Scenario:

You are an accounting manager at a mid-sized public company with annual Revenues around $200M and Net Income around $15M. The 2017 year has ended and you've been working hard to close the books and support the audit. The company has released earnings (which requires some audit procedures and the "ok" from the audit firm) to the public and is now in the process of wrapping up the full 10K financial report to file with the SEC with the accompanying audit. That's when you realize your team failed to accrue several bonuses before the books were closed totaling $75,000.

Requirement:

Please write a memo (1-1.5 pages) addressed to the CFO regarding this issue. Include the following in your memo:

1) Description of the error and analysis of the error's effects on the financials in 2017 and 2018 as it now stands (what accounts are over/understated each year).

2) Outline two alternatives for handling the error. Here are some things to think about: earnings have been reported, 10k has not been filed, do you tell the auditors?, what is the accounting guidance? If you've had an audit course, you may want to draw on some of that knowledge but it is not required.

3) Make a recommendation and explain why the company should pursue that course.

4) Whenever there is an error, we need to consider internal controls. Explain what control(s) will be put in place to avoid this problem in the future.

The Moto Hotel opened for business on May 1, 2017. Here is its trial balance before adjustment on May 31.

Other data:

The Moto Hotel opened for business on May 1, 2017. Here is its trial balance before adjustment on May 31.

Other data:

(a) Prepare a ledger using T-accounts. Enter the trial balance amounts and post the

adjusting entries.

(b) Prepare an adjusted trial balance on May 31.

(c) Prepare an income statement and a retained earnings statement for the month of May

and a classified balance sheet at May 31.

(d) Identify which accounts should be closed on May 31.

Over the past 5 years from 2015 to 2020, DL Insulation has paid annual dividends of $0.46, $0.635, $0.71, $1.03 and $1.13 per share. What would you estimate the share price to have been at 30/06/2020? Would you have bought your company’s stock? (a required an actual return of 16%)

what has the European Central Bank been doing since March 2020 to deal with the Covid 19 crises? Do you agree or disagree with their actions and whyPlease put in your paper – what has the European Central Bank been doing since March 2020 to deal with the Covid 19 crises? Do you agree or disagree with their actions and why

On January 1, 2017, Nobel Corporation acquired machinery at a cost of $1,200,000. Nobel adopted the straight-line method of depreciation for this machine and had been recording depreciation over an estimated life of ten years, with no residual value. At the beginning of 2020, a decision was made to change the residual value to $100,000. The amount that Nobel should record as depreciation expense for 2020 is

Suppose it is known that among all public colleges and universities, 19.7% of them are planning to move their summer 2020 classes online . If a simple random sample of 207 public colleges and universities is selected and the proportion p hat of this sample who are planning to move their summer 2020 classes online determined, if appropriate describe completely the sampling distribution of p hat.

Economists at the Reserve Bank of Australia (Australia's central bank) forecast that between 2020 and 2040 the country's nominal GDP will grow by 5% each year. They also predict that the country's debt will grow by 6% between 2020 and 2030 and then will remain unchanged between 2030 and 2040. What do these predictions imply for Australia's debt-to-GDP ratio in 2030 and 2040?