Thanh Nguyen MBA 500V - Survey of Accounting Dr.

Dancer

Survey of Accounting Homework ro!"em#$ %ha&ter 5-'

%ha&ter 5

5-(.) *a) +hy ,i, %ongre## &a## the Sar!ane#--."ey Act of /00/0

They &a##e, it !ecau#e of the financia" #can,a"# that occurre, in the ear"y /000# that co#t inve#tor# !i""ion# of ,o""ar#.

*!) +hat wa# the &ur&o#e of the Sar!ane#--."ey Act of /00/0

The &ur&o#e of the Act wa# to re#tore &u!"ic confi,ence an, tru#t in the financia" re&orting of com&anie# !y en#uring that com&anie# re&orte, their financia" #tatement# with tran#&arency.

5-/.) Define interna" contro".

The &roce,ure# an, &roce##e# u#e, !y a com&any to1 #afeguar, it# a##et#$ &roce## information accurate"y$ an, en#ure com&"iance with "aw# an, regu"ation#.

5-2.) *a) Name an, ,e#cri!e the five e"ement# of interna" contro".

(.) %ontro" environment 3 The overa"" attitu,e of management an, em&"oyee# a!out the im&ortance of contro"#. /.) 4i#k a##e##ment 3 An a##e##ment to minimi5e the ri#k of uncertaintie# an, change# that may occur in the !u#ine## environment.
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2.) %ontro" &roce,ure# 3 rovi,e# rea#ona!"e a##urance that !u#ine## goa"# wi"" !e achieve,$ inc"u,ing the &revention of frau,. 6.) Monitoring 3 7#e, to "ocate weakne##e# an, im&rove contro"#$ which can inc"u,e o!#erving em&"oyee !ehavior or a &roce## within the organi5ation. 5.) 8nformation an, communication 3 An e##entia" e"ement of interna" contro". %an !e u#e, to a##e## event# an, con,ition# that im&act ,eci#ion making an, e.terna" re&orting.

*!) 8# any one e"ement of interna" contro" more im&ortant than another0

A"" of the e"ement# of interna" contro" are im&ortant$ !ecau#e they a"" he"& to kee& the com&any running. They a"" have the #ame amount of #ignificance$ !ecau#e they are u#e, together to he"& kee& a com&any #ta!"e an, &ro,uctive.

5-6.) How ,oe# a &o"icy of rotating c"erica" em&"oyee# from 9o! to 9o! ai, in #trengthening the contro" &roce,ure# within the contro" environment0 :.&"ain.

8t encourage# em&"oyee# to a,here or fo""ow &roce,ure#. 8t a"#o he"&# to make the em&"oyee more know"e,gea!"e an, may increa#e the #ati#faction of work for the em&"oyee$ !y making #ure the em&"oyee ,oe# not view work a# !oring an, re&etitive.

5-5.) +hy #hou", the re#&on#i!i"ity for a #e;uence of re"ate, o&eration# !e ,ivi,e, among ,ifferent &er#on#0 :.&"ain.

By ,ivi,ing the re#&on#i!i"ity$ the &o##i!i"ity of error# an, frau, i# ,ecrea#e,$ !ecau#e that #ing"e &er#on ha# "e## acce## to 9o! ,utie# an, wi"" cau#e "e## ,amage than if he<#he ha, more re#&on#i!i"ity.

5-=.) +hy #hou", the em&"oyee# who han,"e# ca#h recei&t# not have the re#&on#i!i"ity for maintaining the account# receiva!"e recor,#0 :.&"ain.
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The e.tra re#&on#i!i"ity wou", a""ow the em&"oyee to #tea" ca#h an, hi,e the theft in the accounting recor,#.

5->.) 8n an attem&t to im&rove o&erating efficiency$ one em&"oyee wa# ma,e re#&on#i!"e for a"" &urcha#ing$ receiving$ an, #toring of #u&&"ie#. 8# thi# organi5ationa" change wi#e from an interna" contro" #tan,&oint0 :.&"ain.

The organi5ation change wa# a !a, ,eci#ion$ !ecau#e it a""ow# the em&"oyee to commit theft$ frau,$ or mi#u#e of the organi5ation?# re#ource#. 8nterna" contro" i# u#e, to &revent that$ an, in that re#&ect$ the ,eci#ion to give an em&"oyee the re#&on#i!i"ity of a com&any?# re#ource# without !eing checke, wa# a !a, ,eci#ion from an interna" contro" #tan,&oint.

%ha&ter =

=-(0.) How are manufacturing inventorie# ,ifferent from tho#e of merchan,i#er0

Merchan,i#e inventory re&re#ent# the han,"ing an, #e""ing of merchan,i#e or &ro,uct# that the com&any ha# &ro,uce,. Manufacturing inventory re&re#ent# the co#t# a##ociate, with creating the &ro,uct@ from materia"#$ work in &roce##$ to the fini#he, goo,#.

=-((.) Do the term# A8A- an, B8A- refer to techni;ue# u#e, in ,etermining ;uantitie# of the variou# c"a##e# of merchan,i#e on han,0 :.&"ain.

The term# refer to a metho, u#e, to i,entify each inventory unit !y either a##uming the fir#t unit# are #o", or the "a#t unit# are #o",. Thi# ,etermine# the en,ing inventory amount.

=-(/.) Doe# the term "a#t-in in the B8A- metho, mean that the item# in the inventory are a##ume, to !e the mo#t recent *"a#t) ac;ui#ition#0 :.&"ain.

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The term "a#t-in a##ume# that the "a#t unit# ac;uire, were #o",$ thu# "eaving the en,ing inventory to !e ma,e u& of fir#t &urcha#e#.

=-(2.) 8f merchan,i#e inventory i# !eing va"ue, at co#t an, the &rice "eve" i# #tea,i"y ri#ing$ which of the three metho,# of co#ting 3 A8A-$ B8A-$ or average co#t 3 wi"" yie", *a) the highe#t inventory co#t$ *!) the "owe#t inventory co#t$ *c) the highe#t gro## &rofit$ *,) the "owe#t gro## &rofit0

a.) B8A!.) B8Ac.) A8A,.) B8A-

=-(6.) +hich of the three metho,# of inventory co#ting 3 A8A-$ B8A-$ or average co#t 3 wi"" in genera" yie", an inventory co#t mo#t near"y a&&ro.imating current re&"acement co#t0

The A8A- metho,.

=-(5.) 8f inventory i# !eing va"ue, at co#t an, the &rice "eve" i# #tea,i"y ri#ing$ which of the three metho,# of co#ting 3 A8A-$ B8A-$ or average co#t 3 wi"" yie", the "owe#t annua" income ta. e.&en#e0 :.&"ain.

The B8A- metho, offer# the "owe#t income ta. e.&en#e !ecau#e it re&ort# the "owe#t amount of net income of the three metho,#.

=-(=.) +hat i# the B8A- re#erve$ an, why wou", an ana"y#t !e carefu" in inter&reting the earning# of a com&any that ha# "i;ui,ate, #ome of it# B8A- re#erve0

The B8A- re#erve i# the e#timate, ,ifference !etween the B8A- inventory an, the A8Ainventory if the A8A- ha, !een u#e,. 8f the com&any ha# "i;ui,ate, #ome of it# B8A- re#erve$ the income #tatement nee,# to !e inter&rete, ,ifferent"y !ecau#e$ the a,9u#t earning# are now un,er what A8A- wou", have #tate,.
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=-(>.) 7n,er what #ection #hou", account# receiva!"e !e re&orte, on the !a"ance #heet0

They are "i#te, in the %urrent A##et# #ection of the !a"ance #heet.

=-('.) Becau#e of im&erfection#$ an item of merchan,i#e cannot !e #o", at it# norma" #e""ing &rice. How #hou", thi# item !e va"ue, for financia" #tatement &ur&o#e#0

The item #hou", !e va"ue, at it# net rea"i5a!"e va"ue which i# the e#timate, #e""ing &rice minu# the ,irect co#t# of Di#&o#a". =-(C.) How i# the metho, of ,etermining the co#t of inventory an, the metho, of va"uing it ,i#c"o#e, in the financia" #tatement#0

8t?# ,i#c"o#e, a# the "ower-of-co#t-or-market in the financia" #tatement# if the co#t of re&"acing inventory i# "ower than it# recor,e, &urcha#e co#t.

%ha&ter >

>-(.) +hich of the fo""owing ;ua"itie# are characteri#tic of fi.e, a##et#0 *a) tangi!"e$ *!) ca&a!"e of re&eate, u#e in the o&eration# of the !u#ine##$ *c) he", for #a"e in the norma" cour#e of !u#ine##$ *,) u#e, rare"y in the o&eration# of the !u#ine##$ *e) "ong-"ive,.

a.) %haracteri#tic

!.) %haracteri#tic

c.) not %haracteri#tic

,.) not %haracteri#tic

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e.) %haracteri#tic

>-/.) Mancini -utfitter# %o. ha# a f"eet of automo!i"e# an, truck# for u#e !y #a"e#&er#on# an, for ,e"ivery of office #u&&"ie# an, e;ui&ment. :a#t Vi""age Auto Sa"e# %o. ha# automo!i"e# an, truck# for #a"e. 7n,er what ca&tion wou", the automo!i"e# an, truck# !e re&orte, on the !a"ance #heet of *a) Mancini -utfitter# %o.$ *!) :a#t Vi""age Auto Sa"e# %o.0

a.) Ai.e, A##et#

!.) 8nve#tment

>-2.) Du#t Anima"# %o. ac;uire, an a,9acent vacant "ot with the ho&e of #e""ing it in the future at a gain. The "ot i# not inten,e, to !e u#e, in Du#t Anima"#? !u#ine## o&eration#. +here #hou", #uch rea" e#tate !e "i#te, in the !a"ance #heet0

8t wou", !e "i#te, un,er the #ection entit"e, 8nve#tment#.

>-6.) My Mother?# %"o#et %om&any #o"icite, !i,# from #evera" contractor# to con#truct an a,,ition to it# office !ui",ing. The "owe#t !i, receive, wa# for E2>5$000. My Mother?# %"o#et %om&any ,eci,e, to con#truct the a,,ition it#e"f at a co#t of E/C'$500. +hat amount #hou", !e recor,e, in the !ui",ing account0

E/C'$500

>-5.) Di#tingui#h !etween the accounting for ca&ita" e.&en,iture# an, revenue e.&en,iture#.

%a&ita" e.&en,iture# are co#t# that im&rove the a##et or e.ten, it# u#efu" "ife$ whi"e revenue e.&en,iture# are co#t# that !enefit on"y the current &erio,. 4evenue e.&en,iture# increa#e :.&en#e#$ whi"e ca&ita" e.&en,iture# u#ua""y increa#e fi.e, a##et#.
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>-=.) 8mme,iate"y after a u#e, truck i# ac;uire,$ a new motor i# in#ta""e, an, the tire# are re&"ace, at a tota" co#t of E2$(>5. 8# thi# a ca&ita" e.&en,iture or a revenue e.&en,iture0

8t wou", !e un,er ca&ita" e.&en,iture.

>->.) %"a##ify each of the fo""owing e.&en,iture# a# either a revenue or ca&ita" e.&en,iture1 *a) in#ta""ation of a vi,eo me##aging #y#tem on a #emitrai"er$ *!) changing oi" in a ,e"ivery truck$ *c) &urcha#e of a co"or co&ier.

a.) %a&ita" :.&en,iture

!.) 4evenue e.&en,iture

c.) %a&ita" :.&en,iture

>-'.) Are the amount# at which fi.e, a##et# are re&orte, in the !a"ance #heet their a&&ro.imate market va"ue# a# of the !a"ance #heet ,ate0 Di#cu##.

The amount# that are re&orte, are not their market va"ue# a# of the ,ate$ !ecau#e fi.e, a##et#$ with the e.ce&tion of "an,$ can ,e&reciate over time$ which mean# the fi.e, a##et# can "o#e va"ue over time. So the !ook va"ue of a fi.e, a##et ,oe# not agree with the a##et?# market va"ue !ecau#e ,e&reciation ,oe# not mea#ure a ,ec"ine in the market va"ue.

>-C.) a. Doe# the recognition of ,e&reciation in the account# &rovi,e a #&ecia" ca#h fun, for the re&"acement of fi.e, a##et#0 :.&"ain.

8t ,oe# not &rovi,e a ca#h fun, for the re&"acement !ecau#e$ ,e&reciation ,oe# not re;uire an out"ay of ca#h when it i# recor,e,.

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!. De#cri!e the nature of ,e&reciation a# the term i# u#e, in accounting.

De&reciation i# recor,e, a# an e.&en#e over the u#efu" "ive# of the fi.e, a##et#. De&reciation inc"u,e# &hy#ica" an, functiona" factor#. hy#ica" factor# that contri!ute to ,e&reciation re&re#ent the wear an, tear ,uring u#e or e.&o#ure to the natura" environment. Aunctiona" ,e&reciation refer# to the fi.e, a##et !ecoming o!#o"ete or i# no "onger nee,e, to &rovi,e a #ervice for which it wa# inten,e,. De&reciation ,oe# not mea#ure a ,ec"ine in the market va"ue of a fi.e, a##et an, it ,oe# not &rovi,e ca#h to re&"ace fi.e, a##et# a# they wear out.

>-(0.) ac Vac %om&any &urcha#e, a machine that ha# a manufacturer?# #ugge#te, "ife of (5 year#. The com&any &"an# to u#e the machine on a #&ecia" &ro9ect that wi"" "a#t (/ year#. At the com&"etion of the &ro9ect$ the machine wi"" !e #o",. -ver how many year# #hou", the machine !e ,e&reciate,0

(/ year#.

%ha&ter '

'-(.) +hat two ty&e# of tran#action# cau#e mo#t current "ia!i"itie#0

4eceiving goo,# or #ervice# &rior to making &ayment an, receiving &ayment &rior to ,e"ivering goo,# or #ervice#.

'-/.) +hen are #hort-term note# &aya!"e i##ue,0

They are i##ue, to #ati#fy an account &aya!"e an, to &urcha#e merchan,i#e or other a##et#.

'-2.) +hen #hou", the "ia!i"ity a##ociate, with a &ro,uct warranty !e recor,e,0 Di#cu##.
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8t #hou", !e recor,e, in the #ame &erio, in which the re"ate, &ro,uct #a"e i# recor,e,.

'-6.) Deere F %om&any$ a com&any we"" known for manufacturing farm e;ui&ment$ re&orte, more than E'00 mi""ion of &ro,uct warrantie# in recent financia" #tatement#. How wou", co#t# of re&airing a ,efective &ro,uct !e recor,e,0

The re&air co#t# are recor,e, !y ,ecrea#ing the ro,uct +arranty aya!"e an, ,ecrea#ing %a#h$ Su&&"ie#$ or other a&&ro&riate account#.

'-5.) De"ta Air Bine#? SkyMi"e# &rogram a""ow# fre;uent f"yer# to earn cre,it towar, free ticket# an, other amenitie#. *a) Doe# De"ta Air Bine# have a contingent "ia!i"ity for awar, re,em&tion !y it# SkyMi"e# mem!er#0 *!) +hen #hou", a contingent "ia!i"ity !e recor,e,0

a.) Ge#$ &ro!a!"e an, e#tima!"e

!.) The "ia!i"ity #hou", !e recor,e, in the #ame &erio, in which the re"ate, &ro,uct #a"e i# recor,e, or when the mem!er# come to c"aim their cre,it earne,.

'-=.) Aor each of the fo""owing &ayro""-re"ate, ta.e#$ in,icate whether it genera""y a&&"ie# to *() em&"oyee# on"y$ */) em&"oyer# on"y$ or *2) !oth em&"oyee# an, em&"oyer#1

a. Ae,era" income ta.

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*2) Both

!. Ae,era" unem&"oyment com&en#ation ta.

*/) :m&"oyer# on"y

c. Me,icare ta.

*2) Both 3 em&"oyer# re;uire, to match em&"oyee#? contri!ution#

,. Socia" #ecurity ta.

*2) Both - em&"oyer# re;uire, to match em&"oyee#? contri!ution#

e. State unem&"oyment ta. com&en#ation ta.

*/) :m&"oyer# on"y

'->.) To match revenue# an, e.&en#e# &ro&er"y$ #hou", the e.&en#e for em&"oyee vacation &ay !e recor,e, in the &erio, ,uring which the vacation &rivi"ege i# earne, or ,uring the &erio, in which the vacation i# taken0 Di#cu##.

The e#timate, co#t of the#e !enefit# #hou", !e recor,e, a# an e.&en#e ,uring the &erio, in which the em&"oyee earn# the !enefit.

'-'.) 8,entify the two ,i#tinct o!"igation# incurre, !y a cor&oration when i##uing !on,#.
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The cor&oration mu#t &ay &erio,ic intere#t on tho#e !on,# an, they are a"#o o!"igate, to re&ay the "oan #et !y tho#e !on,#.

'-C.) A cor&oration i##ue# E/5$000$000 of 5H !on,# to yie", an effective intere#t rate of >.5H

a. +a# the amount of ca#h receive, from the #a"e of the !on,# more or "e## than E/5$000$0000

Be## than E/5$000$000.

!. 8,entify the fo""owing amount# re"ate, to the !on, i##ue1 *() face amount$ */) market rate of intere#t$ *2) contract rate of intere#t$ an, *6) maturity amount.

*() E/5$000$000

*/) >.5H

*2) 5H

*6) /5$000$000 . .0>5 . 5 I EC$2>5$000 J /5$000$000 I E226$2>5$000

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'-(0.) The fo""owing ,ata re"ate to a E5$000$000$ =H !on, i##ue for a #e"ecte, #emiannua" intere#t &erio,1

Bon, carrying amount at !eginning of &erio, - E5$250$000 8ntere#t &ai, at en, of &erio, 200$000 /'5$500

8ntere#t e.&en#e a""oca!"e to the &erio, -

*a) +ere the !on,# i##ue, at a ,i#count or at a &remium0

8##ue, at a &remium.

*!) +hat e.&en#e account wa# ,ecrea#e, to amorti5e the ,i#count or &remium0

8ntere#t :.&en#e.

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Homework Problems: Chapters 5-8

%ha&ter 51 :2$ :>$ :((

:5-2

a.) The c"erk cou", take the ca#h from the ca#h ,rawer each time a cu#tomer return# an item. During the tran#action of awar,ing the ca#h !ack to the cu#tomer$ he<#he cou", take #ma"" amount# an, #ay that there were more return# than there rea""y wa# to make u& the ca#h ,ifference.

!.) The &roce## of monitoring an, the "ack of &roof# an, #ecurity mea#ure# contri!ute# to the theft. Aor in#tance$ a manager on"y check# in every / hour#$ in#tea, of a #urvei""ance #y#tem$ #o the em&"oyee i# a!"e to #tea" from the ca#h regi#ter. The ,ocument# or return #"i&# aren?t !eing recor,e, a# &er in#truction of the #tore &o"icy$ #o the em&"oyee can u#e that to charge u& return# an, take money to e;ua" tho#e return#.

c.) 8##uing #tore cre,it wou", he"& hin,er the theft#$ !ecau#e the em&"oyee wou", not !e a!"e to o!tain any ca#h ,ue to the i##uing of cre,it. The recor,ing# an, tran#action# of cre,it he"& to en#ure that the cu#tomer# receive their rewar, amount$ whi"e kee&ing the recor,# avai"a!"e for the manager to #ee. -ne ,i#a,vantage i# that the em&"oyee cou", i##ue cre,it to anyone without having the cu#tomer return the item.

,.) The #tore cou", !e monitore, more c"o#e"y in or,er to &rovi,e more contro" to the em&"oyee?# action#. The #tore cou", the &roof# an, #ecurity mea#ure# !y making #ure each return tran#action i# regi#tere, on a more #ecure ,evice that on"y the manager ha# acce## to.

:5->

The o&eration# of com&any tran#action# to &urcha#e #u&&"ie# an, goo,# #hou", have !een ,ivi,e,$ #o that the re#&on#i!i"itie# of the o&eration were given to more than one &er#on. Thi#
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he"&# to ,ecrea#e the &o##i!i"itie# of error# an, frau,$ !ecau#e each &er#on ha# "e## re#&on#i!i"ity an, &ower over the com&any o&eration#. roof# an, #ecurity mea#ure# weren?t a,e;uate enough to kee& the em&"oyee from mi#u#ing the or,ering an, !i""ing #tatement#.

:5-((

a.) The weak "ink i# the human e"ement of contro"#. The ca#hier cou", !e working with #omeone from the accounting ,e&artment to try an, #tea" ca#h a##et# from the em&"oyee# or their com&any.

!.) The com&any cou", u#e more monitoring of the ca#h from the time it i# receive, unti" it i# ,e&o#ite, to the !ank an, cou", a"#o #e&arate the ca#hier?# 9o! with mu"ti&"e &eo&"e. %ha&ter =1 :6$ :'$ :(0

:=-61

May (0

%a#h 7nco""ecti!"e1 Ba, De!t :.&en#e Acct#. 4eceiva!"e E2($500

E(0$000

E6($500 E2($500 E2($500 E2($500 E2($500

Dec /

Acct#. 4eceivea!"e 7nco""ecti!"e1 Ba, De!t :.&en#e %a#h Account# 4eceiva!"e

:=-'1 >00$000 3 6$(65 I E=C5$'55

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:=-(01

Net Sa"e# 3 2$500$000 7nco""ecti!"e 3 50$000 Net income 3 2C0$500 (.>5H

2$500$000 . .0(>5 I =($/50

2C0$500 3 =(/50 I E2/C$/50

%ha&ter >1 :5$ :'$ :(/

:>-51
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(.) 4evenue e.&en,iture /.) %a&ita" e.&en,iture 2.) %a&ita" 6.) %a&ita" 5.) 4evenue =.) 4evenue >.) %a&ita" '.) 4evenue C.) %a&ita" (0.) 4evenue

:>-'1

C2$>50 3 (0$000 I E2$250 /5yr#

:>-(/1
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a.) May 2($ /00' - 25C$(22$000 J '/0$6'6$000 I ($(>C$=(>$000 3 >(5$(=/$000 I E6=6$655$000

Dune /$ /00> - 2C0$(6>$000 J '=5$2C'$000 I ($/55$565$000 3 >(2$'/0$000 I E56($>/5$000

Book va"ue for /00> wa# higher.

!.) Decrea#e# ,uring the year ,ue to ,e&reciation.

%ha&ter '1 :6$ :>$ :(0

E8-41

/00C1 Ta. income 3 ($'00$000 60H ta. rate Service revenue1 500$000

500$000 . .60 I /00$000 3 Tax Expense ($'00$000 . .60 I >/0$000 3 Tax Payable >/0$000 3 /00$000 I 5/0$000 3 Tax Deferred

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/0(01 Ta. income 3 /$600$000 60H ta. rate Service revenue1 500$000

/00$000 3 Tax Expense /$600$000 . .60 I C=0$000 3 Tax Payable C=0$000 3 /00$000 I >=0$000 3 Tax Deferred

E8-7:

E6(0$000 3 Aine E(>0$000 3 :m&"oyee com&en#ation E5'0$000 3 Tota" Bia!i"itie#

E/=0$000 3 Homeowner1 4ea#ona!"y - o##i!"y E'60$000 3 %ontingent on Homeowner winning court ,eci#ion

Severa" #ource# have fi"e, "aw#uit c"aim# again#t u#$ a""eging that the ,amage# incurre, have cau#e, the environment aroun, the &"ant to !ecome un#ta!"e. The re#u"t i# a fine to !e &ai, to the : A an, to the em&"oyee a# com&en#ation. A# a re#u"t of the acci,ent$ the Bitigation# from the homeowner are un9u#tifie,. +e !e"ieve that the acci,ent ha# not cau#e, the ,ec"ination of the home?# current va"ue an, wi"" #eek con#u"tation the matter to &rove the a""egation# are un9u#tifie,. -ther "itigation# cannot !e &re,icte, or #ummari5e,.

E8- !:

*() 2/0$000
NguyenT. , Homework Ch. 5-8 Page 18

*2) 600$000 *>) 5$000 *(() ((0$000

NguyenT. , Homework Ch. 5-8

Page 19