The following events occurred during 2021 for various audit clients of your firm. Consider each event to be independent and the effect of each event to be material.
1.) A manufacturing company recognized a loss on the sale of investments.
2.) An automobile manufacturer sold all of the assets related to its financing component. The operations of the financing business is considered a component of the entity.
3.) A company changed its depreciation method from the double-declining-balance method to the straight-line method.
4.) Due to obsolescence, a company engaged in the manufacture of high-technology products incurred a loss on inventory write-down.
5.) One of your clients discovered that 2020’s depreciation expense was overstated. The error occurred because of a miscalculation of depreciation for the office building.
6.) A cosmetics company decided to discontinue the manufacture of a line of women’s lipstick. Other cosmetic lines will be continued. A loss was incurred on the sale of assets related to the lipstick product line. The operations of the discontinued line is not considered a component of the entity.
Required: Determine whether each of the above events would be reported as income from continuing operations, income from discontinued operations, or not reported in the current year’s income statement.
Additionally: There is a component required for discontinued operations. Please review your answer using the component requirement. If an item is in continuing operations, please state the line where it would be reported. (This is what I need assistance with)
In: Accounting
e ECPA extends the protections (from governmental monitoring) of the Omnibus Crime Control and Safe Streets Act to:
This act is now 33 years old. Is it still adequate to protect electronic communications from unwarranted snooping? What additional protections are required as we approach 2020 given the advances we have seen in technology?
In: Computer Science
| Q1. SEC, FASB and AICPA | ||||||
| Fill in the blanks in the highlighted areas. You can find the answers from the following websites: | ||||||
| www.sec.gov | ||||||
| www.fasb.org | ||||||
| and | ||||||
| www.aicpa.org | ||||||
| Please make sure you scroll down to fill all the blanks! | ||||||
| 1. Mission of the SEC | 1st blank | 2nd blank | 3rd blank | 4th blank | 5th blank | …… |
| The mission of the U.S. Securities and Exchange Commission is to ___, maintain______ markets, and facilitate ____. Crucial to the SEC's effectiveness in each of these areas is its ______. Each year | ||||||
| the SEC brings hundreds of civil enforcement actions against individuals and companies for violation of the securities laws. Typical infractions include ______, _______, and _______. | ||||||
| 2. Mission of FASB | ||||||
| The collective mission of the FASB, the Governmental Accounting Standards Board (GASB) and the FAF is to establish and improve _________ to provide useful information to ____ and ______ of financial reports and ______ on how to most effectively understand and implement those standards | ||||||
| 3. History of AICPA | ||||||
| Founded in ___, the AICPA represents the CPA profession nationally regarding ___ and ____, and serves as an advocate before legislative bodies, public interest groups and other professional organizations. The AICPA develops standards for ___; provides ___ to its members; develops and grades the ____; and monitors and enforces compliance with the ____. The AICPA’s founding established accountancy as a profession distinguished by _____, _____, _____, ______ and _____. | ||||||
.
In: Accounting
Company A is looking to expand. it decides to take over company B, a competitor. The two companies have similar technology, but different costs.
Company A has $1800 fixed costs and $2 marginal cost per unit produced
Company B has $600 fixed costs and $3 marginal cost per unit produced
AT WHAT PRICE LEVEL SHOULD COMPANY A CONSIDOR SHUTTING DOWN IN THE SHORT RUN?
Please explain the process, i am struggling with this thanks
In: Economics
The Ivanhoe Hotel opened for business on May 1, 2022. Here is
its trial balance before adjustment on May 31.
| IVANHOE
HOTEL Trial Balance May 31, 2022 |
||||||
|---|---|---|---|---|---|---|
|
Debit |
Credit |
|||||
|
Cash |
$ 2,613 | |||||
|
Supplies |
2,600 | |||||
|
Prepaid Insurance |
1,800 | |||||
|
Land |
15,113 | |||||
|
Buildings |
70,000 | |||||
|
Equipment |
16,800 | |||||
|
Accounts Payable |
$ 4,813 | |||||
|
Unearned Rent Revenue |
3,300 | |||||
|
Mortgage Payable |
36,000 | |||||
|
Common Stock |
60,113 | |||||
|
Rent Revenue |
9,000 | |||||
|
Salaries and Wages Expense |
3,000 | |||||
|
Utilities Expense |
800 | |||||
|
Advertising Expense |
500 |
|||||
|
$113,226 |
$113,226 |
|||||
Other data:
| 1. | Insurance expires at the rate of $360 per month. | |
| 2. | A count of supplies shows $1,180 of unused supplies on May 31. | |
| 3. | (a) Annual depreciation is $2,760 on the building. | |
| (b) Annual depreciation is $2,160 on equipment. | ||
| 4. | The mortgage interest rate is 5%. (The mortgage was taken out on May 1.) | |
| 5. | Unearned rent of $2,670 has been earned. | |
| 6. | Salaries of $710 are accrued and unpaid at May 31. |
A. Prepare a ledger using T-accounts. Enter the trial balance amounts and post the adjusting entries. (Post entries in the order of journal entries presented in the previous question.)
B. Prepare an income statement for the month of May.
C. Prepare a retained earnings statement for the month of May.
D. Prepare a classified balance sheet at May 31. (List current assets in order of liquidity. List Property, Plant and Equipment in order of Land, Buildings and Equipment .)
E. Identify which accounts should be closed on May 31.
|
Cash |
select an option ClosedNot Closed | |
|---|---|---|
|
Supplies |
select an option ClosedNot Closed | |
|
Prepaid Insurance |
select an option ClosedNot Closed | |
|
Land |
select an option ClosedNot Closed | |
|
Buildings |
select an option ClosedNot Closed | |
|
Equipment |
select an option ClosedNot Closed | |
|
Accounts Payable |
select an option ClosedNot Closed | |
|
Unearned Rent Revenue |
select an option ClosedNot Closed | |
|
Mortgage Payable |
select an option ClosedNot Closed | |
|
Common Stock |
select an option ClosedNot Closed | |
|
Rent Revenue |
select an option ClosedNot Closed | |
|
Salaries and Wages Expense |
select an option ClosedNot Closed | |
|
Utilities Expense |
select an option ClosedNot Closed | |
|
Advertising Expense |
select an option ClosedNot Closed | |
|
Interest Expense |
select an option ClosedNot Closed | |
|
Insurance Expense |
select an option ClosedNot Closed | |
|
Supplies Expense |
select an option ClosedNot Closed | |
|
Depreciation Expense |
select an option ClosedNot Closed |
In: Accounting
1. distinguish between absolute advantage and comparative advantage .
2.Define free Rider
3. Externality curve shift-New power lines and impact on existing home market
4.production possibility curve with break through in technology and recession.
=2000 mars max
=1500 skittles max
=currently 700 mars and 800 skittles
=what is the opportunity cost of 200 more mars bars
=breakthrough in caramel production allows them to produce 2500 mars max
= recession hits , depict what will happen in mars and skittle markets
5.complementary good depiction -french fry prices down , what happen in the ketchup market
6.substitute good depiction -fish prices down , what happen in the chicken market .
In: Economics
“Unions enhance productivity and wages and reduce firm profitability. The US economy would function better if it were union-free.”
write whether you agree or disagree with the above statements provide an example from the labor market and your understanding and the application of the economic impact of union membership and collective bargaining. Be brief and clear. (150 words minimum)
In: Economics
1-Determine the density of states for a two-dimensional continuous medium using periodic boundary conditions.
2- In the Einstein model, atoms are treated as independent oscillators. The Debye model, on the other hand, treats atoms as coupled oscillators vibrating collectively. However, the collective modes are regarded here as independent. Explain the meaning of this independence, and contrast it with that in the Einstein model.
In: Physics
A major development since Marx’s time is the rise of powerful trade unions in most capitalist societies. As organizations committed to collective action and bargaining to improve workers’ positions in conflicts with their capitalist employers, trade unions have attracted Marxists’ theoretical and analytical interests. Is this not structural change? How does this differ from Keynesian ideology? Explain
In: Economics
a. What has happened to union membership rate in the U.S. over the past 100 years?
b. What are the various channels through which changes in union membership rate in the U.S. can affect income inequality?
c. Are there peculiar aspects of collective bargaining in the US which makes the change in membership more important for affecting wages?
In: Economics