Write an eight to ten (8-10) page paper in which you: Evaluate any damaging financial and ethical repercussions of failure to include the inventory write-downs in the financial statements. Prepare a recommendation to the CFO, evaluating the negative impact of a civil fraud penalty on the corporation as a result of the IRS audit. In the recommendation, include essential internal control procedures to prevent fraudulent financial reporting from occurring, as well as the major obligation of the CEO and CFO to ensure compliance. Examine the negative results on stakeholders and the financial statements of an IRS audit which generates additional tax and penalties or subsequent audits. Assume that the subsequent audit and / or additional tax and penalties result from the taxpayer’s use of an inventory reserve account, applying a 10 percent reduction to inventory over three (3) years.
Write an eight to ten (8-10) page paper in which you: Evaluate any damaging financial and ethical repercussions of failure to include the inventory write-downs in the financial statements. Prepare a recommendation to the CFO, evaluating the negative impact of a civil fraud penalty on the corporation as a result of the IRS audit. In the recommendation, include essential internal control procedures to prevent fraudulent financial reporting from occurring, as well as the major obligation of the CEO and CFO to ensure compliance. Examine the negative results on stakeholders and the financial statements of an IRS audit which generates additional tax and penalties or subsequent audits. Assume that the subsequent audit and / or additional tax and penalties result from the taxpayer’s use of an inventory reserve account, applying a 10 percent reduction to inventory over three (3) years.
Known in this case as Johnson Services which has accumulated significant losses. Issues: 1. Outstanding purchase of stock (a) Mr. Jones would like to know if he should purchase the stock of Smithton outright, leaving Smithton intact. He also wants to know if he issues debt in his Johnson Services to pay for the Smith Company would that raise debt to equity issues (b) Mr. Jones also wanted to know should he convert Smithton to an S Corporation and change the fiscal year to a calendar year. (c) Mr. Jones also asked what are the potential tax ramifications that exist for
Suppose Baruk has 10 million shares outstanding. What is Baruk’s current share price? b. How many new shares must Baruk issue to raise the capital needed to pay its debt obligation? c. After repaying the debt, what will Baruk’s share price be?
After extensive review of the relevant facts in this dispute, it has come to my attention that the loss contingency is incorrectly booked for Solo Cup Company. To first understand the scope of the situation, below is a summary of key events for your reference. Timeline of Key Events 2/13/03 – Solo entered into a 15 year Equipment Lease Agreement and a 20 year Energy Services Agreement with Trigen Energy Services to construct a co-generation facility. 11/01/04 – Trigen issued a Letter of Substantial Completion to Solo and paid out $820,000, which represented the first year’s energy savings prepaid by Trigen. January 2005 – Solo notified Trigen of disputes after being dissatisfied that savings were not being realized.
Presence of a significant number of obsolescent stock. Tasks: * What does Rick Coyne do? * Enforce or abort the new strategy? 10% savings on raw materials. * Status quo * What are alternatives?
Table of Contents Executive Summary 3 Introduction 4 Analysis of Alternatives 5 Alternative 1: Introduce a new product 5 Alternative 2: Increase promotion 6 Alternative 3: Raise prices and cut costs 7 Recommendations 7 Appendix: Budgeted Income Statements & the Rate of Growth in Profits 9 Executive Summary Shepard Poles is a manufacturing company that has been providing specialized poles in the market for over ten years. Shepard Poles has about three different product lines: hiking poles, downhill ski poles, and cross-country ski poles. According to the calculation on current operating data, the company has incurred a operating loss of $ 165,000 this year. If any new strategic initiatives are not implemented next year, the unit sales and all costs are expected to rise about 7 percent and 2 percent respectively. However, this situation would make the company incur more loss next year, which is about negative $ 293,586.
__________ d. What is the amount of gross profit recognized in 2012? __________ e. As a result of this project, what is reported on the December 31, 2010, balance sheet? 9 6. (10 points) Assume Z-Mart appropriately uses the installment sales method of accounting for its installment sales. During 2011, Z-Mart made installments sales of $300,000 and received payments of $135,000 on those sales.
When I was conducting the research for financial statements, there were many interesting. On September 2012, the financial highlight of Costco Company concerning their income statement is $ 12,314,000 in comparison with Wal-Mart $108,727 and Target Corporation $ 21,559. Income report communicates the revenue of the company that generated for the duration of a period and how much the cost it incurred. On the balance sheet, that affects Costco’s current assets, long-term assets, current liabilities, and stockholder equity. As of September 2012 balance sheet, is $ 13,526,000 in comparison to Wal-Mart with $123,042 and Target Corporation with $2,829.
In preparation for a training program for supervisors and managers, identify at least three common errors in the performance appraisal process and describe them. In addition, describe steps to minimize these errors. (Points : 30) Spellchecker I 7. (TCO H) You are the HR VP for the Carringten Auto Brake Lining Company. A recent economic downturn has seriously affected the auto industry and your company, as well.