The AHMADO company’s’ record showed the alphabetical order of the accounts as follows:

Accounts payable            SR20                                                     

Accounts receivable       SR12                                                     

Accumulated depreciation – computer SR5        

Ahmed Capital SR30                                                                     

Ahmed Withdrawal         SR10                                                     

Cash      SR 51                                                                                    

Computer           SR50     

Prepaid insurance            SR 7

Service revenue                               SR70

Supplies               SR 5

Unearned revenues       SR15

Utilities expense              SR 15

Wages                  SR 10

Required:

• Prepare the trial balance by listing the accounts in correct order with balances in appropriate debit or credit column
• Adjust accounts, if you have the following facts:
  • Expired Insurance SR 5.
  • Estimated depreciation on office computer SR 5.
  • Accrued wages SR 5
  • Unused supplies on hands   SR 3.
  • SR 5 Of the unearned revues balance had been earned by the end of the month.
• Prepare income statement
• Prepare balance sheet
• Use worksheet to answer

Problem 5-5 Presented below is the balance sheet of Sargent Corporation for the current year, 2017. MARIGOLD CORPORATION BALANCE SHEET DECEMBER 31, 2017 Current assets $ 488,150 Current liabilities $ 383,150 Investments 643,150 Long-term liabilities 1,003,150 Property, plant, and equipment 1,723,150 Stockholders’ equity 1,773,150 Intangible assets 305,000 $3,159,450 $3,159,450 The following information is presented. 1. The current assets section includes cash $153,150, accounts receivable $173,150 less $13,150 for allowance for doubtful accounts, inventories $183,150, and unearned rent revenue $8,150. Inventory is stated on the lower-of-FIFO-cost-or-market. 2. The investments section includes the cash surrender value of a life insurance contract $43,150; investments in common stock, short-term $83,150 and long-term $273,150; and bond sinking fund $243,700. The cost and fair value of investments in common stock are the same. 3. Property, plant, and equipment includes buildings $1,043,150 less accumulated depreciation $363,150, equipment $453,150 less accumulated depreciation $183,150, land $503,150, and land held for future use $270,000. 4. Intangible assets include a franchise $168,150, goodwill $103,150, and discount on bonds payable $33,700. 5. Current liabilities include accounts payable $143,150, notes payable-short-term $83,150 and long-term $123,150, and income taxes payable $33,700. 6. Long-term liabilities are composed solely of 7% bonds payable due 2025. 7. Stockholders’ equity has preferred stock, no par value, authorized 200,000 shares, issued 73,150 shares for $438,900, and common stock, $1.00 par value, authorized 400,000 shares, issued 103,150 shares at an average price of $10. In addition, the corporation has retained earnings of $302,750. Prepare a balance sheet in good form, adjusting the amounts in each balance sheet classification as affected by the information given above. (List Current Assets in order of liquidity. List Property, Plant and Equipment in order of Land, Building and Equipment. Enter account name only and do not provide the descriptive information provided in the question.) MARIGOLD CORPORATION Balance Sheet Assets $ $ : $ : : $ Liabilities and Stockholders' Equity $ $ $ : $

a) What does the Postclosing Trial Balance represent? What is included in it and why is it important?

b) What are the temporary accounts and why are they closed each period?

c) Describe the closing entries and prepare them in proper form?

d) Identify the steps in the accounting cycle.

In April 2010, a gold mining company, Cahaya Emas was formed. Cahaya Emas had convinced numerous mining experts that they had rights to one of the largest gold deposits ever discovered. The gold mine, located on a remote island in the East Coast of Peninsula Malaysia, supposedly had so much gold that the actual price of gold on the open market dropped significantly due to the anticipation of an increased gold supply. Within a few months, thousands of Malaysian – big-time investors, pension and mutual fund, managers and many small investors, including factory workers – got caught up in “Gold fever”. The company’s stock price shot from pennies to more than $250 per share before a 10-for-1 stock split was announced. Thousands of investors believed they were on the verge of becoming millionaires.
Two years later, the president and CFO, who are also the founder of the company were found committing financial statement fraud which went on for about two years. The president and the CFO were the fraud perpetrators. Kate, the accountant was aware of the financial statement fraud being committed by the management of her company, but she never reported it.
As is the case with many frauds of this type, numerous class-action lawsuits were filed against Cahaya Emas management, alleging that they misled the shareholders.

REQUIRED:
A.   Discuss some of the possible reasons for Kate’s hesitance to come forward to report the financial statement fraud.
B.   What were some of the perpetrators’ motivations to commit financial statement fraud?

The comparative balance sheet for company “Delta” in € for years 2017 and 2018 is
given below:

The income statement of company “Delta” for 2018 is also given below:

Required:
1. Prepare the cash flow statement using the indirect method. For your answer you need to consider that company “Delta” has repurchased shares and it has decreased respectively its share capital.

2. Which is the dividend payout ratio for “Delta” for year 2018? If the company increases the dividend payout ratio by 10%, what would the effect be to the retained earnings?

3. Is the increase of the dividend payout ratio a good signal and what is the impact on the free cash flows? What do you think that an analyst should consider when the dividend payout ratio increases? (max: 200 words)

4. What inferences can you draw from the analysis of “Delta” cash flows? Explain briefly (max: 300 words)

You are an audit manager currently finalizing your 31 December 2013 audits. The following independent and material matters have come to your attention:
1.   The audit of the statutory records of Whale Ltd, a reporting entity, revealed the following problems:
•   Failure to update the members’ register for changes in shareholders;
•   Failure to obtain written consent from directors to act;
•   Directors’ minutes not prepared in respect of the current year;
•   Failure to hold the AGM in respect of the previous financial year.
The company made no comment in respect of either the failure to keep properly updated statutory registers or the holding of the AGM.

2.   Shark Ltd, a reporting entity, uses the last-in first-out basis in respect of valuation of closing inventory, which is one of the most significant balance sheet accounts. The difference between first-in first-out and last-in-first-out has a material effect on the closing inventory balance.

3.   ABC Ltd (ABC) is a holding company with a number of wholly owned subsidiaries. One of these, FX Ltd (FX), is a self-sustaining foreign subsidiary with manufacturing and distribution facilities throughout South-East Asia. The group accounts of ABC and its subsidiaries consist of the consolidated accounts of ABC and its subsidiaries and exclude the accounts of FX, which are attached separately.
The consolidated accounts include a note stating that the directors believe that it is misleading to consolidate FX as its operations are very different from those of the rest of the group and carried out under substantially different conditions. The note includes details of inter-company balances and transactions.

REQUIRED:
Critically discuss in relation to each of the above circumstances the audit and internal control issues to be considered and their likely impact on the audit report to be issued.

Discuss the importance of auditing as it relates to the accounting profession and the business community. (2) Discuss the effects of technology as it relates to the future of the profession.

please cite references. thanks

what information needed? It is simply what is the importance of auditing as it relates to the profession and the business community.

Federal Semiconductors issued 9% bonds, dated January 1, with a face amount of $860 million on January 1, 2018. The bonds sold for $786,215,929 and mature on December 31, 2037 (20 years). For bonds of similar risk and maturity the market yield was 10%. Interest is paid semiannually on June 30 and December 31. Federal determines interest at the effective rate. Federal elected the option to report these bonds at their fair value. On December 31, 2018, the fair value of the bonds was $770 million as determined by their market value in the over-the-counter market. Assume the fair value of the bonds on December 31, 2019 had risen to $776 million. Required: Complete the below table to record the following journal entries. 1. & 2. Prepare the journal entry to adjust the bonds to their fair value for presentation in the December 31, 2018, balance sheet, and adjust the bonds to their fair value for presentation in the December 31, 2019, balance sheet. Federal determined that one-half of the increase in fair value was due to a decline in general interest rates.

Write between 500 to 1000 words about the differences between S.A.P and Sage

Financial Statement Analysis The financial statements for Nike, Inc., are available at the Appendix C link above. The following additional information (in millions) is available: Accounts receivable at May 31, 2011: $3,138 Inventories at May 31, 2011: 2,715 Total assets at May 31, 2011: 14,998 Stockholders' equity at May 31, 2011: 9,843 Determine the following measures for the fiscal years ended May 31, 2013 (fiscal 2012), and May 31, 2012 (fiscal 2011). Do not round interim calculations. Round the working capital amount in part (a) to the nearest dollar. Round all other final answers to one decimal place. When required, use the rounded final answers in subsequent computations. Fiscal Year 2012 Fiscal Year 2011 a. Working capital (in millions) $ $ b. Current ratio c. Quick ratio d. Accounts receivable turnover e. Number of days' sales in receivables days days f. Inventory turnover g. Number of days' sales in inventory days days h. Ratio of liabilities to stockholders' equity i. Ratio of sales to assets j. Rate earned on total assets, assuming interest expense is $23 million for the year ending May 31, 2013, and $31 million for the year ending May 31, 2012 % % k. Rate earned on stockholders' equity % % l. Price-earnings ratio, assuming that the market price was $61.66 per share on May 31, 2013, and $53.10 per share on May 31, 2012 m. Percentage relationship of net income to sales % %

Amber Mining and Milling, Inc., contracted with Truax Corporation to have constructed a custom-made lathe. The machine was completed and ready for use on January 1, 2018. Amber paid for the lathe by issuing a $500,000, three-year note that specified 4% interest, payable annually on December 31 of each year. The cash market price of the lathe was unknown. It was determined by comparison with similar transactions that 10% was a reasonable rate of interest. (FV of $1, PV of $1, FVA of $1, PVA of $1, FVAD of $1 and PVAD of $1) (Use appropriate factor(s) from the tables provided.) Required: 1-a. Complete the table below to determine the price of the equipment. 1-b. Prepare the journal entry on January 1, 2018, for Amber Mining and Milling’s purchase of the lathe. 2. Prepare an amortization schedule for the three-year term of the note. 3. Prepare the journal entries to record (a) interest for each of the three years and (b) payment of the note at maturity.

1. Rain Gear, Inc., produces rain jackets. The master budget shows the following standards information and indicates the company expected to produce and sell 28,000 units for the year. Variable manufacturing overhead is allocated based on direct labor hours.

Rain Gear actually produced and sold 30,000 units for the year. During the year, the company purchased and used 130,000 yards of material for $429,000. A total of 65,000 labor hours were worked during the year at a cost of $637,000. Variable overhead costs totaled $231,000 for the year.

1. Company policy is to investigate all variances greater than 10 percent of the flexible budget amount for each of the three variable production costs: direct materials, direct labor, and variable overhead. Identify which of the six variances calculated in requirements bthrough eshould be investigated.

2. Provide two possible explanations for each variance identified in requirement e.

The following information is computed from Katy Inc.'s annual report for 2018.

Note: One-third of the operating lease rental charge was $100,000 in 2018 and $50,000 in 2017. Capitalized interest totaled $30,000 in 2018 and $20,000 in 2017.

Required:

Terri computed the pre-determined overhead rate. She estimated that 440,000 direct labor hours were going to be used for the upcoming year. Her boss wanted her to change the estimate to 420,000 direct labor hours even though he knows that this amount is probably going to be wrong. 1) What is the effect of changing the estimated direct labor hours on the pre-determined overhead rate computation? 2) Should Terri change the estimated direct labor hours to 420,000? Why or why not?