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ACC 545 Complete Class Assignments Financial Reporting

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ACC 545 Week 1 Individual Assignment CPA Report http://allmytutorials.com/?p=5922

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).

ACC 545 Week 2 Los Lobos Ledger Preparation http://allmytutorials.com/?p=5926

Learning Team Assignment Los Lobos Ledger Preparation


ACC 545 Week 3 Jamona Corporation Data http://allmytutorials.com/?p=5930

ACC 545 Week 3 Individual Assignment Jamona Corp. Scenario http://allmytutorials.com/?p=5935

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:

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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 1, 2007 (beginning inventory)

Units

Unit Cost

600

$ 8.00

1,200

9.00

Purchases: January 5, 2007


January 25, 2007

1,300

10.00

February 16, 2007

800

11.00

March 26, 2007

600

12.00

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:

Land

$ 400,000

Building

1,200,000

Machinery and equipment Total

800,000 $2,400,000

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

$105,000

Construction of bases for machinery to be installed later Driveways and parking lots Remodeling of office space in building

135,000 122,000 161,000


Special assessment by city on land

18,000

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.

ACC 545 Week 4 Individual Assignment Restructuring Debt

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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.

ACC 545 Week 5 Individual Assignment Lee Corporation Equity Scenario http://allmytutorials.com/?p=5944

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.

Net income

Dividends declared

2004

$ 40,000

$ –0–

2005

125,000

50,000

2006

160,000

50,000

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%

ACC 545 Week 6 Learning Team Assignment Consolidated Financial Statements http://allmytutorials.com/?p=5948

• •

Complete exercise 3-14, parts A, B, and C, on p. 127 of Advanced Accounting (Crain Mechanics/Downey Enterprises).


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