Accounting

Hugo Medical Supply has applied for a loan. Pacific Commerce Bank has requested a budgeted balance sheet as of April 30 and a combined cash budget for April. As Hugo Medical Supply’s controller, you have assembled the following information:  March 31 equipment balance, $52,600; accumulated depreciation, $41,300  April capital expenditures of $42,400 budgeted for cash purchase of equipment  April depreciation expense, $700  Cost of goods sold, 60% of sales  Other April operating expenses, including income tax, total $14,200, 35% of which will be paid in cash and the remainder accrued at April 30  March 31 owners’ equity, $92,600  March 31 cash balance, $40,300  April budgeted sales, $90,000, 70% of which is for cash. Of the remaining 30%, half will be collected in April and half in May.  April cash collections on March sales, $29,100  April cash payments of March 31 liabilities incurred for March purchases of inventory, $17,300  March 31 inventory balance, $29,200  April purchases of inventory, $10,700 for cash and $36,300 on credit. Half of the credit purchases will be paid in April and half in May.  Requirements  Prepare the budgeted balance sheet for Hugo Medical Supply at April 30. Show separate computations for cash, inventory, and owners’ equity balances.  Prepare the combined cash budget for April.  Suppose Hugo Medical Supply has become aware of more efficient (and more expensive) equipment than it budgeted for purchase in April. What is the total amount of cash available for equipment purchases in April, before financing, if the minimum desired ending cash balance is $14,000? (For this requirement, disregard the $42,400 initially budgeted for equipment purchases.)  Please use the library for your research. Do not use sites such as Wikipedia or Investopedia as your sources. If you use a website, make sure you review APA guidelines as to how to properly format websites as a source. Minimum word requirement: 400; include a cover page and a separate reference page listing your sources in proper APA style. Minimum 2 sources; your textbook can be one of your sources.

 DETECTING FRAUD – PLANNING AN AUDIT See the “The Leslie Fay Companies” case (Links to an external site.) Prepare common-sized financial statements for Leslie Fay for the period 1987- 1991. For that same period, compute for Leslie Fay the ratios shown in Exhibit 2.In addition to the data shown in Exhibit 1 and Exhibit 2, what other financial information would you have obtained if you had been responsible for planning the 1991 Leslie Fay audit? As a result of this financial review, what financial statement items do you believe should have been of particular interest to BDO Seidman during that firm’s 1991 audit of Leslie Fay? Explain.

  Cost behavior and Cost-volume-profit analysis  In this discussion, please address the following statements;1.- Gouda Company and Cheddar Company had the same sales, total costs, and income from operations for the current fiscal year; yet Gouda has a lower break-even point than Cheddar. Explain the reason. 2.- Assuming Gouda is above the break-even point, what will happen for each unit sale? What are the areas that the company should focus on to ensure that they exceed their break-even points on a consistent year-to-year basis? For more information on Cost-Volume-Profit read this: https://en.wikipedia.org/wiki/Cost%E2%80%93volume%E2%80%93profit_analysis

Due Thursday As the full-time bookkeeper, your job is to make sure all transactions are recorded properly. If there is an error, each correction needs the reason for the change and the effect on each account, whether it is an increase or decrease.1.    What are some examples of transactions that would need to be recorded or journalized? 2.    Can you provide an example of a transaction and the journal entry from either Chapter 2 of our textbook or from your current employer?3.    Why is it important to accurately record the transaction you selected?4.    Suppose a co-worker has recorded a cash receipt twice and wants you to record a correcting entry that will reverse the mistakes. The correcting entry will record a credit to the Cash account and a debit to the Sales account. Your co-worker has offered to buy you dinner for fixing this mistake.5.    What should you investigate before making a decision about the correcting entry? What is happening to the Cash account? Would you accept a dinner offer from your co-worker for fixing the mistake? For more information read this:https://en.wikipedia.org/wiki/Bookkeeping

You are a Finance Manager for a major utility company. Respond to the following in a minimum of 175 words and citations: 3 different opinions Think about some of the capital budgeting techniques you might use for some upcoming projects. Discuss at least 2 capital budgeting techniques and how your company can benefit from the use of these tools. Compare your approaches to other students’ responses. How were they similar or different? Why might you use the different approaches shared by your classmates?

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.

Reflect on the assigned readings for Week 3 and then type a two-page paper regarding what you thought was the most important concept(s), method(s), the term(s), and/or any other thing that you felt was worthy of your understanding.  Define and describe what you thought was worthy of your understanding in half a page, and then explain why you felt it was important, how you will use it, and/or how important it is in project planning.  Problem Set #3Software project decision point. You need to determine an interest rate to use—select an interest rate and explain why you think this number should be used. Use it in your calculations in item 1.2. Given the information below on options 1 and 2, carry out three forms of analysis: breakeven, ROI, and NPV. Make a recommendation on which way to proceed, based on the TCO for each option. Option 1: Purchase the FunSoft package: Cost $200,000 for software and $85,000 for hardware in year one; with $50,000 to customize it and a $40,000 annual licensing fee for the life of the contract. There will be an annual saving of $61,000 due to the layoff of a clerk. Option 2: Purchase the SoftComm package, which will operate on the vendor’s hardware: Cost $250,000 for a five-year license, payable half upfront and half during the first year of implementation. The maintenance contract, at $75,000 a year, includes all currently identified modifications to the software for the first three years. The clerk’s hours will be cut by half, for a saving of $25,000 a year. In both cases, sales are expected to increase from the current $1 million a year, by 10% per year each year (over each year’s previous year’s sales) after full implementation. Assume a five-year life for the software.

In your essay, this week, find an article that in some way deals with Porter’s Generic Strategies of low cost versus differentiation and how the scope affects them.  Hint – you’ll read about this in Chapter 5.5 of your primary text.https://open.lib.umn.edu/principlesmanagement/chapter/5-7-developing-strategy-through-external-analysis/Essay PromptIn each week of the course, except week 5, you will submit a written assignment on current management and/or organizational issues. This write-to-learn assignment will expect the student to relate course concepts to real-world examples and to examine the relevance of management concepts and theories in management practice. The instructions for the assignment are as follows:1. Find an article (published after January 1, 2010) from any popular press (Harvard Business Review, Wall Street Journal, Business Week, Fortune, Forbes, Economist, and others) that addresses or relates to a concept or theory pertinent to this course, preferably a topic within the current week.2. Provide the article’s APA reference citation at the top of the essay.3. In the body of the essay, answer the following prompts: (a) Describe the scenario, situation, or issue in your own words (e.g., How do you hire and retain good employees?). (b) Identify the concept or theory in the article (e.g., see “War on Talent” in Principles of Management, ch. 16.4). (c) Describe how the concept or theory is utilized in this particular case. Submission Instructions The essay must (a) range between 300 and 400 words in length, (b) exhibit college-level writing, and (c) include appropriate references to the article and your textbook. (Both references should follow proper APA citation rules.) Students will upload each essay into MyFIRE as a Word document, using 12-point Times New Roman font. Evaluation of the topical essays will be based on the rubric in the Course Information folder.

Research and summarize the findings of a significant accounting scandal that has taken place in the past 5 years. For more information on Accounting Scandal  read this:https://en.wikipedia.org/wiki/Accounting_scandals

1. Briefly discuss Credit Card Refund and Cancellation Schemes and suggest how companies can prevent it from happening.2. Briefly discuss two types of Fraud Risk Assessment Methods