This document presents the statements of financial position for Galaxy Corporation and Universal Corporation as of July 31, 2012. Galaxy has total assets of P6,020,000 consisting mainly of cash, accounts receivable, land, and building. Its total liabilities are P1,100,000 and owner's equity is P4,920,000. Universal has total assets of P9,120,000 consisting mainly of cash, accounts receivable, land, building, and equipment. Its total liabilities are P3,280,000 and owner's equity is P5,840,000. The document instructs to assume being a banker considering a 90-day loan of P600,000 for each company and which would be
Bookkeeping Basic & Quickbooks for ContractorsTerry Chong
Focus-Grow Bookkeeping presented Bookkeeping / Quickbooks for Contractors at SFPUC Contractor Assistance Center, SF on 3/2014. Sponsored by Merriwether & Williams Insurance Services. It talks about cash flow vs. profit, using credit to fund expansion, and Quickbooks set-up and reports: home page, items, estimate, invoices, job reports, financial reports (Balance Sheet, Profit & Loss), labor hours, payroll, labor burden for job costing.
Analyzing Liquidity Using the Cash Conversion Cycle, 2014 CreditScape, Western Region Credit Conference Seminar Slide Deck, sponsored by Credit Management Association. More information: www.creditmanagementassociation.org
SPM 4723 Annotated Bibliography You second major proje.docxsusanschei
SPM 4723
Annotated Bibliography
You second major project for the course will be an annotated bibliography. Instead of writing a
paper, an annotated bibliography requires you to research a particular legal topic or question, of
your choosing, in sports and find academic and law review articles that address that topic. You
will develop a question about a legal topic in sports and find seven law review articles to
summarize. Each article summary should be 300-350 words in length and should both explain
the contents of the article and its relevance to your question or topic. The summaries should be
written in your own words. You are required to select law review articles using LexisNexis. The
format for the annotated bibliography is explained below.
Please put your topic as the title for your paper. Next, each annotation should begin with the
APA citation for the article in bold print (do not include web links), followed by a summary of
the article (300-350 words) explaining how it addresses your question. The complete annotated
bibliography should be double-spaced, 12pt Times New Roman font with one-inch margins. You
will be submitting it through Turnitin via Canvas, do not include your name, course number,
date or UFID on your annotated bibliography (similar to the case briefs). You should start each
annotation on a separate page, and please remember to begin each annotation with the APA
citation for the article as instructed above. This assignment is due on Wednesday, April 22nd.
1.Which of the following is not a key component of the conceptual framework of accounting?
Select one:
a. internal users
b. the objective of financial reporting
c. cost constraint on useful financial reporting
d. elements of the financial statements
2.The balance sheet and income statement for Joe's Fish Hut are presented below:
Joe's Fish Hut
Balance Sheet
As at December 31
2016
2015
ASSETS
Current Assets
Cash
$180,623
$60,300
Accounts receivable
$18,900
$14,200
Inventory
$23,600
$25,300
Total Current Assets
$223,123
$99,800
Property, plant & equipment
$129,000
$184,000
Less: Accumulated depreciation
$-26,900
$-21,600
TOTAL ASSETS
$325,223
$262,200
LIABILITIES AND EQUITY
Liabilities
Current Liabilities
Accounts payable
$28,000
$41,800
Current portion of bank loan
$9,500
$9,500
Total Current Liabilities
$37,500
$51,300
Non-current portion of bank loan
$71,000
$42,000
TOTAL LIABILITIES
$108,500
$93,300
Shareholders' Equity
Common shares
$80,000
$54,400
Retained earnings
$136,723
$114,500
TOTAL SHAREHOLDERS' EQUITY
$216,723
$168,900
TOTAL LIABILITIES AND EQUITY
$325,223
$262,200
Joe's Fish Hut
Income Statement
For the Year Ended December 31, 2016
Sales
$137,000
COGS
$83,200
Gross Profit
$53,800
Operating Expenses
Insurance Expense
$1,600
Rent Expense
$5,380
Salaries Expense
$5,150
Telephone Expense
$840
Interest Expense
$1,340
Depreciation Expense
$5,300
Total Operating Expenses
$19,610
Operating Profit Before .
FIN 360BUSINESS DESCRIPTION Please include a pie chart depic.docxssuser454af01
FIN 360
BUSINESS DESCRIPTION
Please include a pie chart depicting the sizes of the various business
Resources:
Company annual report
Company 10-K filing
Company Investor Relations website
FIN 360
COMPETITIVE POSITION
What is the company’s respective industry market share of each line of business?
Is its market share growing or contracting and why?
RESOURCES .. Barron’s, Bloomberg, Business Source Complete, CNBC, Google Finance, IBES World, Morningstar Direct, Mutual Fund Management Commentary on Holdings, S&P NetAdvantage, Statista, ValueLine, Wall Street Journal, Zacks, Yahoo Finance
FIN 360
INVESTMENT POSTIVES
Bullet point rationales… what are the positive attributes of your stock recommendation back it up by facts
Examples… new product introduction, niche market with growing market share, cost cutting initiative will grow operating margins
RESOURCES .. Barron’s, Bloomberg, Business Source Complete, CNBC, Google Finance, IBES World, Morningstar Direct, Mutual Fund Management Commentary on Holdings, S&P NetAdvantage, Statista, ValueLine, Wall Street Journal, Zacks, Yahoo Finance
EXERCISE 9-8A
a.
Event
Assets
=
Liab.
+
Equity
Rev.
Exp.
=
Net Inc.
Cash Flow
1.
2.
3a.
3b.
4.
5.
6.
7.
8.
9.
10.
EXERCISE 9-8A (cont.)
b.
Ozark Sales
General Journal for 2016
Event
Account Title
Debit
Credit
1.
Cash
Common Stock
2.
Merchandise Inventory
Accounts Payable
3a.
Cash
Sales Revenue
Sales Tax Payable
3b.
Cost of Goods Sold
Merchandise Inventory
4.
Warranty Expense
Warranties Payable
5.
Sales Tax Payable
Cash
6.
Cash
Notes Payable
7.
Warranty Payable
Cash
8.
Operating Expense
Cash
9.
Accounts Payable
Cash
10.
Interest Expense1
Interest Payable
EXERCISE 9-8A b. (cont.)
Ozark Sales
T-Accounts for 2016
Assets
=
Liabilities
+
Stockholder’s Equity
Cash
Accounts Payable
Common Stock
1.
5.
9.
2.
1.
3a.
7.
Bal.
Bal.
6.
8.
9.
Sales Tax Payable
Sales Revenue
Bal. 284,600
5.
3a.
3a. 510,000
Bal.
Bal. 510,000
Merchandise Inventory
2.
3b.
Warranties Payable
Cost of Goods Sold
Bal.
7.
4.
3b.
Bal. 4,000
Bal. 330,000
Interest Payable
Operating Expenses
10.
8.
Bal. 667
Bal. 78,000
Notes Payable
Warranty Expense
6.
4.
Bal. 50,000
Bal. 10,200
Interest Expense
10.
Bal. 667
EXERCISE 9-8A (cont.)
c.
Ozark Sales
Income Statement
For the Year Ended December 31, 2016
Sales Revenue
Cost of Goods Sold
Gross Margin
Expenses
Operating Expenses
$78,000
Warranty Expense
10,200
Total Operating Expenses
Operating Income
Interest Expense
Net Income
...
Bookkeeping Basic & Quickbooks for ContractorsTerry Chong
Focus-Grow Bookkeeping presented Bookkeeping / Quickbooks for Contractors at SFPUC Contractor Assistance Center, SF on 3/2014. Sponsored by Merriwether & Williams Insurance Services. It talks about cash flow vs. profit, using credit to fund expansion, and Quickbooks set-up and reports: home page, items, estimate, invoices, job reports, financial reports (Balance Sheet, Profit & Loss), labor hours, payroll, labor burden for job costing.
Analyzing Liquidity Using the Cash Conversion Cycle, 2014 CreditScape, Western Region Credit Conference Seminar Slide Deck, sponsored by Credit Management Association. More information: www.creditmanagementassociation.org
SPM 4723 Annotated Bibliography You second major proje.docxsusanschei
SPM 4723
Annotated Bibliography
You second major project for the course will be an annotated bibliography. Instead of writing a
paper, an annotated bibliography requires you to research a particular legal topic or question, of
your choosing, in sports and find academic and law review articles that address that topic. You
will develop a question about a legal topic in sports and find seven law review articles to
summarize. Each article summary should be 300-350 words in length and should both explain
the contents of the article and its relevance to your question or topic. The summaries should be
written in your own words. You are required to select law review articles using LexisNexis. The
format for the annotated bibliography is explained below.
Please put your topic as the title for your paper. Next, each annotation should begin with the
APA citation for the article in bold print (do not include web links), followed by a summary of
the article (300-350 words) explaining how it addresses your question. The complete annotated
bibliography should be double-spaced, 12pt Times New Roman font with one-inch margins. You
will be submitting it through Turnitin via Canvas, do not include your name, course number,
date or UFID on your annotated bibliography (similar to the case briefs). You should start each
annotation on a separate page, and please remember to begin each annotation with the APA
citation for the article as instructed above. This assignment is due on Wednesday, April 22nd.
1.Which of the following is not a key component of the conceptual framework of accounting?
Select one:
a. internal users
b. the objective of financial reporting
c. cost constraint on useful financial reporting
d. elements of the financial statements
2.The balance sheet and income statement for Joe's Fish Hut are presented below:
Joe's Fish Hut
Balance Sheet
As at December 31
2016
2015
ASSETS
Current Assets
Cash
$180,623
$60,300
Accounts receivable
$18,900
$14,200
Inventory
$23,600
$25,300
Total Current Assets
$223,123
$99,800
Property, plant & equipment
$129,000
$184,000
Less: Accumulated depreciation
$-26,900
$-21,600
TOTAL ASSETS
$325,223
$262,200
LIABILITIES AND EQUITY
Liabilities
Current Liabilities
Accounts payable
$28,000
$41,800
Current portion of bank loan
$9,500
$9,500
Total Current Liabilities
$37,500
$51,300
Non-current portion of bank loan
$71,000
$42,000
TOTAL LIABILITIES
$108,500
$93,300
Shareholders' Equity
Common shares
$80,000
$54,400
Retained earnings
$136,723
$114,500
TOTAL SHAREHOLDERS' EQUITY
$216,723
$168,900
TOTAL LIABILITIES AND EQUITY
$325,223
$262,200
Joe's Fish Hut
Income Statement
For the Year Ended December 31, 2016
Sales
$137,000
COGS
$83,200
Gross Profit
$53,800
Operating Expenses
Insurance Expense
$1,600
Rent Expense
$5,380
Salaries Expense
$5,150
Telephone Expense
$840
Interest Expense
$1,340
Depreciation Expense
$5,300
Total Operating Expenses
$19,610
Operating Profit Before .
FIN 360BUSINESS DESCRIPTION Please include a pie chart depic.docxssuser454af01
FIN 360
BUSINESS DESCRIPTION
Please include a pie chart depicting the sizes of the various business
Resources:
Company annual report
Company 10-K filing
Company Investor Relations website
FIN 360
COMPETITIVE POSITION
What is the company’s respective industry market share of each line of business?
Is its market share growing or contracting and why?
RESOURCES .. Barron’s, Bloomberg, Business Source Complete, CNBC, Google Finance, IBES World, Morningstar Direct, Mutual Fund Management Commentary on Holdings, S&P NetAdvantage, Statista, ValueLine, Wall Street Journal, Zacks, Yahoo Finance
FIN 360
INVESTMENT POSTIVES
Bullet point rationales… what are the positive attributes of your stock recommendation back it up by facts
Examples… new product introduction, niche market with growing market share, cost cutting initiative will grow operating margins
RESOURCES .. Barron’s, Bloomberg, Business Source Complete, CNBC, Google Finance, IBES World, Morningstar Direct, Mutual Fund Management Commentary on Holdings, S&P NetAdvantage, Statista, ValueLine, Wall Street Journal, Zacks, Yahoo Finance
EXERCISE 9-8A
a.
Event
Assets
=
Liab.
+
Equity
Rev.
Exp.
=
Net Inc.
Cash Flow
1.
2.
3a.
3b.
4.
5.
6.
7.
8.
9.
10.
EXERCISE 9-8A (cont.)
b.
Ozark Sales
General Journal for 2016
Event
Account Title
Debit
Credit
1.
Cash
Common Stock
2.
Merchandise Inventory
Accounts Payable
3a.
Cash
Sales Revenue
Sales Tax Payable
3b.
Cost of Goods Sold
Merchandise Inventory
4.
Warranty Expense
Warranties Payable
5.
Sales Tax Payable
Cash
6.
Cash
Notes Payable
7.
Warranty Payable
Cash
8.
Operating Expense
Cash
9.
Accounts Payable
Cash
10.
Interest Expense1
Interest Payable
EXERCISE 9-8A b. (cont.)
Ozark Sales
T-Accounts for 2016
Assets
=
Liabilities
+
Stockholder’s Equity
Cash
Accounts Payable
Common Stock
1.
5.
9.
2.
1.
3a.
7.
Bal.
Bal.
6.
8.
9.
Sales Tax Payable
Sales Revenue
Bal. 284,600
5.
3a.
3a. 510,000
Bal.
Bal. 510,000
Merchandise Inventory
2.
3b.
Warranties Payable
Cost of Goods Sold
Bal.
7.
4.
3b.
Bal. 4,000
Bal. 330,000
Interest Payable
Operating Expenses
10.
8.
Bal. 667
Bal. 78,000
Notes Payable
Warranty Expense
6.
4.
Bal. 50,000
Bal. 10,200
Interest Expense
10.
Bal. 667
EXERCISE 9-8A (cont.)
c.
Ozark Sales
Income Statement
For the Year Ended December 31, 2016
Sales Revenue
Cost of Goods Sold
Gross Margin
Expenses
Operating Expenses
$78,000
Warranty Expense
10,200
Total Operating Expenses
Operating Income
Interest Expense
Net Income
...
SPM 4723 Annotated Bibliography You second major proje.docxwilliame8
SPM 4723
Annotated Bibliography
You second major project for the course will be an annotated bibliography. Instead of writing a
paper, an annotated bibliography requires you to research a particular legal topic or question, of
your choosing, in sports and find academic and law review articles that address that topic. You
will develop a question about a legal topic in sports and find seven law review articles to
summarize. Each article summary should be 300-350 words in length and should both explain
the contents of the article and its relevance to your question or topic. The summaries should be
written in your own words. You are required to select law review articles using LexisNexis. The
format for the annotated bibliography is explained below.
Please put your topic as the title for your paper. Next, each annotation should begin with the
APA citation for the article in bold print (do not include web links), followed by a summary of
the article (300-350 words) explaining how it addresses your question. The complete annotated
bibliography should be double-spaced, 12pt Times New Roman font with one-inch margins. You
will be submitting it through Turnitin via Canvas, do not include your name, course number,
date or UFID on your annotated bibliography (similar to the case briefs). You should start each
annotation on a separate page, and please remember to begin each annotation with the APA
citation for the article as instructed above. This assignment is due on Wednesday, April 22nd.
1.Which of the following is not a key component of the conceptual framework of accounting?
Select one:
a. internal users
b. the objective of financial reporting
c. cost constraint on useful financial reporting
d. elements of the financial statements
2.The balance sheet and income statement for Joe's Fish Hut are presented below:
Joe's Fish Hut
Balance Sheet
As at December 31
2016
2015
ASSETS
Current Assets
Cash
$180,623
$60,300
Accounts receivable
$18,900
$14,200
Inventory
$23,600
$25,300
Total Current Assets
$223,123
$99,800
Property, plant & equipment
$129,000
$184,000
Less: Accumulated depreciation
$-26,900
$-21,600
TOTAL ASSETS
$325,223
$262,200
LIABILITIES AND EQUITY
Liabilities
Current Liabilities
Accounts payable
$28,000
$41,800
Current portion of bank loan
$9,500
$9,500
Total Current Liabilities
$37,500
$51,300
Non-current portion of bank loan
$71,000
$42,000
TOTAL LIABILITIES
$108,500
$93,300
Shareholders' Equity
Common shares
$80,000
$54,400
Retained earnings
$136,723
$114,500
TOTAL SHAREHOLDERS' EQUITY
$216,723
$168,900
TOTAL LIABILITIES AND EQUITY
$325,223
$262,200
Joe's Fish Hut
Income Statement
For the Year Ended December 31, 2016
Sales
$137,000
COGS
$83,200
Gross Profit
$53,800
Operating Expenses
Insurance Expense
$1,600
Rent Expense
$5,380
Salaries Expense
$5,150
Telephone Expense
$840
Interest Expense
$1,340
Depreciation Expense
$5,300
Total Operating Expenses
$19,610
Operating Profit Before .
Assignment 1 Chapter 2 Mini Case Financial .docxtrippettjettie
Assignment 1: Chapter 2 Mini Case: “Financial Statement and Cash Flow Analysis”
In the mini case in our textbook we were given an account balance sheet for Jaeden Industries as of December 31, 2010 along with their income statement and balance sheet from the previous year. It also stated that the firm’s dividend payout ratio is 25% and the tax rate is 34%. The firm’s stock price on December 31, 2009, was $ 42.89 and on December 31, 2010, it was $ 56.82. In part A of our assignment it asks us to use the financial statements in the text to determine Jaeden’s free cash flow, liquidity, debt and profitability ratios, and market ratios for year 2010.
Part A
Jaeden’s Free Cash Flow
The measure of free cash flow (FCF) is the amount of cash flow available to investors; the providers of debt and equity capital. It represents the net amount of cash flow remaining after the firm has met all operating needs and has made all required payments on both long- term (fixed) and short- term (current) investments (Graham, Megginson, Smart pg. 34). However, in order to determine the free cash flow you have to obtain the operating cash flow (OCF), which are cash inflows and outflows directly related to the production and sale of products or services.
OCF = [Earnings before interest and taxes (EBIT) × (1 - T)] + Depreciation (T=.34%)
OCF = (42000000-26460000-1621000-800000) x (1 – T) + Depreciation
OCF = 13119000 x (1 - .34) + 800000
OCF = 9458540
Now that we have the OCF we can solve for the FCF
FCF = OCF – Capital Expenditures + Depreciation – Networking Capital
FCF = 9458540 – 2932000 – (4530181-190000-150000)
FCF = 9458540 – 2932000 – 4190181
FCF = 2336359
Jaeden’s free cash flow is 2336359
Jaeden’s Liquidity
Our textbook states that liquidity ratios measure a firm’s ability to satisfy its short-term obligations as they come due. Current ratio and quick ratio are two measures of liquidity. Current Ratio is defined as current assets divided by current liabilities and it is used to measure a firm’s ability to meet short-term obligations. Current assets include cash, marketable securities, accounts receivable, and inventory. Current liabilities include accounts payable, notes payable, and accruals. Quick ratio is somewhat similar except it excludes a certain asset that is, inventory. Inventory turnover provides a measure of how quickly a firm sells its goods (Graham, Megginson, Smart pg. 43). Inventory turnover can be converted into average age turnover simply by dividing the turnover figure by the amount of days in a year.
Current Ratio = Current Assets / Current Liabilities
Current Ratio = (3689000 + 5423000 + 1836000 + 4118000) / (3136000 + 706000 + 500000)
Current Ratio = 15066000 / 4342000
Current Ratio = 3.469829572
Quick Ratio = Current Assets – Inventory / Current Liabilities
Quick Ratio = (3689000 + 5423000 + 1836000) – 4118000 / (3136000 + 706000 + 500000)
Quick Ratio = (10948000 – 4118000) / (3136000 + 706000 + 5000 ...
ProblemIssuance of stock organization costs. Snowbound Corporat.docxbriancrawford30935
Problem
Issuance of stock: organization costs. Snowbound Corporation was incorporated in July. The firm's charter authorized the sale of 200,000 shares of $10 par-value common stock. The following transactions occurred during the year:
7/1:
Sold 45,000 shares of common stock to investors for $18 per share. Cash was collected and the shares were issued.
7/7:
Issued 600 shares to Sharon Dale, attorney-at-law, for services rendered during the corporation's organizational phase. Dale charged $12,600 for her work.
8/11:
Sold 20,000 shares to investors for $22 per share. Cash was collected and the shares were issued.
12/14:
Issued 30,000 shares to the MJB Company for land valued at $900,000.
Instructions
Prepare journal entries to record each transaction.
Student Guidance ReportAshford University ACC205Guidance ReportWeek FourLISTEN TO AUDIO/VIDEO EXPLAINING THE GUIDANCE REPORTYELLOW INDICATES ACCOUNT AMOUNTS CHANGEDChange Account to:Based Upon Course Start DateAccount to
be changedOriginal
AmountJan - FebMar-AprMay-JunJul-AugSept-OctNov-DecCh 7 Ex 2Loan$ 225,000$ 250,000$ 260,000$ 270,000$ 280,000$ 290,000$ 450,000QuestionsYOUR ANSWERS BASED UPON COURSE START DATEa. Compute Hall’s accrued interest as of December 31, 20X1.b. Present the appropriate balance sheet disclosure for the accrued interest and the current and long-term portion of the outstanding debt as of December 31, 20X1.c. Repeat parts (a) and (b) using a date of December 31, 20X2, rather than December 31, 20X1. Assume that Hall is in compliance with the terms of the loan agreement.Accrued interest 12/31/X2DisclosureAccount to
be changedOriginal
AmountJan - FebMar-AprMay-JunJul-AugSept-OctNov-DecCh 7 Ex 4Salary expense5000051,00052,00053,00054,00055,00056,000QuestionsYOUR ANSWERS BASED UPON COURSE START DATESalary expenseSocial Security PayableMedicare PayableFed Taxes PayableState Taxes PayableInsurance PayableCashPayroll Tax ExpenseSocial Security PayableMedicare PayableState unemploymentFed unemploymentAccount to
be changedOriginal
AmountJan - FebMar-AprMay-JunJul-AugSept-OctNov-DecCh 7 Pb 212/1 Note payable2000025,00026,00028,00030,00031,00033,00012/1 Interest rate015%15%15%15%15%15%Warranty2027202820292030203120322033Purchase on account1600017,00018,00019,00020,00021,00022,000Note payable50006,0007,0008,0009,00010,00011,000Warranty repair162172182192202222232Salary accural14001,5001,6001,7001,8001,9002,000Vacation6%360006%37,0006%38,0006%39,0006%40,0006%41,0006%42,00012/26 interest120$ 120$ 120$ 120$ 120$ 120$ 120a. Prepare journal entries to record the preceding transactions and events.CashNotes PayableWarranty expenseWarranty LiabilityMerchandiseAccounts PayableCashNote PayableWarranty LiabilityCashSalary ExpenseSalary PayablePayroll ExpenseAccrued Vacation Payableb. Determine accrued interest as of December 31, 20XX, and prepare the necessary adjusting entry or entries.12/1 one month accrual12/26 60 day note-accrue 5 daysTotal Interest Acc.
Greene Company
Miriam Aranda
Content Layout
Information
Part 1- Subsidiaries
Part 2- Greene’s Consolidated Balance Sheet
Part 3- Overseas Companies
Conclusion
References
Information
“Greene is a rapidly expanding manufacturing company, and is considering some additional acquisitions. The company would like to diversify, and is trying to decide between the two different scenarios outlined in Part 1 and Part 3. To help him make his decision, the Chief Financial Officer would like specific information on how the potential acquisitions would affect financial reporting” (ACG 4201-- Writing Project and Presentation, n.d.).
This Photo by Unknown Author is licensed under CC BY
Part 1- Subsidiaries
According to FASB ASC 810-10-10-1, “The purpose of consolidated financial statements is to present, primarily for the benefit of the owners and creditors of the parent, the results of operations and the financial position of a parent and all its subsidiaries as if the consolidated group were a single economic entity” (FASB, n.d.)
Part 1- Subsidiaries
Insurance
Under the industry, insurances companies use SAP.
Different reporting periods
Different accounting principles.
Lumber
Historical cost
Follows GAAP
Part 1- Subsidiaries
Parent company and subsidiaries are not required to report under the same accounting policies (insurance).
Preparation-
eliminate parent company’s investment account .
intra-entity balances and transactions be eliminated (sales and purchases)
Intercompany receivables and payable
Subsidiary’s retained earnings or deficit are not included in the consolidated retained earnings.
Part 2- Greene’s Consolidated Balance Sheet
Part 2- Greene’s Consolidated Balance Sheet
Part 3- Overseas Companies
Factors need to know to be considered when determining the functional currency for a consolidated subsidiary are as follow: (1) Sales Prices, (2) Expenses, (3) Intercompany transactions, (4) Cash Flows, (5) Sales Markets, and (6) Financing (Christensen, Cottrell, & Budd, 2016). As it is also stated under FASB ASC 830-10-55-5.
This Photo by Unknown Author is licensed under CC BY-NC
Part 3- Overseas Companies: Economic indicators
New Zealand
Economy is largely based on export and imports
Financial markets are open to global financial encounter
U.S. dollar to New Zealand dollar
Exchange rate is the increase of domestic interest rates
Spain
US dollar to Euro
European Central Bank
Open markets
Continuous research on inflation
Part 3- Overseas Companies
In high inflationary economies, functional currency designation is stated which is the U.S. dollar for U.S. companies.
When acknowledging investments across borders, one of the main important tasks to understand is the different and variety of accounting standards other countries
Converting foreign currency into U.S. dollar can be done in 3 different exchange rates; current rate, h ...
Get a sample on Financial statement analysis explaining how equity investors have the objectives to know the business future earning capacity, growth potential and security of their holdings. All the investors are very much interested to get higher amount of returns. Therefore, they make risk and return analysis associated with their invested funds. Lenders such as bond investors have the objectives to know the short term as well as long term solvency of the business (Bushman and Smith, 2001).
ACC 405 Final Project One Scenario Posey Company O.docxbartholomeocoombs
ACC 405 Final Project One Scenario
Posey Company
Overview
You are a financial accountant for Posey Company tasked with preparing consolidation documentation
at year end. You have the following information:
December 31, 20X5
Posey Company acquired 90% of Stargell Corporation’s outstanding common stock for $1,116,900. On
that date:
The fair value of the noncontrolling interest was $124,100;
Stargell reported common stock outstanding of $487,000, premium on common stock of
$267,000, and retained earnings of $407,000; the book values and fair values of Stargell’s assets
and liabilities were equal except for land, which was worth $30,000 more than its book value.
On April 1, 20X6
Posey issued at par $200,000 of 10% bonds directly to Stargell; interest on the bonds is payable
March 31 and September 30.
On January 2, 20X7
Posey purchased all of Stargell’s outstanding 10-year, 12% bonds from an unrelated institutional
investor at 98. The bonds originally had been issued on January 2, 20X1, for 101. Interest on the
bonds is payable December 31 and June 30.
Since the date it was acquired by Posey
Stargell has sold inventory to Posey on a regular basis. The amount of such intercompany sales
totaled $67,000 in 20X6 and $83,000 in 20X7, including a 30% gross profit.
All inventory transferred in 20X6 had been resold by December 31, 20X6, except inventory for
which Posey had paid $18,000 and did not resell until January 20X7.
All inventory transferred in 20X7 had been resold at December 31, 20X7, except merchandise
for which Posey had paid $16,667.
As of December 31, 20X7
Stargell had declared but not yet paid its fourth-quarter dividend of $12,750.
Both Posey and Stargell use straight-line depreciation and amortization, including the
amortization of bond discount and premium.
On December 31, 20X7, Posey’s management reviewed the amount attributed to goodwill as a
result of its purchase of Stargell common stock and concluded that an impairment loss in the
amount of $25,000 had occurred during 20X7 and should be shared proportionately between
the controlling and noncontrolling interests.
Posey uses the fully adjusted equity method to account for its investment in Stargell.
On December 31, 20X7, trial balances for Posey and Stargell appeared as follows:
Posey Company Stargell Corporation
Item Debit Credit Debit Credit
Cash $ 49,500 $ 39,000
Current Receivables 121,500 90,100
Inventory 317,000 364,900
Investment in Stargell Stock 1,243,800
Investment in Stargell Bonds 985,000
Investment in Posey Bonds 200,000
Land 1,241,000 518,000
Buildings and Equipment 2,940,000 1,915,000
Cost of Goods Sold 1,829,000 .
Corporate Accounting; Equity and Liability, Cash Flow Statement, Income and C...Peachy Essay
For full solution please visit https://peachyessay.com/sample-essay/corporate-accounting-equity-and-liability-cash-flow-statement-income-and-corporate-tax-for-mining-and-metals-industry/
Presentation on Financial Alternatives available with the company to raise fund for their day to day operating activities or to get long term finance to purchase machinery, building construction,etc.
SPM 4723 Annotated Bibliography You second major proje.docxwilliame8
SPM 4723
Annotated Bibliography
You second major project for the course will be an annotated bibliography. Instead of writing a
paper, an annotated bibliography requires you to research a particular legal topic or question, of
your choosing, in sports and find academic and law review articles that address that topic. You
will develop a question about a legal topic in sports and find seven law review articles to
summarize. Each article summary should be 300-350 words in length and should both explain
the contents of the article and its relevance to your question or topic. The summaries should be
written in your own words. You are required to select law review articles using LexisNexis. The
format for the annotated bibliography is explained below.
Please put your topic as the title for your paper. Next, each annotation should begin with the
APA citation for the article in bold print (do not include web links), followed by a summary of
the article (300-350 words) explaining how it addresses your question. The complete annotated
bibliography should be double-spaced, 12pt Times New Roman font with one-inch margins. You
will be submitting it through Turnitin via Canvas, do not include your name, course number,
date or UFID on your annotated bibliography (similar to the case briefs). You should start each
annotation on a separate page, and please remember to begin each annotation with the APA
citation for the article as instructed above. This assignment is due on Wednesday, April 22nd.
1.Which of the following is not a key component of the conceptual framework of accounting?
Select one:
a. internal users
b. the objective of financial reporting
c. cost constraint on useful financial reporting
d. elements of the financial statements
2.The balance sheet and income statement for Joe's Fish Hut are presented below:
Joe's Fish Hut
Balance Sheet
As at December 31
2016
2015
ASSETS
Current Assets
Cash
$180,623
$60,300
Accounts receivable
$18,900
$14,200
Inventory
$23,600
$25,300
Total Current Assets
$223,123
$99,800
Property, plant & equipment
$129,000
$184,000
Less: Accumulated depreciation
$-26,900
$-21,600
TOTAL ASSETS
$325,223
$262,200
LIABILITIES AND EQUITY
Liabilities
Current Liabilities
Accounts payable
$28,000
$41,800
Current portion of bank loan
$9,500
$9,500
Total Current Liabilities
$37,500
$51,300
Non-current portion of bank loan
$71,000
$42,000
TOTAL LIABILITIES
$108,500
$93,300
Shareholders' Equity
Common shares
$80,000
$54,400
Retained earnings
$136,723
$114,500
TOTAL SHAREHOLDERS' EQUITY
$216,723
$168,900
TOTAL LIABILITIES AND EQUITY
$325,223
$262,200
Joe's Fish Hut
Income Statement
For the Year Ended December 31, 2016
Sales
$137,000
COGS
$83,200
Gross Profit
$53,800
Operating Expenses
Insurance Expense
$1,600
Rent Expense
$5,380
Salaries Expense
$5,150
Telephone Expense
$840
Interest Expense
$1,340
Depreciation Expense
$5,300
Total Operating Expenses
$19,610
Operating Profit Before .
Assignment 1 Chapter 2 Mini Case Financial .docxtrippettjettie
Assignment 1: Chapter 2 Mini Case: “Financial Statement and Cash Flow Analysis”
In the mini case in our textbook we were given an account balance sheet for Jaeden Industries as of December 31, 2010 along with their income statement and balance sheet from the previous year. It also stated that the firm’s dividend payout ratio is 25% and the tax rate is 34%. The firm’s stock price on December 31, 2009, was $ 42.89 and on December 31, 2010, it was $ 56.82. In part A of our assignment it asks us to use the financial statements in the text to determine Jaeden’s free cash flow, liquidity, debt and profitability ratios, and market ratios for year 2010.
Part A
Jaeden’s Free Cash Flow
The measure of free cash flow (FCF) is the amount of cash flow available to investors; the providers of debt and equity capital. It represents the net amount of cash flow remaining after the firm has met all operating needs and has made all required payments on both long- term (fixed) and short- term (current) investments (Graham, Megginson, Smart pg. 34). However, in order to determine the free cash flow you have to obtain the operating cash flow (OCF), which are cash inflows and outflows directly related to the production and sale of products or services.
OCF = [Earnings before interest and taxes (EBIT) × (1 - T)] + Depreciation (T=.34%)
OCF = (42000000-26460000-1621000-800000) x (1 – T) + Depreciation
OCF = 13119000 x (1 - .34) + 800000
OCF = 9458540
Now that we have the OCF we can solve for the FCF
FCF = OCF – Capital Expenditures + Depreciation – Networking Capital
FCF = 9458540 – 2932000 – (4530181-190000-150000)
FCF = 9458540 – 2932000 – 4190181
FCF = 2336359
Jaeden’s free cash flow is 2336359
Jaeden’s Liquidity
Our textbook states that liquidity ratios measure a firm’s ability to satisfy its short-term obligations as they come due. Current ratio and quick ratio are two measures of liquidity. Current Ratio is defined as current assets divided by current liabilities and it is used to measure a firm’s ability to meet short-term obligations. Current assets include cash, marketable securities, accounts receivable, and inventory. Current liabilities include accounts payable, notes payable, and accruals. Quick ratio is somewhat similar except it excludes a certain asset that is, inventory. Inventory turnover provides a measure of how quickly a firm sells its goods (Graham, Megginson, Smart pg. 43). Inventory turnover can be converted into average age turnover simply by dividing the turnover figure by the amount of days in a year.
Current Ratio = Current Assets / Current Liabilities
Current Ratio = (3689000 + 5423000 + 1836000 + 4118000) / (3136000 + 706000 + 500000)
Current Ratio = 15066000 / 4342000
Current Ratio = 3.469829572
Quick Ratio = Current Assets – Inventory / Current Liabilities
Quick Ratio = (3689000 + 5423000 + 1836000) – 4118000 / (3136000 + 706000 + 500000)
Quick Ratio = (10948000 – 4118000) / (3136000 + 706000 + 5000 ...
ProblemIssuance of stock organization costs. Snowbound Corporat.docxbriancrawford30935
Problem
Issuance of stock: organization costs. Snowbound Corporation was incorporated in July. The firm's charter authorized the sale of 200,000 shares of $10 par-value common stock. The following transactions occurred during the year:
7/1:
Sold 45,000 shares of common stock to investors for $18 per share. Cash was collected and the shares were issued.
7/7:
Issued 600 shares to Sharon Dale, attorney-at-law, for services rendered during the corporation's organizational phase. Dale charged $12,600 for her work.
8/11:
Sold 20,000 shares to investors for $22 per share. Cash was collected and the shares were issued.
12/14:
Issued 30,000 shares to the MJB Company for land valued at $900,000.
Instructions
Prepare journal entries to record each transaction.
Student Guidance ReportAshford University ACC205Guidance ReportWeek FourLISTEN TO AUDIO/VIDEO EXPLAINING THE GUIDANCE REPORTYELLOW INDICATES ACCOUNT AMOUNTS CHANGEDChange Account to:Based Upon Course Start DateAccount to
be changedOriginal
AmountJan - FebMar-AprMay-JunJul-AugSept-OctNov-DecCh 7 Ex 2Loan$ 225,000$ 250,000$ 260,000$ 270,000$ 280,000$ 290,000$ 450,000QuestionsYOUR ANSWERS BASED UPON COURSE START DATEa. Compute Hall’s accrued interest as of December 31, 20X1.b. Present the appropriate balance sheet disclosure for the accrued interest and the current and long-term portion of the outstanding debt as of December 31, 20X1.c. Repeat parts (a) and (b) using a date of December 31, 20X2, rather than December 31, 20X1. Assume that Hall is in compliance with the terms of the loan agreement.Accrued interest 12/31/X2DisclosureAccount to
be changedOriginal
AmountJan - FebMar-AprMay-JunJul-AugSept-OctNov-DecCh 7 Ex 4Salary expense5000051,00052,00053,00054,00055,00056,000QuestionsYOUR ANSWERS BASED UPON COURSE START DATESalary expenseSocial Security PayableMedicare PayableFed Taxes PayableState Taxes PayableInsurance PayableCashPayroll Tax ExpenseSocial Security PayableMedicare PayableState unemploymentFed unemploymentAccount to
be changedOriginal
AmountJan - FebMar-AprMay-JunJul-AugSept-OctNov-DecCh 7 Pb 212/1 Note payable2000025,00026,00028,00030,00031,00033,00012/1 Interest rate015%15%15%15%15%15%Warranty2027202820292030203120322033Purchase on account1600017,00018,00019,00020,00021,00022,000Note payable50006,0007,0008,0009,00010,00011,000Warranty repair162172182192202222232Salary accural14001,5001,6001,7001,8001,9002,000Vacation6%360006%37,0006%38,0006%39,0006%40,0006%41,0006%42,00012/26 interest120$ 120$ 120$ 120$ 120$ 120$ 120a. Prepare journal entries to record the preceding transactions and events.CashNotes PayableWarranty expenseWarranty LiabilityMerchandiseAccounts PayableCashNote PayableWarranty LiabilityCashSalary ExpenseSalary PayablePayroll ExpenseAccrued Vacation Payableb. Determine accrued interest as of December 31, 20XX, and prepare the necessary adjusting entry or entries.12/1 one month accrual12/26 60 day note-accrue 5 daysTotal Interest Acc.
Greene Company
Miriam Aranda
Content Layout
Information
Part 1- Subsidiaries
Part 2- Greene’s Consolidated Balance Sheet
Part 3- Overseas Companies
Conclusion
References
Information
“Greene is a rapidly expanding manufacturing company, and is considering some additional acquisitions. The company would like to diversify, and is trying to decide between the two different scenarios outlined in Part 1 and Part 3. To help him make his decision, the Chief Financial Officer would like specific information on how the potential acquisitions would affect financial reporting” (ACG 4201-- Writing Project and Presentation, n.d.).
This Photo by Unknown Author is licensed under CC BY
Part 1- Subsidiaries
According to FASB ASC 810-10-10-1, “The purpose of consolidated financial statements is to present, primarily for the benefit of the owners and creditors of the parent, the results of operations and the financial position of a parent and all its subsidiaries as if the consolidated group were a single economic entity” (FASB, n.d.)
Part 1- Subsidiaries
Insurance
Under the industry, insurances companies use SAP.
Different reporting periods
Different accounting principles.
Lumber
Historical cost
Follows GAAP
Part 1- Subsidiaries
Parent company and subsidiaries are not required to report under the same accounting policies (insurance).
Preparation-
eliminate parent company’s investment account .
intra-entity balances and transactions be eliminated (sales and purchases)
Intercompany receivables and payable
Subsidiary’s retained earnings or deficit are not included in the consolidated retained earnings.
Part 2- Greene’s Consolidated Balance Sheet
Part 2- Greene’s Consolidated Balance Sheet
Part 3- Overseas Companies
Factors need to know to be considered when determining the functional currency for a consolidated subsidiary are as follow: (1) Sales Prices, (2) Expenses, (3) Intercompany transactions, (4) Cash Flows, (5) Sales Markets, and (6) Financing (Christensen, Cottrell, & Budd, 2016). As it is also stated under FASB ASC 830-10-55-5.
This Photo by Unknown Author is licensed under CC BY-NC
Part 3- Overseas Companies: Economic indicators
New Zealand
Economy is largely based on export and imports
Financial markets are open to global financial encounter
U.S. dollar to New Zealand dollar
Exchange rate is the increase of domestic interest rates
Spain
US dollar to Euro
European Central Bank
Open markets
Continuous research on inflation
Part 3- Overseas Companies
In high inflationary economies, functional currency designation is stated which is the U.S. dollar for U.S. companies.
When acknowledging investments across borders, one of the main important tasks to understand is the different and variety of accounting standards other countries
Converting foreign currency into U.S. dollar can be done in 3 different exchange rates; current rate, h ...
Get a sample on Financial statement analysis explaining how equity investors have the objectives to know the business future earning capacity, growth potential and security of their holdings. All the investors are very much interested to get higher amount of returns. Therefore, they make risk and return analysis associated with their invested funds. Lenders such as bond investors have the objectives to know the short term as well as long term solvency of the business (Bushman and Smith, 2001).
ACC 405 Final Project One Scenario Posey Company O.docxbartholomeocoombs
ACC 405 Final Project One Scenario
Posey Company
Overview
You are a financial accountant for Posey Company tasked with preparing consolidation documentation
at year end. You have the following information:
December 31, 20X5
Posey Company acquired 90% of Stargell Corporation’s outstanding common stock for $1,116,900. On
that date:
The fair value of the noncontrolling interest was $124,100;
Stargell reported common stock outstanding of $487,000, premium on common stock of
$267,000, and retained earnings of $407,000; the book values and fair values of Stargell’s assets
and liabilities were equal except for land, which was worth $30,000 more than its book value.
On April 1, 20X6
Posey issued at par $200,000 of 10% bonds directly to Stargell; interest on the bonds is payable
March 31 and September 30.
On January 2, 20X7
Posey purchased all of Stargell’s outstanding 10-year, 12% bonds from an unrelated institutional
investor at 98. The bonds originally had been issued on January 2, 20X1, for 101. Interest on the
bonds is payable December 31 and June 30.
Since the date it was acquired by Posey
Stargell has sold inventory to Posey on a regular basis. The amount of such intercompany sales
totaled $67,000 in 20X6 and $83,000 in 20X7, including a 30% gross profit.
All inventory transferred in 20X6 had been resold by December 31, 20X6, except inventory for
which Posey had paid $18,000 and did not resell until January 20X7.
All inventory transferred in 20X7 had been resold at December 31, 20X7, except merchandise
for which Posey had paid $16,667.
As of December 31, 20X7
Stargell had declared but not yet paid its fourth-quarter dividend of $12,750.
Both Posey and Stargell use straight-line depreciation and amortization, including the
amortization of bond discount and premium.
On December 31, 20X7, Posey’s management reviewed the amount attributed to goodwill as a
result of its purchase of Stargell common stock and concluded that an impairment loss in the
amount of $25,000 had occurred during 20X7 and should be shared proportionately between
the controlling and noncontrolling interests.
Posey uses the fully adjusted equity method to account for its investment in Stargell.
On December 31, 20X7, trial balances for Posey and Stargell appeared as follows:
Posey Company Stargell Corporation
Item Debit Credit Debit Credit
Cash $ 49,500 $ 39,000
Current Receivables 121,500 90,100
Inventory 317,000 364,900
Investment in Stargell Stock 1,243,800
Investment in Stargell Bonds 985,000
Investment in Posey Bonds 200,000
Land 1,241,000 518,000
Buildings and Equipment 2,940,000 1,915,000
Cost of Goods Sold 1,829,000 .
Corporate Accounting; Equity and Liability, Cash Flow Statement, Income and C...Peachy Essay
For full solution please visit https://peachyessay.com/sample-essay/corporate-accounting-equity-and-liability-cash-flow-statement-income-and-corporate-tax-for-mining-and-metals-industry/
Presentation on Financial Alternatives available with the company to raise fund for their day to day operating activities or to get long term finance to purchase machinery, building construction,etc.
1. ACCTBA1 INDIVIDUAL BUSINESS CASE
1
ST
Term, Academic Year 2013-2014
Williams, J., Haka, S., Bettner, M., & Carcello, J. (2012)
Financial Accounting, 15
th
edition, McGraw-Hill Irwin (with modifications)
Galaxy Corporation and Universal Corporation are in the same line of business and both were recently organized,
so it may be assumed that the recorded costs for assets are close to current market values. The statement of
financial position of two companies are as follows as of July 31, 2012.
Galaxy Corporation
Statement of Financial Position
July 31, 2012
Assets Liabilities & Owner’s Equity
Cash P 900,000 Liabilities:
Accounts Receivable 1,300,000 Notes Payable (due in 60 days) P 620,000
Land 1,860,000 Accounts Payable 480,000
Building 1,900,000 Total Liabilities P1,100,000
Office Equipment 60,000 Owner’s Equity:
Galaxy, Capital P4,920,000
Total Assets P6,020,000 Total Liabilities & Owner’s Equity P6,020,000
Universal Corporation
Statement of Financial Position
July 31, 2012
Assets Liabilities & Owner’s Equity
Cash P240,000 Liabilities:
Accounts Receivable 480,000 Notes Payable (due in 60 days) P1,120,000
Land 4,800,000 Accounts Payable 2,160,000
Building 3,000,000 Total Liabilities P3,280,000
Office Equipment 600,000 Owner’s Equity:
Universal, Capital 5,840,000
Total Assets P9,120,000 Total Liabilities & Owner’s Equity P9,120,000
Instructions:
a. Assume you are a banker and that each company has applied for a 90day loan of P600,000. Which would you
consider to be the more favorable prospect? Explain your answer fully.
b. Assuming that you are considering purchasing one of the companies. For which business would you be willing
to pay the higher price? Do you see any indication of financial crisis that you might face shortly after buying either
company? Explain you answer fully. (For either decision, additional information would be useful, but you are to
reach your decision on the basis of the information available).
2. Format:
Short bond paper
Double spaced
One inch margin in all sides
Minimum of two pages (not including the cover page)
Font: Arial 12
Cover page:
Deadline: July 1, 2013
BUSINESS CASE
Presented to the
Accountancy Department
De La Salle University
In partial fulfillment
Of the course requirements
In ACCTBA1 (sec)
Surname, First Name, M.I.
Date