Prepare the general journal entries necessary to record these transactions. Identify each transaction by the date, and if no entry is required, write “No Entry.”

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Accounting question

Presented below is information related to NewCo Corp shareholder transactions

a) Prepare the general journal entries necessary to record these transactions. Identify each transaction by the date, and if no entry is required, write “No Entry.”
(b) How many shares were outstanding as of December 31, 2023.
(c) How would the journal entries change if #3 was a 3:1 stock split?
(d) How would the journal entries change if #3 was a 3:1 stock split in the form of a stock dividend?

Provide a hypothetical example of multiproduct break even analysis.Please answer each of the following questions in detail. How can the manager of advertising sales at Google use flexible budgets to enhance performance?

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Financial and Managerial Accounting: Information for Decisions

A) Provide a hypothetical example of multiproduct break even analysis.Please answer each of the following questions in detail.

B) How can the manager of advertising sales at Google use flexible budgets to enhance performance?

C) Explain departmental income statement and the criterion for division of indirect costs among departments. Provide an example from your own business experience or a hypothetical example in which at least three (3) indirect costs are divided among departments.

D) Provide in-text citations and include examples whenever applicable.

  • Is a variable costing income statement applicable to service operations? If so, provide a hypothetical example of variable costing income statements in a service operation.
  • What is the difference between variable costing and absorption costing income statements?
  1. Provide a hypothetical income statement in both formats in which the number of units sold is different from the number of units manufactured.
  2. Explain the contrast between the two formats.How can the manager of advertising sales at Google use flexible budgets to enhance performance?

Should whistleblower laws be transformed into mandatory rules that impose punishment on any person who has knowledge of a major financial reporting violation but knowingly fails to act?

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Ethics HW 66

Answer the following questions in 5 sentences.

(3). Your buddy mentioned that she is thinking about suing under the quitam law. You are not sure what that is.

  • a. What is a quitam provision ?
  • b. Can employees who do not work for the government sue under this provision?
  • C. Should the IRS offer a qui tam provision to reward citizens who help the government recover unpaid taxes? How many people would you ” rat out if you knew that you could collect , say, 20% of the unpaid taxes, fines, and penalties collected by the government ?

(4). Should whistleblower laws be transformed into mandatory rules that impose punishment on any person who has knowledge of a major financial reporting violation but knowingly fails to act?

(5). Should the amount of the reward given to a whistle- blower depend on whether the whistleblower acted out of the purest of motives, rather than greed or a desire to impose revenge on an employer or a coworker?

(6). Should co conspirators in any criminal matter be allowed to testify in court? If a whistleblower participated in perpetrating accounting fraud , should she be eligible to collect a whistleblower reward ?

(10). You currently work in the SEC reporting division of a midsize, publicly traded company. The company has a Board of Directors and an Audit Committee. You have worked there for three years, and you have a cordial but professional relationship with your direct supervisor. The company has a hotline for reporting improper accounting , fraud, embezzlement , and other misconduct .” The hotline accepts anonymous calls and is staffed by a division of a law firm that specializes in ethics and corporate compliance. The company also has a Code of Con- duct that strictly prohibits retaliation against any employee who reasonably believes that misconduct has occurred. In each of the following cases, state whether the likelihood of you reporting misconduct to your direct supervisor is Low , Medium, or High:

  • a. Late at night, you saw a colleague place an expensive art object from the company’s front lobby in the trunk of his car and drive away .
  • b. Late at night, you saw the company CEO place an expensive art object from the company’s front lobby in the trunk of his car and drive away.
  • C. You were asked to improperly classify factory rent in General Overhead . It correctly should be capitalized as an element of Work in Process Inventory Your colleague told you that, by doing this, the company’s Gross Profit Margin on sales would be higher, at least in the short run. This will lead stock market analysts to upgrade the company’s stock .
  • d. You saw a colleague deliberately book a single sale twice. This results in reported Sales being too high.
  • e . You saw a colleague deliberately move a sale from January, Year 2, into December, Year 1, by alter- ing the shipping and invoice dates .
  • f . Your company sustained a loss when a burglary occurred. The actual loss was $30,000, but your colleague exaggerated this loss, filing a claim with the company’s insurer to recover for a 70,000 loss.
  • g . A client offered you a bribe during the course of an audit to “look the other way” and accelerate the recording of an installment sale to a high- risk customer entirely into the year that goods were delivered. Under GAAP concerning sales to un creditworthy customers , some of the revenue properly should have been deferred until installment payments are received in a later year.
  • h . You suspect that a member of your internal audit team accepted a bribe because she has approved of a depreciation method for expected environmental reclamation costs that is grossly incorrect .
  • i . A foreign government official demanded a bribe from you to facilitate your company’s shipment of goods ” rapidly ” through their Customs and Importation Department .
  • j. You suspect that a partner at your CPA firm is sharing confidential information about one of your clients with an outside investor that is trading the client company’s stock.
  • k. You witnessed a fellow employee violating the company’s policy against using the Internet during work hours
  • L.You witnessed a fellow employee using pirated software at work.

Should whistleblower laws be transformed into mandatory rules that impose punishment on any person who has knowledge of a major financial reporting violation but knowingly fails to act?

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Ethics HW 66

Answer the following questions in 5 sentences.

(3). Your buddy mentioned that she is thinking about suing under the quitam law. You are not sure what that is.

  • a. What is a quitam provision ?
  • b. Can employees who do not work for the government sue under this provision?
  • C. Should the IRS offer a qui tam provision to reward citizens who help the government recover unpaid taxes? How many people would you ” rat out if you knew that you could collect , say, 20% of the unpaid taxes, fines, and penalties collected by the government ?

(4). Should whistleblower laws be transformed into mandatory rules that impose punishment on any person who has knowledge of a major financial reporting violation but knowingly fails to act?

(5). Should the amount of the reward given to a whistle- blower depend on whether the whistleblower acted out of the purest of motives, rather than greed or a desire to impose revenge on an employer or a coworker?

(6). Should co conspirators in any criminal matter be allowed to testify in court? If a whistleblower participated in perpetrating accounting fraud , should she be eligible to collect a whistleblower reward ?

(10). You currently work in the SEC reporting division of a midsize, publicly traded company. The company has a Board of Directors and an Audit Committee. You have worked there for three years, and you have a cordial but professional relationship with your direct supervisor. The company has a hotline for reporting improper accounting , fraud, embezzlement , and other misconduct .” The hotline accepts anonymous calls and is staffed by a division of a law firm that specializes in ethics and corporate compliance. The company also has a Code of Con- duct that strictly prohibits retaliation against any employee who reasonably believes that misconduct has occurred. In each of the following cases, state whether the likelihood of you reporting misconduct to your direct supervisor is Low , Medium, or High:

  • a. Late at night, you saw a colleague place an expensive art object from the company’s front lobby in the trunk of his car and drive away .
  • b. Late at night, you saw the company CEO place an expensive art object from the company’s front lobby in the trunk of his car and drive away.
  • C. You were asked to improperly classify factory rent in General Overhead . It correctly should be capitalized as an element of Work in Process Inventory Your colleague told you that, by doing this, the company’s Gross Profit Margin on sales would be higher, at least in the short run. This will lead stock market analysts to upgrade the company’s stock .
  • d. You saw a colleague deliberately book a single sale twice. This results in reported Sales being too high.
  • e . You saw a colleague deliberately move a sale from January, Year 2, into December, Year 1, by alter- ing the shipping and invoice dates .
  • f . Your company sustained a loss when a burglary occurred. The actual loss was $30,000, but your colleague exaggerated this loss, filing a claim with the company’s insurer to recover for a 70,000 loss.
  • g . A client offered you a bribe during the course of an audit to “look the other way” and accelerate the recording of an installment sale to a high- risk customer entirely into the year that goods were delivered. Under GAAP concerning sales to un creditworthy customers , some of the revenue properly should have been deferred until installment payments are received in a later year.
  • h . You suspect that a member of your internal audit team accepted a bribe because she has approved of a depreciation method for expected environmental reclamation costs that is grossly incorrect .
  • i . A foreign government official demanded a bribe from you to facilitate your company’s shipment of goods ” rapidly ” through their Customs and Importation Department .
  • j. You suspect that a partner at your CPA firm is sharing confidential information about one of your clients with an outside investor that is trading the client company’s stock.
  • k. You witnessed a fellow employee violating the company’s policy against using the Internet during work hours
  • L.You witnessed a fellow employee using pirated software at work.

Discuss the recognition and measurements of warranty including it’s relative journal entries.

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Journal entries

Discuss the recognition and measurements of warranty including it’s relative journal entries (500 words)

Prepare a prototype database for YNF. Forrest has agreed to provide financial data from his business for the 1st quarter of his fiscal year.

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Y Not Flowers – Financial Overview

Project Description and Requirements

Background

Forrest runs Y Not Flowers, Inc. (YNF), a wholesale flower distributor with stores in several major metropolitan areas of the U.S. He is considering expanding his business, but he thinks his current accounting and financial systems are restricting that expansion. He also worries that YNF is not adequately prepared to face expected business risks. He has come to you for assistance.

Instructions

Your supervisor met with Forrest and discussed his requirements in detail. At that meeting, they agreed on the following deliverables for your project.

  1. Prepare an integrated data model using UML class diagrams and the REA framework. This data model will serve as the blueprint for YNF’s prototype database that you will also develop. Also, prepare a corresponding table listing for the prototype database. Identify where different fields/attribute names provide the same information and develop recommendations for changes in field names. Again, review the data model with both Forrest and your supervisor. The diagram must be drawn using a software tool (preferably lucidchart.com). The table listing (data dictionary) must be typed following the format provided by UML activities that have been done in class. Individually complete the assignment on Connect that your supervisor has assigned to you to make sure each member of your team understands Y Not Flowers’s UML diagram and data dictionary.
  2. Prepare a prototype database for YNF. Forrest has agreed to provide financial data from his business for the 1st quarter of his fiscal year. That data will be in Excel format. You will move the data into Access, structure it appropriately, and set relationships consistent with your data model. Make changes as necessary in file structures to implement efficient tables and eliminate duplication.

Create a pivot chart in Excel. Analyze sales data using a pivot table and a pivot chart. Determine the net impact on retained earnings using data from a pivot table. Create a calculated field in a pivot table.

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Introduction to Financial Accounting

Cabinet Accessory Company: Sales, Cost, and Gross Profit Analysis[*]

Learning objectives

  1. Find and correct errors in a data set (clean the data)
  2. Add columns containing formulas to a data set
  3. Create a pivot table in Excel
  4. Create a pivot chart in Excel.
  5. Analyze sales data using a pivot table and a pivot chart.
  6. Determine the net impact on retained earnings using data from a pivot table.
  7. Create a calculated field in a pivot table.
  8. Sort a pivot table by stated criteria
  9. Filter a pivot table
  10. Interpret findings from a pivot table

Data set background

This dataset represents sales and cost data for a fictitious company, Cabinet Accessory Company (CAC), covering the four-year period from 2015 to 2018. CAC sells cabinet hardware including knobs and pulls. In the project, the student is asked to calculate the net impact on retained earnings each year from the sales and cost data. The project also focuses on the calculation of gross profit from a set of sales data and how that sales and cost data can be viewed from the perspective of the region, product line, etc.

Data dictionary

  • customer number: Description
  • region: There are eight regions: Central, East coast, Midwest, Northeast, Northwest, South, West, and International.
  • date_of_sale: Description
  • item: Description
  • brand: There are three brands: Elements, Jeffrey Alexander and Riders
  • collection: Description (there are several collections, all have sold more than 1 unit)
  • description: Description
  • list_price: Description
  • cost: Description
  • quantity_sold: Description

Prior to the analytics quiz date, all students will have access to:

  • this document with instructions
  • the video tutorial
  • the video tutorial sample dataset
  • the video tutorial slides and script
  • the dataset for a mock quiz and the mock quiz

The complete dataset will be released on Sunday March 19th at 10am, and analytic quiz will start at 11am and closes at 11:30am. Students will answer a eClass quiz with 6 questions each pertaining to variations of requirements 2 to 6:

Requirement 1 – Create three columns in the Data worksheet that calculate sales revenue, cost, and gross profit for each sales record (each row.) Use the columns already named in the Data worksheet “sales revenue,” “total cost,” and “gross profit,” respectively. Format numbers in the three columns as Accounting with two decimal places.

Requirement 2: Create a pivot table that shows sales revenue by region for each of the four years and quarters. Correct any errors in the original dataset in the worksheet that are revealed in this initial pivot table. Once you have corrected the errors in the original data set, refresh the pivot table to reflect the corrected data. Insert a pivot chart that shows the sales revenue trend by region over the four-year period. In the pivot chart, the x-axis should be years and the y-axis should be sales revenue. What trends do you see in the pivot table and pivot chart?

Requirement 3 – Create a pivot table that shows sales revenue, total cost, and gross profit for each year. What would have been the net impact on retained earnings in each of these years from the transactions listed in the data set? Ignore any tax effects.

Requirement 4 – Create a pivot table to answer questions like “What was the most profitable brand in each year, as measured by gross profit?” Link in the same pivot table gross profit percentage and sales revenue; you will need to add a calculated field to the pivot table to calculate the gross profit percentage.

Requirement 5 – Create a pivot table to answer questions like: “Within each brand, what was the most profitable collection in 2018, as measured by the gross profit percentage? The least most profitable collection for each brand?” Use the field “years” to filter the data to include just the year of 2018. You will need to use the calculated field added in requirement 4 to calculate the gross profit percentage. Within each brand, sort the collections by gross profit percentage, from the largest to the smallest. Interpret your findings.

Requirement 6 – Create a pivot table to answer questions like “Which region was the most profitable in 2018, as measured by the gross profit or its percentage?” Include gross profit (dollars) in the pivot table. Use a filter to include only sales from 2018 in this pivot table. Sort the regions by gross profit dollar or percentage, from largest to smallest.

 

To be submitted by students (eCalss online quiz)

All sections: Answer the online quiz in eClass (6 marks in total, 1 mark each question)

* Case/Exercise developed by Wendy Tietz, professor of accounting at Kent State University in Kent, Ohio, USA. More exercises and tutorials are available at https://accountingintheheadlines.com/category/data-analytics/

Discuss the eight-step fraud risk assessment process presented in SAS No. 99 and explain how performing a risk assessment will help to prevent or detect fraud. What is required by Section 404 of the Sarbanes-Oxley Act? How could this new requirement prevent or detect fraud?

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Ac465 unit3

Forensic accountants must ensure that their activities comply with the laws and regulations of the legal, regulatory, and professional environment. In this assignment, you will examine two components of the forensic accountant’s regulatory system: SAS No. 99 and the Sarbanes-Oxley Act of 2002.

In a 2-3 page informative essay, please address the following:

  1. Discuss the eight-step fraud risk assessment process presented in SAS No. 99 and explain how performing a risk assessment will help to prevent or detect fraud.
  2. What is required by Section 404 of the Sarbanes-Oxley Act? How could this new requirement prevent or detect fraud?

Assignments Submission Requirements

  • Viewpoint and purpose should be clearly established and sustained by providing specific examples to support your assertions.
  • Use correct grammar, punctuation, and spelling.
  • Writing should be well ordered, logical, and unified, as well as original and insightful.

Written response must follow the following formatting guidelines:

  • Microsoft Word document
  • Title page
  • Double-spacing, 12-point Times New Roman or Arial font, one-inch margins
  • APA in-text citations
  • APA reference list of at least two references
  • Page length requirements: 2–3 pages, not counting the title page and reference page

What went wrong in the auditor’s risk assessment procedures? Which of the three methods for substantively testing the estimate did the auditor choose? What could or should the auditor have done differently?

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Auditing accounting estimates

Read the Case 7.1 Ligand Pharmaceuticals in the Knapp casebook. you will find it in the book. page 433-338

Prepare and submit a 2-3 page paper analyzing the Ligand Pharmaceuticals case.

  • What went wrong in the auditor’s risk assessment procedures?
  • Which of the three methods for substantively testing the estimate did the auditor choose?
  • What could or should the auditor have done differently?

The standard should be used for this case + reading that on the attachment

  1. PCAOB AS 2501: Auditing Accounting Estimates, including Fair Value Measurements
  2. AICPA Statement on Auditing Standards No. 14

Prepare a 1-page discussion paper discussing the differences between the two methods and how costs are characterized in each method. What is your preference and why?

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Discussion paper

Managers must understand how costs are classified, how changes in volume affect costs and how changes in prices affect volume. In general, costs are classified as fixed, variable, and mixed.

Prepare a 1-page discussion paper discussing the differences between the two methods and how costs are characterized in each method. What is your preference and why?