Client Understanding Paper ACC 541 August 27, 2012 Abstract This paper is intended to help a client understand why I, as a new Staff 1, am asking for information regarding the following topics: * Adjusting lower cost of market inventory on valuation * Capitalizing interest on building construction * Recording gain or loss on asset disposal * Adjusting goodwill for impairment An explanation of each topic is provided, along with specific examples of each and the potential effects each can have on financial reporting. Understanding their significance and how they impact those with a vested interest in a company’s financial picture is also described. Client Understanding Paper Client Memorandum August 26, 2012 To: XYZ Corporation Re: Clarification Regarding Analysis of Client Work Papers As a newly hired Staff I, with Alpha Accountants, I have taken over the responsibility of analyzing the work papers for your organization. In response to your recent questions, I would like to clarify the reason I am asking for information on the following topics: * Adjusting lower cost of market inventory on valuation * Capitalizing interest on building construction * Recording gain or loss on asset disposal * Adjusting goodwill for impairment
The creation of Fannie Mae in 1938 marks a critical turn in U.S. of America housing policy and financing; Fannie Mae mission was to facilitate a secondary market for mortgages issued under FHA program guidelines. This created an environment where banks and other financial institutions can originate loans, sell them to investors in the secondary market and not bare any risk in the aftermath of a default, which encourage mortgage lenders to originate high risky loans, lower lending standards, and not have these loans on their balance sheets. The creation of Fannie Mae, Ginnie Mae, and Freddie Mac shaped lending practices at banks and other mortgage-lending firms. They created a secondary market for mortgages, which resulted in the creation of exotic financial instruments like MBS and CDOs. This changes allows the pooling of mortgages together and the creation of Mortgage Back Securities, which were then sold to investors in the secondary market.
Final Financial Analysis of The Home Depot and Lowes Ayesha Muhammad Columbia College The companies I picked for the assignment of financial statement analysis are, The Home Depot and Lowes. I will conduct an in dept analysis on both companies by looking into their history, comparing their strengths and weakness in their industry and compiling information about their current financial situation as it relates budgeting and investment. With this information, I will then give a recommendation into which company I would invest with good reason. Both the Home depot and Lowes are major competitors in the DIY, otherwise known as Do-It- Yourself, home improvement market. Both the home depot and Lowes carry merchandise for home, garden, lawn, landscaping, and many other merchandising projects detailed for remodeling and repair.
The Housing Finance Board sets the mortgage rates for homes and property and regulates the banks that supply the money to lenders, making sure they are loaning out the money at the correct rates. HUD works with the community to help more people become homeowners. They also help low-income families get homes. The FHA insures bank loans for buying existing homes or building new homes. The FHA helps to provide better housing standards and conditions (Oppapers.com).
Federal Emergency Management Agency Student’s Name Institutional Affiliation Federal Emergence Management Agency The Presidential Reorganization Plan under the Department of Homeland and Housing in 1979 initiated FEMA in 1978. FEMA’s work is to take action to a disaster that overcomes the state and the local authorities. Offer low interest rate loans to people with the assistance of the Small Business Administration. This loan in turn helps them to open businesses, which can help them repay the loans and improve their standards of living. Reduce the dependency rate whereby the young, elderly or the poor expect much from their well up relatives.
The Secure and Fair Enforcement for Mortgage Licensing Act of 2008 (“SAFE Act”), was passed on July 30, 2008. The new federal law gave states one year to pass legislation requiring the licensure of mortgage loan originators according to national standards and the participation of state agencies on the Nationwide Mortgage Licensing System and Registry (NMLS). The SAFE Act is designed to enhance consumer protection and reduce fraud through the setting of minimum standards for the licensing and registration of state-licensed mortgage loan. Mortgage loan originators who work for an insured depository or its owned or controlled subsidiary that is regulated by a federal banking agency, or for an institution regulated by the Farm Credit Administration,
For much of the past 30 years, Social Security has run big surpluses, which the government has borrowed to spend on other programs. Now that Social Security is running deficits, the federal government will have to find money elsewhere to help pay for retirement, disability and survivor benefits. In the short term, Social Security is suffering from a weak economy that has payroll
Even after the signing of the Personal Responsibility and Work Opportunity Reconciliation Act by Bill Clinton in 1996, which was designed to put people to work while supporting them as they tried to become self-sufficient. This did not go as congress and many others hoped it would. The Government Accountability Office [GAO] stated in 1997 alone, states received 4.7 billion dollars more than they would have without the reform (Pimpare). There was an overwhelming increase in Government spending which started the country down the wrong path for many generations to come! At the turn of the century, the Department of Health and Human Services stated almost fifty percent of the American population received the aid needed (Pimpare).
Over the past few years, our economy has faced unthinkable challenges including millions upon millions of Americans losing or has lost their jobs. For the past two years the unemployment rate has average around nine percent. Among the 26 million who are unemployed, at least seven million individuals are working illegally in the United States. Some believe that legal workers have to compete with illegal immigrants for scarce jobs. Good news is, congress have come up with a program that will eliminate unauthorized employment.
This is one of the main reasons that we don’t know a true number of the “homeless children” in this state. The parents are afraid if they ask for help they will lose their children. Just a few of the statistics given, “the number of children living in poverty has increased from 14 million to 16 million” (Watson, 2011). Alone in Michigan in the “2010-2011 school year, more than 31,000 homeless students attend school—8,500 more than in the previous school year, a 37 percent spike” (Seidel, 2011). Most figures you can find don’t even count the number of families that have doubled up living