ACC 545 Financial Reporting / Complete Class Assignments
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Week 1 ACC 545 Week 1 Individual Assignment CPA Report As the CPA for a large organization, you were asked by your manager to provide information to outside CPAs who are examining a subsidiary that has been set up as a corporation. As part of their review, the CPAs have asked you to provide them with the following explanations:
The methodology used to determine deferred taxes The procedures for reporting accounting changes and error corrections
The rationale behind establishing the subsidiary as a corporation
Prepare your response to the three questions. Before submitting your response, your manager would like to know a little bit more about the request. She has asked you to tell her what your professional responsibilities are as a CPA, and the difference between a review and an audit.
You should provide draft responses to the above questions as well as providing your manager with a summary of your responsibilities in one document (no more than 1,050 words).
Week 2 ACC 545 Week 2 Los Lobos Ledger Preparation Learning Team Assignment Los Lobos Ledger Preparation
Week 3 ACC 545 Week 3 Jamona Corporation Data ACC 545 Week 3 Individual Assignment Jamona Corp. Scenario •
Review the following information:
On January 1, 2006, Jamona Corp. purchased 12% bonds, having a maturity value of $300,000, for $322,744.44. The bonds provide the bondholders with a 10% yield. They are dated January 1, 2006, and mature January 1, 2011, with interest receivable December 31 of each year. The company uses the effective-interest method to allocate unamortized discount or premium. The bonds are classified as available-for-sale. The fair value of the bonds at December 31 of each year is as follows:
2006 – $320,500 2007 – $309,000
2008 – $308,000
2009 – $310,000
2010 – $300,000
The following information is available from Jamona’s inventory records
January 5, 2007
January 25, 2007
February 16, 2007
March 26, 2007
January 1, 2007 (beginning inventory)
A physical inventory on March 31, 2007, shows 1,600 units on hand. Select any one of the inventory methods (LIFO, FIFO, Average Cost, or others).
1. On July 6, Jamona Corp. acquired the plant assets of Berry Company, which had discontinued operations. The appraised value of the property is:
Machinery and equipment Total
Jamona Corp. gave 12,500 shares of its $100 par value common stock in exchange. The stock had a market value of $168 per share on the date of the purchase of the property.
Jamona Corp. expended the following amounts in cash between July 6 and December 15, the date when it first occupied the building.
Repairs to building
Construction of bases for machinery to be installed later Driveways and parking lots Remodeling of office space in building Special assessment by city on land
135,000 122,000 161,000
On December 20, the company paid cash for machinery, $260,000, subject to a 2% cash discount, and freight on machinery of $10,500.
1. On January 1, 2007, Jamona Corp. signed a five-year non-cancelable lease for a machine. The terms of the lease called for Jamona to make annual payments of $8,668 at the beginning of each year, starting January 1, 2007. The machine has an estimated useful life of six years and a $5,000 un-guaranteed residual value. The machine reverts to the lessor at the end of the lease term. Jamona uses the straight-line method of depreciation for all of its plant assets. Jamona’s incremental borrowing rate is 10%, and the lessor’s implicit rate is unknown.
Prepare journal entries with appropriate supporting detailed schedules for the balance sheet items: investments, inventory, fixed assets, and capital leases. Prepare appropriate note disclosures.
Week 4 ACC 545 Week 4 Individual Assignment Restructuring Debt Your company is in financial trouble and is in the process of reorganization. Your manager wants to know how you will report on restructuring the debt. Use the following information to help with this assignment.
Week 5 ACC 545 Week 5 Individual Assignment Lee Corporation Equity Scenario •
Review the following information:
Lee Corporation, a U.S. company, began operations on January 1, 2004. During its first 3 years of operations, Lee reported net income and declared dividends as follows.
The following information relates to 2007:
Income before income tax $240,000 Prior period adjustment: understatement of 2005 depreciation expense (before taxes) $ 25,000 Cumulative decrease in income from change in inventory methods (before taxes) $ 35,000 Dividends declared (of this amount, $25,000 will be paid on January 15, 2008) $100,000 Effective tax rate 40%
Week 6 ACC 545 Week 6 Learning Team Assignment Consolidated Financial Statements â€˘
Complete exercise 3-14, parts A, B, and C, on p. 127 of Advanced Accounting (Crain Mechanics/Downey Enterprises).