Jordan Corporation is considering dropping product W22T. Data from the company’s accounting system appear below: Sales, Variable expenses,$650,000 $234,000 $206,000 Fixed manufacturing expenses, Fixed selling and administrative expenses $170,000. All fixed expenses of the company are fully allocated to products in the company’s accounting system. Further investigation has revealed that $125,000 of the fixed manufacturing expenses and $114,000 of the fixed selling and administrative expenses are avoidable if product W22T is discontinued. What would be the effect on the company’s overall net operating income of dropping product W22T?
Question 3: Explain why net income is different from the net cash provided by operations. (10 points)RubricsDescriptor 9-10 The student demonstrates an excellent understanding of theconcepts. 8-8.9 The student demonstrates a good understanding of the concepts. 7-7.9 The student demonstrates a fair understanding of the concepts. 6-6.9 The student demonstrates some, but insufficient understanding of theconcepts. 3-5.9 The student demonstrates insufficient understanding of the concepts.They may mention some relevant ideas or concepts, although it is clear that the relationship between them is not understood by the student.1-2.9 The student demonstrates insufficient understanding of the concepts and does not mention any relevant ideas or concepts.0 The student leaves the question blank or cheats.95% of the grade based on the approach, calculations and comments, and 5% based on the presentation and look & field of the spreadsheet. Points are at the end of each question.
Begin your paper with a brief introduction on the importance of cost controls. A good introduction will sufficiently introduce the reader to the topics of your paper as well as the purpose of your paper. An introductory paragraph is at least three to five sentences in length. Cost Controls Back of the House In a minimum 250 word overview in a Word document following MLA format, outline a minimum of five different procedures and strategies that will be implemented to control costs in the back of the house for your business concept. Here are some areas to consider: planning, ordering, purchasing, receiving, storage and product rotation, inventory, food specifications, portion control, recipe standardization and costing, and waste accountability. Conclusion Your last paragraph of every MLA formatted report is a concluding paragraph. This last paragraph emphasizes the main topics of the paper. Some conclusions may also provide a forward looking approach or a question to ponder. Most importantly, the concluding paragraphs will wrap-up the key points of the essay.
Research the generic substitution laws in the state where you live or intend to seek employment, and then address the following:In your initial post, indicate which state you researched, and then answer the questions below. Kansas should be the state.Do you think your state’s laws make it easier or harder for patients to obtain less expensive generic alternatives? Provide the rationale for your opinion, referencing your state’s law if applicable.Aside from generic medications, what are some other ways pharmacies can help patients save on costs?
For this assignment you will submit a draft of the revenue recognition and accounting methods, summarizing the following critical elements: I. Memorandum, sections B, C, and D, and II. Conclusion, section C.You will determine revenue recognition and the economic impact of the client’s financial situation. Based on your decision, determine the potential tax liability, keeping in mind appropriate Internal Revenue Code and Treasury regulations. Submit this assignment as a Word document.As you are working through the cash/accrual and inventory issues this week for Milestone 2 please consider how the Tax Cuts and Jobs Act of 2017, generally effective for tax years beginning in 2018, has changed the rules.Here are links to articles from the Journal of Accountancy and Tax Advisor that summarizes changes to tax accounting for cash/accrual and inventory.
Due Thursday As the full-time bookkeeper, your job is to make sure all transactions are recorded properly. If there is an error, each correction needs the reason for the change and the effect on each account, whether it is an increase or decrease.1. What are some examples of transactions that would need to be recorded or journalized? 2. Can you provide an example of a transaction and the journal entry from either Chapter 2 of our textbook or from your current employer?3. Why is it important to accurately record the transaction you selected?4. Suppose a co-worker has recorded a cash receipt twice and wants you to record a correcting entry that will reverse the mistakes. The correcting entry will record a credit to the Cash account and a debit to the Sales account. Your co-worker has offered to buy you dinner for fixing this mistake.5. What should you investigate before making a decision about the correcting entry? What is happening to the Cash account? Would you accept a dinner offer from your co-worker for fixing the mistake? For more information read this:https://en.wikipedia.org/wiki/Bookkeeping
Class, accounting argues that opportunity costs should not be considered when evaluating alternatives. Economics believes that opportunity costs should always be considered. With which of these statements do you agree? Why? For more information on Opportunity Costs read this: https://en.wikipedia.org/wiki/Opportunity_cost
The Annual Report Project will be completed in sections over the duration of this course. You will submit each section individually, as assigned, and then submit the completed comprehensive assignment in Topic 8. Obtain the most recent Form 10-K of a U.S. corporation traded on the New York Stock Exchange (NYSE) or National Association of Securities Dealers Automated Quotations (NASDAQ). The corporation must sell a product and carry inventory on its balance sheet. You can access public company Form 10-K reports on your specific company’s website under Investor Relations. For Section 1 of the Annual Report Project, prepare a professionally written summary of 250-500 words. Include the following in your submission: Provide an overview of the company you have chosen. What business is it in? What does it sell? Who are its competitors? In what geographical areas does it conduct business? Discuss any cyclicality associated with its product sales. Include any other items relevant to this particular business or its industry. Locate a press release or article on the company you chose. What was the press release regarding and why is it significant for the company? Focus on any current or future financial implications. What did the article state about the company and how might the information in the article influence the company’s financial performance in the future? You are required to integrate at least two academic sources in the summary. Prepare this assignment according to the guidelines found in the APA Style Guide, located in the Student Success Center. An abstract is not required. Refer to “Annual Report Project – Section 1 Rubric” prior to beginning the assignment to become familiar with the expectations for successful completion. You are required to submit this assignment to LopesWrite. Refer to the LopesWrite Technical Support articles for assistance.
Effective financial reporting depends on sound ethical behavior. Financial scandals in accounting and the business world have resulted in legislation to ensure adequate disclosures and honesty and integrity in financial reporting. A sound economy is contingent on truthful and reliable financial reporting. Instructions: Read the following scenario. Answer the questions that follow. This will be a 2-3 page submission in a question and answer format (also in paragraph form). An introduction and conclusion are not required. Refer back to your textbook for guidance on how to think through the scenario. You have been recently hired as an assistant controller for XYZ Industries, a large, publically held manufacturing company. Your immediate supervisor is the controller who also reports directly to the VP of Finance. The controller has assigned you the task of preparing the year-end adjusting entries. In the receivables area, you have prepared an aging accounts receivable and have applied historical percentages to the balances of each of the age categories. The analysis indicates that an appropriate estimated balance for the allowance for uncollectible accounts is $180,000. The existing balance in the allowance account prior to any adjusting entry is a $20,000 credit balance. After showing your analysis to the controller, he tells you to change the aging category of a large account from over 120 days to the current status and to prepare a new invoice to the customer with a revised date that agrees with the new category. This will change the required allowance for uncollectible accounts from $180,000 to $135,000. Tactfully, you ask the controller for an explanation for the change and he tells you We need the extra income, the bottom line is too low.Required: In a 2-3 page paper, discuss the following: Consider what you have learned relative to ethics and financial reporting. What is the rationale for the calculations/process used to estimate the $180,000 uncollectible allowance? How do you think the misstatement of funds will impact the income statement and balance sheet? What is the ethical dilemma you face? What are the ethical considerations? Consider your options and responsibilities as an assistant controller. Identify the key internal and external stakeholders. What are the negative impacts that can happen if you do not follow the instructions of your supervisor? What are the potential consequences if you do comply with your supervisors instructions? Who will be negatively impacted? All questions must be answered in the paper. Paper 2-3 pages with references.
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