Skills Development Cases Yige zhang 1219313 ACCT 2113-01 Chapter 1 S1-1 1. What is the amount of net income for the year ended February 1‚ 2009? Net Income=$2‚260‚000‚000 2. What is the amount of sales revenue was earned for the year ended February 1‚ 2009? Sales Revenue=$71‚288‚000‚000 3. How much inventory does the company have on February 1‚ 2009? Inventory=$10‚673‚000‚000 4. How much does The Home Depot have in cash on February 1‚ 2009? Cash=$519‚000‚000 5. The
Premium Generally Accepted Accounting Principles Revenue Investment
Case Study 2-Internal Controls 2014 ACCT 504 Table of Contents I) Introduction II) Internal Control Requirements-Sarbanes/Oxley Act III) Internal Controls-Strengths IV) Internal Controls-Opportunities for Improvement Introduction It has come to the attention of the president of LJB Company that an evaluation is needed to determine the reliability and level of compliance of the company’s
Premium Internal control Auditing Corporate governance
000 Pg. 60 DR…. To the Left CR…. To the Right Pg. 62 Current Ratio (#) = Current Assets Current Liabilities Pg. 69 More stringent test of liquidity Net Working Capital ($)= Current Assets – Current Liabilities Pg. 69 Expense Accts Equity Accounts CR Normal DR FSET Template-Balance Sheet Transaction 522 Net Income Dividends Measures Solvency (Ability to avoid bankruptcy) >1 is more risky
Premium Inventory Generally Accepted Accounting Principles Balance sheet
Hayley Wicks ACCT 540 Week 4: Course Project (Case 1) Typically‚ hedging strategies are implemented as a means of protection. The dictionary tells us that hedging strategies involve making counterbalancing investments in order to avoid a loss. With regards to the futures market‚ hedging strategies involve a position in the market that is the opposite of an entity’s current position. Any gain or loss in the cash market is usually followed by a counterbalanced effect in the futures market since the
Premium Futures contract
UNIVERSITY OF MARYLAND UNIVERSITY COLLEGE PRINCIPLES OF ACCOUNTING I ACCT220 FUN QUIZ FOUR: CHAPTER FOUR I. Multiple Choice. Select the best lettered answer for the number question or best lettered completion for the numbered partial statement. Record the letter next to the number. 1. _____ The account‚ Supplies‚ will appear in the following debit columns of the worksheet. a. Trial balance b. Adjusted trial balance c. Balance sheet d. All of these answer choices are correct 2.
Premium Balance sheet Generally Accepted Accounting Principles Accounts receivable
THE PARMALAT SCANDAL The Parmalat situation started out as a fairly standard – although sizeable –accounting fraud. Not even the best auditors could prepare for what was to come from this company. The Parmalat group‚ a world leader in the dairy food business‚ collapsed and entered bankruptcy protection in December 2003 after acknowledging massive holes in its financial statements. This happened when billions of euros seem to have gone missing from the company’s accounts. This dramatic collapse
Premium Corporate governance Fraud Calisto Tanzi
Evaluating a Company’s Budget Procedures Springfield Corporation operates on a calendar-year basis. It begins the annual budgeting process in late August‚ when the president establishes targets for the total dollar sales and the net income before taxes for the next year. The sales target is given to the Marketing Department‚ where the marketing manager formulates a sales budget by product line in both units and dollars. From this budget‚ sales quotas by product line in units and dollars
Premium Marketing Budget Vice President of the United States
NPV A Item Years "Amt of Cash Flow" "20% FACTOR" "PV of Cash Flows" Annual Cost Savings 1 - 7 80000 3.605 288400 Initial Investment NOW -300000 1 -300000 Salvage Value 7 20000 0.279 5580 Net Present Value -6020 NPV B Item Years "Amt of Cash Flow" "20% FACTOR" "PV of Cash Flows" Annual Cost Savings 1 - 7 60000 3.605 216300 Initial Investment NOW -300000 1 -300000 Working Capital Released 7 300000 0.279 83700 Net Present Value 0 NPV A
Premium Net present value Investment
LBJ Company: Internal Control Evaluation Accounting 504: Managerial Use & Analysis Case Study 2 Written by: 8/10/13 This evaluation is being presented as an assessment of the preparedness of the LJB Company to go public at a future date. By researching current regulations regarding publicly traded firms we hope to prepare for a smooth transition into the trading market. The Sarbanes-Oxley Act of 2002 (SOX) has established the following guidelines
Premium Internal control Sarbanes–Oxley Act Security
Tom Emory and Jim Morris strolled back to their plant from the administrative offices of the Ferguson & Son Mfg. Company. Tom is the manger of the machine shop in the company’s factory. Jim is the manager of the equipment maintenance department. The men had just attended the monthly performance evaluation meeting for plant department heads. These meetings had been held on the third Tuesday of each month since Robert Ferguson‚ Jr.‚ the president’s son‚ had become the plant manager a year earlier.
Premium Management Management occupations Chief executive officer