Waste elimination and process improvement can be applied to virtually any process. Identify a process at work or school or home that you feel lends itself to waste elimination. You should first characterize the process, noting the value added and non-value added activities. Can the non-value added activities be eliminated? The value added activities should be examined and analyzed for potential improvements. Describe the system as it exists and as you think it should be. Describe how you went about identifying and eliminating waste?
In: Operations Management
Typically, non-profit organizations such as charities exist in two markets. Discuss the importance of location to a local or regional charity of your choice. In the context of a local/regional service provider, explain whether the distribution channels available to providers of physical goods are always practical to the selected service provider, and why. Whether the organization is non-profit or profit-orientated, channel conflict will arise. Discuss the causes of channel conflict as identified by Berman (1966), and explain how a not-for-profit organization such as a local/regional charity resolves channel conflict. 600 words.
In: Operations Management
Facts: Casey Jones is a 2012 graduate of Tulane University Law School and admitted to practice law in the state of Louisiana. He has been employed by the family general practice law firm of Jones, Jones, and Jones since graduating law school. The firm’s three partners are Casey’s mother, father and uncle. Casey is one of seven other lawyer associates in the firm, which includes a cousin, and five other unrelated persons. There are also 5 non-lawyer clerical staff. No one at the firm has any specialized training in tax matters, but Casey has been trying to handle at least some simple tax issues for the firm. The partners had decided that it would be very good for business if they could establish a tax practice specialty within the firm. As a result, the firm sent Casey to the LL.M (tax) program at the NYU law school to earn an LL.M. degree in taxation. He attended from September 2018 to June 2019, at which time he graduated with the degree of Master of Laws in Taxation (LL.M). While he attended the program in New York the firm continued to pay him his $125,000. per year salary, his tuition and fees of $63,000 and $34,000 of living expense for rent and food at one of the NYU Law School dormitories, as well as his travel expenses to and from New York. Half was paid in 2018 and 2019. Upon graduation he returned to his firm’s New Orleans offices where he worked to establish their tax department. It is now time to file his return for 2019.
Questions: 1. What are the tax effects, if any, of these transactions on Casey and his law firm? 2. Would the result be any different if Casey were a CPA graduate of Tulane’s business school with a BA degree in accounting, and the degree he earned at NYU was a Masters in Tax in accounting in their business school, and Jones, Jones and Jones was a CPA firm? You need not calculate a tax return, but you should state what rules operate on, and interact with their various tax liabilities on the above facts. The rules in effect for tax year 2018 should be used. Please prepare an opinion letter in the format: Facts-Issue-Conclusion-Reasoning- Specify reason and authority for each statement you, citing the authority for each statement in legal citation format.
The paper should be no more than 3 pages double spaced and typewritten. Answer the questions I asked only, not what you wish I had asked. Give valid legal authority for each statement you make, citing the source in each case. Only primary sources are valid, such as the Internal Revenue Code, Regulations and Rulings, and prior Court Decisions. The textbook, annotations in CCH or other texts, or IRS consumer publications, may be useful in focusing your research, but they are not primary authority and may not be used to support your conclusions.
In: Accounting
Question 6 Gunther Plc provides the following information on its acquisitions of non-current assets:
(1) A non-current asset (asset a) was acquired on 1 January 2016 for £100,000. It had no residual value and a useful economic life of 10 years. On 1 January 2019, the useful economic life was revised to 6 years. The company depreciates similar assets using the straight line method.
(2) A non-current asset (asset b) was acquired for £12,500 at the beginning of 2017. It had a useful economic life of 5 years and no residual value. On 1 January 2019 the asset was revalued to £15,000. The useful economic life remains unchanged. The company depreciates similar assets using the straight line method.
(3) A non-current asset (asset c) was acquired for £25,000 at the beginning of 2017. It had a useful economic life of 5 years and no residual value. On 1 January 2019 the asset was revalued to £30,000. The useful economic life remains unchanged. Asset c was sold on 31 December 2019 for £16,000. The company depreciates similar assets using the straight line method.
Required:
(a) How would each of the transactions (1) to (3) be accounted for in 2019?
(b) Compare and contrast accounting for tangible assets with that for intangible assets. Your answer to this part of the question should not be more than 200 words.
In: Accounting
QUESTION 2
The list of accounts and balances for Stewart Car Servicing Pty Ltd for the year ended 30 June 2015 is presented below.
|
ACCOUNT |
$ |
|
Accounts Payable |
8,000 |
|
Accumulated Depreciation - Building |
12,000 |
|
Bank Loan |
80,000 |
|
Building |
70,000 |
|
Capital |
20,000 |
|
Cash |
33,000 |
|
Cost of Sales |
30,000 |
|
Depreciation Expense |
4,000 |
|
Dividends |
2,000 |
|
Inventory |
26,000 |
|
Land |
80,000 |
|
Other Expenses |
18,000 |
|
Rent Revenue |
30,000 |
|
Rent Revenue Received in Advance |
2,000 |
|
Retained Earnings 1/7/2014 |
74,000 |
|
Salaries Expense |
25,000 |
|
Sales Revenue |
62,000 |
Required:
Prepare a Statement of Profit or Loss for the year.
Prepare a Calculation of Retained Earnings for the year.
Prepare a classified Statement of Financial Position for the year.
|
Stewart Car Servicing Pty Ltd Statement of Profit or Loss for the year ended 30 June 2015 |
||
|
$ |
$ |
|
|
Revenues: |
||
|
Expenses: |
||
|
Stewart Car Servicing Pty Ltd Calculation of Retained Earnings for the year ended 30 June 2015 |
|
|
$ |
|
|
Stewart Car Servicing Pty Ltd |
|||
|
Statement of Financial Position |
|||
|
as at 30 June 2015 |
|||
|
$ |
$ |
$ |
|
|
Current Assets: |
|||
|
Total Current Assets |
|||
|
Non-Current Assets: |
|||
|
Total Non-Current Assets |
|||
|
Total Assets |
|||
|
Current Liabilities: |
|||
|
Total Current Liabilities |
|||
|
Non-Current Liabilities |
|||
|
Total Non-Current Liabilities |
|||
|
Total Liabilities |
|||
|
Net Assets |
|||
|
Equity |
|||
|
Total Equity |
|||
(Total marks for Question 2 = 17 marks)
In: Accounting
Jim has recently opened a dry fruits wholesale company dedicated to the sale of peanuts, almonds and pistachios. During its first month of activity, the company has made the following transactions:
February 2: KG PRICE PER KG AMOUNT
Purchase of Pistachios: 2500 $12 $30,000
Purchase of Almonds 4000
$7 $28,000
Purchase of Peanuts 6000 $5 $30,000
February 3: KG PRICE PER KG AMOUNT
Purchase of Pistachios: 1500 $14 $21,000
Purchase of
Almonds: 2000 $8 $16,000
Purchas of
Peanuts: 2000 $6 $12,000
February 6: Sold to several clients:
KG PRICE PER KG AMOUNT
Pistachios: 2000 $22 $44,000
Almonds: 2500 $13 $32,500
Peanuts: 3000 $9 $27,000
February 6: Sold to Fruits Lovers Inc:
KG PRICE PER KG AMOUNT
Pistachios: 500 $22 $11,000
Almonds: 1000 $13 $13,000
Peanuts: 1500 $10 $15,000
February 12:
KG PRICE PER KG AMOUNT
Purchase of Pistachios: 1500 $16 $24,000
Purchase of Almonds: 2000 $10 $20,000
February 13: Sale of peanuts to peanuts lovers Inc...:
KG PRICE PER KG AMOUNT
3500 $10 $35,000
February 14: Purchase of Peanuts
KG PRICE PER KG AMOUNT
6000 $6 $36,000
February 19: Sold to several clients:
KG PRICE PER KG AMOUNT
PISTACHIOS: 1000 $23 $23,000
Almonds: 1500 $15 $22,500
Peanuts: 3000 $11 $33,000
February 25: Purchased from various suppliers:
KG PRICE PER KG AMOUNT
Pistachios: 1000 $15 $15,000
Almonds: 1000 $11 $11,000
Peanuts: 1000 $6 $6,000
Besides these transactions, the company has had the following expenses:
Salaries: $3650
Electricity bill: $360
Renting of equipment: $950
Rent of warehouse and office: $1.650
Miscellaneous: $1.250
Jim’s accountant recommended that he should use the average cost method in order to determine the cost of the inventory sold but he is not sure about the consequences it may have on his financial situation.
Relying on your accounting knowledge, Jim asks you the following questions:
1: Why in your opinion did Jim’s accountant recommend the average cost method and what difference is there with the three other methods? Explain the main characteristics of each method of valuation of the inventory and the consequences they may have on the valuation of the inventory and determination of the net income in case of price fluctuation. (20 points)
2: Prepare an Income statement of the company at the end of February using as method of valuation of the inventory the average cost method, FIFO and LIFO for each one of the products sold by Jim, and calculate the balance of the inventory at the end of the month. Explain the calculations. (40 points: 30 points for the calculation and 10 for explanations)
In: Accounting
1. What components of final expenditure (C, I, G, NX) if any, would the following transactions change? (provide numerical values for parts g and k)
a. A U.S. family buys a new refrigerator made in Illinois
b. A U.S. family buys a new refrigerator made in China
c. You buy a new house in Chicago
d. You buy a pizza from Dominos
e. California repaves U.S. highway one.
f. GM sells a car from its inventory of cars
g. You buy a house built in 2000. The house cost $120,000 in 2000, your purchase price is $200,000, of which $10,000 goes to a real estate agent as sales commission.
h. U.S. government spending for unemployment benefits increases because of increasing unemployment.
i. A parent pays $1,000 for daycare for their child.
j. Ben and Jerrys buy milk to make ice cream.
k. You buy $20 of yarn at a craft store. You use the yarn to make a sweater, which would cost $80 if sold at Target.
l. You pay rent for an apartment in a building that was built in 2002.
m. Fifth third bank lends a manufacturer $1,000,000.
n. The City of Chicago purchases new police cars
o. Wildfires destroy homes in California (do not count the cost of fighting the fires).
1. What components of final expenditure (C, I, G, NX) if any, would the following transactions change? (provide numerical values for parts g and k)
a. A U.S. family buys a new refrigerator made in Illinois
b. A U.S. family buys a new refrigerator made in China
c. You buy a new house in Chicago
d. You buy a pizza from Dominos
e. California repaves U.S. highway one.
f. GM sells a car from its inventory of cars
g. You buy a house built in 2000. The house cost $120,000 in 2000, your purchase price is $200,000, of which $10,000 goes to a real estate agent as sales commission.
h. U.S. government spending for unemployment benefits increases because of increasing unemployment.
i. A parent pays $1,000 for daycare for their child.
j. Ben and Jerrys buy milk to make ice cream.
k. You buy $20 of yarn at a craft store. You use the yarn to make a sweater, which would cost $80 if sold at Target.
l. You pay rent for an apartment in a building that was built in 2002.
m. Fifth third bank lends a manufacturer $1,000,000.
n. The City of Chicago purchases new police cars
o. Wildfires destroy homes in California (do not count the cost of fighting the fires).
In: Economics
what is the equity multiplier for years 2018- 2019 for hormel foods
In: Finance
In: Economics
What is the GDP per hour worked in Turkey and in USD in 2018 ?
In: Economics