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Week 1
Assignments:
ACC 206 Week One Assignment
Please complete the following 5 exercises below in either Excel or a word document (but must be single document). You must show your work where appropriate (leaving the calculations within Excel cells is acceptable). Save the document, and submit it in the appropriate week using the Assignment Submission button.
Ch 1 Critical Thinking Question 5:
Chapter 1 Exercise 1:
Classification of activities Chapter 1 Exercise 4: . Overview of direct and indirect methods Chapter 1 Exercise 6: 5.
6. Equipment transaction and cash flow reporting
Chapter 1 Problem 3:
6.
3. Cash flow information: Direct and indirect methods
Acc 206 Week One Exercise Solution
Why are noncash transactions, such as the exchange of common stock for a building for example, included on a statement of cash flows? How are these noncash transactions disclosed?
Chapter 1 Exercise 1: 1. Classification of activities Chapter 1 Exercise 4: 4. Overview of direct and indirect methods
Chapter 1 Exercise 6: Equipment transaction and cash flow reporting
Chapter 1 Problem 3: 3. Cash flow information: Direct and indirect methods
Week 1 Dq1:
What information does the cash flow statement provide that you cannot see in the other financial statements (income statement, balance sheet, owner’s equity)? What elements of the cash flow statement do you think are most important for company management to monitor and why? Is this different for investors?
Week 1 Dq2:
Go to http://finance.yahoo.com. Enter in “AAPL” and click on the “get quote” button, and it will bring up information on Apple. On the left hand side you’ll see a section on Financials. Within that section, click on the cash flow. Review the cash flow statement for Apple. How would you summarize Apple’s cash flow position and what does this statement tell you about where the money is coming from and where it’s going? What would you suggest Apple’s do to improve its cash position and why?
Week 2
Assignments:
ACC 206 Week Two_Assignment
Chapter Two and Three Problems
Chapter 2 Exercise 1
Issuance of stock Chapter 2 Exercise 3 3. Analysis of stockholders' equity Chapter 2 Problem 1 1. Bond computations: Straight-line amortization Chapter 3 Exercise 1 1. Product costs and period costs Chapter 3 Exercise 2
2. Definitions of manufacturing concepts Chapter 3 Exercise 5 5. Schedule of cost of goods manufactured, income statement
Chapter 3 Problem 3 3. Manufacturing statements and cost behavior
ACC 206 Week Two Exercise Solution
Chapter 2 Exercise 1:
1.
Issuance of stock
Chapter 2 Exercise 3:
3.
Analysis of stockholders' equity
Chapter 2 Problem 1:
Bond computations: Straight-line amortization 2.
Chapter 3 Exercise 1: 1. Product costs and period costs
Chapter 3 Exercise 2:
1.
Definitions of manufacturing concepts
2.
Chapter 3 Exercise 5
3.
5. Schedule of cost of goods manufactured, income statement
Chapter 3 Problem 3
1.
Manufacturing statements and cost behavior
Week 2 Dq 1:
1. What is callable preferred stock? Why do corporations issue such stock? Given the different features that are associated with stock (callable, cumulative, preferred, etc.), what type of stock would you want to buy personally and why?
Guided Response :
Review your peers’ posts. Respond to at least two of your classmates, letting them know if you agree with their type of desired stock and whether your answer would change (and why) based on:
a. Different economic conditions b. State of the company (if the company is in a growth phase versus a mature state).
Week 2 Dq 2:
Review the roles of management accounting within a company. What is the most important role of management accounting? How is that different than financial accounting?
Acc 206 Week 2_Journal
Journal:
Institute of Management Accounting
While there are many instances of overlap between financial accounting and management accounting, each group’s primary focus is different. Review the Institute of Management Accounting’s (IMA) website, specifically the “About IMA” and the “Resources and Publications” sections of the website. Are you surprised by the topics that management accountants are focusing on? Why or why not? What interests you more, financial accounting or management accounting?
Week 3
Assignments:
ACC 206 Week_Three_Assignment:
Chapter 4 and 5 Problems
1). Cost flows and overhead application
2) Overhead application: Working backward
3)Computations using a job order system
4)High-low method
5)Break-even and other CVP relationships
6)Direct and absorption costing
ACC 206 Week Three_Solution
Chapter 4 and 5 Problems
1)Cost flows and overhead application
2)Overhead application: Working backward
3)Computations using a job order system
4)High-low method
5)Break-even and other CVP relationships
6)Direct and absorption costing
Week 3 Dq 1:
Describe three issues/problems that a company could encounter when trying to determine the actual cost of a good or service to be used in the cost of goods sold. For each of your issues, provide an example of a company or industry where these issues could be present.
Week 3 Dq2:
We’ve all experienced (or heard about) the challenges that the airlines have been facing. Read the Zacks Investment Research article, Airline Industry Stock Outlook – August 2012 Identify three factors that are affecting airline company’s ability to break even. For each of your factors, discuss how these have an impact on the breakeven (contribution margin, fixed costs, variable costs, a combination, etc.), and what happens if these factors increase or decrease.
Acc 206 Week 3 Journal
Hershey Company
Go the Hershey website to learn how to make Hershey chocolate. Review the process and take a look at some of the videos. Pay particular attention to the process steps of milling and pressing, mixing the ingredients, and refining.
In at least one paragraph, describe the costing system that you would recommend Hershey use to account for its cost of goods sold and why. Include a few product costs you think would be traceable, which costs should be allocated, and how Hershey should account and apply the manufacturing overhead costs.
Week 4
Assignments:
ACC 206 Week_Four_Assignment
Chapter 6 and 7 Problems
1)Schedule of cash collections
2) Production and cash-outlay computations
3) Comprehensive budgeting
4) Variances for direct materials and direct labor
5) Overhead variances
6) P26-A1 Basic flexible budgeting (L.O. 2)
ACC 206 Week Four_Solution
Chapter 6 and 7 Answers
Schedule of cash collections
Production and cash-outlay computations
Abbreviated cash budget; financing emphasis
Comprehensive budgeting
Variances for direct materials and direct labor
Overhead variances
Chapter 7 Problem 1
1.
P26-A1 Basic flexible budgeting (L.O. 2)
2.
Chapter 7 Problem 5
5. P26-B3 Straightforward variance analysis (L.O. 5)
Week 4 Dq 1:
Review the Standard costs: wake up and smell the coffee.article. When evaluating performance, many organizations compare current results with the actual results of previous accounting periods. Is an organization that follows this approach likely to encounter any problems? Explain.
http://www.cimaglobal.com/Thought-leadership/Newsletters/Insight-e-magazine/Insight-2010/InsightMarch-2010/Standard-costing/
Week 4 Dq2:
Flexible budgets provide different information than static budgets. Discuss some of these differences. Is a flexible budget always better? Are there times when you’d recommend using a static budget over a flexible budget?
Week 5
Assignments:
Acc 206_Week_Five_Assignment
Chapter Eight Problems
1. Basic present value calculations
2)Cash flow calculationsand net present value
3)Straightforwardnet present value and internal rate of return
4)Straightforward net-present-value and payback computations
5)Equipment replacement decision
ACC 206 Week 5 Exercise
ACC 206 Week 5 Chapter 8
Chapter 8 Exercise 1
1. Basic present value calculations
Acc 206 Week 5 DQ 1
List a few of the issues and considerations businesses should have when it comes to the selection of long-term investments and how those issues impact the various financial statements.
Acc 206 Week 5 DQ 2
Review the rights and responsibilities of Certified Management Accountants:
http://www.imanet.org/PDFs/Public/CMA/RIghts_Responsibility_CMA.pdf
What are some of the ethical responsibilities and obligations that management accountants have within an organization? Provide some examples. Are these responsibilities different than the obligations for financial accountants?
ACC 206 Final Paper
ABC Company
You’ve just been hired onto ABC Company as the corporate controller. ABC Company is a manufacturing firm that specializes in making cedar roofing and siding shingles. The company currently has annual sales of around $1.2 million, a 25% increase from the previous year. The company has an aggressive growth target of reaching $3 million annual sales within the next 3 years. The CEO has been trying to find additional products that can leverage the current ABC employee skillset as well as the manufacturing facilities.
As the controller of ABC Company, the CEO has come to you with a new opportunity that he’s been working on. The CEO would like to use the some of the shingle scrap materials to build cedar dollhouses. While this new product line would add additional raw materials and be more time-intensive to manufacture than the cedar shingles, this new product line will be able to leverage ABC’s existing manufacturing facilities as well as the current staff. Although this product line will require added
expenses, it will provide additional revenue and gross profit to help reach the growth targets. The CEO is relying on you to help decide how this project can be afforded Provide details about the estimated product costs, what is needed to break even on the project, and what level of return this product is expected to provide.
In order to help out the CEO, you need to prepare a six- to eight-page report that will contain the following information (including exhibits, but excluding your references and title page). Refer to the accompanying Excel spreadsheet (available through your online course) for some specific cost and profit information to complete the calculations.
Final Paper Spreadsheet
I. An overall risk profile of the company based on current economic and industry issues that it may be facing.
II. Current company cash flow
a. You need to complete a cash flow statement for the company using the direct method. b. Once you’ve completed the cash flow statement, answer the following questions: i. What does this statement of cash flow tell you about the sources and uses of the company? ii. Is there anything ABC Company can do to improve the cash flow? iii. Can this project be financed with current cash flow from the company? Why or why not? iv. If the company needs additional financing beyond what ABC Company can provide internally (either now or sometime throughout the life of the project), how would you suggest the company obtain the additional financing, equity or corporate debt, and why?
III. Product cost: ABC Company believes that it has an additional 5,000 machine hours available in the current facility before it would need to expand. ABC Company uses machine hours to allocate the fixed factory overhead, and units sold to allocate the fixed sales expenses. ABC Company expects that it will take twice as long to produce the expansion product as it currently takes to produce its existing product.
a. What is the product cost for the expansion product? b. By adding this new expansion product, it helps to absorb the fixed factory and sales expenses. How much cheaper does this expansion make the existing product? c. Assuming ABC Company wants a 40% gross margin for the new product, what selling price should it set for the expansion product? d. Assuming the same sales mix of these two products, what are the contribution margins and breakeven points by product?
IV. Potential investments to accelerate profit: ABC company has the option to purchase additional equipment that will cost about $42,000, and this new equipment will produce the following savings in factory overhead costs over the next five years:
Year 1, $15,000 Year 2, $13,000 Year 3, $10,000 Year 4, $10,000 Year 5, $6,000
ABC Company uses the net-present-value method to analyze investments and desires a minimum rate of return of 12% on the equipment.
a. What is the net present value of the proposed investment ignore income taxes and depreciation? b. Assuming a 5-year straight-line depreciation, how will this impact the factory’s fixed costs for each of the 5 years (and the implied product costs)? What about cash flow? c. Considering the cash flow impact of the equipment as well as the time-value of money, would you recommend that ABC Company purchases the equipment? Why or why not?
V. Conclusion:
a. What are the major risk factors that you see in this project? b. As the controller and a management accountant, what is your responsibility to this project? c. What do you recommend the CEO do?
Writing the Final Paper
1. Must be six to eight double-spaced pages in length, and formatted according to APA style as outlined in the Ashford Writing Center. 2. Must include a title page with the following: a. Title of paper b. Student’s name c. Course name and number d. Instructor’s name e. Date submitted 3. Must begin with an introductory paragraph that has a succinct thesis statement. 4. Must address the topic of the paper with critical thought. 5. Must end with a conclusion that reaffirms your thesis. 6. Must document all sources in APA style, as outlined in the Ashford Writing Center. 7. Must include a separate reference page, formatted according to APA style as outlined in the Ashford Writing Center.
ACC 206 FINAL PAPER
ABC solution1
Overall Risk Profile of the Company:
Current Company Cash flow: Sources and Uses of cash Flows:
Improvement of cash flow:
Project financing:
Additional financing:
New Product Cost:
Impact of expansion:
Contribution margin and break-even point:
Potential Investments: NPV Calculation:
Acceptance of investment:
Major Risk Factors:
Responsibility as the Controller and a management accountant: