Category: Accounting

• Do you think the same person who receives cash payments should also prepare the bank reconciliation? Give at least one reason to support your answer.
• Identify a company, business, or organization in your community (it can be one for which you work), and share some examples of current and long-term liabilities for that company. Reflect on the financial statement presentation requirements for the companys current and long-term liabilities. Based on what you have learned, what changes would you make, if any? Why, or why not?

Discussion 14 Discussion Prompt: Whats Fair and Whats Taxable? Fringe benefits like health insurance, gift cards, holiday parties, and even gym memberships can all have different tax treatments depending on how theyre structured. While some are fully tax-free, others (even small perks) may be subject to taxationespecially when they involve cash or cash equivalents. Prompt: Think about a benefit you’ve received in a job (or one youve heard about) that felt like a nice perk. Based on what youve learned, do you think it would be considered a taxable or nontaxable fringe benefit under IRS rules? Explain why, and identify what category (e.g., de minimis, working condition, qualified discount) it would fall into. Reply Requirements: Your original post should be at least 5 sentences long and apply at least one of the categories discussed in the reading or lecture. Respond to at least one classmate with a thoughtful comment (minimum 3 sentences) that builds on their example or offers another perspective. Make sure to use respectful, professional language. Bonus Thought: Do you think the IRS rules on fringe benefits are fair or confusing? Should small perks (like a $10 gift card) really be taxed?

Individual Written Assignment 1

CLOs 1,4,6

Leemo and Ride-A-Way are new ride-hailing service alternatives to taxi cabs like Uber and Lyft. While Ride-A-Way pays its drivers on a per-ride basis, Leemo prefers to pay its drivers fixed salaries. The cost structures and pricing of the two firms are given in the following table:

Cost Grouping Ride-A-Way Leemo

Selling price per ride $30 $30

Variable cost per ride $24 $15

Contribution margin $6 $15

per ride

Fixed costs per year $300,000 $1,500,000

Deliverables

1. Deliverables:
2. Research the ride-hailing industry and in no less than 500 words describe its evolution and where it stands today. You may use figures, tables, and graphs to support your argument but remember to cite your work.
3. Use the information provided to calculate the breakeven point in the number of rides for both companies.
4. Prepare two graphs plotting profit as a function of the number of rides for each of the two companies.
5. Explain which company has the more profitable cost structure.
6. Explain which companys cost structure is riskier and why.

Paper Specifics

Although this is a working paper it is also a research paper; therefore, it should be developed, organized and presented using APA formatting guidelines including the use of a title page, citations, headings, tables, figures, references and appendices (if applicable); be sure to cite at least three scholarly researched sources.

Any calculations and graphs may be done in Excel, and then transferred to a Word document. All calculations should be clearly explained as to your assumptions and how you arrived at your answers.

Note: Though the names of the teams in the case may be familiar, they are purely fictional; do not use external sources that discuss teams with similar names to support your analysis or any conclusions you draw.

Neither an abstract or running head is necessary for this assignment.

The submitted assignment MUST BE a Word Document.

Assignment Instructions

Directions

You will complete a portion of your Portfolio Project. For detailed directions, please refer to the Portfolio Project Directions and Rubrics document available in the Course Assessments folder.

Journal Entry Video

Journal Entry Video

Debits and Credits Video

You will complete parts of your Portfolio Project throughout this course. Please download and print the document linked below to keep track of all directions and deadlines.

Click the following link to download the Portfolio Project Directions and Rubrics:

ACCT120 – Portfolio Project Directions and Rubrics.docx

ACCT120 – Portfolio Project Template.xlsx

Overview

Successful entrepreneurs understand all aspects of business, especially costs and costing systems. In the course project, you will assume the role of the owner of a small business. Apply managerial accounting principles to evaluate and manage costs related to your products and services within a costing system. In the first milestone of the project, you will determine and classify the costs necessary for opening your business.

Scenario

You plan to open a business manufacturing collars, leashes, and harnesses for pets. To begin, you will manufacture these in a standard style and size with plans to expand your range over the year. In a few weeks, you will present your companys financial strategy to some key investors. To begin creating your strategy, you must consider and record all the costs associated with operating your business. You have decided to use the job order costing system.

Directions

Use the given operational costs provided in the Milestone One Operational Costs Data Appendix, linked in the Supporting Materials section, to complete the first two tabs, Cost Classification and Variable and Fixed Costs, in the Project Workbook, linked in the What to Submit section below.

Specifically, you must address the following rubric criteria:

• Cost Classification: Accurately classify all your costs in the Cost Classification tab of your workbook.
• Identify direct material, direct labor, overhead, and period costs. Note: Fixed and variable costs have been classified for you.
• Variable and Fixed Costs: Complete the Variable and Fixed Costs tab of your workbook. Note: Some costs are provided for you. Fill in only the missing costs.
• Determine your total variable cost per unit and the total fixed costs for each product. Show your work using calculations to the side of the table or using appropriate formulas in the table.

What to Submit

Submit the with the Cost Classification and Fixed and Variable Costs tabs completed. This file should be completed and submitted using Microsoft Excel.

Supporting Materials

The following resource supports your work on this assignment:

Reading:

Milestone One Rubric

CriteriaExceeds Expectations (100%)Meets Expectations (85%)Partially Meets Expectations (55%)Does Not Meet Expectations (0%)ValueCosts ClassificationClassifies all costs, including direct material, direct labor, overhead, and period costs, with no errorsClassifies all costs, including direct material, direct labor, overhead, and period costs, with minimal errorsClassifies all costs, including direct material, direct labor, overhead, and period costs, with significant errorsDoes not attempt criterion25Variable and Fixed Costs: CollarsDetermines the per unit cost and the fixed costs for collars, with no errors; shows work through calculations or formulasDetermines the per unit cost and the fixed costs for collars, with minimal errorsDetermines the per unit cost and the fixed costs for collars, with significant errorsDoes not attempt criterion25Variable and Fixed Costs: LeashesDetermines the per unit cost and the fixed costs for leashes, with no errors; shows work through calculations or formulasDetermines the per unit cost and the fixed costs for leashes, with minimal errorsDetermines the per unit cost and the fixed costs for leashes, with significant errorsDoes not attempt criterion25Variable and Fixed Costs: HarnessesDetermines the per unit cost and the fixed costs for harnesses, with no errors; shows work through calculations or formulasDetermines the per unit cost and the fixed costs for harnesses, with minimal errorsDetermines the per unit cost and the fixed costs for harnesses, with significant errorsDoes not attempt criterion25Total:100% LINKS: https://youtu.be/DBVvFhWK004 https://youtu.be/DBVvFhWK004