Net Income

Question 3: Explain why net income is different from the net cash provided by operations. (10 points)RubricsDescriptor 9-10 The student demonstrates an excellent understanding of theconcepts. 8-8.9 The student demonstrates a good understanding of the concepts. 7-7.9 The student demonstrates a fair understanding of the concepts. 6-6.9 The student demonstrates some, but insufficient understanding of theconcepts. 3-5.9 The student demonstrates insufficient understanding of the concepts.They may mention some relevant ideas or concepts, although it is clear that the relationship between them is not understood by the student.1-2.9 The student demonstrates insufficient understanding of the concepts and does not mention any relevant ideas or concepts.0 The student leaves the question blank or cheats.95% of the grade based on the approach, calculations and comments, and 5% based on the presentation and look & field of the spreadsheet. Points are at the end of each question.

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Income Statement

You must answer all the questions in the proposed business case.Formalities:Submission file format: Excel document with all the answers, clearly identifying all steps, results, journals and including comments besides each answer. Submission date: The assignment must be submitted on Turnittin no later than 20th January at 23:59 CEST.It assesses the following learning outcomes:• Critically understand the different unusual events that affect the retained earnings. • Knowing how to elaborate an income statement • Knowing how to properly elaborate a statement of cash flow.Part 1: changes in retained earningsChester is a company dedicated to the transports.On 1st of March 2019, Chester sells its unprofitable segment, a restaurant activity.This segment generated in 2019 a net loss of $92,000 and its assets sold at a loss of $80,000.On 1st of May 2019, an earthquake destroyed one of Chester’s offices. The company suffered a loss of $230,000.On 31st of December 2019, the board of managers decides to change the depreciation method from straight line to 200% declining balance method for the fleet of trucks acquired the 1st of January 2016.The effect of the change is an additional expense of $96.000For the while year 2019 Chester reported an income from continuing operations of $1,950,000.Applicable tax rate is 30%.Chester had 200,000 shares of capital stock outstanding throughout the yearQuestion 1: Prepare a condensed income statement including proper presentation of the discontinued restaurant operations and the extraordinary loss. Include all appropriate earnings per share figures. (50 points)Part 2: Statement of cash flowsShown below is information from the financial statements for 2019 of Robbe’s Inc:Accounts Beginning of the year End of the year Accounts receivable $139.000 $100.000 Inventory $160.000 $150.000 Prepaid expenses $12.000 $21.000 Accounts payable $101.000 $97.000 Accrued liabilities $32.000 $30.000 Net sales $1.272.000 Cost of the goods sold $637.000 Expenses (inlcuding depreciation of € 68,000) $302.000

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Cost-Saving Measures

Research the generic substitution laws in the state where you live or intend to seek employment, and then address the following:In your initial post, indicate which state you researched, and then answer the questions below. Kansas should be the state.Do you think your state’s laws make it easier or harder for patients to obtain less expensive generic alternatives? Provide the rationale for your opinion, referencing your state’s law if applicable.Aside from generic medications, what are some other ways pharmacies can help patients save on costs?

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FASB Codification

FASB CodificationThe Financial Accounting Standards Board (FASB) is a domestic, not-for-profit organization based in Connecticut. For more than 40 years, the FASB has helped set reporting standards within the accounting trade. Visit the FASB website and read About the FASB to learn more about its history.One of the FASB’s major contributions to the accounting profession is the FASB Codification. Codification content is organized by subject matter in a hierarchy. Think of it as an outline structure that you can drill into to get information regarding your specific topic of interest.The codification’s hierarchy begins with the following four highest levels:Area.Topic.Subtopic.Section.As you research, you will drill down in the hierarchy, beginning with the Area of interest, then picking the Topic within the area, then the Subtopic, then the Section. Areas, Topics, and Subtopics are simply landing pages that contain tables of contents. Sections are the only pages that have codification content.For example, if you wanted to research costing inventory, you would drill down by clicking on the following: Assets > 330 Inventory > 10 Overall > 30 Initial Measurement > General > 30-1 Cost Basis.You would then see the detailed codification specific to costing inventory.Although there are literally thousands of sections within the hundreds of subtopics, once you practice and get used to moving around in the codification, it is easy to research your accounting topics. You may find yourself utilizing it not only for class research, but also for topics you are working on in your professional life and topics that you may simply find interesting.Note: Once you have drilled down to your subtopic, you may find it useful to click Combine Subsections. This will show the different subsections and their content on one page, allowing you to quickly scan and review areas of interest to you.The codification is organized within the following nine areas:General Principles.Presentation.Assets.Liabilities.Equity.Revenue.Expenses.Broad Transactions.Industry.The Industry area identifies 32 industries that have specific items unique to them. These industries range from five different areas of Entertainment to Mining, Financial Services, Airlines, Agriculture, Franchisors, Software, Health Care Entities, and many more.To complete this assignment, you will need to access the FASB Codification. (Note: A login and password are required to access this site and are available from your professor.)For this assignment, write a 2–4 page paper in which you:Select one of the industries that interests you, and briefly explain why.Identify how many subtopics are in the industry you selected.Pick two subtopics within your selected industry that are applicable to a balance sheet (something to do with assets, liabilities, or equity).Identify your chosen subsections by number and title. Explain what they mean in your own words.Identify what accountants in your selected industry might be focused on as an area or areas of concern.This course requires the use of Strayer Writing Standards (SWS). For assistance and information, please refer to the Strayer Writing Standards link in the left-hand menu of your course. Check with your professor for any additional instructions.The specific course learning outcome associated with this assignment is:Examine industry research as it relates to a balance sheet.

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Revenue Recognition and Accounting Methods

For this assignment you will submit a draft of the revenue recognition and accounting methods, summarizing the following critical elements: I. Memorandum, sections B, C, and D, and II. Conclusion, section C.You will determine revenue recognition and the economic impact of the client’s financial situation. Based on your decision, determine the potential tax liability, keeping in mind appropriate Internal Revenue Code and Treasury regulations. Submit this assignment as a Word document.As you are working through the cash/accrual and inventory issues this week for Milestone 2 please consider how the Tax Cuts and Jobs Act of 2017, generally effective for tax years beginning in 2018, has changed the rules.Here are links to articles from the Journal of Accountancy and Tax Advisor that summarizes changes to tax accounting for cash/accrual and inventory.

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Net Income

Question 3: Explain why net income is different from the net cash provided by operations. (10 points)RubricsDescriptor 9-10 The student demonstrates an excellent understanding of theconcepts. 8-8.9 The student demonstrates a good understanding of the concepts. 7-7.9 The student demonstrates a fair understanding of the concepts. 6-6.9 The student demonstrates some, but insufficient understanding of theconcepts. 3-5.9 The student demonstrates insufficient understanding of the concepts.They may mention some relevant ideas or concepts, although it is clear that the relationship between them is not understood by the student.1-2.9 The student demonstrates insufficient understanding of the concepts and does not mention any relevant ideas or concepts.0 The student leaves the question blank or cheats.95% of the grade based on the approach, calculations and comments, and 5% based on the presentation and look & field of the spreadsheet. Points are at the end of each question.

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Cost-Saving Measures

Research the generic substitution laws in the state where you live or intend to seek employment, and then address the following:In your initial post, indicate which state you researched, and then answer the questions below. Kansas should be the state.Do you think your state’s laws make it easier or harder for patients to obtain less expensive generic alternatives? Provide the rationale for your opinion, referencing your state’s law if applicable.Aside from generic medications, what are some other ways pharmacies can help patients save on costs?

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Financial Health

Complete the two financial health activities (The True Cost of a New Car and  The True Cost of Credit Card Use) presented in Unit 7 Topic “Financial Health” related to spending money you do not have. Share your experience with “The True Cost of a New Car” activity with your peers Change the size of the loan, years to pay it back, and the interest rate three (3) to four (4) times. Start with the lowest loan amount you might need for your new care and increase by $5000 to $10000 each turn. Start with a 3% loan (entered as .03) and increase by one (1) or two (2) percent each turn. In each case choose between 5 and 7 years to pay it back. Describe one of the monthly payments you would have to make based on your selections. Loan amount? Interest rate? Years to pay it back? Monthly payment? Does total car cost? Discuss the potential impact a car payment of that size might have on your monthly budget. Describe the other monthly expenses you would have to remove or reduce to make your payments. Why Is or isn’t the car worth the sacrifices you might have to make given the size of the monthly payments? What other options do you have to avoid taking out a car loan? Share your experience with ” The True Cost of Credit Card Use” activity with your peers Consider the following scenario: You spend an extra $50 a month using a credit card for the first year after graduation to make ends meet. The interest rate charged by the credit card company is 18%. The minimum payment you are required to send each month is $20. Now consider the real cost of that $50 dollars a month by the end of that first year provided to you in the exercise. How might the continued use of a credit card to fund an extra $50 of spending per month affect your long-term financial health? Describe two ways you could avoid the long-term consequences of spending more than you have on a regular basis. Please be sure to validate your opinions and ideas with citations and references in APA format. For more information on Financial Health read this: https://en.wikipedia.org/wiki/Financial_health_management

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Pro Forma

Reviewing the previous quarter’s financial statements will provide you with data to construct pro forma financial statements for Starbucks and make some basic projections. This week, you will be charged with constructing two pro forma financial statements and addressing some questions about your projections. The two financial statements will  include an Income Statement and Balance Sheet. To begin your assignment, download the Financial Forecasting Template. Part 1 Use Yahoo! Finance (Links to an external site.) or the EDGAR | Company Filings  (Links to an external site.)database to download the last 10Q from Starbucks into excel. Use the downloaded data to complete the Income Statement and Balance Sheet on the  appropriate tabs in the Financial Forecasting Template. Assume the  following: Sales will increase for the next quarter by the same percentage  increase from the previous quarter to the last reported quarter. For  example, if sales increased 8% from the last quarter to the current  reported quarter, you will use 8% as the sales increase for your pro  formas. For more information on Pro Forma read this: https://en.wikipedia.org/wiki/Pro_forma

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Budget Variance

Read the scenario in the textbook and complete the activity below. Use Excel—showing all work and formulas—to complete the following: Prepare a flexible budget.  Compute the sales volume variance and the variable cost volume variances based on a comparison between the master budget and the flexible budget. Compute flexible budget variances by comparing the flexible budget with the actual results. Create a 6- to 8-slide presentation for the budget committee meeting. Complete the following in your presentation: Summarize the results of the sales volume and variable cost volume variances computations based on the comparison between the master budget and the flexible budget. Summarize the results of the flexible budget variances computations based on the comparison between the flexible budget and the actual results. Justify the favorable or unfavorable budget variances. Since this is a not-for-profit organization, address why anyone should be concerned with meeting the budget. Make recommendations for what can be done differently to stay on budget for future luncheons. Provide specific examples to support your recommendations. Cite references to support your assignment. Format your citations according to APA guidelines. For more information on Budget Variance read this: https://en.wikipedia.org/wiki/Variance_(accounting)

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