ACC 545 Entire course PLEASE DOWNLOAD HEREWeek 1Individual Assignment: CPA ReportAs the CPA for a large organization, your manager has asked you to provideinformation to outside CPAs who are examining a subsidiary that has been set upas a corporation. As part of their review, the CPAs have asked you to providethem with the following explanations:· The methodology used to determine deferred taxes· The procedures for reporting accounting changes and error corrections· The rationale behind establishing the subsidiary as a corporationPrepare your response to the three questions. Before submitting your response,your manager would like to know a little bit more about the request. She hasasked you to tell her what your professional responsibilities are as a CPA, and thedifference between a review and an audit.Provide draft responses to the above questions. Additionally, provide yourmanager with a summary of your responsibilities in an internal memo (no morethan 1,050 words).Week 2Learning Team: Los Lobos Ledger PreparationResource: University of Phoenix Material: Los Lobos Ledger DataReview the information in the Los Lobos Ledger Data.Prepare a statement of cash flows using the direct and indirect methods.Prepare a classified balance sheet.
Week 3Individual Assignment: Jamona Corporation ScenarioResource: University of Phoenix Material: Jamona CorporationReview the Jamona Corporation information.Prepare journal entries that relate to the balance sheet items above withappropriate backup lead schedules for investments, inventory, fixed assets, andcapital leases.Prepare appropriate note disclosures.Week 4Individual Assignment: Restructuring DebtResources: University of Phoenix Material: Restructuring Debt DataReview the Restructuring Debt Data information.Part A: Provide your manager a comparison of the current reporting for debt,explaining the requirements for each type (bond, mortgage, capital lease, andothers). Then, prepare the journal entries for the restructuring.Part B: To satisfy various benefit issues that have arisen as a result of therestructuring, new postemployment benefits have been created. The companycurrently has a defined benefits plan and is considering switching to a definedcontribution plan to save costs. Compute the costs associated with keeping thecurrent plan versus the costs of a defined contribution plan where the employerpays 3% of payroll. The agreement is that the employees get to keep what isalready in the defined benefit plan. This prevents the situation of having tocompute how much the company would recapture in surplus assets resulting fromterminating the old plan. Then, compute a new postemployment benefit expensefor 2007 and report this to your manager. Illustrate with schedules and notes.Week 5Individual Assignment: Lee Corporation Equity Scenario
Resource: University of Phoenix Material: Lee Corporation Equity ScenarioReview the attached Lee Corporation Equity Scenario information.Prepare a statement of changes in owner’s equity and accompanying notesappropriate to the section.Note: Record the necessary journal entries before attempting to calculate othercomprehensive income.Week 6Complete exercise 3-14, parts A, B, & C, on p. 127 of Advanced Accounting.Exercise 3-14:Crane Mechanics acquired 75 percent of Downey Enterprises on March 31, 2005,for $3,645,000.Downey’s book value at that date totaled $4,000,000. Appraisal values weregreater than book values for identifiable assets in the following amounts:Inventory ($300,000) and Plant and Equipment ($700,000). The purchasedifferential for Inventory is to be amortized over five months and Plant andEquipment over ten years. For the remainder of 2005 Downey reports $635,000of income and pays $100,000 in dividends. The following balances exist for Craneat December 31, 2005, and Downey at March 31 and December 31, 2005.Required:A. Record the journal entries necessary on Crain’s books for 2005 assuming thatCrain uses theequity method to account for its investment in Downey.B. Prepare all worksheet eliminations in journal entry form necessary toconsolidate Crain andDowney at December 31, 2005.C. Prepare the consolidation worksheet for Crain and Downey at December 31,2005.