2) You are the independent accountant assigned to the audit of Neophyte Company. The company's accountant, a graduate of Rival State University, has prepared financial statements that contained the following questionable items: a. The balance sheet reports land at $100,000. Included in this amount is a property held for speculation at a cost of $30,000. b. Current liabilities include $50,000 for long-term debt that is due in three months. The company has received a suitable firm commitment to refinance the debt for five years and intends to do so. c. Investments include $20,000 in short-term, high-grade commercial paper, which is a cash equivalent.

Required. Describe the appropriate balance sheet presentation for the above items.

Your assignment consists of different question styles including discussion questions, reports, exercises, problem questions and spreadsheet questions. It assesses learning outcomes as listed in the assignment rationale below.

The purpose of this assignment is to continue to develop skills in costing systems with an emphasis on the role of control in managing the production of goods and services efficiently in the workplace. Each question builds on the knowledge gained through the first assignment to develop the concepts of management accounting control through costing. Each question uses realistic data and professional practices similar to that found in workplaces.

Question 1: Budget (20 marks in total)

Resort Island University is preparing its budget for the upcoming academic year. This is a specialised private university that charges fees for all degree courses. Currently, 15,000 students are enrolled on campus. However, the university is forecasting a 5 % growth in student numbers in the coming year, despite an increase in fees of $3,500 per subject. The following additional information has been gathered from an examination of the university records and conversations with university managers:

• Resort Island is planning to award scholarships to 150 students, which will cover their fees.
• The average class has 80 students, and the typical student takes 4 subjects per semester. Resort Island operates 2 semesters per year.
• The average academic staff salary is $120,000 per annum including on-costs.
• Resort Island's academic staff are evaluated on the basis of teaching, research administration and professional/community service. Each of the academic staff teaches the equivalent of three subjects during the academic year.

Required:

1. Prepare a revenue budget for the upcoming academic year
2. Determine the number of staff needed to cover classes.
3. Assume there is a shortage of full-time academic staff. List at least five actions that Resort Island might take to accommodate the growing student numbers.
4. You have been requested by the university's deputy vice chancellor (DVC) to construct budgets for other areas of operation (such as library, grounds, cafeteria, and maintenance). The DVC noted: 'The most important resource of the university is academic staff. Now that you know the number of staff needed, you can prepare the other budgets. Academic staff are indeed the key driver - without them we don't operate.' Does the DVC really understand the linkages with the budgeting process? Explain.

Question:

Need to identify accounting issues within the following 2 scenarios and how they should be handled:

Scenario 1:

At HLJ's 2017 year-end, the company held an inventory of 300 ounces of gold having a purchase cost of $1,150 U.S. per ounce (which at an exchange rate of $1 Canadian = $0.9388 U.S. resulted in a cost of $1,225 per ounce Canadian). At July 31, 2017, the market value for gold was $1,130 U.S. per ounce (also $1,130 Canadian). As a result, for fiscal 2017 year- end, gold inventory was written down by $28,500.

Currently, gold has increased in value to $1,305 U.S. per ounce ($1,350 Canadian). 200 ounces of the gold in the 2017 inventory will still be held by HLJ at its fiscal 2018 year-end.

Scenario 2:

In August 2017, HLJ initiated a new promotional program called "Engagement Embarrassment Insurance" (EEI) intended for individuals who purchase surprise diamond engagement rings for their prospective partners. If the marriage proposal is not accepted (or for any other reason within three months of purchase), HLJ will repurchase the ring from the customer.

HLJ will refund the original sales price of the diamond portion of the ring (on average $2,000) but will not provide a refund for the gold component of the ring (which averages $1,000) as HLJ considers the ring's band and setting to be custom-made for the customer, whereas each diamond has a grading certificate to ensure its individual features. The average cost of gold is $600, and $1,200 for diamond.

Since beginning the EEI program, the company has had, on average, 60 customers in the potential repurchase period at any point in time. Total number of rings sold under this program in fiscal 2018 is expected to be 240.

Useful information to know: The company has no debt other than accounts payable, the owners take a salary of $150,000 to $200,000 each. The company's pre tax income has, over the last few years been around $250,000. Their year end is July 31. They expect their sales to increase to $6 million in 2018, from last year's $5.4 million. The company uses ASPE, and taxes payable method of accounting.

In University of Kansas, the ratio of international students:out-state native students:instate students is 2:3:6 Department of mathematics has 234 freshmen in total with 42 international students, 52 out-state students and 140 in-state students. Is the ratio of students in department mathematics is same as that of the university at 0.05 level?

The heights of female students in a university are approx normally distributed with a mean of 162 cm and a standard dev of 8 cm. Explain your answers.

a) Approx 68% of all female students in a university will have heights between ____ cm and ____ cm.

b) Heights greater than ____ cm would be considered peculiar.

The head of Health Services at Goodheart University (GU) would like to investigate the proportion of smokers at GU. In order to do so, the head of Health Services chooses a random sample of 500 Goodheart students, and finds that 80 of them are smokers.

Construct a 90% confidence interval for the proportion of smokers at Goodheart University.

Silver Lining Inc. has a balanced scorecard with a strategy map that shows that delivery time and the number of erroneous shipments are expected to affect the company’s ability to satisfy the customer. Further, the strategy map for the balanced scorecard shows that the hours from ordered to delivered affects the percentage of customers who shop again, and the number of erroneous shipments affects the online customer satisfaction rating. The following information is also available:

• The company’s target hours from ordered to delivered is 30.
• Every hour over the ordered-to-delivered target results in a 0.5% decrease in the percentage of customers who shop again.
• The company’s target number of erroneous shipments per year is no more than 60.
• Every error over the erroneous shipments target results in a 0.5 point decrease in the online customer satisfaction rating and an added future financial loss of $800.
• The company estimates that for every 1% decrease in the percentage of customers who shop again, future profit decreases by $4,000 and market share decreases by 0.3%.
• The company also estimates that for every 1 point decrease in the overall online customer satisfaction rating (on a scale of 1 to 10), future profit decreases by $4,000 and market share decreases by 0.6%.

Using these estimates, determine how much future profit and future market share will change if:

• Average hours from ordered to shipped is 28.5.
• Average shipping time (hours from shipped to delivered) is 15.3.
• Number of erroneous shipments is 80.

Total decrease in future profit $

Round your answer to two decimal places.

Total decrease in future market share %

Choose the correct answer. SOCIAL WORK major/and related fields

1a. An ethical action that a clinician may take to ensure competence in practice is to :

a) work only with clients whose cultural backgrounds are the same as the clinician’s as the way of managing power differences.

b) not work with clients who have problems that the mirror the clinician’s own problems.

c) implement fringe treatments without appropriate training only in extreme and unusual circumstances.

1b. An ethical behavior with respect to public representations is :

a) describing unique abilities and comparative desirability.

b) citing professional affiliations as endorsements.

c) listing one’s highest degree earned within a practice area.

Tobias has a wife and child (Emily) who live with him full-time. Emily is his biological child and is age 13. He and his wife file as Married Filing Jointly. In 2018, Tobias and his wife (she earned $10,000) had $78,000 in total income. After accounting for numerous deductions, etc. (but before accounting for tax credits) Tobias estimates that his federal income tax for the year will be $6,950. Given this limited information, how much do you believe this tax bill will be after accounting for any tax credit(s)?

Group of answer choices

$6,450

$1,550

$4,950

$450