The year-end bank reconciliations are usually extensive audit and using analytical procedures are test for reasonableness of cash balances. Auditor will compare ending balances on bank reconciliation, deposits, any outstanding checks, and other reconciliation items. In order to audit any cash in the bank, the
(0.5 points) An entry recording a sum received, listed on the right-hand side or column of an account. 2. What is a credit score? (0.5 points) Credit scores is a three-digit number generated by a mathematical algorithm using information in your credit report. It's designed to predict risk, specifically, the likelihood that you will become seriously delinquent on your credit obligations in the 24 months after scoring.
Restatement of Financial Results ACC/537 This paper reviews the restatement of financial results of Kodiak Energy, Inc. for the fiscal quarter ended September 30, 2007 and the year ended December 1, 2007. The company was forced to issue a restatement because of financial accounting errors in measurement and in the application of Generally Accepted Accounting Principles in the September 2007 acquisition of the Thunder River assets. On the original financial statement, Kodiak Energy reported issuing seven million common stocks of its company in order to acquire assets owned by Thunder River Energy. In their 10-k and 10-Q statements, Kodiak Energy reported a value of $2 per share at the time of the transaction. However, an investigation by the Securities and Exchange Commission (SEC) revealed
Discuss the objectives for ACC 290 Week Four. In the wake of accounting scandals over the past several years, how has the Sarbanes-Oxley Act (SOX) of 2002 affected the practice of accounting? What is the role of internal controls in complying with SOX (2002)? Write a 350 to 500 word summary of your Learning Team’s discussion. ACC 290 Week 5 Individual Assignment Financial Reporting Problem Part II Financial Reporting Problem Part II Access the internet to acquire a copy of the most recent annual report for the public traded company used to complete the Financial Reporting Problem, Part 1 assignment due in ACC 290 Week Four.
Professor …, You asked me to research whether Jettison Manufacturing can reclassify the short-term debt into long-term debt before preparing year 2’s financial statements. Given my understanding of Jettison Manufacturing financial situation, I assume that the National Bank let the company not to repay the debt within six months. As the company has been able to correct the debt agreement violation and restore the current ratio to 2:2:1, which is acceptable to National, it can not to repay the debt yearly. The company has already reclassified the long-term debt into a short one, and now it wants to reclassify the debt again from the current liability to a long-term one. The key words of the search are “liabilities” and “debt”.
Find the difference 3. Cutoff Each cash receipt should be entered in the cash Trace recorded cash receipts at the end of receipts journal the day it arrived. Cash receipts Financial statements period and at the cutoff should be internally verified. beginning of the next period to bank deposits on the bank statement 4. Realizable value Cash receipts records should be internally verified Evaluate whether the allowance is adequate With Prelisting of cash receipts including consideration of the
Financial Reporting Problem - Part II ACC/290 Abstract This week’s essay is a continuation of last week’s topic: Financial Reporting of Wal-Mart Corporation. The topics covered will analyze the information contained in Wal-Mart’s balance sheet and income statement and discuss Wal-Mart’s assets listed under the company’s current assets list and whether or not they them in the proper order. Also covered is how these assets get classified. Breaking down these documents into the cash equivalents, the company’s total current liabilities at the end of its most recent annual reporting period compared to their total current liabilities at the end of the previous annual reporting period. By placing further consideration on
Course Project – Part B James N. Lewis Devry University’s Keller School of Business Management Applied Managerial Statistics Math - 533 Instructor: Maria Ramjerdi Date: August 17, 2014 Introduction As part of a process to determine how they can more effectively service their current customers, AJ DAVIS department store chain collected data on a sample of 50 of their credit customers. The data that was collected included: Income in $1,000’s; Household-Size; Location (Rural, Urban, Suburban); Years customer lived in their current location; and existing Credit Balances for the department store’s credit card. After an exploratory analysis was done on the data listed above, it was felt that more statistical analysis was necessary.
Mall-Wart has entered into bankruptcy the month before and they informed Apollo Shoes, Inc.. To verify the validity of this transaction, the investigator needs to collect some evidence. The investigator needs to collect original documents relating to this shipment. This includes the original purchase order from Mall-Wart requesting the shoes and the original invoice from Apollo to Mall-Wart. This is a cause for concern, if Apollo Shoes cannot produce these documents, as this is how the investigator will know the transaction is valid. The investigator must interview accounting employees to gain an understanding of how the company’s accounts receivable process works.
This can be done by creating a worksheet for cash flows similar to the one found in the book on page 274. Table 2.1(found on the following page) shows the worksheet of cash flows for Bethesda if they were to open the new mine. Using the information given in the text about the case as well as additional calculations, the chart was filled out in order to determine the cash flows for Bethesda. Table 2.1 | Year 0 | Year 1 | Year 2 | Year 3 | Year 4 | Year 5 | Year 6 | INVESTMENTS: | | | | | | | | (1) Equipment | $ (46,000,000.00) | | | | $ 22,572,752.00 | | | (2) Accumulated Depreciation | | $ 6,573,400.00 | $ 17,838,800.00 | $ 25,884,200.00 | $ 31,629,600.00 | | | (3) Opportunity Cost (land) | $ (7,500,000.00) | | | | | | | (4) Net working capital | $ 2,774,500.00 | $ 3,020,500.00 | $ 3,102,500.00 | $ 2,651,500.00 | | | | (5) Change in net working capital | $ (2,774,500.00) | $ (246,000.00) | $ (82,000.00) | $ 451,000.00 | $ 2,651,500.00 | | | (6) Total Cash flow of investments (1) + (3) + (5) | $ (56,274,500.00) | $ (246,000.00) | $ (82,000.00) | $ 451,000.00 | $ 25,224,252.00 | | | | | | | | | | | INCOME: | | | | |