Monthly Archives: October 2015

ACC 206 Week 3 Assignment



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ACC 206 Week 3 Assignment

 

  Please complete the following five exercises below in either Excel or a word document (but must be single document). You must show your work where appropriate (leaving the calculations within Excel cells is acceptable). Save the document, and submit it in the appropriate week using the Assignment Submission button.

 

  1. Overhead application: Working backward

The Towson Manufacturing Corporation applies overhead on the basis of machine hours. The following divisional information is presented for your review:

Division A Division B
Actual machine hours 22,500 ?
Estimated machine hours 20,000 ?
Overhead application rate $4.50 $5.00
Actual overhead $110,000 ?
Estimated overhead ? $90,000
Applied overhead ? $86,000
Over- (under-) applied overhead ? $6,500

Find the unknowns for each of the divisions.

 

  1. Computations using a job order system

General Corporation employs a job order cost system. On May 1 the following balances were extracted from the general ledger;

 

Work in process            $ 35,200

Finished goods             86,900

Cost of goods sold        128,700

 

Work in Process consisted of two jobs, no. 101 ($20,400) and no. 103 ($14,800). During May, direct materials requisitioned from the storeroom amounted to $96,500, and direct labor incurred totaled $114,500. These figures are subdivided as follows:

 

Direct Materials Direct Labor
Job No.   Amount Job No. Amount
101 $5,000 101 $7,800
115 19,500 103 20,800
116 36,200 115 42,000
Other 35,800 116 18,000
$96,500 Other 25,900
$114,500

 

Job no. 115 was the only job in process at the end of the month. Job no. 101 and three “other” jobs were sold during May at a profit of 20% of cost. The “other” jobs contained material and labor charges of $21,000 and $17,400, respectively.

 

General applies overhead daily at the rate of 150% of direct labor cost as labor summaries are posted to job orders. The firm’s fiscal year ends on May 31.
Instructions:

  1. Compute the total overhead applied to production during May.
  2. Compute the cost of the ending work in process inventory.
  3. Compute the cost of jobs completed during May.
  4. Compute the cost of goods sold for the year ended May 31.

 

 

  1. High-low method
    The following cost data pertain to 20X6 operations of Heritage Products:
Quarter 1 Quarter 2 Quarter 3 Quarter 4
Shipping costs $58,200 $58,620 $60,125 $59,400
Orders shipped 120 140 175 150

 

The company uses the high-low method to analyze costs.

  1. Determine the variable cost per order shipped.
  2. Determine the fixed shipping costs per quarter.
  3. If present cost behavior patterns continue, determine total shipping costs for 20X7 if activity amounts to 570 orders.

 

  1. Break-even and other CVP relationships

Cedars Hospital has average revenue of $180 per patient day. Variable costs are $45 per patient day; fixed costs total $4,320,000 per year.

  1. How many patient days does the hospital need to break even?
  2. What level of revenue is needed to earn a target income of $540,000?
  3. If variable costs drop to $36 per patient day, what increase in fixed costs can be tolerated without changing the break-even point as determined in part (a)?

 

  1. Direct and absorption costing

The information that follows pertains to Consumer Products for the year ended December 31, 20X6.

Inventory, 1/1/X6 24,000 units
Units manufactured 80,000
Units sold 82,000
Inventory, 12/31/X6 ? units
Manufacturing costs:
Direct materials $3 per unit
Direct labor $5 per unit
Variable factory overhead $9 per unit
Fixed factory overhead $280,000
Selling & administrative expenses:
Variable $2 per unit
Fixed $136,000

 

The unit selling price is $26. Assume that costs have been stable in recent years.

 

Instructions:

  1. Compute the number of units in the ending inventory.
  2. Calculate the cost of a unit assuming use of:
  3. Direct costing.
  4. Absorption costing.
  5. Prepare an income statement for the year ended December 31, 20X6, by using direct costing.
  6. Prepare an income statement for the year ended December 31, 20X6, by using absorption costing.

 



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ACC 206 Week 4 Assignment



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ACC 206 Week 4 Assignment

 

Please complete the following exercises below in either Excel or a word document (but must be single document). You must show your work where appropriate (leaving the calculations within Excel cells is acceptable). Save the document, and submit it in the appropriate week using the Assignment Submission button.

 

  1. Comprehensive budgeting

The balance sheet of Watson Company as of December 31, 20X1, follows.

WATSON COMPANY
Balance Sheet
December 31, 12X1
Assets
Cash $4,595
Accounts receivable 10,000
Finished goods (575 units x $7.00) 4,025
Direct materials (2,760 units x $0.50) 1,380
Plant & equipment $50,000
Less: Accumulated depreciation 10,000 40,000
Total assets $60,000
Liabilities & Stockholders’ Equity
Accounts payable to suppliers $14,000
Common stock $25,000
Retained earnings 21,000 46,000
Total liabilities &. stockholders’ equity $60,000

 

The following information has been extracted from the firm’s accounting records:

  1. All sales are made on account at $20 per unit. Sixty percent of the sales are collected in the month of sale; the remaining 40% are collected in the following month. Forecasted sales for the first five months of 20X2 are: January, 1,500 units,- February, 1,600 units; March, 1,800 units; April, 2,000 units; May, 2,100 units.
  2. Management wants to maintain the finished goods inventory at 30% of the following month’s sales.
  3. Watson uses four units of direct material in each finished unit. The direct material price has been stable and is expected to remain so over the next six months. Management wants to maintain the ending direct materials inventory at 60% of the following month’s production needs.
  4. Seventy percent of all purchases are paid in the month of purchase; the remaining 30% are paid in the subsequent month.
  5. Watson’s product requires 30 minutes of direct labor time. Each hour of direct labor costs $7.

Instructions:

  1. Rounding computations to the nearest dollar, prepare the following for January through March:

1) Sales budget

2) Schedule of cash collections

3) Production budget

4) Direct material purchases budget

5) Schedule of cash disbursements for material purchases
6) Direct labor budget

  1. Determine the balances in the following accounts as of March 31:

1) Accounts Receivable

2) Direct Materials

3) Accounts Payable

 

  1. Basic flexible budgeting
    Centron, Inc., has the following budgeted production costs:
Direct materials $0.40 per unit
Direct labor 1.80 per unit
Variable factory overhead 2.20 per unit
Fixed factory overhead
Supervision $24,000
Maintenance 18,000
Other 12,000

 

The company normally manufactures between 20,000 and 25,000 units each quarter. Should output exceed 25,000 units, maintenance and other fixed costs are expected to increase by $6,000 and $4,500, respectively.

During the recent quarter ended March 31, Centron produced 25,500 units and incurred the following costs:

 

Direct Materials $10,710
Direct Labor 47,175
Variable factory overhead 51,940
Fixed factory overhead
     Supervision 24,500
     Maintenance 23,700
     Other 16,800
Total production costs $174,825

 

 

 

Instructions:

  1. Prepare a flexible budget for 20,000, 22,500, and 25,000 units of activity.
  2. Was Centron’s experience in the quarter cited better or worse than anticipated? Prepare an appropriate performance report and explain your answer.
  3. Explain the benefit of using flexible budgets (as opposed to static budgets) in the measurement of performance.

 

 

  1. Straightforward variance analysis

Arrow Enterprises uses a standard costing system. The standard cost sheet for product no. 549 follows.

Direct materials: 4 units @ $6.50 $26.00
Direct labor: 8 hours @ $8.50 68
Variable factory overhead: 8 hours @ $7.00 56
Fixed factory overhead: 8 hours @ 2.5 20
Total standard cost per unit $170.00

 

The following information pertains to activity for December:

  1. Direct materials acquired during the month amounted to 26,350 units at $6.40 per unit. All materials were consumed in operations.
  2. Arrow incurred an average wage rate of $8.75 for 51,400 hours of activity.
  3. Total overhead incurred amounted to $508,400. Budgeted fixed overhead totals $1.8 million and is spread evenly throughout the year.
  4. Actual production amounted to 6,500 completed units.

 

Instructions:

  1. Compute Arrow’s direct material variances.
  2. Compute Arrow’s direct labor variances.
  3. Compute Arrow’s variances for factory overhead.

 



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ACC 206 Week 5 Assignment



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ACC 206 Week 5 Assignment

Please complete the following 5 exercises below in either Excel or a word document (but must be single document). You must show your work where appropriate (leaving the calculations within Excel cells is acceptable). Save the document, and submit it in the appropriate week using the Assignment Submission button.

 

  1. Basic present value calculations

Calculate the present value of the following cash flows, rounding to the nearest dollar:

  1. A single cash inflow of $12,000 in five years, discounted at a 12% rate of return.
  2. An annual receipt of $16,000 over the next 12 years, discounted at a 14% rate of return.
  3. A single receipt of $15,000 at the end of Year 1 followed by a single receipt of $10,000 at the end of Year 3. The company has a 10% rate of return.
  4. An annual receipt of $8,000 for three years followed by a single receipt of $10,000 at the end of Year 4. The company has a 16% rate of return.

 

  1. Cash flow calculations and net present value

On January 2, 20X1, Bruce Greene invested $10,000 in the stock market and purchased 500 shares of Heartland Development, Inc. Heartland paid cash dividends of $2.60 per share in 20X1 and 20X2; the dividend was raised to $3.10 per share in 20X3. On December 31, 20X3, Greene sold his holdings and generated proceeds of $13,000. Greene uses the net-present- value method and desires a 16% return on investments.

  1. Prepare a chronological list of the investment’s cash flows. Note: Greene is entitled to the 20X3 dividend.
  2. Compute the investment’s net present value, rounding calculations to the nearest dollar.
  3. Given the results of part (b), should Greene have acquired the Heartland stock? Briefly explain.

 

 

  1. Straightforward net present value and internal rate of return

The City of Bedford is studying a 600-acre site on Route 356 for a new landfill. The startup cost has been calculated as follows:

Purchase cost: $450 per acre

Site preparation: $175,000

 

The site can be used for 20 years before it reaches capacity. Bedford, which shares a facility in Bath Township with other municipalities, estimates that the new location will save $40,000 in annual operating costs.

  1. Should the landfill be acquired if Bedford desires an 8% return on its investment? Use the net-present-value method to determine your answer.

 

 

 

  1. Straightforward net-present-value and payback computations

STL Entertainment is considering the acquisition of a sight-seeing boat for summer tours along the Mississippi River. The following information is available:

Cost of boat $500,000
Service life 10 summer seasons
Disposal value at the end of 10 seasons $100,000
Capacity per trip 300 passengers
Fixed operating costs per season (including straight-line depreciation) $160,000
Variable operating costs per trip $1,000
Ticket price $5 per passenger

 

All operating costs, except depreciation, require cash outlays. On the basis of similar operations in other parts of the country, management anticipates that each trip will be sold out and that 120,000 passengers will be carried each season. Ignore income taxes.

 

Instructions:

By using the net-present-value method, determine whether STL Entertainment should acquire the boat. Assume a 14% desired return on all investments- round calculations to the nearest dollar.

 

 

  1. Equipment replacement decision

Columbia Enterprises is studying the replacement of some equipment that originally cost $74,000. The equipment is expected to provide six more years of service if $8,700 of major repairs are performed in two years. Annual cash operating costs total $27,200. Columbia can sell the equipment now for $36,000; the estimated residual value in six years is $5,000.

New equipment is available that will reduce annual cash operating costs to $21,000. The equipment costs $103,000, has a service life of six years, and has an estimated residual value of $13,000. Company sales will total $430,000 per year with either the existing or the new equipment. Columbia has a minimum desired return of 12% and depreciates all equipment by the straight-line method.

 

Instructions:

  1. By using the net-present-value method, determine whether Columbia should keep its present equipment or acquire the new equipment. Round all calculations to the nearest dollar, and ignore income taxes.
  2. Columbia’s management feels that the time value of money should be considered in all long-term decisions. Briefly discuss the rationale that underlies management’s belief.


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ACC 206 Week 5 Final Paper



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ACC 206 Week 5 – Final Paper

 

Focus of the Final Paper

You’ve just been hired onto ABC Company as the corporate controller. ABC Company is a manufacturing firm that specializes in making cedar roofing and siding shingles. The company currently has annual sales of around $1.2 million, a 25% increase from the previous year. The company has an aggressive growth target of reaching $3 million annual sales within the next 3 years. The CEO has been trying to find additional products that can leverage the current ABC employee skillset as well as the manufacturing facilities.

As the controller of ABC Company, the CEO has come to you with a new opportunity that he’s been working on. The CEO would like to use the some of the shingle scrap materials to build cedar dollhouses. While this new product line would add additional raw materials and be more time-intensive to manufacture than the cedar shingles, this new product line will be able to leverage ABC’s existing manufacturing facilities as well as the current staff. Although this product line will require added expenses, it will provide additional revenue and gross profit to help reach the growth targets. The CEO is relying on you to help decide how this project can be afforded  Provide details about the estimated product costs, what is needed to break even on the project, and what level of return this product is expected to provide.

In order to help out the CEO, you need to prepare a six- to eight-page report that will contain the following information (including exhibits, but excluding your references and title page). Refer to the accompanying Excel spreadsheet (available through your online course) for some specific cost and profit information to complete the calculations.

Final Paper Spreadsheet

I. An overall risk profile of the company based on current economic and industry issues that it may be facing.

II. Current company cash flow

  1. You need to complete a cash flow statement for the company using the direct method.
    b. Once you’ve completed the cash flow statement, answer the following questions:
  2. What does this statement of cash flow tell you about the sources and uses of the company funds?


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HSA 300 Week 4 Assignment 1 – The Primary Care Clinic



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HSA 300 Week 4 Assignment 1 – The Primary Care Clinic

 

You are the manager of a new primary care clinic located about twenty five (25) miles outside of a small city (population of 50,000). With five (5) family physicians, two (2) nurse practitioners, two (2) physicians’ assistants (PAs), and twenty (20) clinical support staff consisting of RNs, LPNs, and CMAs, the clinic provides primary care services to a diverse community of people living and working outside the city limits. Originally a rural area, the community has been growing and now includes promising opportunities in employment, education, and comfortable living spaces for young families. However, there are still many residents who struggle to make ends meet with older farms that have belonged to families for generations.

The central city includes two (2) large acute care facilities, and one (1) tertiary care facility that is known for its excellent pulmonary care. Both acute care hospitals provide the usual services such as labor and delivery, outpatient surgery, chronic diseases care, etc. and have fully equipped ancillary departments, such as lab and radiology. Up until this point, the residents have used the facilities’ emergency departments for routine illnesses and conditions when their private physicians were not readily available.

Write a five to seven (5-7) page paper in which you:

  1. Analyze some of the key social, political, and economic factors that have led to the proliferation of urgent care facilities and primary care practices over the last 20-30 years.
  2. Create a comprehensive mission statement for the clinic, and discuss how it will facilitate the provision of quality services.
  3. Analyze and discuss one (1) or more directions the clinic might take to grow its business. Determine what factors you would consider when deciding what services to provide in-house and which ones to affiliate with other institutions.


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HSA 300 Week 9 Assignment 2 – Middleville Regional Healthcare



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HSA 300 Week 9 Assignment 2 – Middleville Regional Healthcare

 

 

Middleville Regional Health Care is one (1) of three (3) hospitals serving a community of 350,000 people. Summary statistics on Middleville and its competitors, from the AHA Guide, are shown below in Table 1. All three organizations are not-for-profit.

 

Table 1: Middleville, Brierfield, and Greystone Health Care Systems

 

Name Beds Admissions Census OP Visits Births Expenses (000) Personnel
Middleville 575 13,000 350 221,000 2,300 $125,000 2,000
Brierfield 380 17,000 260 175,000 1,200 $130,000 1,875
Greystone 350 10,000 180 40,000 900 $80,000 1,200

 

The governing board of Middleville hired a consulting company to evaluate its strategic performance, specifically in the areas of Human Resources, Information Technology, Financing, and Marketing. As part of the consultant’s evaluation, several leaders of Middleville’s units were asked their perspective of the organization’s performance.

 

You are working for the consultant. Your job is to identify the issues from the response that should be considered further by the consultant team and possibly discussed with the governing board and the CEO. The firm has a rule, “Never offer a criticism or negative finding without suggesting how the client organization can correct it,” so you must indicate what sort of correction you would recommend as part of your list. Because you know there were about two (2) dozen other interviews, you decide you should rank your issues in importance, to make sure the most critical are discussed.

 

Write a six to eight (6-8) page paper in which you:

  1. Explain the governing board’s role in these strategic initiatives, determining its responsibility and involvement.
  2. Evidence-based management means that operational and strategic decisions are made based upon the evidence that goals and objectives are actually being met. Quantitative measurements must be identified and measured. This data is then used to evaluate the HCO’s performance. Name three (3) performances Middleville can use to measure its success in providing qualityhealthcare to the community, and identify quantifiable, measureable indicators that can be used to do so. Explain the importance of each performance measurement.


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ACC 574 Assignment 1: SOX Regulations



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ACC 574 Assignment 1: SOX Regulations

 

 

Review the Student Guide to Sarbanes-Oxley Act (SOX) located in Week 1 of the course shell, and other current activity or trends related to SOX compliance and implementation for publically traded companies.

 

Write a five to seven (5-7) page paper in which you:

  1. Assess the sections of SOX, indicating the sections that you believe have the most impact on companies. Provide support for your rationale.
  2. Assess the sections of SOX, indicating those sections that have the greatest impact on the external auditor. Provide support for your rationale.


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ACC 574 Assignment 2: Operating and Database Systems



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ACC 574 Assignment 2: Operating and Database Systems

 

 

Imagine that you have been selected as the consultant to design a new computer system for an investment company.

Write a five to seven (5-7) page paper in which you:

  1. Discuss the considerations for implementing an operating and database system. Recommend the optimum system, considering the types of revenue and expense transactions for this company.
  2. Assess the issues related to data management, key elements of the database environment, controlling and auditing data management, and the related risk to an organization. Discuss possible strategies to mitigate those risks of installing a database without adequate controls.


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ACC 574 Assignment 3: PWC Audit Scandal and Fraud



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ACC 574 Assignment 3: PWC Audit Scandal and Fraud

 

 

Read the article about Price Waterhouse Coopers (PWC) and its association with the worst accounting fraud in India related to its audit of Satyam Computer Services, Ltd. titled “Price Waterhouse Auditors Arrested in Satyam Inquiry (Update 1)” and located athttp://www.bloomberg.com/apps/news?pid=newsarchive&sid=ar6hB_Hr347E. Search the Internet for other related articles.

Write a six to eight (6-8) page paper in which you:

  1. Create an argument supporting that the requirements of SOX have reduced corporate fraudulent activity due to the requirements placed on public accounting firms, thereby providing greater assurances to public users of financial information. Provide support for your argument.
  2. Evaluate the issues related to the audit of Satyam Computer Services Limited, indicating whether or not PWC followed auditing standards in rendering its audit opinion of the company. Provide support for your rationale.
  3. Assess whether PWC relied too heavily on the established system of internal controls and neglected to perform sufficient testing of transactions using effective computer-aided audit tools. Provide a rationale for your recommendation


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ACC 574 Assignment 4: Emerging Auditing Issues



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ACC 574 Assignment 4: Emerging Auditing Issues

 

 

Search the Strayer databases or Internet for hot topics and emerging issues of financial statement fraud and other fraudulent act committed by publically traded companies, including those identified by the PCAOB. Consider the topics, trends, and longevity of those issues identified.

 

Write a six to eight (6-8) page paper in which you:

  1. Create an argument in agreement or disagreement that the creation of the PCAOB has been effective with improving the reliability of audited financial statement for the public users of the information. Provide support for your position.
  2. Assess the impact of the PCAOB to the accounting profession, given the shift from self-regulation to federally regulate. Provide a rationale for your assessment.


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