Gibson Corp. owned a 90% interest in Sparis Co. Sparis frequently made sales of inventory to Gibson. The sales, which include a markup over cost of 25%, were $420,000 in 2017 and $500,000 in 2018. At the end of each year, Gibson still owned 30% of the goods. Net income for Sparis was $912,000 during 2018. Assuming there are no excess amortizations associated with the consolidation, and no other intra-entity asset transfers, what was the net income attributable to the noncontrolling interest for 2018?

West Corporation reported the following consolidated data for 20X2:

Data reported for West’s four operating divisions are as follows:

Intersegment sales are priced at cost, and all goods have been subsequently sold to nonaffiliates. Some joint production costs are allocated to the divisions based on total sales. These joint costs were $46,000 in 20X2. The company’s corporate center had $21,000 of general corporate expenses and $121,000 of assets that the chief operating decision maker did not use in making the decision regarding the operating segments.

Required:
Each of the following items is unrelated to the others.

a. The divisions are industry segments.

(1) Prepare a segmental disclosure worksheet for the company. (Do not round your intermediate calculations.)
  

(2) Prepare schedules showing which segments are reportable.
  

b. Assume that each division operates in an individual geographic area, Division A is in the domestic area, and each of the other divisions operates in a separate foreign country. Assume that one-half of the assets in each geographic area represents long-lived, productive assets as defined in ASC 280. Prepare schedules showing which geographic areas are reportable using a 10 percent materiality threshold.
  

c. Determine the amount of sales to an outside customer that would cause that customer to be classified as a major customer under the criteria of ASC 280.

1. Explain the concept of "creative" accounting
2. Describe the specifics of Ponzi Schemes
3. Describe potential conflicts of interest that could occur in financial reporting
4. Explain what the responsibilities of management, auditors, and audit committees are with respect to financial reporting.
5 Explain how heuristics affect accounting
6. Describe the accounting "tricks of the trade"
7. Explain the concept of off-balance sheet arrangements.

Analytical procedures have always been a key element of the audit process as the auditors assess key ratio trends as well as the relationship between various accounts on the financial statements. However, in recent years, many experts have identified specific ratios which tend to point towards an entity’s “quality of earnings.” Class, do a bit of research and see if you can find some of those ratios that indicate earnings quality and/or earnings manipulation. Can you describe two that you feel would be especially helpful?

Accrual accounting matches revenue with expenses, however accruals can be used to manipulate income and expenses. In the Forbes Magazine article, “Cash Doesn’t Lie,” written by Daniel Fisher, the author discusses the use of negative accruals, changes to estimates and recognizing income before it is earned. Read the article and then:

a. Discuss the use of each of these three techniques and their effect on current and future earnings reporting.
b. How should changes of accounting estimates that significantly affect income be reported? Should they be regarded as a change in accounting principle?
c. Research revenue recognition and discuss the accounting rules violated that brought down the company Sunbeam.

PLEASE PROVIDE NEW DETAIL ANSWERS TO EACH QUESTION AND PLEASE NO HAND WRITTEN ANSWERS.

To find financial statements, I go to Yahoo! Finance and type in the name of a company of your choice. Discuss the financial statements of a company of your choice, what they mean in to the company and its shareholders, and how the financial statements relate to each other

Use the following information to answer the next 11 questions. SELECT ALL ANSWERS THAT APPLY.

On May I. Sam Company sold $5,000 of inventory to Bob Company. The sale was made on account and Sam granted Bob credit terms of 2/10. n/30. The inventory cost Sam Company $3,000. On May 3, Bob returned $1,000 of the inventory to Sam. (The inventory returned by Bob cost Sam $600.) On May 9, Bob paid Sam in full for the amount due.

1. What account will Bob debit on May I if the periodic inventory system is used?

A) Accounts Payable

B) Cost of Goods Sold

c) Merchandise Inventory

D) Purchases

E) None of the above

2. What account will Bob debit on May I if the perpetual inventory system is used?

A) Accounts Payable

B) Cost of Goods Sold

C) Merchandise Inventory

D) Purchases

E) None of the above

3. What account will Sam debit on May l if the periodic inventory system, is used?

A) Accounts Payable

B) Cost of Goods Sold

C) Merchandise Inventory

D) Purchases

E) None of the above

4. What account will Sam debit on May I if the perpetual inventory system is used?

A) Accounts Payable

B) Cost of Goods Sold

C) Merchandise Inventory

D) Purchases

E) None of the above

5. What journal entry will Bob record on May 3 if the periodic inventory system is used?

A) debit Accounts Payable, $1,000; credit Merchandise Inventory, $1,000.

B) debit Accounts Payable, $1,000; credit Purchases, $1,000.

C) debit Accounts Payable, $1,000; credit Purchase Discounts, $1,000.

D) debit Accounts Payable, $1,000; credit Purchase Returns and Allowances, $1,000.

E) debit Merchandise Inventory; $600; credit Cost of Goods Sold, $600.

6. what journal entry will Bob record on May 3 if the perpetual inventory system is used?

A) debit Accounts Payable, $1,000; credit Merchandise Inventory, $1,000.

B) debit Accounts Payable, $1,000; credit Purchases, $1,000.

C) debit Accounts Payable, $1,000; credit Purchase Discounts, $1,000.

D) debit Accounts Payable, $1,000; credit Purchase returns and Allowances, $1,000.

E) debit Merchandise Inventory; $600; credit Cost of Goods Sold, $600.

7. what journal entry will Sam record on May 3 if the periodic inventory system is used?

A) debit Merchandise Inventory, $600; credit Cost of Goods Sold, $600.

B) debit Sales, $1,000; credit Accounts Receivable, $1,000.

C) debit Sales, $1,000; credit Cash, $1,000.

D) debit Sales Returns and Allowances, $1,000; credit Accounts Receivable, $1,000.

E) debit Sales Returns and Allowances, $1,000; credit Cash, $1,000.

How do you define your personal brand, imagine what people might say about you when you leave the room. If you put yourself in that scenario, what are three (3) traits and three (3) skills that those in the room would recognize you for having? How do you think those traits and skills are beneficial to an employer?

Let’s consider costing for a service organization. Assume you are a consultant for a law firm. The firm currently has no traditional cost accounting system in place. A partner has taken a course in management accounting and wants to understand traditional and activity based costing. Explain to the partner how a traditional overhead rate is determined and what would be a good denominator activity to use as the base. Also explain what is meant by activity-based costing and how it would might lead to better decisions for the firm.

1. The bank statement for Green Iguana Co. indicates a balance of $8,000.00 on June 30, 2019. After the journals for June had been posted, the cash account for the Green Iguana had a balance of $3,675.00.

2. The following reconciling items:

(a) Cash sales of $342 had been erroneously recorded in the cash receipts journal as $324.

(b) Deposits in transit not recorded by bank, $500.00.

(c) Bank service charges for $25.00.

(d) A note collected by bank, $2,850, including $50 interest.

(e) $218.00 NSF (not sufficient funds) check from Alice Bell, a customer.

(f) Checks outstanding totalized $2,200.00.

Instructions: Prepare a bank reconciliation and post any entries as per bank reconciliation.

Discuss the advantages of implementing ABC costing. Please cite specific examples in your post, sharing what you learned with the rest of the class. How can you utilize the principles of ABC costing in your workplace or home?

The following lots of a particular commodity were available for sale during the year

The firm uses the periodic system, and there are 27 units of the commodity on hand at the end of the year. What is the amount of inventory at the end of the year according to the LIFO method?

Select the correct answer.

$5,183.00

$1,387.00

$1,581.00

$1,323.00

Value added activities are necessary to remain in business. Nonvalue added activities are defined in your text as “All activities other than those that are absolutely essential to remain in business.” Describe for the class some examples of value added and nonvalue added activities that you observe in your workplace, or even your home or a business you frequent. What suggestions do you have on how to reduce the time or money spent on nonvalue added activities?

The partnership of Keenan and Kludlow paid the following wages during this year:

In addition, the partnership owed $200 to Rudolph for work he performed during December. However, payment for this work will not be made until January of the following year. The state unemployment tax rate for the company is 2.95% on the first $9,000 of each employee's earnings. Compute the following:

Round your answers to the nearest cent.

a. Net FUTA tax for the partnership for this year
$

b. SUTA tax for this year
$

What is your opinion of being an expert witness? What would make this role exciting, rewarding, or challenging?