ACC 548 Week 5 Learning Team Assignment Reporting Requirements M to purchase http://allmysolution.com/ACC-548_c119.htm Product Description One issue in accounting is the qualifications of an accountant when working for a client. It is expected that a CPA will not engage in an assignment without proper qualifications. Your firm has the ability to bid on two projects: the first is engagement and examination work—not consulting or audit—for a small county hospital. The second is work for a private, not-for-profit nursing
The business required £30,000 cash for working capital. The company gets a loan of £450,000 which was transfer into the business bank account in January as shown in appendix 6. The cash budget shows a balance of £3,918 in January and £16,335 February. The loan calculation is shown in appendix 8. This is expected to be paid back within 8 years by monthly paid instalments of £5.718.41 which was calculated on a 5.1% interest rate.
A.cash B.unsecured loans C.time deposits D.U.S. government securities Question 12 of 20 5.0 Points Identify and describe the factors, in addition to supply and demand, that determine interest rates. Question 13 of 20 5.0 Points You need $8,000 four years from now for a down payment on your future house. How much money must you deposit today if your credit union pays 5% interest compounded annually? Pick the closest answer.
Hence, the SEC asked Kodiak Energy to perform a restatement under item 4.02 of the 8k disclosure rules. This item covers non-reliance on a previously filed financial statement and the related audit report. In accordance with the SEC’s request, Kodiak Energy put in a notification of late filing for their 2008 fiscal report and corrected for the transaction errors in March 2009. After the error adjustments, the restated financial reports showed an overall increase of 3.5 million dollars in the reported acquisition cost and related issuance of common shares. After the fiasco surrounding the acquisition of the Thunder River assets, shareholders lost faith in Kodiak Energy.
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”.
These funds were to pay off $114,000 of the $170,000 loan from Lester to this estate, which were then distributed to Lisa and your two nephews. The balance of $56,000 which was to he paid to you was never distributed to you. Those funds and the additional $100,000 that you personally borrowed were used to pay down the accounts payable balance. The individual that looked you the $100,000 per their note requires you to pay down the loan by $20,000 every six months starting 7/1/10. When we prepared your personal financial statements for the bank we discussed that your loans against your home are too high and that you should start reducing these down as
On March 31, 2011, Mary borrowed $200,000 to refinance the original mortgage on her principal residence. Mary paid 3 points to reduce her interest rate from 6 percent to 5 percent. The loan is for a 30year period. How much can Mary deduct in 2011 for her points paid?
c. After purchasing a personal residence, Paul probably will no longer claim the standard deduction on the income tax return. Due to mortgage interest and property tax deductions he will itemize his deductions on Schedule A. 5. For wage earners, the tax system requires employers to withhold for taxes a specified portion of an employee’s wages. Persons with income form other than wages have to make quarterly payments to the IRS for estimated taxes due for the year.
It is expected that the equipment has to be replaced after five years. Assume that the residual value is 0. On January 3 a store location was found and three months' rent was paid in advance, totalling € 3,300. Business operations began on January 3. Additional operating facts for January are as follows: New and second hand books were bought and paid, totaling € 3,200. Cash sales of € 4,000.
a) Prepare a cash budget for Sharpe covering the first seven months of 2004. b) Sharpe has $220,000 in notes payable due in July that must be repaid or renegotiated for an extension. Will the firm have ample cash to repay the notes? No, the firm will not have enough cash to pay the notes payable. Although there is enough ending cash if $200,000 is spent on the notes payable then there will be an insufficient amount to purchase raw materials or other expenditures. If the firm decides to use its cash for the notes payable it will then have to obtain financing to maintain the cash balance.