37. Name the stages of the finance cycle ______________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________

38. In auditing the finance cycle, what type of procedures do auditors use more so than testing and relying on controls? Why?   ________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________

39. Under the new PCAOB reporting standard, what is the auditor now required to disclose regarding its relationship with its client? ____________________________________________________________________________________________________________________________________________________________

40. With long term debt, auditors are most concerned with the assertion of ___________________ because ____________________________________________________________________________________________________________________________________________________________

41. Auditors rely on written management representation letters, in part, because they cannot corroborate ___________________________________________________________________.

42. The standard for auditing and assessing management’s estimates is _____________________________________________________________________________.

imagine if you will, that Ryder Corp has at the end of 2018 an amount of $62,000 in its accrued payroll (aka wages payable) account. During 2019, no changes were made to the accrued payroll account so that it is still $62,000. Whenever, payroll was accounted for in 2019, the payroll department simply debited the payroll expense and credited cash (no journal entry to accrued payroll). No one was concerned about the monthly financial statements or the payroll expense being correct each month. However, it is now the end of 2019 and it is time to make the adjusting entries to make sure that the amount of payroll liability and payroll expense is correct for the year (assume 2018 is correct). You may want to use T accounts to work through what needs to be done.

Your post should explain three things:

1. What information you will need to gather from payroll in order to make the correct adjusting entry (assume payroll is paid weekly on Wednesday for the hours worked the previous week (Mon to Sat, no Sun).

2. How you will use information found in 1 to calculate the amount of the journal entry (you can make up numbers or describe in generic terms)

3. What your adjusting entry will be?

*THIS IS ALL THE INFORMATION THAT WAS PROVIDED*

Discuss the current accounting treatment of internally generated intangible assets under AASB 138. Provide arguments both FOR and AGAINST this accounting treatment. If you were an Accounting Standard Setter, what would your proposal be for the accounting treatment of internally generated intangibles? (Refer to the Accounting Standards and/or Conceptual Framework as appropriate. Maximum 350 words)

13-8A Prepare a statement of cash flows - direct method, and compute free cash flow.

NOSKER COMPANY
Comparative Balance Sheet
December 31

NOSKER COMPANY
Income Statement
For the Year ended December 31, 2017

Additional data:

1. Dividends declared and paid were $20,000.
2. During the year equipment was sold for $8,500 cash. This equipment cost $18,000 originally and had a book value of $8,500 at the time of sale.
3. All depreciation expense, $14,500, is in the operating expenses.
4. All sales and purchases are on account.

Data for Nosker Company is presented above. Further analysis reveals the following.

1. Accounts payable pertain to merchandise suppliers.
2. All operating expenses except for depreciation were paid in cash.

Instructions

(a) Prepare a statement of cash flows using the direct method.
(b) Compute free cash flow.

NOTE: Enter a number in cells requesting a value; enter either a number or a formula in cells with a "?" .

(a)

NOSKER COMPANY
Statement of Cash Flows
For the Year ended December 31, 2017

(b)

1) If you were auditing Accounts Payable at a service firm, which assertion/s would be most at risk of misstatement, and why?

2) Explain how different groups of users of the financial statements may use the audit report for different objectives or purposes?

Jackson Industries employs a standard cost system in which direct materials inventory is carried at standard cost. Jackson has established the following standards for the manufacturing costs of one unit of product, and based on planned production of 20,000 units.

During May, Jackson purchased 125,000 pounds of direct materials at a total cost of $475,000. The total factory wages for May were $364,000, 90% of which were for direct labor. Jackson manufactured 22,000 units of product during May using 108,000 pounds of direct materials and 28,000 direct labor hours. Variable overhead totaled $497,700 for 63,000 machine hours.

Jackson's direct materials price and efficiency variances are:

Jackson's direct labor price and efficiency variances are:

Jackson's variable overhead price and efficiency variances are:

Depending on the level of organization (cost center vs profit center vs investment center), the idea of responsibility accounting defines the techniques used to evaluate the performance of individuals and managers. If you’ve been involved in an organization using performance evaluation techniques, please discuss the system in terms of its design, implementation, and overall effectiveness. Did it provide useful information on performance as well as motivate those subject to the system. What were its strengths and weaknesses, and given all we’ve been studying about planning and control, what changes would you make to the system if you were able?

Question text

Determining the Cost of an Asset
Omar Corporation paid $400,000 for a tract of land that had an old gas station on it. The gas station was demolished at a cost of $20,000 and a new warehouse was constructed on the site at a cost of $640,000.

In addition, several other costs were incurred:

(a) What value should be assigned to the tract of land?

$Answer ?

(b) What value should be assigned to the new warehouse?

$Answer ?

Why do we use incremental cash flows in a replacement decision?

How would international investing affect the calculation of the cash flows?

If the IRS disallowed depreciation how would that affect a firms capital budgeting decisions?

Topic = Customer  lifetime value

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

McQueen is an engineering company that specializes in providing engineering facilities to businesses that cannot justify operating their own facilities in house. McQueen employs a number of engineers who are skilled in different engineering techniques that enable McQueen to provide a full range of engineering facilities to its customers. Most of the work undertaken by McQueen is unique to each of its customers, often requiring the manufacture of spare parts for its customers’ equipment, or the building of new equipment from customer drawings. As a result most of McQueen’s work is short-term, with some jobs being completed within hours while others may take a few days. To date, McQueen has adopted a cost plus approach to setting its prices. This is based upon an absorption costing system that uses machine hours as the basis of absorbing overhead costs into individual job costs. The Managing Director is concerned that, over recent months, McQueen has been unsuccessful when quoting for work with the consequence that there has been an increase in the level of unused capacity. It has been suggested that McQueen should adopt an alternative approach to its pricing based on marginal costing since “any price that exceeds variable costs is better than no work”.

With reference to the above scenario:

a) Briefly explain absorption and marginal cost approaches to pricing.

b) Discuss the validity of the comment “any price that exceeds variable costs is better

Brevall Industries makes corn oil and corn meal from harvested corn in a joint process. The corn oil can be further processed into margarine, and the corn meal can be further processed into corn muffin mix. The joint cost incurred to process the corn to the split-off point is $140,000. Information on the quantities, value, and further processing costs for the joint products appear below:

Brevall allocates the joint cost to the products based on the relative sales value at split-off point. How much joint cost should be assigned to the corn oil?

Please answer all parts. Please! No need to show working.

At Allen Company manufacturing overhead is estimated at 150% of direct labor hours. Overhead was estimated to be $575,000 and direct labor hours were estimated to be 360,000.

Actual direct labor hours and actual direct labor costs for the year amounted to 400,000 hours and $700,000.

In addition, Allen Company incurred the following actual costs during the year:

• Administrative expenses, $100,000
• Depreciation expense on fixed assets, $500,000 (80% of the depreciation expense was related to manufacturing activities)
• Indirect material costs, $25,000
• Indirect labor costs, $45,000
• Utility expense on the manufacturing facility, $125,000
• Insurance expense on the manufacturing facility, $35,000
• Marketing expenses, $75,000

• Sales & promotion expenses, $25,000

Allen Company had the following inventory balances at the beginning and end of the year:

During the year, the company purchased $150,000 of raw materials and generated sales of $2,500,000.

1. What amount of raw materials were used during the period?
2. What is the amount of prime costs?
3. What is the predetermined manufacturing overhead rate?
4. What amount is applied to manufacturing overhead?
5. What is the amount of Manufacturing Costs added for the period?
6. What is the Cost of Goods Manufactured?
7. At the end of year, was manufacturing overhead over- or under-applied?
8. Refer to the previous question. By what amount was manufacturing overhead over- or under-applied?
9. What is Cost of Goods Sold, after adjusting for any under-or over-applied overhead?
10. What is Gross Profit?
11. What are total Selling, General & Administrative Expenses?
12. What is Net Income or Loss?