Thinking of a trip that you or someone you know, is planning on taking. In planning a budget for the trip, what types of costs should be included in the budget? List at least five costs. Classify the costs as either fixed or variable, explaining what the variable cost drivers are.

How can we differentiate between whether an individual would be considered an independent contractor or a W-2 employee?
What repercussions, if any, does an employer face if they incorrectly identify an employee as an independent contractor?

Evan participates in an HSA carrying family coverage for himself, his spouse, and two children. In 2018, Evan has $100 per month deducted from his paycheck and contributed to the HSA. In addition, Evan makes a one-time contribution of $2,000 on April 15, 2019 when he files his tax return. Evan also receives a 2018 Form 1099-SA that reports distributions to Evan of $3,200 which Evan used for medical expenses

Compute the effect of the HSA transactions on Evan’s adjusted gross income.
These transactions________________(increase/decrease) Evan's AGI by __________ $

Explain the approaches (steps and techniques) required to complete a quality audit.

Explain in summary of how an auditor audited cash and marketable securities.

The Foster Company has two manufacturing departments, forming and painting. The company uses the FIFO method of process costing.   At the beginning of the month, the forming department has
3,000 units in inventory, 60% complete as to materials and 30% complete as to conversion costs.

The beginning inventory cost of $8,000 consisted of
$5,500 of direct material costs and $2,500 of conversion cost.

During the month, the forming department started 40,000 units. At the end of the month, the forming department had 4,000 units in ending inventory, 70% complete as to materials and 25% complete as to conversion.
Units completed in the forming department are transferred to the painting department.

Cost information for the forming department is as follows:   
Beginning work in process inventory $8,000   
Direct materials added during the month $160,000
Conversion added during the month $101,660    

Assume that Foster uses the FIFO method of process costing. Complete the Forming Department cost report for:
1. Calculating the equivalent units of production.  
2. Calculating the costs per equivalent unit of production. (Round your answer to 2 decimal places.)
3. Showing the cost reconciliation.

Grant Industries, a manufacturer of electronic parts, has recently received an invitation to bid on a special order for 25,000 units of one of its most popular products. Grant currently manufactures 50,000 units of this product in its Loveland, Ohio, plant. The plant is operating at 50% capacity. There will be no marketing costs on the special order. The sales manager of Grant wants to set the bid at $14 because she is sure that Grant will get the business at that price. Others on the executive committee of the firm object, saying that Grant would lose money on the special order at that price.

Required

2. What would be the Relevant cost per unit if the order is accepted at the price recommended by the sales manager? What do you think the minimum (short-term) bid price should be?

4. What would the total opportunity cost be if by accepting the special order the company lost sales of 6,800 units to its regular customers? Assume the preceding facts plus a normal selling price of $30 per unit.

1. Special notes.	Books	Tuition	Tax	Tax bracket	Pell Grants
   This student volunteers time at a local school to help with their underfunded music program. He could have earned $400 with the time he spent there.	$300	$4,000	$1,000	12%	$3,300

   What is the amount of the Maximum Benefit?

QUESTION 12

1. Special notes.	Books	Tuition	Tax	Tax bracket	Pell Grants
   This student volunteers time at a local school to help with their underfunded music program. He could have earned $400 with the time he spent there.	$300	$4,000	$1,000	12%	$3,300

   What is the amount of the Taxable Scholarship?

0.5 points   

QUESTION 13

1. Special notes.	Books	Tuition	Tax	Tax bracket	Pell Grants
   This student spent $20 to take a first date to an ice skating. He did not know how to skate. The subsequent rejection made him feel sad.	$600	$3,000	$3,000	12%	$4,000

   What is the amount of the Maximum Benefit?

0.5 points   

QUESTION 14

1. Special notes.	Books	Tuition	Tax	Tax bracket	Pell Grants
   This student spent $20 to take a first date to an ice skating. He did not know how to skate. The subsequent rejection made him feel sad.	$600	$3,000	$3,000	12%	$4,000

   What is the amount of the Taxable Scholarship?

QUESTION 17

1. Special notes.	Books	Tuition	Tax	Tax bracket	Pell Grants
   This student paid $400 for salsa dancing lessons from a local bar. He hoped his dancing skills would impress a particular female student. It did not work.	$700	$10,000	$1,000	12%	$3,000

   What is the amount of the Maximum Benefit?

0.5 points   

QUESTION 18

1. Special notes.	Books	Tuition	Tax	Tax bracket	Pell Grants
   This student paid $400 for salsa dancing lessons from a local bar. He hoped his dancing skills would impress a particular female student. It did not work.	$700	$10,000	$1,000	12%	$3,000

   What is the amount of the Taxable Scholarship?

0.5 points   

QUESTION 19

1. Special notes.	Books	Tuition	Tax	Tax bracket	Pell Grants
   This student just finished his second semester of grad school. His final paper was about Batman…in an accounting course.	$700	$10,000	$3,000	12%	$11,000

   What is the amount of the Maximum Benefit?

0.5 points   

QUESTION 20

1. Special notes.	Books	Tuition	Tax	Tax bracket	Pell Grants
   This student just finished his second semester of grad school. His final paper was about Batman…in an accounting course.	$700	$10,000	$3,000	12%	$11,000

   What is the amount of the Taxable Scholarship?

Nineteen Measures of Solvency and Profitability

The comparative financial statements of Blige Inc. are as follows. The market price of Blige Inc. common stock was $64 on December 31, 2016.

Required:

Determine the following measures for 2016, rounding to one decimal place, except for dollar amounts, which should be rounded to the nearest cent. Use the rounded answer of the requirement for subsequent requirement, if required. Assume 365 days a year.

13. Divide the sum of net income plus interest expense by average total assets. Average total assets = (Beginning total assets + Ending total assets) ÷ 2.

14. Divide net income by average total stockholders' equity. Average total stockholders' equity = (Beginning total stockholders' equity + Ending total stockholders' equity) ÷ 2.

15. Divide net income minus preferred dividends from the retained earnings statement by average common stockholders' equity. Common stockholders' equity = Common stock + Retained earnings. Average common stockholders' equity = (Beginning common stockholders' equity + Ending common stockholders' equity) ÷ 2.

16. Divide net income minus preferred dividends from the retained earnings statement by common shares outstanding (common stock ÷ par value).

17. Divide common market share price by common earnings per share (use answer from requirement 16).

18. Divide common dividends (from Retained Earnings Statement) by common shares outstanding (common stock ÷ par value).

19. Divide common dividends per share (use answer from requirement 18) by market share price.

Purchase Receipt 1

Purchase Receipt 2

Purchase Receipt 3

Scroll down to complete all parts of this task.

At December 31, Year 5, Aaron Co. had the following property, plant, and equipment:

Determine the impairment losses recognized for Year 5 under U.S. GAAP and IFRS. Enter the appropriate amounts in the designated cells below. Enter all amounts as positive numbers. If the correct answer is zero, enter a zero (0).

What is the opinion or perspective on this? Please raise thoughtful questions, analyze relevant issues, build on ideas, synthesize across readings and discussions, expand the perspective, and appropriately challenge assumptions and perspectives.

Significance of assessing risk in the internal control process: The significance of assessing risk in the internal control process is to mitigate against issues that would inhibit an entities ability to achieve its mission, goals, and objectives. The responsibility of assessing risk will typically fall to management and is only as successful as the manager’s experience and judgement. Our text reads “Judgement is a critical element in defining the likelihood and impact of a negative event.”[1] (Ives & Hancox, 2014, p.67) Our text goes on to list the characteristics of a person with good judgement as discernment, reasoning and rationality, perception, penetrating mind, and insight.

The importance of assessing the likelihood and impact of a negative event lends to the analysis of managing risk. If a risk is highly likely, but has a low level of impact, managing the risk may entail accepting the risk and doing nothing at all. On the other hand, if the risk is highly likely and has a high level of impact, managing the risk will fall into the risk prevention category and management will need to come up with a plan for prevention.

Risks can vary greatly, they can consist of internal risk, external risk, risk to business operations, financial risk, etc. Where I work, we have had a number of recent retirements and it came to our attention that there are several critical processes that do not have proper backup support. For example, we identified a risk that could prohibit the agency’s ability to run payroll. We only have one person that knows how to run payroll in the entire agency, and if something were to happen to that person, it would be very difficult for the agency to process payroll on time. After identifying the risk, we put a plan in place to train a backup for payroll. We have also written in to our business practices that the person responsible for backing up payroll will process payroll at least once every six months in order to remain knowledgeable in the process.

[1] Martin Ives and David Hancox, Government Performance Audit in Action (Albany, New York, 2014), p.67.

What is the opinion or perspective on this idea of assessing risk in the internal control process? (See paragraph below to get an idea or answer the question.) Please raise thoughtful questions, analyze relevant issues, build on ideas, synthesize across readings and discussions, expanding the perspective, and appropriately challenging assumptions and perspectives.

Significance of assessing risk in the internal control process: In chapter 3, we learned that the purpose of the internal control process is “to provide reasonable assurance regarding the achievement of objectives relating to operations, reporting and compliance.” (Page 38, paragraph 3). One component of the internal control process is “Assessing Risk,” which requires an organization to determine, analyze and mitigate the risks inherent in achieving its goals and objectives. Without identifying, understanding and alleviating the risks involved in accomplishing it mission, an organization will both miss opportunities to improve operations and hinder its ability to achieve its goals and objectives.

According to our text on page 62, paragraph 3, “governments exist to protect the health, safety and welfare of its citizens;” to this definition, I would add the point that governments must also be as accountable and transparent as possible. For a government, therefore, assessing risks involves looking at the operations which allow the government to achieve this mission and assessing the risks inherent in these operations. Once the risks are identified, it is helpful for the government to prioritize resources so that the most significant risks are addressed first.

I work in the finance department of a Town, and the director of Finance is continually looking for risks in our business processes. If any red flags are raised, she will work quickly to adjust business processes to mitigate these risks. For example, we are currently working to reallocate or return a large portion of developer fees that were collected in the early 2000s. These fees are collected from developers to pay for the potential off-site improvements – such as road widening, or traffic lights – needed due to the impact of the new development. By law, these off-site exactions are to be returned to the payer if they are not used for the intended purpose within 6 years. Through lack of internal control –especially the component of assessing risk – the Town ended up holding onto many of these fees passed the 6 year deadline. Recently, with staff turnover, the issue of the developer fees came up and the risk of holding onto these fees any longer – namely litigation, other legal troubles, and bad press – was addressed. We are now in the process of returning the developer fees that should have already been returned. Moreover, new processes were put in place to prevent this from ever happening again, including monthly reporting and better record keeping.

1) Farmers Tool Company sells lawn mowers with a 2-year service-type warranty. The warranty costs $99. On November 1, 2017, Farmers Tool Company sold 20 lawnmowers at $2,000 each. Ten warranties were sold. On July 14, 2018, $500 is spent on warranty costs. Prepare the journal entries related to the sale on November 1st and for the warranty costs incurred on July 14th.
SHOW YOUR CALCULATIONS!!! Do not forget journal entry descriptions.

2)

Diamond Corporation declared a cash dividend of $40,000 on December 1, 2017. Record the entry (if any) of this declaration. Do not forget journal entry descriptions.

3)

Victor Valentines offers a premium to its customers – glass rose vase (cost to Victor Valentines is $3 each) for the return of 10 labels. Each box of chocolates sold contains a label. The company estimates, based on past experience, that 65% of the labels will be redeemed. During 2018, one million boxes of chocolates were sold at $6 per box. During 2018, 350,000 labels were redeemed. Victor Valentines purchased 50,000 glass rose vases on January 1, 2018.

Prepare the journal entries for the sale of the boxed chocolates, the purchase of the premiums, the estimated premium expense, and the redemption of the labels. (15 points)

Although materiality is ultimately a matter of professional judgment, two types of criteria are taken into consideration when determining materiality thresholds. Provide the two types of criteria

Record the purchase of Japanese yen at the $0.0078 spot rate to settle the account for December 31, 20X7.