Discussion | Accounting homework help

Chapter One Discussion 

Briefly discuss the following for your Chapter One Discussion: 

Colleen Fernandez, President of Rhino Enterprises, applied for a $175,000 loan from First Federal Bank. The bank requested financial statements from Rhino Enterprises as a basis for granting the loan. Colleen has told her accountant to provide the bank with a balance sheet. Colleen has decided to omit the other financial statements because there was a net loss during the past year.  

1.  Is Colleen behaving in a professional manner by omitting some of the financial statements?

2.  Discuss the implications of this behavior. 

2 0 2 Chapter Two Discussion 

Ethics & Professional Conduct

At the end of the current month, Gil Frank prepared a trial balance for College App Services. The credit side of the trial balance exceeds the debit side by a significant amount. Gil has decided to add the difference to the balance of the miscellaneous expense account in order to complete the preparation of the current month’s financial statements by the 5 o’clock deadline. Gil will look for the difference next week, when he has more time.

1.  Discuss whether Gil is behaving in a professional manner.

0 0 0 Chapter Three Discussion 

Ethics and professional conduct in business

Daryl Kirby opened Squid Realty Co. on January 1, 2013. At the end of the first year, the business needed additional capital. On behalf of Squid Realty Co., Daryl applied to Ocean National Bank for a loan of $375,000. Based on Squid Realty Co.’s financial statements, which had been prepared on a cash basis, the Ocean National Bank loan officer rejected the loan as too risky.  

After receiving the rejection notice, Daryl instructed his accountant to prepare the financial statements on an accrual basis. These statements included $65,000 in accounts receivable and $25,000 in accounts payable. Daryl then instructed his accountant to record an additional $30,000 of accounts receivable for commissions on property for which a contract had been signed on December 28, 2013. The title to the property is to transfer on January 5, 2014, when an attorney formally records the transfer of the property to the buyer.

Daryl then applied for a $375,000 loan from Free Spirit Bank, using the revised financial statements. On the application, Daryl indicated that he had not previously been rejected for credit.

Discuss the ethical and professional conduct of Daryl Kirby in applying for the loan from Free Spirit Bank.

0 0 0 Chapter Four Discussion 

Ethics and professional conduct in business 

Picasso Graphics is a graphics arts design consulting firm.  Pablo Taylor, its treasurer and VP of Finance, has prepared a classified balance sheet as of July 31, 2014, the end of its fiscal year.  This balance sheet will be submitted with Picasso Graphics’ loan application to Paris Trust & Savings Bank.

In the Current Assets section of the balance sheet, Pablo reported a $56,000 receivable from Becky Holt, the President of Picasso Graphics, as a trade accounts receivable. Becky borrowed the money from Picasso Graphics in January 2012 for a down payment on a new home. She has orally assured Pablo that she will pay off the account receivable within the next year. Pablo reported the $56,000 in the same manner on the preceding year’s balance sheet.

Evaluate whether it is acceptable for Pablo to prepare the July 31, 2014, balance sheet in the manner indicated above.

 

0 0 0 Chapter Five Discussion 

Accounting Scandals.pdf 

Attached is a summary of some notoriously fraudulent accounting scandals, retrieved from: www.accounting-degree.org/scandals, that occurred in the past. Choose the one that interests you the most and answer the following:

1. Briefly summarize what occurred.

2. What are your thoughts regarding this activity and how do you think these issues could have been prevented?

0 0 0 Chapter Six Discussion 

If inventory is being valued at cost and the price level is steadily rising, which of the three methods of costing—FIFO, LIFO, or weighted average cost—will yield the lowest annual income tax expense? Explain.

0 0 0 Chapter Seven Discussion 
  1. Select a business in your community and observe its internal controls over cash receipts and cash payments. The business could be a bank or a bookstore, restaurant, department store, or other retailer. Briefly iidentify and discuss the similarities and differences in each business’s cash internal controls.

0 0 0 Chapter Eight Discussion 
  1. After the accounts are adjusted and closed at the end of the fiscal year, Accounts Receivable has a balance of $673,400 and Allowance for Doubtful Accounts has a balance of $11,900.  Describe how the accounts receivable and the allowance for doubtful accounts are reported on the balance sheet.

0 0 0 Chapter Nine Discussion 

Dave Elliott, CPA, is an assistant to the controller of Lyric Consulting Co. In his spare time, Dave also prepares tax returns and performs general accounting services for clients. Frequently, Dave performs these services after his normal working hours, using Lyric Consulting Co.’s computers and laser printers. Occasionally, Dave’s clients will call him at the office during regular working hours.

  1. Briefly discuss whether Dave is performing in a professional manner.

0 0 0 Chapter Ten Discussion 

Payroll accounting involves the use of government-supplied forms to account for payroll taxes. Three common forms are the W-2, Form 940 and Form 941. They may be downloaded from the Internet at http://www.irs.gov (go to forms and publications).

  1. Briefly describe the purpose of each of the three forms.

0 0 0 Chapter Eleven DIscussion 

Bernie Ebbers, the CEO of WorldCom, a major telecommunications company, was having personal financial troubles. Ebbers pledged a large stake of his WorldCom stock as security for some personal loans. As the price of WorldCom stock sank, Ebbers’ bankers threatened to sell his stock in order to protect their loans. To avoid having his stock sold, Ebbers asked the board of directors of WorldCom to loan him nearly $400 Million of corporate assets at 2.5% interest to pay off his bankers. The board agreed to lend him the money.

Briefly comment on the decision of the board of directors in this situation.

0 0 0 Chapter Twelve Discussion 

Describe the two distinct obligations incurred by a corporation when issuing bonds.

0 0 0 Chapter Fourteen Discussion

What are the major advantages of the indirect method of reporting cash flows from operating activities?

0 0 0 Chapter Fifteen Discussion 

What is the difference between horizontal and vertical analysis of financial statements?

 

Prime Paper Help
Calculate your paper price
Pages (550 words)
Approximate price: -

Why Work with Us

Top Quality and Well-Researched Papers

We always make sure that writers follow all your instructions precisely. You can choose your academic level: high school, college/university or professional, and we will assign a writer who has a respective degree.

Professional and Experienced Academic Writers

We have a team of professional writers with experience in academic and business writing. Many are native speakers and able to perform any task for which you need help.

Free Unlimited Revisions

If you think we missed something, send your order for a free revision. You have 10 days to submit the order for review after you have received the final document. You can do this yourself after logging into your personal account or by contacting our support.

Prompt Delivery and 100% Money-Back-Guarantee

All papers are always delivered on time. In case we need more time to master your paper, we may contact you regarding the deadline extension. In case you cannot provide us with more time, a 100% refund is guaranteed.

Original & Confidential

We use several writing tools checks to ensure that all documents you receive are free from plagiarism. Our editors carefully review all quotations in the text. We also promise maximum confidentiality in all of our services.

24/7 Customer Support

Our support agents are available 24 hours a day 7 days a week and committed to providing you with the best customer experience. Get in touch whenever you need any assistance.

Try it now!

Calculate the price of your order

Total price:
$0.00

How it works?

Follow these simple steps to get your paper done

Place your order

Fill in the order form and provide all details of your assignment.

Proceed with the payment

Choose the payment system that suits you most.

Receive the final file

Once your paper is ready, we will email it to you.

Our Services

No need to work on your paper at night. Sleep tight, we will cover your back. We offer all kinds of writing services.

Essays

Essay Writing Service

No matter what kind of academic paper you need and how urgent you need it, you are welcome to choose your academic level and the type of your paper at an affordable price. We take care of all your paper needs and give a 24/7 customer care support system.

Admissions

Admission Essays & Business Writing Help

An admission essay is an essay or other written statement by a candidate, often a potential student enrolling in a college, university, or graduate school. You can be rest assurred that through our service we will write the best admission essay for you.

Reviews

Editing Support

Our academic writers and editors make the necessary changes to your paper so that it is polished. We also format your document by correctly quoting the sources and creating reference lists in the formats APA, Harvard, MLA, Chicago / Turabian.

Reviews

Revision Support

If you think your paper could be improved, you can request a review. In this case, your paper will be checked by the writer or assigned to an editor. You can use this option as many times as you see fit. This is free because we want you to be completely satisfied with the service offered.