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Riordan Manufacturing, Inc.Income StatementFor the 12 months e.docx

Riordan Manufacturing's income statement for the year ending September 30, 2011, shows sales of approximately $66.6 million, a gross margin of about $15 million, and a net profit after taxes of $3.3 million. The balance sheet reveals total assets valued at approximately $47.4 million, with total liabilities of around $14 million and stockholders' equity of about $33.4 million. The document also outlines expectations for a memo on ratio analysis, covering liquidity, profitability, and solvency ratios, as well as the impact of Sarbanes-Oxley on financial statements.

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Riordan Manufacturing, Inc. Income Statement For the 12 months ending September 30th 2011 2010 Sales $66,608,660 $56,534,254 Direct Cost of Goods Sold 51,592,470 43,970,250 Gross Margin $15,016,190 $12,564,004 Operating Expenses Sales, Marketing & Other $1,328,615 $1,265,348 Depreciation 1,378,616 1,152,125 Quality Assurance 1,151,176 1,112,247 Research & Development 1,039,637 962,627 General & Administrative 4,954,751 4,674,293
Machining & Systems 143,808 125,050 Total Operating Expenses $9,996,603 $9,291,690 Profit Before Interest & Taxes $5,019,587 $3,272,314 Non-Operating Expenses Interest Expense $604,616 $121,533 Taxes 1,104,309 719,909 Total Non-Operating Expenses $1,708,925 $841,442 Net Profit After Taxes $3,310,662 $2,430,872 Riordan Manufacturing, Inc. Consolidated Balance Sheet Fiscal Year Ending September 30th 2011 2010 Assets Current Assets
Cash $3,725,406 $2,807,029 Accounts Receivable 3,192,094 2,695,342 Current Portion of Notes Receivable 84,255 102,976 Inventories 9,709,611 8,517,203 Prepaid Expenses and Other Items 666,591 402,240 Total Current Assets $17,377,957 $14,524,790 Notes Receivable, less current portion $842,551 $936,168 Investment in Joint Venture 1,734,004 1,609,004 Property, Plant and Equipment - net 26,366,949 16,658,218 Intangible Assets - net 904,473 904,473 Other Assets 183,203 192,845 Total Assets $47,409,137
$34,825,498 Liabilities and Stockholders' Equity Current Liabilities Current Portion of Long-Term Debt $1,560,959 $474,032 Accounts Payable 1,141,561 1,391,385 Accrued Liabilities 430,477 524,685 Income Taxes Payable 552,155 359,955 Total Current Liabilities $3,685,152 $2,750,057 Bank Line of Credit $114,759 $295,865 Long-Term Debt - less current portion 9,500,741 1,006,955 Deferred Income Taxes - net 660,503 825,629 Total Liabilities $13,961,155 $4,878,506 Common Stock Stated par value is $.01. 20,000,000 shares authorized.
Issued and Outstanding 15,801,332 net of treasury shares. $29,055,488 $29,055,488 Retained Earnings / (Accumulated Deficit) 4,392,494 891,504 Total Stockholders' Equity $33,447,982 $29,946,992 Total Liabilities and Stockholders' Equity $47,409,137 $34,825,498 Written Assignment Grading Form for Ratio Analysis Memo, Due in Week Nine Content 60 Percent Points Available 13.8 Points Earned X/13.8 Additional Comments: · All key elements of the assignment are covered in a substantive way. · Calculates the following aspects using information from the balance sheets and income statements from the selected Virtual Organization: Liquidity ratios · Current ratio · Acid-test, or quick, ratio
· Receivables turnover · Inventory turnover Profitability ratios · Asset turnover · Profit margin · Return on assets · Return on common stockholders’ equity Solvency ratios · Debt to total assets · Times interest earned · Show your calculations for each ratio. · Identifies situations that may lead to unethical accounting practices · Examines the effects of Sarbanes-Oxley on financial statements · Prepares at least one question for class discussion · Displays a horizontal and vertical analysis for the balance sheet and income statement · Provides a memo addressing the following questions:
· What do the liquidity, profitability, and solvency ratios reveal about the financial position of the company? · Which users may be interested in each type of ratio? · What does the collected data reveal about the performance and position of the company? Organization / Development 20 Percent Points Available 3.1 Points Earned X/3.1 Additional Comments: · The memo is 350 to 700 words in length. · Paragraph transitions are present, logical, and maintain the flow throughout the paper. · The tone is appropriate to the content and assignment. · Sentences are complete, clear, and concise. · Sentences are well constructed, strong, and varied. · Sentence transitions are present and maintain the flow of thought.
Mechanics 20 Percent Points Available 3.1 Points Earned X/3.1 Additional Comments: · The paper—including tables and graphs, headings, title page, and reference page—is consistent with APA formatting guidelines and meets course-level requirements. · Intellectual property is recognized with in-text citations and a reference page. · Rules of grammar, usage, and punctuation are followed. · Spelling is correct. Total Available Total Earned 23 Syllabus XACC/291 Version 1 1 Syllabus
School of Business XACC/291 Version 1 Principles of Accounting II Copyright © 2011 by University of Phoenix. All rights reserved. Course Description This course introduces accounting concepts in a business environment. Students learn to create and apply accounting documents in making better business decisions. Other topics include plant assets, liabilities, accounting for corporations, investments, statements of cash flows, financial statement analysis, time value of money, payroll accounting, and other significant liabilities. Policies Faculty and students/learners will be held responsible for understanding and adhering to all policies contained within the following two documents: · University policies: You must be logged into the student website to view this document. · Instructor policies: This document is posted in the Course Materials forum. University policies are subject to change. Be sure to read the policies at the beginning of each class. Policies may be slightly different depending on the modality in which you attend class. If you have recently changed modalities, read the policies governing your current class modality. Course Materials Weygandt, J. J., Kimmel, P. D., & Kieso, D. E. (2010).
Financial accounting (7th ed.). Hoboken, NJ: John Wiley & Sons. All electronic materials are available on the student website. Week One: Principle Assets Details Due Points Objectives 1.1 Prepare journal entries to account for transactions related to accounts receivable and bad debt using both percentage of sales and the percentage of receivables methods. 1.2 Distinguish between tangible and intangible assets. Course Preparation Read the course description and objectives. Read the instructor’s biography and post your own. Reading Read Ch. 8 of Financial Accounting. Reading Read Ch. 9 of Financial Accounting. Reading Review Ch. 1 of Financial Accounting. Reading Review Ch. 2 of Financial Accounting.
Reading Review Ch. 3 of Financial Accounting. Participation/ Discussion Participate in class discussion. All Week 2 CheckPoint Exercises – Week One Resource: Ch. 9 of Financial Accounting Complete Exercise E9-2. Submit as either a Microsoft® Excel® or Word document. 9/01/13 3 Week Two: Principle Assets Details Due Points Objectives 1.3 Identify the entries associated with acquisition, disposal, and sales of plant assets. 1.4 Distinguish between revenue and capital expenditures, and the entries associated with each. CheckPoint Reflection Write a 350- to 500-word summary explaining the differences
between revenue expenditures and capital expenditures during a useful life and identifying any similarities. Briefly explain the entries of revenue expenditures and capital expenditures. Format your summary consistent with APA guidelines. 9/3/2013 3 Individual Exercises and Problems – Week Two Resource: Ch. 9 of Financial Accounting Complete Exercises E9-1,E9-7, & E9-12. Complete Problem P9-7B. Submit as a Microsoft® Excel® or Word document. 9/8/2013 12 Week Three: Liabilities Details Due Points Objectives 1.5 Differentiate among accounts payable, notes payable, and accrued expenses. 1.6 Prepare necessary journal entries to record the issuance of bonds, the periodic interest, and the amortization of bond premiums and discounts. Reading Read Ch. 10 of Financial Accounting. Participation/ Discussion
Participate in class discussion. All Week 2 Week Four: Liabilities Details Due Points Objective 1.7 Calculate depreciation and amortization expense using various methods. Checkpoint Recognizing Differences Write a 350- to 500-word paper in which you differentiate between valuation, depreciation, amortization, and depletion. Is it appropriate to calculate depreciation using two different methods? Why? Format your paper consistent with APA guidelines. 9/18/13 3 Individual Exercises and Problems – Week Four Resource: Ch. 10 of Financial Accounting Complete Exercises E10-6, E10-8, & E10-18. Complete Problems 10-3A &10-6A. Submit as a Microsoft® Excel® or Word document. 9/22/13 12 Week Five: Equity and Investments Details Due
Points Objectives 1.8 Differentiate among the types of stocks issued by corporations. Reading Read Ch. 11 of Financial Accounting. Reading Read Ch. 12 of Financial Accounting. Participation/ Discussion Participate in class discussion. All Week 2 CheckPoint Stocks Write a 250- to 350-word paper explaining why preferred stock is referred to as preferred and what some of the features added to preferred stock are that make it more attractive to investors. Would you select preferred stock or common stock as an investment? Why? Format your paper consistent with APA guidelines. 9/29/13 3 Week Six: Equity and Investments Details Due Points Objectives
1.9 Calculate stocks, dividends, and stock splits. 1.10 Record treasury stock transactions. 1.11 Prepare journal entries associated with the issuance of preferred and common stocks and the declaration and payment of dividends. CheckPoint Stocks and Transactions Write a response to the following scenario: Chen, Inc. purchases 1,000 shares of its own previously issued $5 per common stock for $12,000. Assuming the shares are held in the treasury, what effect does this transaction have on (a) net income, (b) total assets, (c) total paid-in capital, and (d) total stockholders’ equity? The treasury stock purchased in the above question was resold by Chen, Inc. for $15,000. What effect does this transaction have on (a) net income, (b) total assets, (c) total paid-in capital, and (d) total stockholders’ equity? Format your response consistent with APA guidelines. 10/02/13 3 Individual Exercises and Problems – Week Six Resources: Ch. 11 & 12 of Financial Accounting Complete Exercises E11-15, E12-1, & E12-2. Complete Problem 11-6A. Submit as a Microsoft® Excel® or Word document. 10/06/13 12 Week Seven: Financial Statement Analysis Details
Due Points Objectives 1.12 Prepare a statement of cash flows using both direct and indirect methods. Reading Read Ch. 13 of Financial Accounting. Reading Read Ch. 14 of Financial Accounting. Participation/ Discussion Participate in class discussion. All Week 2 CheckPoint Cash Flow Write a 350-word response to the following: Why are companies required to prepare a statement of cash flows? Why is the statement of cash flows divided into three sections? What does each section tell you about the operations of a company? Format your response consistent with APA guidelines. 10/13/13 3 Week Eight: Financial Statement Analysis Details Due Points
Objective 1.13 Apply ratio, vertical, and horizontal analyses to financial statements. Nongraded Activities and Preparation Ratio Analysis Memo Continue working on the Ratio Analysis Memo assignment due in Week Nine. CheckPoint Direct and Indirect Cash Flows Write a 350-word response regarding the differences between the direct and indirect presentation of cash flows. Why does the Financial Accounting Standards Board allow both methods? Which do you prefer? Why? Format your response consistent with APA guidelines. 10/16/13 3 Individual Exercises – Week Eight Resources: Ch. 13 & 14 of Financial Accounting Complete Exercises E13-8 & E14-3. Submit as a Microsoft® Excel or Word® document. 10/20/13 12 Week Nine: Ethics Details Due
Points Objectives 1.14 Identify situations that might lead to unethical accounting practices. 1.15 Examine the effects of unethical behavior and the Sarbanes-Oxley Act on financial statements. Reading Read the “Fraud and Internal Control” section in Ch. 7 of Financial Accounting. Reading Read Appendix F of Financial Accounting. Capstone Discussion Question Respond to the capstone discussion question. · Identify situations that might lead to unethical practices and behavior in accounting. Do you think the Sarbanes-Oxley Act has made a difference in the ethical behavior of companies regarding their financial accounting? Why or why not? 10/23/13 3 Final Project Ratio Analysis Memo Resources: Virtual Organizations Click the Virtual Organization link on the student website to
access the Virtual Organizations. Select one of the Virtual Organizations as the basis for this assignment. Obtain faculty approval of your selected organization before beginning the assignment. Access the information contained in your selected organization’s balance sheet and income statement to calculate the following: · Liquidity ratios Current ratio Acid-test, or quick, ratio Receivables turnover Inventory turnover · Profitability ratios Asset turnover Profit margin Return on assets Return on common stockholders’ equity · Solvency ratios Debt to total assets Times interest earned Show your calculations for each ratio. Create a horizontal and vertical analysis for the balance sheet and the income statement.
Write a 350- to 700-word memo to the CEO of your selected organization in which you discuss your findings from your ratio calculations and your horizontal and vertical analysis. In your memo, address the following questions: · What do the liquidity, profitability, and solvency ratios reveal about the financial position of the company? · Which users may be interested in each type of ratio? · What does the collected data reveal about the performance and position of the company? Format your memo consistent with APA guidelines. 10/27/13 20 Copyright University of Phoenix® is a registered trademark of Apollo Group, Inc. in the United States and/or other countries. Microsoft®, Windows®, and Windows NT® are registered trademarks of Microsoft Corporation in the United States and/or other countries. All other company and product names are trademarks or registered trademarks of their respective companies. Use of these marks is not intended to imply endorsement, sponsorship, or affiliation. Edited in accordance with University of Phoenix® editorial standards and practices. Income StatmentRiordan Manufacturing, Inc.Income Statement For the 12 months ending September 30thFiscal Year Ending September 30th201020092008200720062005200420032002Sales$56,534,25 4$50,468,000$61,727,010$61,127,960$60,642,820$50,823,685$ 46,044,288$43,418,370$39,481,276Direct Cost of Goods Sold$43,970,250$39,345,460$48,324,660$42,462,480$41,843,5 46$42,037,624$37,480,050$34,517,604$30,953,320Gross
Margin$12,564,004$11,122,540$13,402,350$18,665,480$18,799 ,274$8,786,061$8,564,238$8,900,766$8,527,956Operating ExpensesSales, Marketing & Other$1,265,348$1,405,942$1,528,198$1,455,427$1,212,856$1, 012,974$920,886$1,085,459$1,105,476Depreciation$1,152,125$ 1,152,125$1,144,983$1,122,235$1,099,378$343,445$349,937$3 29,980$312,612Quality Assurance$1,112,247$1,208,964$1,422,311$1,376,874$1,359,87 6$1,139,688$1,095,854$1,033,357$1,085,459Research & Development$962,627$1,069,585$1,125,879$1,093,086$1,061,2 49$911,676$828,797$868,367$1,065,994General & Administrative$4,674,293$5,193,659$5,770,732$5,642,402$5,7 00,306$1,706,953$1,524,066$1,085,459$829,107Machining & Systems$125,050$191,244$197,159$198,150$685,070$628,505$ 598,576$477,602$434,294Total Operating Expenses$9,291,690$10,221,519$11,189,262$10,888,174$11,11 8,735$5,743,241$5,318,116$4,880,224$4,832,942Profit Before Interest & Taxes$3,272,314$901,021$2,213,088$7,777,306$7,680,539$3,0 42,820$3,246,122$4,020,542$3,695,014Non-Operating ExpensesInterest Expense$121,533$149,962$134,816$157,605$179,312$143,175 $230,221$217,092$197,406Taxes$719,909$198,225$486,879$1, 711,007$1,689,719$943,274$1,025,406$1,293,173$1,189,186To tal Non-Operating Expenses$841,442$348,187$621,695$1,868,612$1,869,031$1,08 6,449$1,255,627$1,510,265$1,386,592Net Profit After Taxes$2,430,872$552,834$1,591,393$5,908,694$5,811,508$1,9 56,371$1,990,495$2,510,277$2,308,422© 2005, 2006, 2012 Apollo Group, Inc. All rights reserved. Balance SheetRiordan Manufacturing, Inc.Consolidated Balance SheetFiscal Year Ending September 30th20102009200820072006200520042003AssetsCurrent AssetsCash$2,807,029$1,511,253$1,040,639$1,442,507$1,336,3 19$305,563$357,216$85,632Accounts
Receivable$2,695,342$2,644,307$2,883,964$4,544,138$4,855,3 34$6,062,838$5,657,216$6,556,160Current Portion of Notes Receivable$102,976$117,475$107,107$109,293$95,538$70,825 $117,888$13,184Inventories$8,517,203$7,123,790$8,305,690$7 ,919,987$7,224,947$7,850,970$7,854,112$8,074,880Deferred Income Taxes - net$0$0$0$0$0$0$328,832$349,184Pre-paid Expenses and Other Items$402,240$458,875$279,336$294,038$256,903$264,896$32 8,192$336,128Total Current Assets$14,524,790$11,855,700$12,616,736$14,309,963$13,769, 041$14,555,092$14,643,456$15,415,168Notes Receivable, less current portion$936,168$1,067,953$1,102,260$1,124,755$986,627$256, 583$177,408$431,104Investment in Joint Venture$1,609,004$1,333,504$1,183,504$1,058,504$858,504$2 83,504$133,504$139,136Property, Plant & Equipment - net$16,658,218$17,767,486$18,869,612$18,424,594$24,510,83 0$19,114,830$18,511,360$19,205,120Intangible Assets - net$904,473$904,473$550,590$550,590$550,590$329,405$336, 128$395,136Other Assets$192,845$175,314$106,721$108,899$107,821$52,768$54 ,400$51,840Total Assets$34,825,498$33,104,430$34,429,423$35,577,305$40,783, 413$34,592,182$33,856,256$35,637,504Liabilities and Stockholders' EquityCurrent LiabilitiesCurrent Portion of Long- Term Debt$474,032$484,894$497,480$495,515$538,046$1,219,258$1 ,106,304$1,737,728Accounts Payable$1,391,385$1,636,923$1,694,523$1,783,708$3,930,399$ 3,650,073$3,573,248$2,676,096Accrued Liabilities$524,685$617,276$638,997$631,108$1,390,648$1,35 0,144$1,350,144$1,257,344Income Taxes Payable$359,955$99,113$243,440$855,504$1,351,775$754,619 $164,864Total Current Liabilities$2,750,057$2,838,206$3,074,440$3,765,835$7,210,86 8$6,974,094$6,029,696$5,836,032Bank Line of
Credit$295,865$477,069$598,423$109,528$100,836$253,727$4 87,936$245,760Long-Term Debt - less current portion$1,006,955$1,354,461$1,719,851$1,926,618$2,278,481$ 2,763,752$2,535,552$4,793,856Deferred Income Taxes - net$825,629$917,366$917,366$1,067,449$2,485,354$2,485,354 $3,107,072$3,283,328Total Liabilities$4,878,506$5,587,102$6,310,080$6,869,430$12,075,5 39$12,476,927$12,160,256$14,158,976Common Stock (Stated par value is $.01. 20,000,000 shares authorized. Issued and Outstanding 15,801,332 net of treasury shares.)$29,055,488$29,055,488$29,055,488$29,055,488$29,05 5,488$29,055,488$29,055,488$29,491,328Other Accummulated Comprehensive Losses($202,496)($163,840)Retained Earnings /(Accummulated Deficit)$891,504($1,538,160)($936,145)($347,613)($347,614)( $6,940,233)($7,156,992)($7,848,960)Total Stockholders' Equity$29,946,992$27,517,328$28,119,343$28,707,875$28,707, 874$22,115,255$21,696,000$21,478,528Total Liabilities and Stockholders' Equity$34,825,498$33,104,430$34,429,423$35,577,305$40,783, 413$34,592,182$33,856,256$35,637,504© 2005, 2006, 2012 Apollo Group, Inc. All rights reserved.

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Riordan Manufacturing, Inc.Income StatementFor the 12 months e.docx

  • 1.
    Riordan Manufacturing, Inc. IncomeStatement For the 12 months ending September 30th 2011 2010 Sales $66,608,660 $56,534,254 Direct Cost of Goods Sold 51,592,470 43,970,250 Gross Margin $15,016,190 $12,564,004 Operating Expenses Sales, Marketing & Other $1,328,615 $1,265,348 Depreciation 1,378,616 1,152,125 Quality Assurance 1,151,176 1,112,247 Research & Development 1,039,637 962,627 General & Administrative 4,954,751 4,674,293
  • 2.
    Machining & Systems 143,808 125,050 TotalOperating Expenses $9,996,603 $9,291,690 Profit Before Interest & Taxes $5,019,587 $3,272,314 Non-Operating Expenses Interest Expense $604,616 $121,533 Taxes 1,104,309 719,909 Total Non-Operating Expenses $1,708,925 $841,442 Net Profit After Taxes $3,310,662 $2,430,872 Riordan Manufacturing, Inc. Consolidated Balance Sheet Fiscal Year Ending September 30th 2011 2010 Assets Current Assets
  • 3.
    Cash $3,725,406 $2,807,029 Accounts Receivable 3,192,094 2,695,342 Current Portionof Notes Receivable 84,255 102,976 Inventories 9,709,611 8,517,203 Prepaid Expenses and Other Items 666,591 402,240 Total Current Assets $17,377,957 $14,524,790 Notes Receivable, less current portion $842,551 $936,168 Investment in Joint Venture 1,734,004 1,609,004 Property, Plant and Equipment - net 26,366,949 16,658,218 Intangible Assets - net 904,473 904,473 Other Assets 183,203 192,845 Total Assets $47,409,137
  • 4.
    $34,825,498 Liabilities and Stockholders'Equity Current Liabilities Current Portion of Long-Term Debt $1,560,959 $474,032 Accounts Payable 1,141,561 1,391,385 Accrued Liabilities 430,477 524,685 Income Taxes Payable 552,155 359,955 Total Current Liabilities $3,685,152 $2,750,057 Bank Line of Credit $114,759 $295,865 Long-Term Debt - less current portion 9,500,741 1,006,955 Deferred Income Taxes - net 660,503 825,629 Total Liabilities $13,961,155 $4,878,506 Common Stock Stated par value is $.01. 20,000,000 shares authorized.
  • 5.
    Issued and Outstanding15,801,332 net of treasury shares. $29,055,488 $29,055,488 Retained Earnings / (Accumulated Deficit) 4,392,494 891,504 Total Stockholders' Equity $33,447,982 $29,946,992 Total Liabilities and Stockholders' Equity $47,409,137 $34,825,498 Written Assignment Grading Form for Ratio Analysis Memo, Due in Week Nine Content 60 Percent Points Available 13.8 Points Earned X/13.8 Additional Comments: · All key elements of the assignment are covered in a substantive way. · Calculates the following aspects using information from the balance sheets and income statements from the selected Virtual Organization: Liquidity ratios · Current ratio · Acid-test, or quick, ratio
  • 6.
    · Receivables turnover ·Inventory turnover Profitability ratios · Asset turnover · Profit margin · Return on assets · Return on common stockholders’ equity Solvency ratios · Debt to total assets · Times interest earned · Show your calculations for each ratio. · Identifies situations that may lead to unethical accounting practices · Examines the effects of Sarbanes-Oxley on financial statements · Prepares at least one question for class discussion · Displays a horizontal and vertical analysis for the balance sheet and income statement · Provides a memo addressing the following questions:
  • 7.
    · What dothe liquidity, profitability, and solvency ratios reveal about the financial position of the company? · Which users may be interested in each type of ratio? · What does the collected data reveal about the performance and position of the company? Organization / Development 20 Percent Points Available 3.1 Points Earned X/3.1 Additional Comments: · The memo is 350 to 700 words in length. · Paragraph transitions are present, logical, and maintain the flow throughout the paper. · The tone is appropriate to the content and assignment. · Sentences are complete, clear, and concise. · Sentences are well constructed, strong, and varied. · Sentence transitions are present and maintain the flow of thought.
  • 8.
    Mechanics 20 Percent Points Available 3.1 PointsEarned X/3.1 Additional Comments: · The paper—including tables and graphs, headings, title page, and reference page—is consistent with APA formatting guidelines and meets course-level requirements. · Intellectual property is recognized with in-text citations and a reference page. · Rules of grammar, usage, and punctuation are followed. · Spelling is correct. Total Available Total Earned 23 Syllabus XACC/291 Version 1 1 Syllabus
  • 9.
    School of Business XACC/291Version 1 Principles of Accounting II Copyright © 2011 by University of Phoenix. All rights reserved. Course Description This course introduces accounting concepts in a business environment. Students learn to create and apply accounting documents in making better business decisions. Other topics include plant assets, liabilities, accounting for corporations, investments, statements of cash flows, financial statement analysis, time value of money, payroll accounting, and other significant liabilities. Policies Faculty and students/learners will be held responsible for understanding and adhering to all policies contained within the following two documents: · University policies: You must be logged into the student website to view this document. · Instructor policies: This document is posted in the Course Materials forum. University policies are subject to change. Be sure to read the policies at the beginning of each class. Policies may be slightly different depending on the modality in which you attend class. If you have recently changed modalities, read the policies governing your current class modality. Course Materials Weygandt, J. J., Kimmel, P. D., & Kieso, D. E. (2010).
  • 10.
    Financial accounting (7thed.). Hoboken, NJ: John Wiley & Sons. All electronic materials are available on the student website. Week One: Principle Assets Details Due Points Objectives 1.1 Prepare journal entries to account for transactions related to accounts receivable and bad debt using both percentage of sales and the percentage of receivables methods. 1.2 Distinguish between tangible and intangible assets. Course Preparation Read the course description and objectives. Read the instructor’s biography and post your own. Reading Read Ch. 8 of Financial Accounting. Reading Read Ch. 9 of Financial Accounting. Reading Review Ch. 1 of Financial Accounting. Reading Review Ch. 2 of Financial Accounting.
  • 11.
    Reading Review Ch. 3of Financial Accounting. Participation/ Discussion Participate in class discussion. All Week 2 CheckPoint Exercises – Week One Resource: Ch. 9 of Financial Accounting Complete Exercise E9-2. Submit as either a Microsoft® Excel® or Word document. 9/01/13 3 Week Two: Principle Assets Details Due Points Objectives 1.3 Identify the entries associated with acquisition, disposal, and sales of plant assets. 1.4 Distinguish between revenue and capital expenditures, and the entries associated with each. CheckPoint Reflection Write a 350- to 500-word summary explaining the differences
  • 12.
    between revenue expendituresand capital expenditures during a useful life and identifying any similarities. Briefly explain the entries of revenue expenditures and capital expenditures. Format your summary consistent with APA guidelines. 9/3/2013 3 Individual Exercises and Problems – Week Two Resource: Ch. 9 of Financial Accounting Complete Exercises E9-1,E9-7, & E9-12. Complete Problem P9-7B. Submit as a Microsoft® Excel® or Word document. 9/8/2013 12 Week Three: Liabilities Details Due Points Objectives 1.5 Differentiate among accounts payable, notes payable, and accrued expenses. 1.6 Prepare necessary journal entries to record the issuance of bonds, the periodic interest, and the amortization of bond premiums and discounts. Reading Read Ch. 10 of Financial Accounting. Participation/ Discussion
  • 13.
    Participate in classdiscussion. All Week 2 Week Four: Liabilities Details Due Points Objective 1.7 Calculate depreciation and amortization expense using various methods. Checkpoint Recognizing Differences Write a 350- to 500-word paper in which you differentiate between valuation, depreciation, amortization, and depletion. Is it appropriate to calculate depreciation using two different methods? Why? Format your paper consistent with APA guidelines. 9/18/13 3 Individual Exercises and Problems – Week Four Resource: Ch. 10 of Financial Accounting Complete Exercises E10-6, E10-8, & E10-18. Complete Problems 10-3A &10-6A. Submit as a Microsoft® Excel® or Word document. 9/22/13 12 Week Five: Equity and Investments Details Due
  • 14.
    Points Objectives 1.8 Differentiate amongthe types of stocks issued by corporations. Reading Read Ch. 11 of Financial Accounting. Reading Read Ch. 12 of Financial Accounting. Participation/ Discussion Participate in class discussion. All Week 2 CheckPoint Stocks Write a 250- to 350-word paper explaining why preferred stock is referred to as preferred and what some of the features added to preferred stock are that make it more attractive to investors. Would you select preferred stock or common stock as an investment? Why? Format your paper consistent with APA guidelines. 9/29/13 3 Week Six: Equity and Investments Details Due Points Objectives
  • 15.
    1.9 Calculate stocks,dividends, and stock splits. 1.10 Record treasury stock transactions. 1.11 Prepare journal entries associated with the issuance of preferred and common stocks and the declaration and payment of dividends. CheckPoint Stocks and Transactions Write a response to the following scenario: Chen, Inc. purchases 1,000 shares of its own previously issued $5 per common stock for $12,000. Assuming the shares are held in the treasury, what effect does this transaction have on (a) net income, (b) total assets, (c) total paid-in capital, and (d) total stockholders’ equity? The treasury stock purchased in the above question was resold by Chen, Inc. for $15,000. What effect does this transaction have on (a) net income, (b) total assets, (c) total paid-in capital, and (d) total stockholders’ equity? Format your response consistent with APA guidelines. 10/02/13 3 Individual Exercises and Problems – Week Six Resources: Ch. 11 & 12 of Financial Accounting Complete Exercises E11-15, E12-1, & E12-2. Complete Problem 11-6A. Submit as a Microsoft® Excel® or Word document. 10/06/13 12 Week Seven: Financial Statement Analysis Details
  • 16.
    Due Points Objectives 1.12 Prepare astatement of cash flows using both direct and indirect methods. Reading Read Ch. 13 of Financial Accounting. Reading Read Ch. 14 of Financial Accounting. Participation/ Discussion Participate in class discussion. All Week 2 CheckPoint Cash Flow Write a 350-word response to the following: Why are companies required to prepare a statement of cash flows? Why is the statement of cash flows divided into three sections? What does each section tell you about the operations of a company? Format your response consistent with APA guidelines. 10/13/13 3 Week Eight: Financial Statement Analysis Details Due Points
  • 17.
    Objective 1.13 Apply ratio,vertical, and horizontal analyses to financial statements. Nongraded Activities and Preparation Ratio Analysis Memo Continue working on the Ratio Analysis Memo assignment due in Week Nine. CheckPoint Direct and Indirect Cash Flows Write a 350-word response regarding the differences between the direct and indirect presentation of cash flows. Why does the Financial Accounting Standards Board allow both methods? Which do you prefer? Why? Format your response consistent with APA guidelines. 10/16/13 3 Individual Exercises – Week Eight Resources: Ch. 13 & 14 of Financial Accounting Complete Exercises E13-8 & E14-3. Submit as a Microsoft® Excel or Word® document. 10/20/13 12 Week Nine: Ethics Details Due
  • 18.
    Points Objectives 1.14 Identify situationsthat might lead to unethical accounting practices. 1.15 Examine the effects of unethical behavior and the Sarbanes-Oxley Act on financial statements. Reading Read the “Fraud and Internal Control” section in Ch. 7 of Financial Accounting. Reading Read Appendix F of Financial Accounting. Capstone Discussion Question Respond to the capstone discussion question. · Identify situations that might lead to unethical practices and behavior in accounting. Do you think the Sarbanes-Oxley Act has made a difference in the ethical behavior of companies regarding their financial accounting? Why or why not? 10/23/13 3 Final Project Ratio Analysis Memo Resources: Virtual Organizations Click the Virtual Organization link on the student website to
  • 19.
    access the VirtualOrganizations. Select one of the Virtual Organizations as the basis for this assignment. Obtain faculty approval of your selected organization before beginning the assignment. Access the information contained in your selected organization’s balance sheet and income statement to calculate the following: · Liquidity ratios Current ratio Acid-test, or quick, ratio Receivables turnover Inventory turnover · Profitability ratios Asset turnover Profit margin Return on assets Return on common stockholders’ equity · Solvency ratios Debt to total assets Times interest earned Show your calculations for each ratio. Create a horizontal and vertical analysis for the balance sheet and the income statement.
  • 20.
    Write a 350-to 700-word memo to the CEO of your selected organization in which you discuss your findings from your ratio calculations and your horizontal and vertical analysis. In your memo, address the following questions: · What do the liquidity, profitability, and solvency ratios reveal about the financial position of the company? · Which users may be interested in each type of ratio? · What does the collected data reveal about the performance and position of the company? Format your memo consistent with APA guidelines. 10/27/13 20 Copyright University of Phoenix® is a registered trademark of Apollo Group, Inc. in the United States and/or other countries. Microsoft®, Windows®, and Windows NT® are registered trademarks of Microsoft Corporation in the United States and/or other countries. All other company and product names are trademarks or registered trademarks of their respective companies. Use of these marks is not intended to imply endorsement, sponsorship, or affiliation. Edited in accordance with University of Phoenix® editorial standards and practices. Income StatmentRiordan Manufacturing, Inc.Income Statement For the 12 months ending September 30thFiscal Year Ending September 30th201020092008200720062005200420032002Sales$56,534,25 4$50,468,000$61,727,010$61,127,960$60,642,820$50,823,685$ 46,044,288$43,418,370$39,481,276Direct Cost of Goods Sold$43,970,250$39,345,460$48,324,660$42,462,480$41,843,5 46$42,037,624$37,480,050$34,517,604$30,953,320Gross
  • 21.
    Margin$12,564,004$11,122,540$13,402,350$18,665,480$18,799 ,274$8,786,061$8,564,238$8,900,766$8,527,956Operating ExpensesSales, Marketing & Other$1,265,348$1,405,942$1,528,198$1,455,427$1,212,856$1, 012,974$920,886$1,085,459$1,105,476Depreciation$1,152,125$ 1,152,125$1,144,983$1,122,235$1,099,378$343,445$349,937$3 29,980$312,612Quality Assurance$1,112,247$1,208,964$1,422,311$1,376,874$1,359,87 6$1,139,688$1,095,854$1,033,357$1,085,459Research& Development$962,627$1,069,585$1,125,879$1,093,086$1,061,2 49$911,676$828,797$868,367$1,065,994General & Administrative$4,674,293$5,193,659$5,770,732$5,642,402$5,7 00,306$1,706,953$1,524,066$1,085,459$829,107Machining & Systems$125,050$191,244$197,159$198,150$685,070$628,505$ 598,576$477,602$434,294Total Operating Expenses$9,291,690$10,221,519$11,189,262$10,888,174$11,11 8,735$5,743,241$5,318,116$4,880,224$4,832,942Profit Before Interest & Taxes$3,272,314$901,021$2,213,088$7,777,306$7,680,539$3,0 42,820$3,246,122$4,020,542$3,695,014Non-Operating ExpensesInterest Expense$121,533$149,962$134,816$157,605$179,312$143,175 $230,221$217,092$197,406Taxes$719,909$198,225$486,879$1, 711,007$1,689,719$943,274$1,025,406$1,293,173$1,189,186To tal Non-Operating Expenses$841,442$348,187$621,695$1,868,612$1,869,031$1,08 6,449$1,255,627$1,510,265$1,386,592Net Profit After Taxes$2,430,872$552,834$1,591,393$5,908,694$5,811,508$1,9 56,371$1,990,495$2,510,277$2,308,422© 2005, 2006, 2012 Apollo Group, Inc. All rights reserved. Balance SheetRiordan Manufacturing, Inc.Consolidated Balance SheetFiscal Year Ending September 30th20102009200820072006200520042003AssetsCurrent AssetsCash$2,807,029$1,511,253$1,040,639$1,442,507$1,336,3 19$305,563$357,216$85,632Accounts
  • 22.
    Receivable$2,695,342$2,644,307$2,883,964$4,544,138$4,855,3 34$6,062,838$5,657,216$6,556,160Current Portion ofNotes Receivable$102,976$117,475$107,107$109,293$95,538$70,825 $117,888$13,184Inventories$8,517,203$7,123,790$8,305,690$7 ,919,987$7,224,947$7,850,970$7,854,112$8,074,880Deferred Income Taxes - net$0$0$0$0$0$0$328,832$349,184Pre-paid Expenses and Other Items$402,240$458,875$279,336$294,038$256,903$264,896$32 8,192$336,128Total Current Assets$14,524,790$11,855,700$12,616,736$14,309,963$13,769, 041$14,555,092$14,643,456$15,415,168Notes Receivable, less current portion$936,168$1,067,953$1,102,260$1,124,755$986,627$256, 583$177,408$431,104Investment in Joint Venture$1,609,004$1,333,504$1,183,504$1,058,504$858,504$2 83,504$133,504$139,136Property, Plant & Equipment - net$16,658,218$17,767,486$18,869,612$18,424,594$24,510,83 0$19,114,830$18,511,360$19,205,120Intangible Assets - net$904,473$904,473$550,590$550,590$550,590$329,405$336, 128$395,136Other Assets$192,845$175,314$106,721$108,899$107,821$52,768$54 ,400$51,840Total Assets$34,825,498$33,104,430$34,429,423$35,577,305$40,783, 413$34,592,182$33,856,256$35,637,504Liabilities and Stockholders' EquityCurrent LiabilitiesCurrent Portion of Long- Term Debt$474,032$484,894$497,480$495,515$538,046$1,219,258$1 ,106,304$1,737,728Accounts Payable$1,391,385$1,636,923$1,694,523$1,783,708$3,930,399$ 3,650,073$3,573,248$2,676,096Accrued Liabilities$524,685$617,276$638,997$631,108$1,390,648$1,35 0,144$1,350,144$1,257,344Income Taxes Payable$359,955$99,113$243,440$855,504$1,351,775$754,619 $164,864Total Current Liabilities$2,750,057$2,838,206$3,074,440$3,765,835$7,210,86 8$6,974,094$6,029,696$5,836,032Bank Line of
  • 23.
    Credit$295,865$477,069$598,423$109,528$100,836$253,727$4 87,936$245,760Long-Term Debt -less current portion$1,006,955$1,354,461$1,719,851$1,926,618$2,278,481$ 2,763,752$2,535,552$4,793,856Deferred Income Taxes - net$825,629$917,366$917,366$1,067,449$2,485,354$2,485,354 $3,107,072$3,283,328Total Liabilities$4,878,506$5,587,102$6,310,080$6,869,430$12,075,5 39$12,476,927$12,160,256$14,158,976Common Stock (Stated par value is $.01. 20,000,000 shares authorized. Issued and Outstanding 15,801,332 net of treasury shares.)$29,055,488$29,055,488$29,055,488$29,055,488$29,05 5,488$29,055,488$29,055,488$29,491,328Other Accummulated Comprehensive Losses($202,496)($163,840)Retained Earnings /(Accummulated Deficit)$891,504($1,538,160)($936,145)($347,613)($347,614)( $6,940,233)($7,156,992)($7,848,960)Total Stockholders' Equity$29,946,992$27,517,328$28,119,343$28,707,875$28,707, 874$22,115,255$21,696,000$21,478,528Total Liabilities and Stockholders' Equity$34,825,498$33,104,430$34,429,423$35,577,305$40,783, 413$34,592,182$33,856,256$35,637,504© 2005, 2006, 2012 Apollo Group, Inc. All rights reserved.