Review the provisions of the Sarbanes-Oxley Act which was created in 2002 to address the accounting scandals in the late 90s early 00s (Enron, WorldCom, etc.). Identify the provisions that

Review the provisions of the Sarbanes-Oxley Act which was created in 2002 to address the accounting scandals in the late 90s early 00s (Enron, WorldCom, etc.). Identify the provisions that you feel made the biggest impact. other provisions could have been included in the Act to strengthen the Responsible Stewardship and Integrity of the accounting profession? And conversely, what existing provisions in the Act do you believe (if any) are unnecessary or over-regulate the profession? US GAAP follows the storical Cost Concept in valuing the cost of Long-Term Assets. Explain this principle and how it compares to the standards used in the reporting of Long-Term Assets under International Financial Reporting Standards (IFRS). If there is a convergence of standards, which method do you believe should be used and why? Discuss the advantages and disadvantages of different types of financing: Discuss the efficient Market Hypothesis. Do you believe financial statement analysis can be performed in a way that provides significant advantage to an investor? Why is the accuracy of cost allocation so important? Cite real-life examples of either successes or failures in cost allocation. Identify a real-life outsourcing decision that has been made. Identify the specific reasons for the outsourcing. If information is available, discuss the results of the outsourcing decision (jobs lost, cost savings, etc.). Cite sources as deemed necessary. Identify the costs and benefits to a company of gathering, reporting, and disclosing non-financial information (ex.: Balanced Scorecard, Corporate Social Responsibility Reporting, Sustainability Reporting, etc.). Module 1 test At the beginning of 2010, Gonzales Company’s accounting records had the general ledger accounts and balances shown in the table below. During 2010, the following transactions occurred: 1. received $80,000 cash for providing services to customers 2. paid rent expense, $10,000 3. purchased land for $9,000 cash 4. paid $5,000 on note payable 5. paid operating expenses, $52,000 6. paid cash dividend, $6,000 Required: 1) Record the transactions in the appropriate general ledger accounts. Record the amounts of revenue, expense, and dividends in the Retained Earnings column, providing appropriate titles for these accounts in the last column of the table. Given are the amounts of assets, liabilities, owner’s equity, revenues, and expenses of AQUA Inc. at 12/31/10. The beginning amount of Retained Earnings at 1/1/10 was $20,000, and during the year Dividends of $60,000 were taken out by the owners of Aqua Inc. Prepare the yearend Balance Sheet and Income Statement for AQUA LLP at the end of the year. Accounts Payable $59,000 Land $78,000 Accounts Receivable 15,000 Unearned Revenue 45,000 Advertising Expense 13,000 Utilities Expense 5,000 Building 160,000 Rent Expense 13,000 Cash 140,000 Operating Expenses 23,000 Supplies 10,000 Common Stock 240,000 Salary payable 2,000 Accumulated Depreciation 10,000 Prepaid Insurance Expense 20,000 Service Revenue 170,000 Interest Expense 9,000 Retained Earnings ? Module 2 test The May 31, 2012, balance per bank statement for Upton Company was $7,200. The cash balance per books was $9,500. Outstanding checks amounted to $800, and deposits in transit were $2,400. The bank statement contained an NSF check for $500, a service charge for $25, and a debit memo for direct payment of the telephone bill of $175. Required: 1) Prepare a bank reconciliation to determine the true cash balance at May 31, 2012. Scott Company is a merchandising business that was started in 2012. Scott uses the perpetual inventory system. It experienced the following events during 2012. 1. Acquired $25,000 cash by issuing common stock 2. Purchased inventory on account that cost $14,000, terms 2/10, n/30 3. Sold inventory that had cost $8,400 for $15,000 cash 4. Paid for the merchandise referred to in event 2, within the discount period Required: 1) Record the events in the financial statements model below; include column totals. 2) Prepare an income statement for 2012. 3) is the amount of total assets at the end of 2012? Module 3 test Maple Company started the year with no inventory. During the year, it purchased two identical inventory items at different times. The first unit cost $800 and the second, $700. One of the items was sold during the year. Required: Based on this information, how much product cost would be allocated to cost of goods sold and ending inventory, assuming use of: a. LIFO b. FIFO c. Weighted average Teague Company purchased a new machine on January 1, 2012, at a cost of $150,000. The machine is expected to have an eight-year life and a $15,000 salvage value. The machine is expected to produce 675,000 finished products during its eight-year life. Smith produced 70,000 units in 2012 and 110,000 units during 2013. Required: 1) Determine the amount of depreciation expense to be recorded on the machine for the years 2012 and 2013 under each of the following methods: Module 4 test Villarente Company issued 5-year $200,000 face value bonds at 95 on January 1, 2012. The stated interest rate on these bonds is 9%, and the effective interest rate is 10.33%. Use the effective interest rate method to complete the amortization schedule below. Allen Corporation was organized on July 15, 2012. It was authorized to issue 150,000 shares of $25 par value common stock and 50,000 shares of 6% cumulative preferred stock. The preferred stock had a stated value of $50 per share. The following stock transactions relate to Allen Corporation. · Issued 55,000 shares of common stock for $33 per share. · Issued 2,750 shares of the class A preferred stock for $62 per share. · Issued 27,500 shares of common stock for $35 per share. Required: 1) Indicate the effect of each of these transactions on Allen’s financial statements. Include dollar amounts in the model, below. After recording the three transactions, calculate column totals. 2) After these transactions have been recorded, what is the total amount of stockholders’ equity? 3) After these transactions have been recorded, how many shares of common stock are outstanding? Module 5 test The following information applies to Barnhart Company: Additional information: Required: 1) Compute Barnhart’s: The Jiffy Manufacturing Company started operations in 2012 when it acquired $100,000 from its owners. During the year, the company incurred the following costs: The company placed 12,000 units into production, completed 10,000 units, and sold 8,000 units. The average selling price was $17 per unit. Required: 1) Prepare a schedule of cost of goods manufactured and sold for the year ended December 31, 2012. 2) Prepare an income statement for the year ended December 31, 2012. Module 6 test The following information is for a product manufactured and sold by Rivera Corporation: Required: The management accountant at Melrose, Inc. provided the following estimated costs for producing 5,000 units of a specialty product manufactured by the firm: The company believes that direct labor hours are the most appropriate cost driver for assigning overhead costs to its product. Required: Module 7 test Ortiz Manufacturing is considering developing and marketing one of two new products, A and B. It has accumulated the following information about the two products: – Mae Lee owns a small retail store in Cairo, Georgia. The following summary information regarding expectations for the month of January is provided: As of December 31 there is $500 in the bank and the balance in accounts receivable is $2,500. Budgeted cash and credit sales for January are $3,000 and $2,000, respectively. Ninety percent of credit sales are collected in the month of sale and the remainder is collected in the following month. Mae’s suppliers do not extend credit. Cash payments for January are expected to be $12,000. Mae has a line of credit that enables the store to borrow funds on demand. However, funds must be borrowed on the first day of the month and interest paid in cash on the last day of the month. Mae desires to maintain a $500 cash balance before consideration is given to the payment of interest. Mae’s bank charges annual interest of 12% per year. Creighton Company’s balance sheet and income statement are provided below: Required: Delta Company is evaluating two different capital investments, Project X and Y. Either X or Y would cost $100,000, and the company cannot afford to do both. The company expects that Project X would provide net cash inflows of $30,000 per year for 5 years. For Project Y, the net cash inflows are expected to be as follows: Delta’s cost of capital is 12% Required:

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