Lynn Christensen Student #0409328077 Financial Accounting Acct. 504 Professor Joyce Stiles Course Project - Kohl’s & JC Penney Submitted: August ‚ 2014 JC Penney’s: Since their founding by James Cash Penney in 1902‚ they have grown to be a major retailer‚ operating 1‚106 department stores in 49 states and Puerto Rico‚ as of January 29‚ 2011. J.C. Penney Corporation‚ Inc. was incorporated in Delaware in 1924 and J.C. Penney Company‚ Inc. was incorporated in Delaware in 2002‚ when the holding company
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The Two Sides of the Family Business The Two Sides of the Family Business Many people may think it would be wonderful to run their own business. They can imagine the freedom of being their own boss‚ making the decisions in the day to day running of their company‚ and keeping the profits for themselves instead of spending their blood‚ sweat‚ and tears for someone else’s benefit. And if this was a family business? That can make it seem even more attractive. Working with loved ones‚ sharing in the
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Chapter 10 Property‚ Plant‚ and Equipment and Intangible Assets: Acquisition and Disposition Questions for Review of Key Topics Question 10-1 The difference between tangible and intangible long-lived‚ revenue-producing assets is that intangible assets lack physical substance and they primarily refer to the ownership of rights. Question 10-2 The cost of property‚ plant‚ and equipment and intangible assets includes the purchase price (less any discounts received from the seller)
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Course Project Title: Balance Sheet and Single-Step Income Statement Objective To prepare a comprehensive balance sheet and Single-Step Income Statement presented in good form and derived from a list of various accounts. The amounts relative to each account will be given and the student will learn to determine whether an account is a balance sheet account or a temporary account that belongs to the income statement. The accounts will be comprised of all the various subgroupings in the balance
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To: President of LJB Company‚ Thank you for selecting our firm to provide your company with an evaluation of your organizations internal control system. Internal control systems are vital in securing your organizations assets‚ it will limit the risk of fraud as well as misuse of your assets. Comprehending how to separate duties among your employees will aid in improving transparency as well as keep your company financially strong. Before the company decides to go public it is important to know
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Internal Control Requirements for Publicly Traded Companies In a meeting last week‚ the president of LJB expressed interest of going public in the near future and asked us about the internal control requirements for such action. To become publicly listed‚ LJB must follow the Sarbanes-Oxley Act of 2002 (SOX)‚ which requires all US publicly traded companies to maintain an adequate system of internal control. Under SOX Section 404‚ a company must report on internal controls over financial reporting
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I have reviewed your situations and each of your tax considerations and outlined my advisement below. Part I: Discuss the various forms of organization that are available to Penelope‚ Mark and John. There are a few different options from which you can chose to organize your business under. For example: partnership‚ LLP‚ S Corporation‚ C Corporation for which I know you are all familiar with. It is my duty to give you my own educated and unbiased opinion to which would be most beneficial to all
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Accounting 504 Case Study 2 Keller Graduate School of Management Prepared by: Samara Ellison Prepared for: Professor Hicks 3 April 2013 To: LJB Company President From: Samara Ellison‚ Accounting Firm Subject: Evaluation of LJB Company’s Internal Control Structures Date: 3 April 2013 Hello LJB Company President: First‚ I would like to thank you for hiring my accounting firm to evaluate LJB’s internal controls system. This report will inform you of any new internal control requirements
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PRACTICE – Ch1 through Ch6 Chapter 1 1. What is the objective of financial reporting? a. Provide information that is useful to management in making decisions. b. Provide information that clearly portray nonfinancial transactions. c. Provide information about the reporting entity that is useful to present and potential equity investors lenders‚ and other creditors. d. Provide information that excludes claims to the resources. 2. When making decisions‚ investors are interested in assessing
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Aug 30‚ 2013 Accounting 200 Chapter 1 Vocabulary Business: An organization in which basic resources (inputs)‚ such as materials and labor‚ are assembled and processed to provide goods or services (outputs) to customers. Service Business: Provide services rather than product to customers Ex. Delta Air Lines (Transportation) Walt Disney Co. (Entertainment) Merchandising Business: Sell products they purchase from other businesses. Ex. Wal-Mart (General Merchandise)
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