Categories
Accounting

About the Codification Paper Due 11/29: Login to the FASB Codification Standards

About the Codification Paper Due 11/29:
Login to the FASB Codification Standards and use the following address:
http://WWW2.aaahq.org/ascLogin.cfm
Username: AAA51720
Password: gZR49fR
Each student will prepare a research paper investigating the reporting requirements concerning the valuation and
impairment of intangible assets under US GAAP. This paper must also discuss the similarities and differences
between US GAAP and international reporting standards. The paper must be at a minimum, five double-spaced
written pages (plus a bibliography and the necessary citations) discussing current US GAAP and International
Financial Reporting Standards. The paper should (1) be professionally appearing, (2) be well written with respect
to proper grammar and usage, (3) have necessary citations, and (4) do a thorough job with the required research
described below. Resources such as the codification of accounting standards on the FASB website (on the FASB
website you will find existing standards under the current codification and all previous standards listed under the
precodification standards section), the IASB website, the internet, and the library should provide you with the
materials to undertake this assignment. In addition, writing and English usage manuals should be consulted with
respect to proper form of citations and bibliography. The grade earned on this research assignment will be based
on all of the above requirements (Proofread your paper and use a spell check and grammar check before
turning it in for grading – if there are errors then your grade will be reduced accordingly. Papers poorly
written will not be deemed unacceptable to the accounting profession and will not earn a passing grade).
Primarily, you should look up the specific standards from the original text (precodification standards and existing
GAAP/IFRS (with FULL CITATIONS in your paper) to get full credit rather than only citing a secondary source
(text or article) that discusses GAAP or iGAAP (although these secondary sources should also be used in your
discussion of the accounting standards throughout the paper).

Categories
Accounting

Objective: to apply financial ratio analysis to compute, analyze, and communicat

Objective: to apply financial ratio analysis to compute, analyze, and communication importance financial information to users of financial information. The users of financial information need reliable and relevant financial information to make important investing and lending business decisions.

REQUIRED

1. You are to compare the financial ratios of a retail company for the most current fiscal years. Accountants are tasked with communicating financial results to internal and external users/stakeholders. This communication is in the form of financial ratios. Below is the company assigned to you: Amazon Company Inc Below is the instruction to download the financial information (Income Statement and Balance Sheet):
Download the “10-K” financial statements from the Security and Exchange Commission (SEC) website.
Web address: http://www.sec.gov/;
a) In the upper right-hand side of the Home page click on the “Company Filings” link.
b) On the next page go to the “Company and Person Lookup” diagonal box and enter the company’s Ticker symbol or company name. Amazon’s ticker symbol is “AMZN”. Then click on the CIK number to the right to view company filings.
c) On the next page go to the upper right-hand side of the Menu and select the “Classic Version”.
d) On the next page look, under the “Filing” menu, type in “10-K” and click on the “Search” button. You will then see the 10-Ks listed in descending order. Click on the “Interactive Data” link to get to the Financial Information.
e) On the next page click on the link for “Print Document” and you will download the Excel spreadsheets. Only select the Income Statement and Balance Sheet spreadsheets. Save the spreadsheets into the “FSA Part 2” file.

3. Prepare Financial Ratio Analysis
You will perform the roles of a Management Consultant and Financial Analyst, whose main task is providing advice to the company’s management, and to potential investors, respectively. These are two of the most high profile and lucrative positions in the profession.
You will use the following ratios in your analysis of the company’s performance:
a) Liquidity Ratio
▪ Inventory Turnover in Times and Days (Cost of Goods Sold/Average Inventory). This ratio communicates how long it takes for the company to sell its inventories from the day the inventories were acquired. Retailers need to sell their inventories quickly and the longer the inventories remain on the shelves, the longer the company will not earn money to pay its obligations.

b) Profitability

▪ Gross Profit Rate (Gross Profit / Net Revenue). This ratio communicates if the company is making a profit on the sale of its inventories. The company acquires the inventories at cost and sells them at retail. The difference between what the company sells its inventories for and the cost at which the inventories were acquired is the known as the Gross Profit (Revenue – Cost of Goods Sold) and expressed in $. The Gross Profit Rate is the Gross Profit/Net Revenue and is expresses as a %.

4. Guidance for the Term Paper
You will write a 5- to 8-pages report comparing the liquidity and profitability ratios for the two most recent fiscal years. This is the report format:
I. Abstract (1/2 page)

II. Introduction (1 page)

III. Your role as a Management Consultant (2-3 pages)
▪ Use the Inventory Turnover ratio
▪ What information is communicated from the ratio?
▪ Compute the financial ratio for the current fiscal year
▪ Describe your calculation
▪ Would advise would you recommend to the company’s management to improve its Inventory Turnover, in needed?

IV. Your role as a Financial Advisor (2-3 pages)
▪ Use the Gross Profit Rate ratio
▪ What information is communicated from the ratio?
▪ Compute the financial ratio for the current fiscal year
▪ Describe your calculation

V. Table 1: Income Statement for 3 years (1-page)

VI. Table 2: Consolidated Balance Sheet for 2 years (1-page)

VII. Conclusion (1-page)

VIII. References (1/2 page)
Important Info

The order was placed through a short procedure (customer skipped some order details).
Please clarify some paper details before starting to work on the order.

Type of paper and subject
Number of sources and formatting style
Type of service (writing, rewriting, etc)

Categories
Accounting

Instructions will be uploaded later. Important Info

Instructions will be uploaded later.
Important Info

The order was placed through a short procedure (customer skipped some order details).
Please clarify some paper details before starting to work on the order.

Type of paper and subject
Number of sources and formatting style
Type of service (writing, rewriting, etc)

Categories
Accounting

About the Codification Paper Due 11/29: Login to the FASB Codification Standards

About the Codification Paper Due 11/29:
Login to the FASB Codification Standards and use the following address:
http://WWW2.aaahq.org/ascLogin.cfm
Username: AAA51720
Password: gZR49fR
Each student will prepare a research paper investigating the reporting requirements concerning the valuation and
impairment of intangible assets under US GAAP. This paper must also discuss the similarities and differences
between US GAAP and international reporting standards. The paper must be at a minimum, five double-spaced
written pages (plus a bibliography and the necessary citations) discussing current US GAAP and International
Financial Reporting Standards. The paper should (1) be professionally appearing, (2) be well written with respect
to proper grammar and usage, (3) have necessary citations, and (4) do a thorough job with the required research
described below. Resources such as the codification of accounting standards on the FASB website (on the FASB
website you will find existing standards under the current codification and all previous standards listed under the
precodification standards section), the IASB website, the internet, and the library should provide you with the
materials to undertake this assignment. In addition, writing and English usage manuals should be consulted with
respect to proper form of citations and bibliography. The grade earned on this research assignment will be based
on all of the above requirements (Proofread your paper and use a spell check and grammar check before
turning it in for grading – if there are errors then your grade will be reduced accordingly. Papers poorly
written will not be deemed unacceptable to the accounting profession and will not earn a passing grade).
Primarily, you should look up the specific standards from the original text (precodification standards and existing
GAAP/IFRS (with FULL CITATIONS in your paper) to get full credit rather than only citing a secondary source
(text or article) that discusses GAAP or iGAAP (although these secondary sources should also be used in your
discussion of the accounting standards throughout the paper).

Categories
Accounting

Objective: to apply financial ratio analysis to compute, analyze, and communicat

Objective: to apply financial ratio analysis to compute, analyze, and communication importance financial information to users of financial information. The users of financial information need reliable and relevant financial information to make important investing and lending business decisions.

REQUIRED

1. You are to compare the financial ratios of a retail company for the most current fiscal years. Accountants are tasked with communicating financial results to internal and external users/stakeholders. This communication is in the form of financial ratios. Below is the company assigned to you: Amazon Company Inc Below is the instruction to download the financial information (Income Statement and Balance Sheet):
Download the “10-K” financial statements from the Security and Exchange Commission (SEC) website.
Web address: http://www.sec.gov/;
a) In the upper right-hand side of the Home page click on the “Company Filings” link.
b) On the next page go to the “Company and Person Lookup” diagonal box and enter the company’s Ticker symbol or company name. Amazon’s ticker symbol is “AMZN”. Then click on the CIK number to the right to view company filings.
c) On the next page go to the upper right-hand side of the Menu and select the “Classic Version”.
d) On the next page look, under the “Filing” menu, type in “10-K” and click on the “Search” button. You will then see the 10-Ks listed in descending order. Click on the “Interactive Data” link to get to the Financial Information.
e) On the next page click on the link for “Print Document” and you will download the Excel spreadsheets. Only select the Income Statement and Balance Sheet spreadsheets. Save the spreadsheets into the “FSA Part 2” file.

3. Prepare Financial Ratio Analysis
You will perform the roles of a Management Consultant and Financial Analyst, whose main task is providing advice to the company’s management, and to potential investors, respectively. These are two of the most high profile and lucrative positions in the profession.
You will use the following ratios in your analysis of the company’s performance:
a) Liquidity Ratio
▪ Inventory Turnover in Times and Days (Cost of Goods Sold/Average Inventory). This ratio communicates how long it takes for the company to sell its inventories from the day the inventories were acquired. Retailers need to sell their inventories quickly and the longer the inventories remain on the shelves, the longer the company will not earn money to pay its obligations.

b) Profitability

▪ Gross Profit Rate (Gross Profit / Net Revenue). This ratio communicates if the company is making a profit on the sale of its inventories. The company acquires the inventories at cost and sells them at retail. The difference between what the company sells its inventories for and the cost at which the inventories were acquired is the known as the Gross Profit (Revenue – Cost of Goods Sold) and expressed in $. The Gross Profit Rate is the Gross Profit/Net Revenue and is expresses as a %.

4. Guidance for the Term Paper
You will write a 5- to 8-pages report comparing the liquidity and profitability ratios for the two most recent fiscal years. This is the report format:
I. Abstract (1/2 page)

II. Introduction (1 page)

III. Your role as a Management Consultant (2-3 pages)
▪ Use the Inventory Turnover ratio
▪ What information is communicated from the ratio?
▪ Compute the financial ratio for the current fiscal year
▪ Describe your calculation
▪ Would advise would you recommend to the company’s management to improve its Inventory Turnover, in needed?

IV. Your role as a Financial Advisor (2-3 pages)
▪ Use the Gross Profit Rate ratio
▪ What information is communicated from the ratio?
▪ Compute the financial ratio for the current fiscal year
▪ Describe your calculation

V. Table 1: Income Statement for 3 years (1-page)

VI. Table 2: Consolidated Balance Sheet for 2 years (1-page)

VII. Conclusion (1-page)

VIII. References (1/2 page)
Important Info

The order was placed through a short procedure (customer skipped some order details).
Please clarify some paper details before starting to work on the order.

Type of paper and subject
Number of sources and formatting style
Type of service (writing, rewriting, etc)

Categories
Accounting

Part A—Management Judgments Unlike U.S. GAAP, IFRS requires that an entity discl

Part A—Management Judgments
Unlike U.S. GAAP, IFRS requires that an entity disclose both (a) management judgments with the most significant effect on the financial statements and (b) information about the major sources of estimation uncertainty that may result in a material misstatement to the carrying values of the entities assets and liabilities. These disclosure requirements are included in Applying IFRS: Enhancing Communication Effectiveness Links to an external site.. Read pages 39 through 44, and address the following:
Identify where judgments in the financial statements should be disclosed.
Identify two examples of judgments that could have a significant impact on the financial statements.
Identify four examples of estimation uncertainty that could result in a material adjustment in future years?
Describe whether the entity should disclose the estimation if it is likely that this value might change significantly within the next year. (Consider an entity that reports an asset at fair value when the fair value is based upon recently observed market prices. Cite specific references from Applying IFRS: Enhancing Communication Effectiveness Links to an external site.to support your answer.)
Cite specific judgments and estimations that have been made in the notes to the Home Depot 2017 Annual Report Links to an external site..
Part B—Cash Flow
Explain the difference between the indirect and direct method of the statement of cash flows.
Describe whether all three sections of the cash flow statement are different when using either method.
Describe which method is preferred by the FASB.
Describe how are the following calculated when preparing the cash flow statement using the direct method:
Cash collected from customers,
Cash paid for merchandise,
Cash paid to employees and cash paid for other accrued expenses, and
Cash paid for other operating costs including insurance and other prepaid expenses.
Part C—Comprehensive Income
Read Statement of Financial Accounting Standards No.130 Links to an external site.paragraphs 8 through 9 and 58 through 67, and address the following:
Explain what comprehensive income is.
Identify the four possible reporting methods for comprehensive income (in theory).
Explain the pros and cons of each method.
Identify the method you think is the best.
Part D—Liquidations
Read Accounting Standards Update: Presentation of Financial Statements (Topic 205) Links to an external site., pages 4 through 7, and address the following:
Describe liquidation accounting.
Identify when liquidation is imminent.
Explain initial and subsequent measurement.
Identify what disclosures are required.

Categories
Accounting

Instructions will be uploaded later. Important Info

Instructions will be uploaded later.
Important Info

The order was placed through a short procedure (customer skipped some order details).
Please clarify some paper details before starting to work on the order.

Type of paper and subject
Number of sources and formatting style
Type of service (writing, rewriting, etc)

Categories
Accounting

Part A—Management Judgments Unlike U.S. GAAP, IFRS requires that an entity discl

Part A—Management Judgments
Unlike U.S. GAAP, IFRS requires that an entity disclose both (a) management judgments with the most significant effect on the financial statements and (b) information about the major sources of estimation uncertainty that may result in a material misstatement to the carrying values of the entities assets and liabilities. These disclosure requirements are included in Applying IFRS: Enhancing Communication Effectiveness Links to an external site.. Read pages 39 through 44, and address the following:
Identify where judgments in the financial statements should be disclosed.
Identify two examples of judgments that could have a significant impact on the financial statements.
Identify four examples of estimation uncertainty that could result in a material adjustment in future years?
Describe whether the entity should disclose the estimation if it is likely that this value might change significantly within the next year. (Consider an entity that reports an asset at fair value when the fair value is based upon recently observed market prices. Cite specific references from Applying IFRS: Enhancing Communication Effectiveness Links to an external site.to support your answer.)
Cite specific judgments and estimations that have been made in the notes to the Home Depot 2017 Annual Report Links to an external site..
Part B—Cash Flow
Explain the difference between the indirect and direct method of the statement of cash flows.
Describe whether all three sections of the cash flow statement are different when using either method.
Describe which method is preferred by the FASB.
Describe how are the following calculated when preparing the cash flow statement using the direct method:
Cash collected from customers,
Cash paid for merchandise,
Cash paid to employees and cash paid for other accrued expenses, and
Cash paid for other operating costs including insurance and other prepaid expenses.
Part C—Comprehensive Income
Read Statement of Financial Accounting Standards No.130 Links to an external site.paragraphs 8 through 9 and 58 through 67, and address the following:
Explain what comprehensive income is.
Identify the four possible reporting methods for comprehensive income (in theory).
Explain the pros and cons of each method.
Identify the method you think is the best.
Part D—Liquidations
Read Accounting Standards Update: Presentation of Financial Statements (Topic 205) Links to an external site., pages 4 through 7, and address the following:
Describe liquidation accounting.
Identify when liquidation is imminent.
Explain initial and subsequent measurement.
Identify what disclosures are required.

Categories
Accounting

There are three sections (you can see in the bottom of the Excel file.) 1. instr

There are three sections (you can see in the bottom of the Excel file.) 1. instruction 2. the budget questions and answers 3. Budget financial forecast.
** only need to answer the yellow cells**
These might look a lot, but it shouldn′t take you long at all since you only need to answers the yellow cells part.

Categories
Accounting

Review the following accounting and tax data and complete the two requirements b

Review the following accounting and tax data and complete the two requirements below:Although Adam Taylor and his best friend Susan Smith both studied engineering at school, they ended up pursuing careers in professional cake decorating. Their company, Sweets, specializes in custom-sculpted cakes for weddings, birthdays, and other celebrations. Adam and Susan formed the business at the beginning of 2020 and each contributed $60,000 in exchange for a 50 percent ownership interest. Sweets also borrowed $250,000 from a local bank. Both Adams and Susan had to personally guarantee the loan. Both owners provide significant services for the business. The following information pertains to Sweets 2020 activities. •Sweets uses the cash method of accounting (for both book and tax purposes) and reports income on a calendar-year basis. •Sweets received $500,000 of sales revenue and reported $200,000 of cost of goods sold (it did not have any ending inventory).•Sweets paid $50,000 com