Discuss

Consider the roles and responsibilities of each of these parties with corporate governance responsibilities. Which party do you think is most responsible for preventing fraud? Which party do you think is most responsible for detecting fraud?

Provide formal discussion.

Prepare a Statement of Revenues, Expenditures, and Changes in Fund Balance for the San Jacinto County Courthouse Capital Projects Fund for the year ended June 30, 20X9, given the following information:

1. In June 20X8, a $10,000,000 bond referendum is voted for and approved by the citizens of San Jacinto County for the construction of a new courthouse.

2. On July 1, 20X8, a Capital Projects Fund is established for this project with a transfer of $500,000 from the General Fund.

3. The county commissioners approve another $3,000,000 transfer of General Fund monies previously committed for this project. The transfer order call for $2,000,000 to be sent to the Courthouse Capital Projects Fund to begin construction of the courthouse and $1,000,000 to the Courthouse Debt Service Fund to help satisfy the bond indenture requirements. The finance director completes these transfers on August 1, 20X8.

4. The county signs a contract for $10,000,000 on August 5, 20X8, for construction of the new courthouse.

5. On January 2, 20X9, the county issues the $10,000,000 face value courthouse bonds at 101, net of issue costs of $90,000. Also on this date, the county receives a $2,000,000 bill from the contractor for work completed to date.

6. According to the bond covenants, the county transfers the bond premium (net of bond issuance costs) to the Courthouse Debt Service Fund on January 4, 20X9.

7. On January 31, 20X9, the county pays the contractor's bill from January 2nd, less a 5% retainage.

8. On June 30, 20X9, the county receives $80,000 from the bank for interest on idle cash and a $1,250,000 bill from the contractor for work completed between January 1st and fiscal year end.

how can a company manage information on specfic customers more effectively
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9-21 Variable and absorption costing, explaining operating-income differences. Nascar Motors assembles and sells motor vehicles and uses standard costing. Actual data relating to April and May 2017 are as follows:

   April May

Unit Data:

Beginning Inventory 0    150

Production    500    400

sales 350    520

Variable Costs

Manufacturing cost per unit produced    $10,000 $10,000

Operating cost per unit sold 3000    3000

Fixed Costs

Manufacturing Costs    $2,000,000    $2,000,000

Operating Costs    600,000    600,000

9.5-31 Full Alternative Text

The selling price per vehicle is $24,000. The budgeted level of production used to calculate the budgeted fixed manufacturing cost per unit is 500 units. There are no price, efficiency, or spending variances. Any production-volume variance is written off to cost of goods sold in the month in which it occurs.

Prepare April and May 2017 income statements for Nascar Motors under (a) variable costing and (b) absorption costing.

Prepare a numerical reconciliation and explanation of the difference between operating income for each month under variable costing and absorption costing.

1. The C corporation tax rate is significantly lower than the top individual marginal tax rate.

   True

   False

2. Owners who work for entities taxed as a partnership receive guaranteed payments as compensation. The guaranteed payments are not self-employment income.

   True

   False

3. Business income allocations from an S corporation to its shareholders are potentially subject to the 3.8 percent net investment income tax if the shareholders are passive investors in the S corporation.

   True

   False

4. C corporations and S corporations are separate taxpaying entities that pay tax on their own income.

   True

   False

5. Business income allocations to owners from an LLC that is taxed as a partnership are subject to self-employment tax if the owners are significantly involved in the entity’s business activities.

   True

   False

6. An S corporation shareholder who is not a passive investor is allowed to deduct a business loss allocation from the S corporation to the extent of the shareholder’s basis in the stock no matter how large the loss.

   True

   False

7. Beginning in 2018, C corporations are no longer subject to double taxation.

   True

   False

8. please answer all questions , thanks

Which of the following are revenues? • 1. Provided a cleaning service and received $200 cash 2. Earned $400 interest on bank deposit, amount not yet paid by the bank 3. Provided management services to client. The fee for this service has been received in advance 4. Received $2000 deposit for goods to be delivered in the future

Assume you are a new manager in the Financial Analysis department and are orienting a team of new college graduates to the world of capital budgeting.

In your initial post, explain the uses of the common capital budgeting tools to them. Explain what they are, and how you use them in your daily tasks. Make sure to explain any financial terminology

In September 2019, Manson Paint Corporation began operations in a state that requires new employers of one or more individuals to pay a state unemployment tax of 3.5% of the first $7,000 of wages paid each employee.

An analysis of the company's payroll for the year shows total wages paid of $177,610. The salaries of the president and the vice president of the company were $20,000 and $15,000, respectively, for the four-month period, but there were no other employees who received wages in excess of $7,000 for the four months. Included in the total wages were $900 paid to a director who only attended director meetings during the year, $6,300 paid to the factory superintendent, and $2,000 in employee contributions to a cafeteria plan made on a pretax basis-for both federal and state.

In addition to the total wages of $177,610, a payment of $2,430 was made to Andersen Accounting Company for an audit it performed on the company's books in December 2019. Compute the following; round your answers to the nearest cent.

Betty DeRose, Inc. operates two departments, the handling department and
the packaging department. During April, the handling department reported
the following information:

                                           % complete      % complete
                                units         DM           conversion 
work in process, April 1        18,000        38%             71%
units started during April      80,000
work in process, April 30       44,000        82%             47%

The cost of beginning work in process and the costs added during April
were as follows:

                                 DM         Conversion       Total cost
work in process, April 1      $ 51,764       $152,477         $204,241
costs added during April       191,452        232,125          423,577
total costs                    243,216        384,602          627,818

Calculate the total cost of the handling department's work in process
inventory at April 30 using the weighted average process costing method.

The following financial statements and additional information are reported.

Additional Information

1. A $30,000 note payable is retired at its $30,000 carrying (book) value in exchange for cash.
2. The only changes affecting retained earnings are net income and cash dividends paid.
3. New equipment is acquired for $70,600 cash.
4. Received cash for the sale of equipment that had cost $61,600, yielding a $3,300 gain.
5. Prepaid Expenses and Wages Payable relate to Other Expenses on the income statement.
6. All purchases and sales of inventory are on credit.

Required:

(1) Prepare a statement of cash flows using the indirect method for the year ended June 30, 2019.

Riverwards Inc. is a small company that manufactures irrigation systems. The line workers earn $32/hour. The company uses job order costing and applies manufacturing overhead on the basis of labor hours. At the beginning of the month, the following estimates were made:

Estimated Manufacturing Overhead Costs -              $270,000

Estimated Direct Labor Hours -                                          900

Beginning balances for inventory accounts were as follows:

            Raw Materials -                                   $30,000

            Work in Process -                                $41,000 Job 1311

            Finished Goods -                                $150,000 Job 1310

The following transactions took place during the month (all purchases and services were acquired on account):

1. $255,000 in raw materials were purchased
2. Direct materials were requisitioned for use in Job 1312, $55,000.
3. Direct materials were requisitioned for use in Job 1313, $80,000.
4. Headquarters incurred $35,000 in utility bills.
5. The factory incurred $15,000 in utility bills.
6. The record for Job 1311 indicated that 280 labor hours were used.
7. The record for Job 1312 indicated that 375 labor hours were used.
8. The record for Job 1313 indicated that 390 labor hours were used.
9. Jobs 1311 and 1312 were completed during the month.
10. Job 1310 and 1312 were sold during the month for $800,000.
11. Factory janitor salaries for the month were $5,000.
12. The factory managers’ salaries totaled $160,000.
13. Indirect materials requisitioned totaled $35,000.
14. $100,000 of depreciation on the factory equipment was accrued this month.
15. Advertising costs for the month were $65,000.

Use MS Excel to show t-accounts or journal entries (your choice) to record the previous transactions. Also answer the following 5 questions in the spreadsheet. Then upload the file.

1. What is the ending balance for Raw Materials? __________________________
2. What is the Cost of Goods Manufactured? _______________________________
3. What is the Cost of Goods Sold on the income statement____________________
4. How much overhead was actually incurred this period? __________________________
5. What is the net income for the period? _________________________________

(Analysis of Transactions' Effect on SCF) Each of the following items must be considered in preparing a statement of cash flows for Cruz Fashions Inc. for the year ended December 31, 2020.

• 1.Fixed assets that had cost $20,000 6½ years before and were being depreciated on a 10-year basis, with no estimated scrap value, were sold for $4,750.
• 2.During the year, goodwill of $15,000 was considered impaired and was completely written off to expense.
• 3.During the year, 500 shares of common stock with a stated value of $25 a share were issued for $32 a share.
• 4.The company sustained a net loss for the year of $2,100. Depreciation amounted to $2,000 and patent amortization was $400.
• 5.Uncollectible accounts receivable in the amount of $2,000 were written off against Allowance for Doubtful Accounts.
• 6.Debt investments (available-for-sale) that cost $12,000 when purchased 4 years earlier were sold for $10,600.
• 7.Bonds payable with a par value of $24,000 on which there was an unamortized bond premium of $2,000 were redeemed at 101.

Instructions

For each item, state where it is to be shown in the statement and then how you would present the necessary information, including the amount. Consider each item to be independent of the others. Assume that correct entries were made for all transactions as they took place.

Lindsey Contractors' borrowing agreements make certain demands on the business. Lindsey's Long-Term Debt may not exceed Stockholder's Equity, and the current ratio may not fall below 1.50. If Lindsey fails to meet this requirement, the company's lenders can take over management of the corporation.
Current Liabilities have mounted faster than current assets, causing the current ratio to fall to 1.47. Before releasing financial statements, Lindsey management is scrambling to improve the current ratio. Th controller points out that an investment can be classified as either long-term or short-term, depending on management's intention. By deciding to convert an investment to cash within one year, Lindsey can classify the investment as short-term - a current asset. On the controller's recommendation, Lindsey's board of directors votes to reclassify long-term investments as short-term.

1. Do you think that the actions taken by Lindsey's controller and board of directors are ethical. Why or why not?

2. Shortly after the financial statements are released, sales improve and so does the current ratio. As a result, Lindsey management decides not o sell the investments it had reclassified as short-term. Accordingly, Lindsey reclassifies the investments as long-term. Has management behaved unethically? Why or why not?