Fraud case - A USA public company doing business in Freedonia (a made up name from another Marx Brothers movie!) is compelled to bribe local officials in order to be the first to receive a business license for a certain type of industry there. The competition is fierce, but local government officials have unabashedly spread the word that under the table bribery payments to them from the USA company can seal the deal and that's why the USA company is feeling the pressure to participate in the bribe. This would be a violation of the FCPA.

The USA company participates in the fraud, bribing the government officials sufficiently to get the license first, before their competition. The payments are on the books, but hidden, so to speak, in order to get the tax deduction. The payments are cleverly disguised in the expense accounts to appear as normal expenditures. Foreign Corrupt Practices Act (FCPA), we saw that a key to reducing the penalty is through keeping books and records that are clean and transparent

You are the USA government investigator searching for the fraud after the US government has been tipped off that the fraud happened in Freedonia.

1. What income statement expense accounts would you research for evidence of bribery payments being made even though not so indicated as bribery payments?
2. What type of evidence would you be looking to gather to prove the case?

For centuries, people have believed myths and misconceptions about psychological disorders and the people who suffer from them. Modern psychological research has allowed us to correct some of these misconceptions. As a result, many people have changed their ideas about mental and emotional disorders. Think of a common misconception you have observed in society or in your personal experience. How could information from research be used to change people's views of psychological disorders? How can this information help us to better understand people who experience mental and emotional disorders?

In a multi-paragraph essay, describe the misconception you observed and discuss how information from research could be used to change this misconception about psychological disorders and the people who suffer from them.

Please include the problem number with every answer, thank you.

During the month of October of the current year, Dan’s Accounting Service was opened. The following transactions occurred.

Oct 1   Dan sold $70,000 worth of stock (50 shares) to start the business.

Oct 1   Dan purchased $9,500 worth of office equipment on account from Keene’s

            Furniture Supply.

Oct 1   Dan paid October’s rent on the office. He wrote a check for $2,500.

Oct 2   Dan purchased $400 worth of office supplies for cash.

Oct 4   The telephone was installed. We paid $95 (Utilities Expense).

Oct 4 Dan placed an advertisement in the Anoka County Shopper. It cost $150 (cash).

Oct 4   Dan started a petty cash fund with $50 for a fund balance.

Oct 5   We purchased (for cash) $45 worth of stamps (Miscellaneous Expense).

Oct 5   A three-month umbrella insurance policy was purchased for $720 (cash).

Oct 7   Bebus’s Automotive Supply Company paid us $2,800 (cash) for setting up their

            books.

Oct 9   We earned $3,200 from Dietz’s Fine Furniture Company for setting up their

books. They will pay us later.

Oct 12 We paid a part-time employee $90 for running errands. There are no taxes to be

withheld.

Oct 14 Smith’s Food Service, Inc. paid us $1,700 for helping them with their taxes.

            The actual bill was for $3,500. They will pay us the rest next month.

Oct 19 We paid our part-time employee $80 for running errands. There are no taxes to be

withheld.

Oct 23 We sent a check for $1,000 to Keene’s Furniture Supply for the office equipment

            purchased on October 1st.

Oct 26 We earned $800 for consulting with Anderson’s Clothing Outlet. They will pay

us later.

Oct 26 We paid our part-time employee $50 for running errands. There are no taxes to

be withheld.

Oct 30 Dietz’s Fine Furniture Company paid us $900 on account for the work we did

            for them on October 9.

Oct 30 Dan paid the stockholders $600 in dividends.

Oct 31 Dan paid the electric bill which was $90.

Oct 31 Dan replenished the petty cash fund. He had used $12 for office supplies and $18

for miscellaneous expenses.

REQUIRED:

1)Journalize the following entries using the accounts from the Chart of Accounts.

Be sure to use asset accounts instead of expense accounts whenever possible.

2)Post the transactions to the ledger. (Use T- Accounts.)

3)Prepare a trial balance as of October 31 of the current year.

4)Journalize the following adjusting entries:

A)Ed determines that there was $250 worth of supplies still on hand.

B)One month of insurance was been used.

C)The depreciation on our office equipment is $250.

D)Our part-time employee has earned $40 so far this week. She will be paid next month for the full week’s work.

5)Post the adjusting entries.

6)Prepare an adjusted trial balance.

7)Prepare an Income Statement (don’t forget the Earnings Per Share), Statement of Retained Earnings and a Classified Balance Sheet.

8)Journalize the closing entries.

9)Post the closing entries.

10)Prepare a post-closing trial balance.

DAN’S ACCOUNTING SERVICE

CHART OF ACCOUNTS

101 Cash

102 Petty Cash

108      Accounts Receivable

112 Office Supplies

118 Prepaid Insurance

201 Office Equipment

202 Accumulated Depreciation—Office Equipment

301      Accounts Payable

308      Wages Payable

511      Contributed Capital

512 . Retained Earnings

513 . Dividends

611 . Professional Fees

810      Advertising Expense

815 . Depreciation Expense

820      Insurance Expense

825      Miscellaneous Expense

830      Office Supplies Expense

835 Rent Expense

840 . Utilities Expense

845      Wages Expense

Which of the following statements is true about asset retirement obligations related to natural resources that have been developed:

a) GAAP requires that an existing legal obligation associated with the retirement of a tangible, long-lived asset be recognized as a liability and measured at fair value.

b) Asset retirement obligations may arise from legal obligations associated with the retirement of any intangible asset.

c) A retirement obligation may only arise at the inception of an asset's life, but never during its operating life.

d) GAAP requires the company to recognize the fair value of an asset retirement obligation when it is incurred.

Which of the following statements is incorrect?

a) The acquisition of assets through donation is credited to revenue.

b) When a company loses a patent infringement suit and pays the plaintiff $9,000, the payment of $9,000 should be expensed as incurred.

c) If an exchange of nonmonetary assets lack commercial substance, a gain can never be recorded even when cash is received through this exchange.

d) The initial valuation of an asset acquired with a $40,000 noninterest-bearing note that is payable in two years is less than $40,000.

San Jose Mercury News, March 31, 2020: “As classes go online, students want Stanford to lower tuition”: “Thousands of Stanford students are asking for a discount in tuition for this quarter --- up to 80% --- as, (as one student leader stated): “the online education will affect our EDUCATIONAL EXPERIENCE – (the caps are mine) – interacting with faculty and peers … (is)… a more ESSENTIAL PART of our time spent at Stanford” …. Online education “makes us UNABLE TO ENJOY AN EDUCATIONAL EXPERIENCE QUALIFIED FOR THE $10,000 (tuition only) that we spent for this Spring quarter”…. “if the experience is not IMMERSIVE, then IT IS NOT FULL AND DOES NOT DESERVE THE PRICE TAG”……. QUESTIONS!

A. Should students be given a discount on tuition this quarter (or semester) owing to classes going online? (you did not SIGN UP for this, right???) Why or why not? At Stanford? At EVC? Is there a difference?

B. Is your answer any different for GRADUATE students in law and medicine? Why or why not? C. Stanford has offered to let students take a quarter off, thus delaying… THE REST OF THEIR LIVES…..in your opinion, why may this solution be… ‘less than optimal’? D. Is it relevant that Stanford is sitting on MANY TENS OF BILLIONS OF DOLLARS IN ENDOWMENTS, --- one of the highest in the nation -- and could EASILY AFFORD to give their students a discount of 80% for one quarter?

E. WHAT SHOULD STANFORD DO? Offer an 80% discount? 100%? 50 %? 30%? No discount at all? Should it vary depending on the INCOME of the student and her family---- (just like the tuition itself, and room and board expenses)?

F. May we agree that students who were living in the dorms should be reimbursed for their HOUSING costs, given that they were KICKED OUT (evicted)? What about students who had been renting apartments from landlords in and around Palo Alto? Should they be treated differently? Why or why not? (Many landlords will suffer a huge drop in income in 2020) G. WHAT HAS BEEN YOUR MOST CHALLENGING OBSTACLE, IN TERMS OF TAKING AND COMPLETING YOUR CLASSES ONLINE, SINCE MARCH 10, 2020? IN YOUR OPINION, HOW HAS THE QUALITY OF YOUR EDUCATION CHANGED?

H. IS THIS ISSUE IN YOUR ‘TOP TEN’ LIST OF PROBLEMS RIGHT NOW, IN YOUR OPINION? Top 5? Top 3? WHY OR WHY NOT?

This is all one question with several parts for my accounting homework. I've tried but I keep getting the wrong answer please help.

The following regression model was estimated by an Australian-based MNC to determine its degree of economic exposure to the U.S. dollar (US$) and the South African Rand (SAR):

where the dependent variable is the percentage change in cash flows (PCF) measured in the company's home currency over period t. The explanatory variable (et) is the percentage change in the exchange rate of the foreign currency (e.g., A$/SAR) over period t. The regression was estimated over a single period for each of the two currencies, with the following results:

Based on these results, which of the following statements is not true?