Write a 750 – 1250 word paper on the following topic:Compare and contrast financial and managerial accounting. Provide one specific, real-life example of how either financial accounting helps external stakeholders make informed decisions or how managerial accounting helps managers to improve operational and financial performance.Your paper must be formatted according to APA 6th edition guidelines, and you need to use at least three external references. Save your file as “LastnameFirstinitial-ACCT105-8.”Submit your work by midnight ET on Day 7 (Sunday).Note that your attached paper will automatically be submitted to Turnitin, and an Originality Report should be sent back to the classroom within around 15 minutes. The Originality report does not actually recommend changes. It does point out where you may need to add a citation or quotation marks (if not already cited). Once you use it a few times, you will appreciate this tool, as it will assist you in improving quality and content, as well as avoid plagiarism. Your goal is to keep direct quotations to a minimum and to make sure that you do not just cut and paste material. Ensure that all your references are cited. A report with a similarity index less than 25% is acceptable for undergraduate level work.
Turramurra Furniture Company manufactures specialist furniture for use with computers .It uses a FIFO costing system to allocate costs to Finished Goods and maintains its financial records on a financial year which operates from 1 July 2016 to 30 June 2017 .The Work in Process Inventory on 31 May 2017 consisted of the following :Job No. Description Units Accumulated CostSE523 Storage Equipment 20,000 $ 860,000PS612 Printer Stand 25,000 300,000CH421 Chair 15,000 431,000Total $1,591,000The Finished Goods Inventory at 31 May 2017 was as follows :Item Description Quantity and Unit cost Accumulated CostStorage Equipment 7,500 units at $64 each $ 480,000Printer Stand 21,000 units at $55 each 1,155,000Chair 19,400 units at $35 each 679,000Desk 11,200 units at $102each 1,142,400Total $3,456,400At the end of May 2017 the balance in Turramurra Furniture Company ‘s Material Inventory Accountwas $579,000 .Purchases of Material Inventory during June were $622,000.The Raw Material requisitioned for jobs during June were as follows:Job No. $SE523 167,000PS612 221,000CH421 13,800DS174(5000 desks) 252,000Turramurra Furniture Company applies manufacturing overhead on the basis of machine hours.The manufacturing overhead budgetfor the year totalled $4,500,000 and the company budgeted it would be using 900,000 machine hours .From July 2016 to the end of May 2017 the company has used 835,000 machine hours and its actual manufacturing overhead has amounted to $4,105,000.During the month of June 2017 machine hours ,labour hours and labour cost was as follows:Job No Machine Hours Labour Hours Labour CostSE523 12,000 11,600 $ 122,400PS612 19,500 14,300 200,500CH421 4,400 3,600 43,200DS174 14,000 12,500 138,000 Indirect labour 3,000 29,400Supervision 57,600Total 49,900 45,000 591,100 The jobs completed in June 2017 and the unit sales during June 2017 were as follows:Job No Description Quantity completed Unit salesSES523 Storage Equipment 20,000 17,500PS612 Printer Stand 0 18,000CH421 Chairs 15,000 21,000DS174 Desks 5,000 6,000Required: (a)Describe the circumstances when a job order costing system should be used (b)Calculate,showing working, the balance in Turramurra Furniture Company’s Work in Process Account at 30 June 2017.(c)Calculate the cost of the chairs in the Finished Goods Inventory at 30 June 2017(d)Actual manufacturing overhead incurred in June amounted to 217,000 .Calculate the over or underapplied overhead for the year.(e) Outline two different treatments for the over or underapplied overhead balances when using a job order costing system.( f)If the Turramurra Furniture Company considers that a variation of $40,000 in the over or underapplication of overhead is material and must be dealt with appropriately in the accountsis the variation(over or underapplication of overhead) material? If it is what approach does the company use to adjust the over or underapplication of overhead?(g) The company is concerned with its calculation and application of overhead and has asked you to advise if it should consider using Activity Based Costing as it is considering expanding its product range and its concerns about overhead application .
Letter/Report to BluJay Aviation, Inc
The Generic 501(c)(3) Fund had revenue from contributions = $500,000, administrative expense = $125,000 program service expenses = $360,000 paid interest of $10,000 and had an increase in net assets = $5,000. They have cash = $30,000 accounts receivable = $20,000 inventory = $50,000 net fixed assets = $100,000 accounts payable = $22,000 long-term debt = $88,000 and net assets = $90,000.The Debt Ratio is _________..44.55.981.22
Return on Equity of 60% and a Debt Ratio of 40% indicates a Return on Assets of:10%36%67%100%
A company with a low return on equity but a high return on assets must have:a low total asset turnover.a high debt / equity ratio.a low debt ratio.a low profit margin.
The financial statements must now to be typed up in a Microsoft Word document and saved as a .doc or .docx file. Microsoft Excel can also be used (saving the file with the extension .xls or .xlsx). Each financial statement should be on its own page (or worksheet). The name of the file should include your student ID number and the graded project exam number, such as “21512345_061579.docx” as an example. Insert tables in the Word document if you feel you need them to format the financial statements. Alternatively, space and tab in Word to get the formatting of the statements set up correctly. Formatting is important. Also, keep in mind that points will be deducted for incorrect capitalization, spelling, underlining and double underlining, as well as for improper headings, dates, indentations, and columns. Create all of the financial statements in one file.J & L Accounting, Inc. Post-Closing Trial Balance December 31, 2014 BALANCE ACCOUNT TITLE DEBIT CREDIT Cash, Business Checking 20,500.00 Accounts Receivable Prepaid Rent Vehicles 48,000.00 Accumulated Depreciation, Vehicles 12,000.00 Equipment 3,600.00 Accumulated Depreciation, Equipment 600.00 Accounts Payable Common Stock 38,000.00 Retained Earnings 21,500.00 Dividends Service Revenue Advertising Expense Rent Expense Office Supplies Expense Telephone Expense Utilities Expense Depreciation Expense TOTALS 72,100.00 72,100.00 30 Financial AccountingJ & L Accounting, Inc. Balance Sheet As of December 31, 2014 ASSETS Cash, Business Checking 20,500.00 Accounts Receivable 0.00 Prepaid Rent 0.00 Vehicles 48,000.00 Less: Accumulated Depreciation, Vehicles 12,000.00 36,000.00 Equipment 3,600.00 Less: Accumulated Depreciation, Equipment 600.00 3,000.00 TOTAL ASSETS 59,500.00 LIABILITIES Accounts Payable 0.00 TOTAL LIABILITIES 0.00 STOCKHOLDERS’ EQUITY Common Stock 38,000.00 Retained Earnings 21,500.00 TOTAL STOCKHOLDERS’ EQUITY 59,500.00 TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY 59,500.00 Lesson 2 31J & L Accounting, Inc. Income Statement For the Month Ending December 31, 2014 REVENUES Service Revenue 10,275.00 EXPENSES Advertising Expense 2,300.00 Rent Expense 1,000.00 Office Supplies Expense 300.00 Telephone Expense 750.00 Utilities Expense 3,200.00 Depreciation Expense 1,100.00 TOTAL EXPENSES 8,650.00 NET INCOME 1,625.00 32 Financial AccountingJ & L Accounting, Inc. Statement of Retained Earnings For the Month Ending December 31, 2014 Retained Earnings, December 1, 2014 19,875.00 Add: Net Income 1,625.00 Subtotal 21,500.00 Less: Dividends 0.00 Retained Earnings, December 31, 2014 21,500.00 Lesson 2 331)Using the following blank forms (make as many copies as necessary), set up the general ledger accounts for the general ledger and insert the beginning balances for the accounts from the post-closing trial balance. The balances from the post-closing trial balance become the beginning balances of the accounts for the next account period.2) Journalize the following transactions in the general journal using the following blank form (make as many copies as needed). When making journal entries, each individual journal entry’s debits should equal its credits. (The amount for a journal entry can be incorrect or the entry can be incorrect. However, the debits still have to equal the credits even though the entry is incorrect. If the journal entry is incorrect, it can be corrected later when making adjusting/correcting journal entries. For example, if the amount is supposed to be $1,100, and for some reason the amount of $1,010 is recorded, this is acceptable—although incorrect, it can be corrected later.) The total of the debits must always equal the total of the credits for each journal entry—always. This is a fundamental GAAP that cannot be violated. a. On January 1, 2015, a payment in cash for $12,000 is made for prepaying rent for the entire year 2015. b. On January 4, 2015, accounting services are performed and payment is received in cash for the amount of $1,900. c. On January 9, 2015, a payment in cash for advertising is made in the amount of $850. d. On January 10, 2015, office supplies are purchased in the amount of $75 with cash. e. On January 14, 2015, accounting services are performed and payment is received in cash for the amount of $2,725. f. On January 20, 2015, the telephone bill for the amount of $660 is received and paid with cash. g. On January 20, 2015, the utilities bill for $2,925 is received. The bill won’t be paid until it is due on February 15, 2015. h. On January 27, 2015, accounting services are performed on account in the amount of $3,750. i. On January 28, 2015, a payment in cash for $1,500 is made for a bill from an advertising agency.3) Post the general journal entries from the journal to the corresponding general ledger accounts, paying particular attention to the posting being made (debit or credit). Use the Post Ref. column to ensure that each line item of the journal entries is posted correctly to each general ledger account. Posting from the journal to the general ledger is nothing more than rearranging the information. If the debits equal the credits for a particular journal entry and the information is posted correctly, the total of the debits should equal the total of the credits in the general ledger.4) Calculate the balances in the general ledger accounts. (Use an Excel spreadsheet or a printing calculator, and run the numbers several times for accuracy. Often, debits won’t equal credits on the trial balance because a hand-held calculator is used and the math is done only once. Using a hand-held calculator can introduce errors. This is why an Excel spreadsheet is recommended. However, if a hand-held calculator is all that’s available to you, be sure to do the math enough times that you know the calculations are accurate.) To calculate the balances in the ledger accounts, you’ll need to do the following:1) Add the debits.2) Add the credits.3) Subtract the larger amount from the other, or, alternatively, keep the running balance of the amount in the account and whether it’s a debit or credit on the ledger.5) Create an unadjusted trial balance from the balances in the general ledger accounts. (Once again, be very careful when doing the math. When calculating the totals of the debit and credit columns, they should be equal. If not, do not continue until the debits equal the credits. An error has been made and must be found and corrected from the previous steps.) See page 129 of the text for an example of an unadjusted trial balance. Use the following blank form.6) Journalize the following adjusting journal entries in the general journal, being sure that the debits equal the credits: a. Calculate and make the adjustment for the amount of pre-paid rent that has been used. b. Make an adjusting journal entry in the amount of $1,000 for depreciation of the vehicles. c. Make an adjusting journal entry in the amount of $100 for depreciation of the equipment.7) Post the adjusting journal entries to the respective general ledger accounts, again being sure that the postings are to the correct debit or credit side and that the Post Ref. column is used.8) Calculate the new balances in the general ledger accounts. Create an adjusted trial balance from the balances in the general ledger accounts using the same blank form provided in step 5 when you created the unadjusted trial balance. See Exhibit 3-3 on page 114 in your textbook for an example of an adjusted trial balance. Make sure the math is correct and that the debit column is equal to the credit column. If not, don’t continue until the error has been found.9) Create the income statement for J & L Accounting, Inc. using the information from the adjusted trial balance. Use the following blank form to create the income statement. Its format should be the same as the format used for the statement provided at the beginning of the project for the prior accounting period.10) Create the closing journal entries in the general journal to close the revenue, expense, and dividend accounts to the retained earnings account, paying attention to debits equaling credits.11) Post the closing journal entries to the respective general ledger accounts.12) Calculate the balances in the general ledger accounts.13) Create a post-closing trial balance from the balances in the general ledger accounts using the same blank form that was provided in step 5 when you created the unadjusted trial balance. The post-closing trial balance should be in the same format as the post-closing trial balance provided at the beginning of the project for the prior accounting period. Make sure the math is correct and that the debit column is equal to the credit column. If not, don’t continue until the error has been found.14) Create the balance sheet for J & L Accounting, Inc. using the information from the post-closing trial balance. If the debits equal the credits from the previous work and the closing entries were made properly, then the accounting equation should balance on the balance sheet. If the assets don’t equal the liabilities plus stockholders’ equity, an error has been made that needs to be corrected. The balance of the accounting equation is another fundamental GAAP principle that can’t be violated. Use the following form to create the balance sheet. Its format should be the same as the format of the statement provided at the beginning of the project for the prior accounting period.15) Create the statement of retained earnings for J & L Accounting, Inc. using the ending balance from the statement of retained earnings from the prior period and the net income from the income statement for the January accounting period. (No dividends were paid out during the month of January.) Follow the same format from the statement of retained earnings at the beginning of the graded project for the prior accounting period using the blank form on the following page.
Answers for Part C Extra Notes For part C and DSome clarification on Assessment 3 Part C sections:Section A: please break / filter your results down per year.The MRC catchment area includes only the council named data: Mahutonga District Council (all other councils need to be filtered out).Section G: Info is missing here! We will set the registration cost at $60.Note the charts required are to only cover the latest 3 years reported.Breaking down the assessment instruction these are the requirements:The heading in column 1 is: Council Name. The MRC acronym is short to for the Mahutonga Regional Council. From the list in column A filter out all ‘councils’ except the Mahutonga District. Under Section A: it states total registered dogs in the MCR catchment (this means use only the Mahutonga District ‘Council’ data; you apply this to this entire Part C area and it should only require coverage of the last 3 years (2014-12016 however if you have covered a wider range at this point that is fine you will not have marks deducted)).All you need to do for section B and C is apply the correct filters to display by individual breed and cross breed for the Mahutonga District.Section D and E is also using filters.Section F: use your filters to display number of new claims for the Mahutonga District and , from this data you can analyse and create an area to display the Injuries for 2014, 2015 and 2016 only. If you have analysed a wider range of years this will not go against you.Section G: Again apply your filters and then add a revenue column to calculate the registration for each year (@ $60 per registration). Filters and a calculation also apply to expenditure for prosecutions and destruction orders for each year. Now again, you only have to apply this to 2014-1016, if you cover a wider range that is ok as currently it is not specifying the last 3 years reported (which it should!).Section H is a straight calculation based on previous data collected assuming again $60 per registration.
Essay Topic: Compare and contrast the major microeconomic failures and macroeconomic failures that you learned this semester.To get you started concentrate on two distinct chapters in the Schiller textbook. See chapter 4 for an analysis of the problems of individual markets. See chapter 10 for an analysis of problems in the aggregation of markets. –Identify and summarize the dynamics involved in both kinds of market failure presented.–How are these different economic breakdowns similar and different?–Using your knowledge from all of the textbook chapters, what are the best ways to solve these economic problems and why?mini essay at least 750 words.
Introduction:For this task, you will analyze the annual report, the 10-K, other company SEC filings, and industry data for a selected publicly-held company. You will prepare a broad audit plan for one of the following companies:• Home Depot Inc.• Gap Inc.• Darden Restaurants Inc.The broad-based audit plan should identify control risks and areas of focus for the audit. You will provide recommendations for which accounts should be audited using analytical procedures and which accounts should be tested using substantive tests of detail. Additionally, you will address going-concern considerations, the prior year’s audit opinion, and audit locations.Use the SEC Edgar and Reuters websites to find the information you need.Requirements:Complete an analysis and prepare a broad-based audit plan (suggested length of 10–15 pages, excluding the appendix) for your chosen company (i.e., Home Depot Inc., Gap Inc., or Darden Restaurants Inc.) by completing the requirements below in accordance with GAAS. Your analysis and audit plan should be based upon the information obtained in the 2013 annual report, the 10-K, and other 2013 SEC filings, along with industry data:A. Complete the attached “Company Information Template” for your chosen company based on the 2013 10-K and the 2013 annual report by doing the following:1. Identify the company’s basic information, including each of the following:• the company’s name• the company’s date of formation• the industry in which the company operates• the company’s size in terms of annual sales• the company’s size in terms of total assets• the company’s size in terms of employees (all full- and part-time)• the company’s size in terms of total market value• the location of company headquarters, including the states and countries in which it operates2. Identify the company’s top three customers and/or suppliers.3. Identify the company’s sources of financing (e.g., bonds, stocks, loans, etc.).4. Identify the company’s related parties (if any), including people and other companies.5. Identify the current stage in the company’s life cycle.6. Identify three risks associated with this business and/or industry.7. Identify two key economic factors that affect the company and how it stands with respect to these factors.8. Describe one unique accounting consideration for companies in this industry.9. Describe one of each of the following matters that are relevant to your chosen company:• a legal matter• a regulatory matter• social matter10. Recommend two additional questions you would ask a company representative in an interview setting.a. Justify your question recommendations from part A10.b. Identify the individuals within the company to whom you would ask each question identified in part A10.B. Analyze the data compiled in Part A and, based upon your analysis, discuss the three primary audit concerns.C. Perform preliminary analytical procedures by doing the following:1. Prepare a vertical analysis of the financial statements for 2011 through 2013.2. Evaluate whether your chosen company is growing or declining.a. Identify any major increases or decreases in accounts.i. Justify your identifications made in part C2a.3. Determine how the stock price of your chosen company has moved since the issuance of the last annual report and 10-k.4. Choose two financial strengths for your chosen company during the year and do the following:a. Discuss each financial strength in comparison to prior periods.b. Discuss each financial strength in comparison to the strength of the industry.D. Prepare a broad-based audit plan for 2013 based upon your findings in parts A–C by doing the following:1. Determine the impact of the prior year’s audit opinion for the current year’s audit plan.2. Recommend whether the control risk of your chosen company should be assessed at the maximum level or below.a. Justify your recommendation made in part D2.3. Discuss the control risk assessment identified in D2 and what impact it will have on the audit procedures to be performed. Include in your discussion each of the following:• nature• timing• extent4. Identify areas of focus for the upcoming audit, including specific balance sheet and income statement accounts based upon the significance of those accounts and their related risks.5. Recommend which accounts identified in part D4 should be tested using analytical procedures and which accounts should be tested through substantive tests of detail.a. Justify your recommendation made in part D5.6. Discuss whether or not there is a going-concern consideration.7. Recommend whether the audit should be conducted at one main location or if the audit team should be dispersed to other locations.a. Justify your recommendation made in part D7.8. Describe the five main steps the audit team will perform.E. Include all in-text citations and references in APA format.Note: For definitions of terms commonly used in the rubric, see the Rubric Terms web link included in the Evaluation Procedures section.Note: When using sources to support ideas and elements in an assessment, the submission MUST include APA formatted in-text citations with a corresponding reference list for any direct quotes or paraphrasing. It is not necessary to list sources that were consulted if they have not been quoted or paraphrased in the text of the assessment.Note: No more than a combined total of 30% of a submission can be directly quoted or closely paraphrased from outside sources, even if cited correctly. For tips on using APA style, please refer to the APA Handout web link included in the APA Guidelines section.