What is the full cost of making the special order of cabinets if the company uses a direct labour hour basis of charging overheads to individual jobs?

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1.Harcourt Ltd undertakes a range of work, including making security cabinets on a made to measure basis. The following costs are expected to be incurred by the company during the next month:

Indirect Labour cost                                                                  $25,000

Direct Labour time                                                                       4,000 hours

Depreciation (wear and tear) of machinery                                   $8,500

Rent and Rates                                                                          $14,000

*Direct labour costs                                                                  $122,000

Utilities costs                                                                               $5,000

Machine time                                                                                2,000 hours

Indirect Materials                                                                         $1,500

Other miscellaneous indirect costs                                                  $1000 Direct materials cost                                                                            $28,000

  • All direct labour is paid at the same hourly

The company has received an inquiry about a special order of cabinets. It is estimated that the order will take 22 direct labour hours to make and will require 32 square metres of steel which costs $98 per square metre.

Required:

  1. What is the full cost of making the special order of cabinets if the company uses a direct labour hour basis of charging overheads to individual jobs?
  2. What is the full cost of making the special order of cabinets if the company uses a machine hour basis of charging overheads and if it is expected to take 12 machine hours (as well as 22 direct labour hours)?
  3. Which one of these two costs for this order is the correct one or simply the better one and why? Discuss 2 reasons for your answer evaluating each method
  4. What other method of costing, other than full cost, might the business consider using and why?

Do you think Harcourts should agree to undertake the special order and why (give 2 reasons). What other information would you need to make this decision? (list two things).

2.Harcourt Ltd also makes lifting hoists. They currently outsource the production of parts to an Australian based supplier and do all the assembly in house. The fixed costs of operating their workshop for a month total $5500. Each hoist requires parts which cost $395 and takes 5 hours to assemble. Assembly line staff are all contract staff and are paid $40 per hour. The hoists are sold for $1000 each. Currently Harcourt Ltd sells 130 hoists per month.

The managers are considering hiring a machine that will in fact make the parts required. Using the machine would reduce materials cost to $200 and assembly time to 4 hours but increase fixed costs to $28000.

Required:

  1. Calculate the breakeven point in units and in sales $s if Harcourt Ltd continues to (i) outsource parts from an external

 

  1. Calculate the breakeven point in units and sales $s if the company (ii) hires a machine to make the

 

  1. For each of the scenarios (i) and (ii) estimate the profit for the

 

 

  1. Calculate the margin of safety for each of scenarios (i) and (ii

 

  1. On the basis of the calculations in a, b, c, and d, and considering operating gearing, which option do you think is best and why?

 

  1. List four factors other than those that are financially quantifiable would you consider when making the

 

  1. The manager of production has come to you with two suggestions going forward. He wants to continue to outsource the parts but from a firm based in China in order to reduce the cost from $395 to $300 per unit and employ more qualified assemblers by paying $50 per hour which would reduce assembly time to 4 hours. He thinks his suggestions will allow us to reduce the price of the hoists to $800 as a result of cheaper parts, improve the quality of the product with more skilful assemblers and allow us to increase sales to 145 per month. Would you take his advice? Explain in terms of both quantifiable and qualitative

Evaluate impacts of company goals and finances for their implications on stockholder equity, using financial information to support claims.

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Based on the uploaded data:

Executive Summary: Compose a report that appropriately communicates the impact of revisions to stakeholders.
A. Identify sources of other comprehensive income not included in net income. [ACC-309-01]
B. Explain rationale for inclusion as comprehensive income (as opposed to net income) of nondisclosure within notes. [ACC-309-02]
C. Evaluate impacts of company goals and finances for their implications on stockholder equity, using financial information to support claims.
[ACC-309-02]
D. Evaluate impacts of company goals and finances for their implications on retained earnings per share, using financial information to support
claims. [ACC-309-02]
E. Explain the impact of issuing preferred stock or debt for determining changes to equity structures. [ACC-309-02]
F. Assess the impact of changes to current tax structure for articulating changes relevant to the company. [ACC-309-02]
G. Explain the implications of capital lease based on how it relates to the company’s equipment usage. [ACC-30-02]
H. Explain how postretirement plans will impact the company financially in the short and long term, using examples from the workbook to support
claims. [ACC-309-02]
I. Evaluate the company’s current performance based on the outcomes of relevant ratio analysis. [ACC-309-02]
J. Discuss types of accounting changes encountered and when retrospective and prospective approaches should be used. [ACC-309-02]
K. Predict the impact of new credit policies or a change in product or markets based on relevant ratio analysis. [ACC-309-02]
L. Discuss relevant accounting standards for informing the company’s financial reporting strategies. [ACC-309-03]
M. Explain how the four-step process was used for effectively correcting and reporting errors in the revision process. [ACC-309-03]

THE IMPACT OF WORKING CAPITAL MANAGEMENT ON FIRM PROFITABILITIES

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THE IMPACT OF WORKING CAPITAL MANAGEMENT ON FIRM PROFITABILITIES

How Wirecard committed fraud?” What was the fraud, what did they do, how did $2billion goes missing

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Wirecard AG – A former analyst favorite in Germany, Wirecard, AG recently revealed a potential $2.2 billion fraud.
Please explain the specific accounting behind the fraud.
Example – What and how did Wirecard do to commit fraud, etc.. Please also address the role of the auditor in this situation.
You also can use bullets points, summaries and exhibits to help organize your thoughts and convey information in an effective and concise way.

The specific instructions is to state “How Wirecard committed fraud?” What was the fraud, what did they do, how did $2billion goes missing, etc. And the other was to state what role of the auditor in this case was?

Explain what it is and provide 4 examples of Ponzi schemes that have occurred.

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1500 word, APA format, discussion of the Ponzi Scheme. Explain what it is and provide 4 examples of Ponzi schemes that have occurred. Please explain these how these examples occurred and how they could have possibly been prevented. 3 cited sources. 1500 words does not include cover page or references page.

Compare the responsibility of both management and the auditor for financial reporting, and give your opinion as to which party should have the greater burden.

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The Securities and Exchange Commission (SEC) regulates public companies. The SEC has found that some of these companies have violated GAAP by using creative accounting practices to mislead investors and creditors regarding the health of their company.

Use the Internet or college Library to research a recent accounting scandal within the last five years where the SEC accused public companies of accounting irregularities.

Write a 3–4 page paper in which you:

Analyze the audit report that the CPA firm issued. Ascertain the legal liability to third parties who relied on financial statements under both common and federal securities laws. Justify your response.
Speculate on which statement of generally accepted auditing standards (GAAS) that the company violated in performing the audit.
Compare the responsibility of both management and the auditor for financial reporting, and give your opinion as to which party should have the greater burden. Defend your position.
Analyze the sanctions available under SOX, and recommend the key action or actions that the PCAOB should take in order to hold management or the audit firm accountable for the accounting irregularities. Provide a rationale for your response. Provide at least 2 quality academic resources.

Explain to Marta what bonuses and reductions could be applied in the hiring of the administrative and what type of contract should do exposing its main characteristics.

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Evaluation Guidelines
The final work will be evaluated based on the following criteria:
• Acquired knowledge (25%): the knowledge acquired throughout the course of the subject will be evaluated through the analysis of the theoretical data shown in the project presented by the student.
• Development of the Subject (25 %): the interpretation of the thesis subject by the student and its development will be evaluated in a coherent and analytical manner.
• Final result (25%): the final evaluation is based on coherent solutions applied to solve objectives set out in the paper. The presentation must be conclusive and formatting must meet established parameters.
• Additional information and bibliography (25%): additional information regarding the research and subject matter will be evaluated and taken into consideration as a bonus. This consist of: bibliography, visual graphics, charts, independent studies carried out by the student, external academic sources, articles of opinion, etc. All sources, both printed and online, must be referenced according to the APA regulations.
BACKGROUND
Laura Moore has recently left her job as a Graphic Designer to open her own Company; a Graphic Design Agency dedicated to the creation and design of apps for mobile devices. Laura has decided to be self-employed.
To do so, she will have her business premises, which belongs to her father, in Barcelona downton and she will have to hire:
– A visual designer
– A developer
– An administrative assistant
1. To hire the administrative assistant, Marta has decided to offer an indefinite contract. It is her first employee that she will hire and this has a recognised degree of disability of 37%. Explain to Marta what bonuses and reductions could be applied in the hiring of the administrative and what type of contract should do exposing its main characteristics. You must prepare the work contract of the Administrative Assistant in the corresponding official model..
Once the contract has been drafted and completed according to Spanish regulations, you must specify in detail the differences of this if it had been made in the United Kingdom.
2. We know the salaries agreed with two of the workers.
It develops the different steps to follow to prepare the payroll of each of them and the financial nature of each of the items involved:
a. Administrative Assistant. Three months seniority. He has an indefinite work contract, base salary: € 1,500. Collective bargaining: € 50.
He has two extraordinary six-month accrual pays and receives them on 06/30 and 12/31 of each year for an amount equal to the base salary. He has a disability of 37% and is single without children. He has made two overtime hours that month at a rate of € 15/h.
b. Visual designer. 2 months seniority. He has a temporary contract.
Base salary: € 1,950. Collective bargaining: € 100. Productivity: € 6 / day. It has two extraordinary six-month accrual payments and receives them apportioned each month. He is married and has a 9-year-old son (his spouse receives income of over € 1,500/year).
Once you have developed all the steps to follow in each case and the amount of the items, make the official payroll of the administrative assistant.
3. A year and a half after being hired, the administrative officer requests a period of leave of six months due to personal reasons.
Make the severance taking into account that:
– The leave is granted from July 25th.
– The worker has 10 days of vacations pending.
– During the month of July he made a total of 6 overtime hours
You must specify the conditions of the periods of leave in Spain and compare them with the terms of one of the countries studied; UK, United States or Canada (you can choose the country you want).

Explain how you now think accounting and finance knowledge and skills can help you personally become a better management professional.

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Finance and Accounting for Management ECONM1015 Individual Summative Assessment (70%)

During the final plenary session in December you worked on the CIMA case NHS trust: South Ceeland Trust (SCT). Two of the three questions in this individual assessment are based on this case. The case is provided separately.
Question 1 (70%)
After considering best fit with the organisation’s values SCT has decided to use two of Kotter and Schlesinger’s approaches to change in order to deliver the required cost savings over the next three years. The two approaches are:
1. Education and participation
2. Participation and involvement
The recently appointed Chief Executive would like to develop the Trust’s management accounting practices to enable the organisation to deliver a successful cost reduction plan over the next three years and to better understand the cost of treatments they provide.
Discuss how SCT could use strategic management accounting practices to help understand their costs and plan for the next three years.
Your discussion must be no more than 1,200 words, excluding academic references, tables and diagrams. You do not need to research Kotter and Schlesinger’s change approaches, as these should not be the focus of your discussion.
Question 2 (20%)
As detailed in the case scenario the Trust is considering the purchase of three new machines to reduce costs and improve patient care. Based on the following information, use your knowledge of project appraisal methods as well as any other factors that you must consider in order to make an effective decision regarding the new machines. State any assumptions you make.
SCT has hired a financial analyst to help them understand the cost savings better to justify the cost of machine to the central Government. The analyst charged a one-off fee of £5,000 and raised following points:
• The central Government will only approve the cost of machines if savings of £3 million are achieved.
• The machines will be depreciated over three years on a straight-line basis and will be returned to the charity at the end of three years to be sold for a scrap value of approximately £0.2 million per machine.
• SCT is determined to minimize redundancies. Therefore, staff vacancies in other departments must be explored. Currently, the following vacancies are available:
o There are currently 30 administrative vacancies in other departments across the Trust. The salary advertised for these posts is £24,000 per annum.
o There are currently 40 nursing vacancies unfilled in the Trust’s hospitals. The salary for these posts is £30,000 per annum. The nurses will need to undergo training once recruited. The training cost will be £400 per employee.
Write no more than 200 words.
Question 3 (10%)
At the start of the unit you were asked to consider how taking a unit in accounting and finance would help you become a better management professional. You will now revisit this question and reflect on it as you have completed the unit.
Explain how you now think accounting and finance knowledge and skills can help you personally become a better management professional. Connect reflections on your learning from the unit to your programme pathway.
Write no more than 200 words

Assumptions

• Initial investment of £12 million, (£9 million funded by national charity)
• Life of the investment (3 years)
• Exempt from corporation tax due to being part of the department of health due to sections 985 and 986 of the Corporation tax act 2010 (CTA, 2010).
• 3 Machines costing £12 Million, assuming 1 machine costs £4 Million with a scrap value of £0.2 Million after 3 years
• Discount rate 10%
• Assumption of saving £3 million PA

Calculations are all stated in the Appendix and are referred to throughout the report.

Calculate the target cost per case using the weighted average and FIFO method.

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*please watch the video :

Maximum 1000 words (+/-10%) for the entire uploaded document
Once you have read the case, you should complete the requirements below.
For Part A, insert your answers in the Excel spreadsheet.Once you have completed the Tables in Excel, you will need to embed them into your word document. You must paste the Excel tables as a “¬picture” to avoid any words in the spreadsheet counting as part of the 1000-word limit. (This will require you to select “picture” when pasting in the word document not “keep source formatting”).

PART A – See the Excel spreadsheet to complete your answers. [Total 115 MARKS]

1) Using the information provided in the case study, prepare a cost of production report of both the CF and Bottling departments under the weighted average and the FIFO method. Note that the company currently ignores spoilage. In the Excel worksheet provided, you will find 4 sheets to help you complete this assessment requirement. What is the cost per bottle under each method? (Total 92 marks)
2) Myka would like to maintain a 50% gross profit to cover AVS’s administrative expenses of US$125,000 and target a 15% net profit. What should the target cost per bottle be in order to achieve these goals? You are required to:

a) Calculate the target cost per case using the weighted average and FIFO method. In the Excel Worksheet, you will find a 5th sheet to help you complete your calculation.
(Total16 marks)

b) Based on PART A 2a) explain if the current production report (Weighted Average) helps the company achieve the target cost per bottle? Should Myka recommend the company change its methods to FIFO? Explain your answer.
(7 marks)

PART B – Write your answer in MS Word. [Total 29 MARKS]

Myka is concerned about the spoilage. She has asked you to help her understand what is considered normal and abnormal spoilage in the winemaking process. You are required to write a memo to Myka explaining the company spoilage. In that memo, you should address the following questions:

a) Discuss why a company should measure the cost of spoilage. (7 marks)
b) How should the company treat the costs associated with normal and abnormal spoilage? Explain whether these costs need to be accounted for. (7 marks)
c) What is a possible reason for managers to state that all spoilage is normal? (7 marks)
d) Identify 3 pieces of additional information that you need from the department managers of the CF and Bottling departments to confirm that there is no abnormal spoilage and that all spoilage is normal. (2 marks each; total 6 marks)
e) If you fail to get information from the CF and Bottling managers, list one other piece of information could you use to help understand the level of spoilage. (2 marks)

PART C – Reflection (Individual submission) [14 MARKS]

A successful accounting professional uses the idea of self-reflection to improve their skills in the workplace. Reflecting on your experience of completing this assignment, you will write a self-reflection that discusses your learning experiences.
You should follow the guidelines provided in QUT cite/write on Reflective Writing:

To what extent do Saudi non-financial listed firms comply with the corporate governance disclosure before the implementation of international standards?

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                     i.            To what extent do Saudi non-financial listed firms comply with the corporate governance disclosure before the implementation of international standards?

                   ii.            How does the implementation of international standards positively influence the quality of corporate governance disclosure of Saudi Arabia business environment?

                 iii.            Does firm’s profitability determine the quality of corporate governance disclosure of Saudi non-financial firms?

                 iv.            How does the implementation of international standards influence the association between firm profitability and corporate governance disclosure quality in Saudi Arabia business environment?