serial bonds in the face amount of $7,500,000 to construct and equip an annex to the City Hall. The bonds are to mature in blocks of $312,500 every six months over a 12-year period commencing January 1, 2021.
Required
Required: Record these transactions in the City Hall Annex Construction Fund and governmental activities journals. (Hint: In addition to recording the liability for 3% serial bonds payable in the governmental activities journal, you should record the premium on the bonds payable [credit Premium on Serial Bonds Payable] in the governmental activities general journal.) Wait until instructed in Chapter 6 to make the corresponding entry in the debt service fund.
Required: Record this transaction in both the City Hall Annex Construction Fund and governmental activities general journals.
Required: Record this transaction in both the City Hall Annex Construction Fund and governmental activities general journals. In the governmental activities general journal at the government-wide level, this purchase should be debited to Land. (Note: This transaction was not encumbered.)
Required: Record the encumbrance in the City Hall Annex Construction. This transaction has no effect at the government-wide level.
Required: Record this transaction in both the City Hall Annex Construction Fund and governmental activities general journals. (Note: This transaction was not encumbered.)
Required: Eliminate the encumbrance and record a Vouchers Payable liability in the City Hall Annex Construction Fund and governmental activities journals, as appropriate.
Required: Record the signing of the contract in the City Hall Annex Construction Fund general journal. This transaction has no effect at the government-wide level.
Required: Eliminate the remaining encumbrance for the architectural services and record a Vouchers Payable liability in the City Hall Annex Construction Fund and governmental activities journals, as appropriate.
Required: Record this transaction in both the City Hall Annex Construction Fund and governmental activities general journals. The interest should be recorded as general revenue in the governmental activities journal.
In: Accounting
You own a convertible bond that has a 6% yield, 4.5% coupon rate, pays semiannually, and has 3 years to maturity. The conversion rate is 8. The current stock price is 127.3. Calculate your gain or loss if you decide to convert. Answer is 59.03 Please show steps. - no excel
In: Accounting
The following transactions relate to bond investments of
Livermore Laboratories. The company’s fiscal year ends on December
31. Livermore uses the straight-line method to determine
interest.
2018
July | 1 | Purchased $16 million of Bracecourt Corporation 10% debentures, due in 20 years (June 30, 2038), for $15.7 million. Interest is payable on January 1 and July 1 of each year. | ||
Oct. | 1 | Purchased $30 million of 12% Framm Pharmaceuticals debentures, due May 31, 2028, for $31,160,000 plus accrued interest. Interest is payable on June 1 and December 1 of each year. | ||
Dec. | 1 | Received interest on the Framm bonds. | ||
Dec. | 31 | Accrued interest. |
2019
Jan. | 1 | Received interest on the Bracecourt bonds. | ||
June | 1 | Received interest on the Framm bonds. | ||
July | 1 | Received interest on the Bracecourt bonds. | ||
Sept. | 1 | Sold $15 million of the Framm bonds at 101 plus accrued interest. | ||
Dec. | 1 | Received interest on the remaining Framm bonds. | ||
Dec. | 31 | Accrued interest. |
2020
Jan. | 1 | Received interest on the Bracecourt bonds. | ||
Feb. | 28 | Sold the remainder of the Framm bonds at 102 plus accrued interest. | ||
Dec. | 31 | Accrued interest. |
Required:
1. Prepare the appropriate journal entries for
these long-term bond investments.
2. By how much will Livermore Labs’ earnings
increase in each of the three years as a result of these
investments? (Ignore income taxes.)
In: Accounting
How much of temporarily restricted funds did the college expend during the year? Is this the money released from Temporarily restricted assets to unrestricted?
In: Accounting
Identify the internal control procedures classified per (SAS78/COSO) that could prevent or detect this fraud.
In: Accounting
DP M9
Excel workbook: Give an example of when you may be asked to put a workbook together that would involve multiple peoples input. Think about what edits you may only want certain groups/people to make. Further explain why you may be selective to let modifications be made.
In: Accounting
A transport company is studying the total cost of operations. It is assumed that the costs are driven mainly by the kilometres covered. Data for the past four months is shown here:
Month | Kilometres | Total Cost ($) |
January | 8,000 | 144,000 |
February | 5,000 | 120,000 |
March | 7,000 | 141,000 |
April | 9,000 | 195,000 |
a) What is the relevant range for the company operations?
b) Using the high-low method, estimate the company's variable cost per kilometre
In: Accounting