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Trident ACC403 full course (all case and SLP)

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Question;Trident ACC403 module 1 caseCase AssignmentThere are three main parts to this case. Please make sure this paper is well organized and covers all of the items below.Part I.;Search the course background information, the Internet and/or the Cyber;Library. Discuss the terms listed below. Your discussion should expand;on the definition as given in the module background. Explain why these;concepts are important to financial statements.Generally Accepted Accounting Principles (US GAAP),International Accounting Standards (IFRS),Securities and Exchange Commission (SEC),Public Company Accounting Oversight Board (PCAOB),Annual report, and10-K, 10-Q, and 8-KPart II.Explain;the basic formats of financial statements such as income statement;balance sheet, statement of cash flows, and statement of retained;earnings.Part III.Everything in;Accounting typically falls into one of three categories, as illustrated;by the Accounting Equation. State the Accounting Equation: Assets =;+ _______________You will note that the;Accounting Equation comprises 3 "categories", each of which can be;broken down further into accounts. For each of the three main categories;of the Accounting Equation, list 5 or more accounts with actual amounts;that would typically be classified into each. For instance, Land;Equipment would typically be categorized as Assets.To simplify your answers, complete the assignment using a basic table or diagram.Assignment ExpectationsIt;is important to answer the questions as posed. The discussion should be;three to six pages and written in a clear and concise manner. Support;your discussion with references in APA format. You are encouraged to use;Excel or other compatible spreadsheet when computations are involved.Module 1 - SLP;Financial Accounting -;Introduction;Below find a working trial balance for Smith Company.;Smith Company;31-Dec-12;Trial Balance (accounts in alphabetical order);Debit;Credit;Accounts payable;67,000;Accounts receivable;24,500;Cash;16,700;Common stock;10,000;Depreciation expense;24,350;Cost of goods sold;254,000;Equipment (net of;depreciation);296,000;Insurance;1,400;Inventory;25,000;Long-term debt;145,000;Marketing;4,500;Paid-in capital;90,000;Property taxes;8,900;Rent;18,000;Retained earnings;???;Revenues;406,000;Salaries;67,500;Utilities;6,700;Total;747,550;718,000;Required;Prepare an income statement and a balance sheet;in good format based on the trial balance below.;After you have completed the two statements;comment on the success of the company. Write a short story about the company;based on the information from the financial statements you just prepared. You;may want to include comments about the profitability and debt load of the;company.Module 2Case AssignmentThere are two main parts to this case. Please make sure this paper is well organized and covers all of the items below.Part I.Why is revenue recognition a significant issue? How do we determine when revenues are recorded for accounting purposes?Explain the difference between a product and period expense.Discuss the matching concept as it relates to accounting for revenues and inventory.Part II. Refer to the latest annual financial statements for the two following companies: Apple:http://investor.apple.com/ and Samsung:http://www.samsung.com/us/aboutsamsung/ir/newsMain.do. Generally, this information is found in the Investor Relations area of the website.Clearly identify the companies, the time period, and include the link to the financial statements you are analyzing in your report.What accounting conventions do the two companies follow, US GAAP or IFRS?What about auditing standards for the two companies?Locate the income statement for the past two years for both companies. Prepare a table comparing five items or more from each statement.Comment on the changes from one year to another. Is the company doing better or worse? Did revenues and expenses increase or decrease?Is it easy to discern trends or compare the information from year to year and between the two companies? Please, comments on both aspects and show some examples.Module 2 - SLPFINANCIAL ACCOUNTING - INCOME STATEMENTWe are using the same company as in the first module. However, you need to consider some additional information.One client had indicated that they were interested in purchasing $45,500 worth of products, so the bookkeeper recorded the transaction. However, the client has not actually committed to the purchase.The bookkeeper already corrected the sales account. However, the bookkeeper may have made a mistake when computing cost of goods sold. She included total production costs for 2012 and did not adjust ending inventory for the $45,500 worth of units left at the end of the year. The amount of ending inventory was determined using a physical count.Smith Company31-Dec-12Trial Balance (accounts in alphabetical order)DebitCreditAccounts payable67,000Accounts receivable24,500Cash30,000Common stock10,000Depreciation expense24,350Cost of goods sold234,000Equipment (net of depreciation)316,000Insurance1,400Inventory25,000Long-term debt145,000Marketing4,500Paid-in capital90,000Property taxes8,900Rent18,000Retained earnings???Revenues406,000Salaries67,500Utilities6,700Total760,850718,000Prepare an income statement for the company in good format. Also, explain the adjustments separately. Always include the name of the company and the period covered in the title. Don't forget dollar signs where appropriate. You do not need to include the balance sheet. Consequently, you will not need all the accounts listed above. How does the income or loss compare to the original income statement? Explain the importance of the matching concept.SLP Assignment ExpectationsIt is important to answer the questions as posed. The document should be two to four pages and written in a clear and concise manner or present tables as required. Support your discussion or tables with references in APA format. You are encouraged to use Excel or other compatible spreadsheet when computations are involved. You can turn in the spreadsheet instead. The content should be equivalent to the page length suggested for a word processing documentModule 3 - CaseFINANCIAL ACCOUNTING - BALANCE SHEETCase AssignmentThe Case requires you to analyze the balance sheet for the two companies in more detail.Is there a difference in approach to valuation by US GAAP and IFRS? Discuss and note two or three specific differences. In addition, brieflyDistinguish between an expense (expired cost) and an asset.Distinguish between current and long-term assets.Distinguish between current and long-term liabilities.Review Apple?s balance sheet and provide two examples of each of the above categories.Discuss retained earnings and how income or loss and dividends affect this account. Review Apple?s retained earnings account and explain how it changes between the two past years.Comment on at least three differences between Apple?s and Samsung's balance sheets.Does Apple or Samsung have more debt?Which of the two companies is the bigger one? Explain your reasoning.Assignment ExpectationsIt is important to answer the questions as posed. The discussion should be three to five pages and written in a clear and concise manner. Support your discussion with references in APA format. You are encouraged to use Excel or other compatible spreadsheet when computations are involved.Module 3 - SLPFINANCIAL ACCOUNTING - BALANCE SHEETWe?re continuing to analyze the same company as in modules 1 and 2.Additional information added in Module 2:One client had indicated that they were interested in purchasing $45,500 worth of products. However, the client has not actually committed to the purchase.The bookkeeper already corrected the sales account. However, the bookkeeper may have made a mistake when computing cost of goods sold. She included total production costs for 2012 and did not adjust ending inventory for the $45,500 worth of units left at the end of the year. The amount of ending inventory was determined using a physical count.Additional information for Module 3:The company made a secondary offering of stock and raised an additional $225,000.The company had already paid $22,000 in dividends before deciding on the offering.The company now has cash to invest in a piece of raw land on which to build in the future. The investment takes place before year end. The cost of the land is $400,000, the downpayment is $20,000 and a note to the bank covers the rest.Smith Company31-Dec-12Trial Balance (accounts in alphabetical order)DebitCreditAccounts payable67,000Accounts receivable24,500Cash30,000Common stock10,000Depreciation expense24,350Cost of goods sold234,000Equipment (net of depreciation)316,000Insurance1,400Inventory25,000Long-term debt145,000Marketing4,500Paid-in capital90,000Property taxes8,900Rent18,000Retained earnings???Revenues406,000Salaries67,500Utilities6,700Total760,850718,000Prepare a balance sheet for the company in good format. Update the balance sheet for the changes to income in Module 2 and also consider the effect of paying the dividend. You do not need to include the income statement.Assignment ExpectationsIt is important to answer the questions as posed. The document should be two to four pages and written in a clear and concise manner or present tables as required. Support your discussion or tables with references in APA format. You are encouraged to use Excel or other compatible spreadsheet when computations are involved. You can turn in the spreadsheet instead. The content should be equivalent to the page length suggested for a word processing document.Module 4 - CaseMANAGERIAL ACCOUNTING - VARIABLE COSTINGManagerial accounting emphasizes short-term profit analysis, so the income statement is very important. Consequently, we?ll examine and discuss income statements in this first case. The assignment for this module is divided into two parts:Part I:Use the background material and Internet to answer the questions below.Discuss and analyze the difference between managerial and financial accounting. Pay particular attention to:How is managerial accounting different from financial accounting?Comment on the different needs and use of financial information for internal purposes.The managerial accounting profession and its role in today?s business environment. How has it changed over time?Comment on the Certified Management Accountant (CMA) designation. How is it different from the CPA certification?Part II:You may want to complete the SLP before addressing the questions below.Explain the main differences between the absorption and contribution (behavioral, variable) income statements. Will net income always be the same under the two approaches? If not, explain the difference.Comment specifically on why companies feel the need to create yet another income statement in a different format. What information can the company gleam from this approach which is helpful as a tool in the decision making process.Explain situations in which break-even analysis can be a useful tool. Explain the break-even formula and provide a specific example using numbers for a product with which you are familiar. Reasonable estimates are adequate. Don't forget to include the source of the information.Assignment ExpectationsIt is important to answer the questions as posed. The discussion should be three to five pages and written in a clear and concise manner. Support your discussion with references in APA format. You are encouraged to use Excel or other compatible spreadsheet when computations are involved.Module 4 - SLPMANAGERIAL ACCOUNTING - VARIABLE COSTINGWe're using a different fictitious company for the last two modules, the managerial accounting portion of this course. Below find production and sales information for Lewis Company.Product informationProd BBeginning inventory0Units produced10,000Units sold9,000Selling price per unit$300Variable costs per unitDirect material120Direct labor60Variable overhead40Variable selling and administrative10Fixed costsFixed manufacturing overhead250,000Fixed selling and administrative100,000Lewis CompanyAbsorption Income StatementFor the period ending Dec. 31, 2012Sales$2,700,000Cost of goods sold2,205,000Gross profit (margin)$495,000Selling and administrative expenses190,000Net income$305,000Prepare a contribution margin (behavioral, variable) income statement for Lewis Company, compare net operating profit from a contribution margin income statement with net income from an absorption income statement, and explain why this difference happens. Prepare a second version assuming the selling price per unit increases to $330 per unit.Use the original information to:Determine the number of units the company must sell to break even for the year?Compute break even assuming direct materials cost increase from $120 to $150, but all information remains the same.Assignment ExpectationsIt is important to answer the questions as posed. The document should be two to four pages and written in a clear and concise manner or present tables as required. Support your discussion or tables with references in APA format. You are encouraged to use Excel or other compatible spreadsheet when computations are involved. You can turn in the spreadsheet instead. The content should be equivalent to the page length suggested for a word processing document.Module 5 - CaseMANAGERIAL ACCOUNTING - BUDGETINGCase AssignmentThis case has two parts.Part I.Let?s try to apply our knowledge of variable costing and review a sample budget for a charter school. This budget is prepared assuming three levels of student enrollment (66, 100 and 120). Revenue and expenses projections are shown in the budget. Operating assumptions are shown in ?Schedule A?.The first requirement of this case relates to the planning function of a budget. Comment on the following relating to the charter school budget:Is this a static or flexible budget?What is total revenue (excluding grants) per student?What are total expenses per student?Do all expenses seem necessary?Is this school viable? How many students does the school need to break even (show your calculations with analysis and state your assumptions for break-even)?(Note: For break even analysis ? Ignore revenue received as ?Grants? and ?Startup Costs? (Schedule A).What are the general benefits of preparing this budget?Discuss how this budget is likely to be used for the control function.Part II.The second requirement of this case relates to the control function of a budget. Use the background material and Internet to answer the following questions.Variance analysis is a traditional tool used for planning and control. Comment on advantages and disadvantages of using this approach for performance evaluations.Do you have any suggestions for complementary or alternative performance measures?Assignment ExpectationsIt is important to answer the questions as posed. The discussion should be three to five pages and written in a clear and concise manner. Support your discussion with references in APA format. You are encouraged to use Excel or other compatible spreadsheet when computations are involved.Module 5 - SLPMANAGERIAL ACCOUNTING - BUDGETINGDifferential analysis involves knowing which costs are relevant, i.e. future costs that vary among alternatives. It is important to know what information to use and not just how to execute the analysis.Lewis Company (accounting information provided in the prior module) receives an offer to make a new product, called C, for a new customer. The customer wants to buy 1,100 units. Product C has the same cost structure as product B with three exceptions. The new customer is only willing to pay $250 per unit, direct materials costs will decrease by $10 per unit and Lewis does not have to incur any variable selling and administrative expenses.Make a list of the expenses and amounts that are relevant for this decision. How much with the sale of this product contribute to the profitability of Lewis?What if the company only pays $210 per unit? How does this change the contribution towards profitability?If you were the manager, would you accept this order? What considerations, other than financial would enter into your decision?SLP Assignment ExpectationsIt is important to answer the questions as posed. The document should be two to four pages and written in a clear and concise manner or present tables as required. Support your discussion or tables with references in APA format. You are encouraged to use Excel or other compatible spreadsheet when computations are involved. You can turn in the spreadsheet instead. The content should be equivalent to the page length suggested for a word processing document.

 

Paper#38425 | Written in 18-Jul-2015

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