Accounting

Selected T-accounts of Moore Company are given below for the just completed year: What was the cost of raw materials used in production during the year? How much of the materials in (1) above consisted of indirect materials? How much of the factory labor cost for the year consisted of indirect labor? What was the […]

Five Sections of the Final Assignment: 1.  Prepare and evaluate a Comparative Horizontal Income Statement and Balance Sheet and a Common Size Vertical Income Statement using current financials from an existing business.  2.  Conduct a Ratio Analysis using financials from an existing business and analyze both the ratio and the trend. 3.  Using the Bottoms Up Approach to Pricing, determine the minimum sales revenue needed for the first year the new business will be open.   4. Prepare an Annual Budgeted Income Statement in the USAR format for the first year of a new business. 5. Calculate and analyze Average Check Projections for both meal periods based on the prepared operating budget.

Week 7 Discussion Discuss standard costs and when it is efficient to use standard costs? Reply this 1st post: Standard Costs Standard costs are projections of actual costs in a firm’s manufacturing process as actual costs cannot be identified in advance. To obtain a standard cost, the summation of direct materials, manufacturing overheads, and direct labor are necessary (Drury, 2013). Standard costing is the accounting system used to identify the variances between standard and actual costing. Standard costs are beneficial to a firm as it can assign value to its inventory by multiplying the actual stock by the standard cost of each item.             Similarly, it is useful in product pricing as budgets furnish information on expected expenses incurred by the business. Such information guides management on the amount to charge to obtain target profit (Collis, 2016). Standard costs assume there are no fluctuations in prices and, as such, allow financial costs to be produced more accessible and faster. The main disadvantages are that it only focuses on unfavorable variances and does not provide enough information to distinguish product units.   Standard costs are useful, especially in the manufacturing industry, for budgeting for the upcoming year. Standard costs are vital in the analysis of variances and cost control as they are compared against the actual costs with variations caused changes in material and labor costs as well as manufacturing overheads (The Role of Standard Costs in Management | Managerial Accounting, n.d.). It explains the management by exception method. For instance, unfavorable variance calls for management action in guiding the firm to achieve the cost element of its profit objective. Unfavorable difference occurs when the actual costs are more than the ideal costs. A favorable budget difference is when actual expenses do not exceed typical costs and do not require management action.  Notably, in developing standards, assumed conditions for meeting the standards is considerable. There are ideal and practical standards. Perfect standards form the best manufacturing circumstances where workers are highly efficient and skilled and with no machinery problems (Collis, 2016). Reasonable standards are strict but attainable requirements with allowances for machinery issues and workers’ rest periods.  References Collis, J. (2016). Management accounting. Drury, C. M. (2013). Management and cost accounting. Springer.  The Role of Standard Costs in Management | Managerial Accounting. Retrieved 17 August 2020, from ———————————————————————————————————————————— Reply second post:  Standard costs set standards for measuring the performance of specific tasks completion; standards are set both for quantity and costs needed to produce goods or services (Noreen, 2020). Cost standards indicate what the cost per unit should be. Standard costs can be analyzed by the services we provide in retail sales, by examining quota attainment and sales based on hourly wages; the cost to achieve one sale with a variance if it takes less or more time over the duration of a set time period.    Noreen, (2020), outlines several key advantages to standard costs; for management and leadership, this analysis allows management to focus on outside factors as long as costs conform to standards. They also provide benchmarks for both efficiency and performance- this is especially appropriate when dealing with sales and quota targets and attainment. This also simplifies bookkeeping as standard costs for materials, labor, and overhead can be charged to jobs.    There are also restrictions and pitfalls to be aware of standard costs. One issue that I experience is using standard costs to assign blame or punish subordinates, as opposed to examining processes that may be negatively impacting the process. In sales, that means using standard costs variances negatively may lead to unethical sales practices to cover up or hide unfavorable cost vs profit reporting.    Noreen, E.W., Brewer, P.C. & Garrison, R.H.  (2020).  Managerial Accounting for Managers.  5th edition.  McGraw-Hill + e-book + Connect + Learn ISBN: 978-1260480771

1.Define each of the following terms:  Signaling hypothesis; clientele effect 2.How did the bird-in-the-hand theory get its name?

Please help with this situation analysis for three or four pages  You are a tax partner in a regional CPA firm. One of your fellow partners requests you to assist in a presentation to a new client, John Smith. John is a business executive with a scientific background, and is about to form a new business. John is a married taxpayer with three children. He is in the 35% federal marginal tax bracket. John has approximately $800,000 to invest in the new business. John plans to start a pharmaceutical consulting company. He has developed a business plan and has obtained available financing of $500,000 secured by his assets. The business will be located in New Jersey or Pennsylvania with nine -twelve employees initially. John projects a loss in the first year of operation of approximately $90,000 due to start up costs, including marketing and business development. He is interested in protecting his personal assets from the creditors of the business venture. John anticipates making $170,000 of fixed asset purchases during the first year of operation. Three of John’s friends, Todd who is an attorney with a scientific background, Scott, who is an IT specialist, and Kate, who is a marketing/public relations and project manager, will join the business venture. Todd’s contributions to the business venture will his legal services, business advice, and cash of approximately $100,000. Scott   will only contribute his services. Kate will contribute $40,000 and her services to the business. Since the business is projected to be profitable and expand in year two, John may seek funding from outside investors for expansion in year three. He does not want a large number of investors. Requirements Please prepare a concise written report responding to the following questions: 1.Based on the above, what entity do you recommend for John in this situation- sole proprietorship, partnership, C Corporation, S corporation, or LLC? Why? 2.Briefly discuss the state tax implications and differences of operating in New Jersey or Pennsylvania? 3.What other current business and personal tax planning advice would you give John?

Locate five (5) articles from scholarly peer-reviewed accounting journals that address recent or upcoming changes in forensic accounting standards and practices applicable to practicing accountants. No article can be more than three (3) years old. In selecting articles, try to find sources that are relevant to the areas of accounting you are most interested in. Analyze and critique each of these articles with an eye toward the advantages and disadvantages of the upcoming changes.   With your research results, use PowerPoint to create a detailed lecture for a group of forensic accountants who have recently received their CFE license. Incorporate appropriate animations, transitions, and graphics as well as “speaker notes” for each slide. The speaker notes may be comprised of brief paragraphs or bulleted lists. Support your presentation with at least five (5) scholarly resources. In addition to these specified resources, other appropriate scholarly resources may be included.   Length:  12 slides (with a separate title and reference slide)  Note Length:  100 -150 words for each slide Be sure to include citations for quotations and paraphrases with references in APA format and style where appropriate.

2) describe the various types of audits. 8) do taxpayers face only monetary fines or can they be sentenced to jail? 18) beta company, the sole proprietorship, anticipates $800,000 of taxable income for the year before considering additional projects. What marginal tax rate should I use in evaluating a project that may generate $200,000 of additional income? 22) what is the difference between primary authority and secondary authority? 24) what is a tax service? 28) In the citation REG. 1.247-3, what do the one and the 247 indicate? 38) Adam play else’s tax return on April 15 and his tax return shows that he owes $3000. Due to some bad planning, Adam could not pay his taxes and filing his tax return. Adam finally made his payment in full on July 10. What is the late payment penalty that Adam will be assessed? 44) Cynthia and Howard, married taxpayers filing a joint return, have $100,000 in taxable income in 2019. They have four children ages 4 through 12 who have no income that is taxable. If they can legally shift $2000 in taxable income to each child, how much does the family save in taxes.

Peter and Maria Williams live in Miami, Florida, and have hired your Group to prepare their income tax for the taxable year 2019. Read carefully the following personal and financial information supplied by the William’s family and prepare an Excel spread sheet to answer the questions and requirements shown at the end on page four. (See Attachment)    Personal information is as follows:   Peter Taxpayer               Married               Filing Jointly             DOB 6/30/1961                            Maria  Wife               Does not work             Full time Student             DOB 12/31/1966                          John Son               Full time Student             DOB 6/15/2002             Lived with the taxpayer from 06/05/2019 to 12/31/2019 Peter pays more than 50% of his support expenses                         Paula     Friend               No full time Student             DOB 1/20/1995             Lived with the taxpayer from 01/01/2019 to 12/31/2019                    Carlos Peter’s Father             DOB 6/1/1933             Retired               Carlos lives in Denver, CO.           Peter contributes with 55% of his Father’s support                        Peter is currently working with “ABC” corporation         Peter lost his former job and got unemployment payments      Peter paid alimony to his ex-wife                           All in Peter’s family are USA citizens            Peter has a small business he personally runs in his free time Financial information is as follows:           W-2 From his employer     Wages, tips, other compensation   105,000 Federal income tax withheld   17,850 Social security tax withheld (complete this information)   ? Medicare tax withheld (complete this information)   ?       1099-M received from his customers     Accounting Consultant fees received   45,000     Self-Employee Business Activity Reported     Sales   675,000 COGS   268,000 Expense – W-2 Wages paid to their employees   81,800 Expense – Office supplies for business   32,400 Expense – Office Rent paid for business   60,300 Business Property and Equipment   650,000     Other Income and/or Expenses     Unemployment Received   1,600 Alimony Paid   1,250                 Medical Expenses   47,000 Health insurance premiums shown on Peter’s W-2       for Peter, Maria, John, Paula & Tim ($5000 each person) 20,000   Peter’s father’s Dental Treatment 12,500   Prescribed glasses for Maria’s father who lives in NY 650   Medical co-pays for Peter’s wife 350   Peter’s Lab Exams that were not covered by his health insurance 500   Peter’s esthetic plastic surgery to repair a nose problem due to an accident 6,000   Insurance reimbursed 60% of the nose Plastic surgery ?   Maria’s plastic surgery to remove fat excess from her belly 7,000               Mortgage payments and Tax for a Home bought on 06/01/2018 for $745,000   25,600    Principal Paid 10,000      Interest Paid 12,000      Home property State tax Paid 3,600           Mortgage payments and Tax for a Home bought on 06/01/2018 for $745,000   25,600    Principal Paid 10,000      Interest Paid 12,000      Home property State tax Paid 3,600     Other Personal Expenses   23,090 Utilities paid (Home) 4,000   Groceries 5,000   Cable, cell, and internet 1,440   Condominium Association’s Due 2,000   Gas and personal vehicle maintenance 1,600   Home improvements 2,600   A/C and Home Repairs 5,000   Credit card interest (personal) 750   Sales Tax paid 700     Loan Payments for Maria’s Education   8,300    Principal 6,500      Interest 1,800     Donations   28,000    Land donated to” XYZ” Church  25,000      Cash Donated to a needed family who attends your church 3,000         Hurricane Casualty loss – Florida is Federally declared a Disaster Area        Appraisers determined that 60% o the home was destroyed        Appraisers used the Home appraised tax value to determine the loss 575,000      Insurance reimbursed 87.5% of the loss ?         Taxpayer pays for his vehicle   2,600    Principal 1,500      Interest 1,100         Rental of vacation Home – information          It was used 30 days for family’s vacations.          The Williams’ live in the city the rest of the year          Vacation home rented for 150 days 15,000        They paid real estate taxes on the vacation home 2,400         Utilities were paid at $150/month 900         Mortgage interest paid to Citibank 4,800         Six months Depreciation 1,200         You Are Required to: The Williams require you to determine the following as of December 31, 2019:   Determine Social Security and Medicare that should appear in the W-2 form Self-Employment tax. If any, apply the Social Security Tax only to the maximum amount required Adjusted Gross Income Taxable Income after Total number of dependents Amount and detailed calculations of the Standard or Itemized deduction as the case may be Determine any carryover and/or carryforward that applies for any concept Determine the Qualified Business Income Deduction if applicable Determine their Payable or Refundable Tax, disregarding all possible credits the Williams might be entitled to.

Instructions Tasks: 1. Using Amazon.com as an example, prepare a collaboration sales activity model. 2. What is the difference between an online process and a traditional brick-and-mortar store process? Grading Rubric: 4 points – prepared a well-reasoned collaboration sales activity model using BPMN. 2 points – prepared a well-reasoned analysis that articulates the difference between an online process and a traditional brick-and-mortar store process.

All of the following prompts will require the use of the attached “Financial Statements” and “Background Information” documents along with additional external research in order to perform high-level analysis as needed to reach conclusions regarding the current-year audit of the company.  A.  Develop an internal report (suggested length of 2–5 pages) addressed to the senior partner that discusses any potential legal or ethical issues regarding the PGM engagement by doing the following: 1.  Identify three potential legal issues or conflicts associated with FRA’s ability to audit PGM. a.  Discuss the rules in place that address these legal issues or conflicts. 2.  Identify three potential legal issues or conflicts associated with FRA’s ability to audit PGM’s 401(k) plan. a.  Discuss the rules in place that address these legal issues or conflicts. 3.  Identify the three potential ethical issues or conflicts associated with FRA’s ability to audit PGM. a.  Discuss the rules in place that address these ethical issues or conflicts. 4.  Identify the three potential ethical issues or conflicts associated with FRA’s ability to audit PGM’s 401(k) plan. a.  Discuss the rules in place that address these ethical issues or conflicts. 5.  Identify two potential fraud risks within PGM or with PGM’s 401(k) plan.   B.  Acknowledge sources, using in-text citations and references, for content that is quoted, paraphrased, or summarized.   Note: Specific citation of accounting rules is not required.