Category: Accounting

The debtors are those persons that purchased their product on credit

Learning Goal: I’m working on a management multi-part question and need support to help me learn.

Students are advised to make their work clear and well presented; marks may be reduced for poor presentation. This includes filling your information on the cover page.

Students must mention question number clearly in their answer.

Late submission will NOT be accepted.

Avoid plagiarism, the work should be in your own words, copying from students or other resources without proper referencing will result in ZERO marks. No exceptions.

All answered must be typed using Times New Roman (size 12, double-spaced) font. No pictures containing text will be accepted and will be considered plagiarism).

Submissions without this cover page will NOT be accepted.

Copying, plagiarism or theft is prohibited

And it will be from his own book

Overview

When developing a financial report, you will be required to analyze financial statements and advise stakeholders on business decisions. In financial reporting, it is crucial to understand the company background and determine the rationale in the flow of financial statements. As you gain more knowledge about a company in which you are employed, you will be able to apply accounting methods to current assets and liabilities, and you must understand the principles in GAAP behind the accounting methods for correct compliance to accepted standards.

This milestone will support your understanding of the flow of financials and current assets and liabilities, which will support your work on the project.

Directions

Choose one company from the Milestone List of Publicly Traded Companies document in the Supporting Materials section and write a professional accounting report on the chosen company. From the EDGAR website, navigate to Selected Filings and click on 10-K (annual reports) and 10-Q (quarterly reports). Choose the most recent annual report. Use the consolidated financial statements, which are located throughout the report.

Specifically, you must address the following rubric criteria:

1. Summarize the background of your company. Include the following in your response:
   1. Financial origin
   2. Purpose of company
2. Describe the flow of financials using the most current reporting available. Include the following in your response:
   1. GAAP within the flow of financials
   2. Net income
   3. Ending balance of the statement of retained earnings
   4. Ending balance of the balance sheet
3. Identify the total current assets from the financial statements. Consider the following in your response:
   • Cash
   • Receivables
   • Inventory
4. Identify the total current liabilities from the financial statements. Consider the following in your response:
   • Accounts payable
   • Sales tax payable
   • Payroll tax payable
5. Analyze the companys current assets and liabilities from information from the financial statements. Consider the following your response:
   • GAAPs impact on the reporting of current assets and liabilities
   • Financial success of this company

What to Submit

Submit your report as a 3- to 5-page Microsoft Word document with double spacing, 12-point Times New Roman font, and one-inch margins. Sources should be cited according to APA style.

Supporting Materials

The following resource supports your work on this assignment:

Resource:
This resource provides you with a list of publicly traded companies to choose from.

AI Usage

If you use gen AI tools to support your work on this assignment, be sure to follow . You must acknowledge your use of these tools in your work. Guidelines on how to cite AI tools can be found in .

Milestone One Rubric

Criteria	Exceeds Expectations	Meets Expectations	Partially Meets Expectations	Does Not Meet Expectations	Value
Background	Exceeds expectations in an exceptionally clear, insightful, or sophisticated manner (100%)	Summarizes the background of the chosen company (90%)	Shows progress toward meeting expectations, but with errors or omissions; areas for improvement may include adding details related to summarizing the background of the chosen company (70%)	Does not attempt criterion (0%)	20
Flow of Financials	Exceeds expectations in an exceptionally clear, insightful, or sophisticated manner (100%)	Describes the flow of financials using the most current reporting available (90%)	Shows progress toward meeting expectations, but with errors or omissions; areas for improvement may include adding details related to describing the flow of financials using the most current reporting available (70%)	Does not attempt criterion (0%)	20
Total Current Assets	N/A	Identifies the total current assets (100%)	Shows progress toward meeting expectations, but with errors or omissions; areas for improvement may include adding details related to identifying the total current assets (70%)	Does not attempt criterion (0%)	15
Total Current Liabilities	N/A	Identifies the total current liabilities (100%)	Shows progress toward meeting expectations, but with errors or omissions; areas for improvement may include adding details related to identifying the total current liabilities (70%)	Does not attempt criterion (0%)	15
Current Assets and Liabilities	Exceeds expectations in an exceptionally clear, insightful, or sophisticated manner (100%)	Analyzes the companys current assets and liabilities through information from the financial statements (90%)	Shows progress toward meeting expectations, but with errors or omissions; areas for improvement may include adding details related to analyzing the companys current assets and liabilities through information from the financial statements (70%)	Does not attempt criterion (0%)	20
Clear Communication	Exceeds expectations with an intentional use of language that promotes a thorough understanding (100%)	Consistently and effectively communicates in an organized way to a specific audience(90%)	Shows progress toward meeting expectations, but communication is inconsistent or ineffective in a way that negatively impacts understanding(70%)	Shows no evidence of consistent, effective, or organized communication(0%)	5
Citations and Attributions	Uses citations for ideas requiring attribution, with few or no minor errors (100%)	Uses citations for ideas requiring attribution, with consistent minor errors (90%)	Uses citations for ideas requiring attribution, with major errors (70%)	Does not use citations for ideas requiring attribution (0%)	5
Total:					100%

Scenario

You are a cost accountant at Dream and Make Art, an arts and crafts supply store. Your supervisor has asked for information about implementing cost-volume-profit (CVP) analysis in the organization. You decide to reply to your supervisors request in an email describing how CVP analysis can impact the organization. Your supervisor has also asked you to compare the costs included in the cost structure of the organization as well as how to implement profit planning going and how income tax considerations affect profit planning.

The skills practiced in this activity will help to support you in your project.

Directions

Use the knowledge you gained from this modules resources to consider the role of CVP analysis within an organization. Write an email to your supervisor that describes the elements of CVP analysis and the differences between fixed costs and variable costs.

Specifically, you must address the following rubric criteria:

1. Describe the role of CVP analysis in an organization.
2. Determine the elements needed for the CVP analysis.
3. Evaluate the advantages and disadvantages of fixed costs and variable costs.
4. Explain how the concept of operating leverage relates to cost structure.
5. Summarize the differences between before-tax profit and after-tax profit as it relates to profit planning.

What to Submit

Submit your activity as a 2- to 3-page Microsoft Word document with double spacing, 12-point Times New Roman font, and one-inch margins. Sources should be cited according to APA style.

AI Usage

If you use gen AI tools to support your work on this assignment, be sure to follow . You must acknowledge your use of these tools in your work. Guidelines on how to cite AI tools can be found in .

Module Three Activity Rubric

Criteria	Exceeds Expectations (100%)	Meets Expectations (90%)	Partially Meets Expectations (70%)	Does Not Meet Expectations (0%)	Value
Role	Exceeds expectations in an exceptionally clear, insightful, or sophisticated manner	Describes the role of CVP analysis in an organization	Shows progress toward meeting expectations, but with errors or omissions; areas for improvement may include adding details related to describing the role of CVP analysis in an organization	Does not attempt criterion	18
Elements	Exceeds expectations in an exceptionally clear, insightful, or sophisticated manner	Determines the elements needed for the CVP analysis	Shows progress toward meeting expectations, but with errors or omissions; areas for improvement may include adding details related to determining the elements needed for the CVP analysis	Does not attempt criterion	18
Advantages and Disadvantages	Exceeds expectations in an exceptionally clear, insightful, or sophisticated manner	Evaluates the advantages and disadvantages of fixed costs and variable costs	Shows progress toward meeting expectations, but with errors or omissions; areas for improvement may include adding details related to evaluating the advantages and disadvantages of fixed costs and variable costs	Does not attempt criterion	18
Operating Leverage	Exceeds expectations in an exceptionally clear, insightful, or sophisticated manner	Explains how the concept of operating leverage relates to cost structure	Shows progress toward meeting expectations, but with errors or omissions; areas for improvement may include adding details related to explaining how the concept of operating leverage relates to cost structure	Does not attempt criterion	18
Differences	Exceeds expectations in an exceptionally clear, insightful, or sophisticated manner	Summarizes the differences between before-tax profit and after-tax profit as it relates to profit planning	Shows progress toward meeting expectations, but with errors or omissions; areas for improvement may include adding details related to summarizing the differences between before-tax profit and after-tax profit as it relates to profit planning	Does not attempt criterion	18
Clear Communication	Exceeds expectations with an intentional use of language that promotes a thorough understanding	Consistently and effectively communicates in an organized way to a specific audience	Shows progress toward meeting expectations, but communication is inconsistent or ineffective in a way that negatively impacts understanding	Shows no evidence of consistent, effective, or organized communication	5
Citations and Attributions	Uses citations for ideas requiring attribution, with few or no minor errors	Uses citations for ideas requiring attribution, with consistent minor errors	Uses citations for ideas requiring attribution, with major errors	Does not use citations for ideas requiring attribution	5
Total:					100%

Learning Goal: I’m working on a management multi-part question and need support to help me learn.

Students are advised to make their work clear and well presented; marks may be reduced for poor presentation. This includes filling your information on the cover page.

Students must mention question number clearly in their answer.

Late submission will NOT be accepted.

Avoid plagiarism, the work should be in your own words, copying from students or other resources without proper referencing will result in ZERO marks. No exceptions.

All answered must be typed using Times New Roman (size 12, double-spaced) font. No pictures containing text will be accepted and will be considered plagiarism).

Submissions without this cover page will NOT be accepted.

Copying, plagiarism or theft is prohibited

And it will be from his own book

Learning Goal: I’m working on a management multi-part question and need support to help me learn.

Students are advised to make their work clear and well presented; marks may be reduced for poor presentation. This includes filling your information on the cover page.

Students must mention question number clearly in their answer.

Late submission will NOT be accepted.

Avoid plagiarism, the work should be in your own words, copying from students or other resources without proper referencing will result in ZERO marks. No exceptions.

All answered must be typed using Times New Roman (size 12, double-spaced) font. No pictures containing text will be accepted and will be considered plagiarism).

Submissions without this cover page will NOT be accepted.

Copying, plagiarism or theft is prohibited

And it will be from his own book

The following Extra Credit Assignments are now due on Sunday, May 10th, midnight. PLEASE EMAIL THE EXTRA CREDIT ASSIGNMENTS WITH THE SUBJECT LINE ‘EXTRA CREDIT ASSIGNMENTS’ INSTEAD OF UPLOADING THE FILES ON CANVAS.

Chapter 1 Extra Credit Assignments:
Falcon Services – 2 points

Chapter 3 Extra Credit Assignments:
BE-A3 – 2 Points
BE-C1 – 3 Points
BE-C2 – 3 Points
BE-C4 – 3 Points

Chapter 5 Extra Credit Assignments:
E5-19 (Requirement 2 only) – 2 Points
E5-18 – 5 Points. Calculate the ratio and average collection period for TarMart and CostGet. Also answer the second part of the question, that is, which company is the most efficient.

Chapter 6 Extra Credit Assignments:
P6-7A (Requirements 2 & 3) – 3 Points
E6-2 – 5 Points.
Illustration 6-5 – 15 Points (This problem has been uploaded under the folder ‘Chapter 6 Extra Credit’. I have also uploaded the excel template for FIFO and LIFO in that folder.)

Chapter 7 Extra Credit Assignments:
BE7-11 2 Points
BE7-12 – 2 Points
BE7-9 – 3 Points

Chapter 10 Extra Credit Assignments:
BE10-4: Record the issuance of the par value stock 3 Points.
BE10-8: Record the issuance of stock (the first transaction) only 3 Points.

You can find the templates for the Multiple-Step Income Statement under ‘Chapter 6 Resources’, Cash Flow Statement under ‘Chapter 1 Resources’, and General Journal under ‘Chapter 2 Resources’ in Canvas.

Chapter 3

BE-C4: Prepare a post-closing trial balance

The year-end adjusted trial balance of Gulf Coast Media Co. included the following account balances:

• Cash: $4,200
• Supplies: $1,100
• Equipment: $19,600
• Accumulated DepreciationEquipment: $3,400
• Accounts Payable: $2,800
• Unearned Revenue: $900
• Common Stock: $10,000
• Retained Earnings: $5,700
• Dividends: $1,300
• Service Revenue: $15,400
• Salaries Expense: $8,900
• Rent Expense: $3,100

Required: Prepare the post-closing trial balance.

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Chapter 5

E5-19: Uncollectible Accounts (Requirement 2)

Suzuki Supply reports the following amounts at the end of 2024 (before adjustment):

• Credit Sales for 2024: $260,000
• Accounts Receivable, December 31, 2024: $55,000
• Allowance for Uncollectible Accounts, Dec. 31, 2024: $1,100 (credit)

Required: Record the adjusting entry for uncollectible accounts using the percentage-of-credit-sales method. Suzuki estimates 3% of credit sales will not be collected.

E5-18: Receivables Ratios

Using the annual report data below (in millions):

Company	Beg. Accounts Receivable	End. Accounts Receivable	Net Sales
TarMart	$6,166	$6,694	$67,878
CostGet	$629	$665	$68,963

Required: Calculate the receivables turnover ratio and the average collection period (rounded to one decimal place) for TarMart and CostGet. Which company appears most efficient in collecting cash from sales?

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Chapter 6

P6-7A: Baskin-Robbins (Requirements 2 & 3)

Data for July 2024:

• Inventory (July 1): $2,300 | Inventory (July 31): $1,100
• Cost of Goods Sold: $28,700 | Sales Revenue: $69,800 | Sales Returns: $1,100

Required:

1. Calculate the inventory turnover ratio for July. Would you expect this ratio to be higher or lower in December 2024? Explain.
2. Calculate the gross profit ratio for July.

E6-2: Wayman Corporation Multiple-Step Income Statement

Data: Sales revenue $390,000; Interest exp $20,000; Salaries exp $40,000; Utilities exp $50,000; Income tax exp $50,000; COGS $130,000; Advertising exp $30,000.

Required: Prepare a multiple-step income statement for the year ended December 31, 2024.

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Chapter 7

BE7-11: Straight-Line Method

Hawaiian Specialty Foods purchased equipment for $30,000. Residual value: $3,000. Service life: 4 years.

Required: Record depreciation expense for each of the first two years using the straight-line method.

BE7-12: Activity-Based Method

Machine cost $30,000; Residual $3,000. Expected total hours: 20,000. Hours used: Year 1 (3,100), Year 2 (3,400).

Required: Record depreciation expense for the first two years using the activity-based method.

BE7-9: Partial-Year Depreciation

El Tapatio purchased furniture on Sept. 1, 2024, for $45,000. Residual: $6,000. Life: 10 years.

Required: Calculate depreciation expense for 2024 and 2025 using straight-line (Dec. 31 year-end).

Advanced Accounting II

(5 pages-INCLUDING TITLE PAGE, REFERENCE PAGE, AND DIAGRAM)

(MUST INCLUDE 6 SCHOLARLY REFERENCES) (APA format) (in-text citations are a must) (No Plagiarism) (No Use of Artificial Intelligence) (Case Study is Attached)

Case Study

Read the following case study:

Learning Objectives of the Case Study

After completion of the current case, students will be able to:

1. Apply different theoretical approaches and guidance from the Conceptual Framework to the recognition of goodwill impairment. Such understanding will provide students with a foundation for critiquing other portions of authoritative guidance.
2. Explain and critique the differences between current authoritative guidance on goodwill impairment and theoretical approaches and guidance from the conceptual framework. Such knowledge will enable the students to identify and discuss the conceptual, political, and practical forces that affect the standard-setting process.
3. Apply professional research skills and develop a decision-making process when using authoritative guidance.

Requirements of the case study:

1. This is the first year in which AM has implemented its policy of performing formal quantitative goodwill impairment tests. In preparation for the upcoming financial statement audit of AM and its subsidiaries, and for future audits, Mickelson would like you to provide documentation of the process that should be used in determining the appropriate goodwill valuation in accordance with U.S. GAAP.

   Please provide a step-by-step list or decision diagram/flowchart that details the general process of assessing goodwill impairment. There are at least three major decision steps within the process. Each major decision, though, has its own set of steps. Each step should be accompanied by a decision along with a justification for the course of action as indicated by the Financial Accounting Standards Board Accounting Standards Codification. You should prepare your documentation such that it can be applied to a broad array of scenarios involving goodwill impairment and, thus, it must extend beyond the specific fact patterns presented in the case text.

2. Based upon your knowledge of the facts presented in the case and appropriate authoritative guidance, Mickelson has asked you to oversee the testing of goodwill impairment for ZD and Hope and to ultimately determine, based on the information provided by Roberts, the valuation of goodwill and the related impairment loss, if any, for the Household Goods segment. Please provide any relevant calculations either as part of the body of your Word document submission or in a separate Excel file.
3. Beyond the companys compliance with U.S. GAAP, AMs institutional shareholders are most concerned with the quality of the financial information that they are provided, and its ability to affect their investing decisions. In past shareholder meetings, AM investors have been particularly interested in goodwill valuations of recent acquisitions, given AMs role in the market as a conglomerate.

In anticipation of questions surrounding goodwill at the upcoming shareholder meetings, Mickelson would like you to provide a written, maximum two-page, single-spaced memo containing (1) an explanation of why you chose (or did not choose) to early adopt the goodwill impairment testing provisions of ASU 2017-04; and (2) an evaluation of the efficacy of the reported goodwill amount from Requirement 2 in contributing to the quality of the information reported to AM shareholders and the public. Be sure to consider differences between the specific goodwill impairment guidance and the related theoretical guidance from the Financial Accounting Standards Board Conceptual Framework, along with the political and practical forces that may have caused them.

Pay particular attention to the Implementation Guidance portion which appears at the end of the Case Study.

Project Submission Requirements:

• Be sure to discuss and reference concepts taken from the required and recommended readings throughout the course and also from your own relevant research.
• Include a title page and reference page.
• Your Project submission should include the following:
  • a step-by-step list or decision diagram/flowchart that details the general process of assessing goodwill impairment. Please provide any relevant calculations either as part of the body of your Word document submission or in a separate Excel file.
  • a written, maximum two-page, single-spaced memo containing (1) an explanation of why you chose (or did not choose) to early adopt the goodwill impairment testing provisions of ASU 2017-04; and (2) an evaluation of the efficacy of the reported goodwill amount from Requirement 2 in contributing to the quality of the information reported to AM shareholders and the public.
  • a minimum of 6 credible, academic, or professional references beyond the course text, required and recommended readings, or other course materials. The following resources have been provided. You may wish to use them for review and/or incorporate them into your assignment as cited references.
    • PwC. (2017). . FASB.
    • PwC. (2023). .

Review the grading rubric to see how you will be graded for this Project.

Rubric

Module 8: Portfolio Project

Module 8: Portfolio Project
Criteria	Ratings	Pts
This criterion is linked to a Learning OutcomeRequirements	55 to >44.0 ptsMeets ExpectationThe Portfolio includes all of the required components, as specified in the assignment. 44 to >33.0 ptsApproaches ExpectationThe Portfolio includes most of the required components, as specified in the assignment. 33 to >22.0 ptsBelow ExpectationThe Portfolio includes some of the required components, as specified in the assignment. 22 to >0 ptsLimited EvidenceThe Portfolio includes few of the required components, as specified in the assignment.	55 pts
This criterion is linked to a Learning OutcomeContent	55 to >44.0 ptsMeets ExpectationDemonstrates strong or adequate knowledge of advanced accounting; correctly represents knowledge from the readings and sources. 44 to >33.0 ptsApproaches ExpectationSome significant but not major errors or omissions in demonstration of knowledge. 33 to >22.0 ptsBelow ExpectationMajor errors or omissions in demonstration of knowledge. 22 to >0 ptsLimited EvidenceFails to demonstrate knowledge of the materials.	55 pts
This criterion is linked to a Learning OutcomeProblem Solving	55 to >44.0 ptsMeets ExpectationDemonstrates strong or adequate knowledge of advanced accounting; correctly represents knowledge from the readings and sources. 44 to >33.0 ptsApproaches ExpectationSome significant but not major errors or omissions in demonstration of knowledge. 33 to >22.0 ptsBelow ExpectationMajor errors or omissions in demonstration of knowledge. 22 to >0 ptsLimited EvidenceFails to demonstrate knowledge of the materials.	55 pts
This criterion is linked to a Learning OutcomeSources	20 to >16.0 ptsMeets ExpectationCites and integrates at least 6 credible sources. 16 to >12.0 ptsApproaches ExpectationCites and integrates 4-5 credible sources. 12 to >8.0 ptsBelow ExpectationCites and integrates 2-3 credible sources. 8 to >0 ptsLimited EvidenceCites and integrates no credible sources.	20 pts
This criterion is linked to a Learning OutcomeApplication of Source Material	25 to >20.0 ptsMeets ExpectationSources well or adequately chosen to provide substance and perspectives on the issue; knowledge from the course linked properly to source material. 20 to >15.0 ptsApproaches ExpectationSome significant but not major problems with selection and linkage of sources. 15 to >10.0 ptsBelow ExpectationMajor problems with selection and linkage of sources. 10 to >0 ptsLimited EvidenceSource selection is seriously flawed; no linkage to knowledge from the course.	25 pts
This criterion is linked to a Learning OutcomeOrganization	20 to >16.0 ptsMeets ExpectationProject is clearly organized, well written, and in proper format, including an introduction, body, and conclusion. Conforms to project requirements. 16 to >12.0 ptsApproaches ExpectationSmall number of significant but not major flaws in organization and writing; follows proper format. In a minor way does not conform to project requirements. 12 to >8.0 ptsBelow ExpectationMajor problems in organization and writing; does not completely follow proper format. In a significant way does not conform to project requirements. 8 to >0 ptsLimited EvidenceProject is not well organized or well written and does not follow proper format. Does not conform to project requirements.	20 pts
This criterion is linked to a Learning OutcomeGrammar and Style	10 to >8.0 ptsMeets ExpectationStrong sentence and paragraph structure; few or no minor errors in grammar and spelling; appropriate writing style; clear and concise with no unsupported comments. 8 to >6.0 ptsApproaches ExpectationSmall number of significant but not major errors in grammar and spelling; generally appropriate writing. 6 to >4.0 ptsBelow ExpectationInconsistent to inadequate sentence and paragraph development; work needed on grammar and spelling; does not meet program expectations. 4 to >0 ptsLimited EvidencePoor quality; unacceptable in terms of grammar and/or spelling; inappropriate writing style that interferes with clarity.	10 pts
This criterion is linked to a Learning OutcomeDemonstrates proper use of APA style	10 to >8.0 ptsMeets ExpectationProject contains proper APA formatting, according to the CSU Global resources on APA citation style, with no more than one significant error. 8 to >6.0 ptsApproaches ExpectationFew errors in APA formatting, according to the CSU Global resources on APA citation style, with no more than two to three significant errors. 6 to >4.0 ptsBelow ExpectationSignificant errors in APA formatting, according to the CSU Global resources on APA citation style, with four to five significant errors. 4 to >0 ptsLimited EvidenceNumerous errors in APA formatting, according to the CSU Global resources on APA citation style, with more than five significant errors.	10 pts

Total Points: 250

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