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ACC 545 Week 1 Individual Assignment CPA Report

Resource: University of Phoenix Material: Los Lobos Ledger Data

Review the information in the Los Lobos Ledger Data.

Prepare a statement of cash flows using the direct and indirect methods.

Prepare a classified balance sheet. 

ACC 545 Week 3 Individual Assignment Jamona Corp. Scenario

Jamona Corp. Scenario

 

  • Review the following information:

 

  1. 1.     On January 1, 2006, Jamona Corp. purchased 12% bonds, having a maturity value of $300,000, for $322,744.44. The bonds provide the bondholders with a 10% yield. They are dated January 1, 2006, and mature January 1, 2011, with interest receivable December 31 of each year. The company uses the effective-interest method to allocate unamortized discount or premium. The bonds are classified as available-for-sale. The fair value of the bonds at December 31 of each year is as follows:

 

  • 2006 – $320,500
  • 2007 – $309,000
  • 2008 – $308,000
  • 2009 – $310,000
  • 2010 – $300,000

 

  1. 2.     The following information is available from Jamona’s inventory records

 

                                                                Units                Unit Cost

January 1, 2007 (beginning inventory)           600                        $ 8.00

 

Purchases:

January 5, 2007                                           1,200                            9.00

January 25, 2007                                         1,300                          10.00

February 16, 2007                                          800                           11.00

March 26, 2007                                               600                          12.00

 

A physical inventory on March 31, 2007, shows 1,600 units on hand. Select any one of the inventory methods (LIFO, FIFO, Average Cost, or others).

 

  1. 3.     On July 6, Jamona Corp. acquired the plant assets of Berry Company, which had discontinued operations. The appraised value of the property is:

 

Land                                             $ 400,000

Building                                         1,200,000

Machinery and equipment               800,000

Total                                             $2,400,000

 

Jamona Corp. gave 12,500 shares of its $100 par value common stock in exchange. The stock had a market value of $168 per share on the date of the purchase of the property.

 

Jamona Corp. expended the following amounts in cash between July 6 and December 15, the date when it first occupied the building.

 

Repairs to building                                                            $105,000

Construction of bases for machinery to be installed later    135,000

Driveways and parking lots                                                            122,000

Remodeling of office space in building                              161,000

Special assessment by city on land                                               18,000

 

On December 20, the company paid cash for machinery, $260,000, subject to a 2% cash discount, and freight on machinery of $10,500.

 

  1. 4.     On January 1, 2007, Jamona Corp. signed a 5-year, noncancelable lease for a machine. The terms of the lease called for Jamona to make annual payments of $8,668 at the beginning of each year, starting January 1, 2007. The machine has an estimated useful life of 6 years and a $5,000 unguaranteed residual value. The machine reverts to the lessor at the end of the lease term. Jamona uses the straight-line method of depreciation for all of its plant assets. Jamona’s incremental borrowing rate is 10%, and the lessor’s implicit rate is unknown.

 

  • Prepare journal entries that relate to the balance sheet items above with appropriate backup lead schedules for investments, inventory, fixed assets, and capital leases.
  • Prepare appropriate note disclosures.
  • Please submit as ONE file attachment

ACC 545 Week 4 Individual Assignment Restructuring Debt

  • Your company is in financial trouble and is in the process of reorganization. Your manager wants to know how you will report on restructuring the debt. Use the following information to help with this assignment.

 

Part A

 

ASSETS

 

 

 

 

 

 

 CURRENT ASSETS

 

 

 

 

 

 Cash and cash equivalents                    

 

 

 $   108,340

 Trade accounts receivable, net of allowances          

 

2,866,260

 Other receivables                                       

 

 

62,150

 Operating supplies, at lower of average

 

 

 

      cost or market                                              

 

 

58,630

 Prepaid expenses                                    

 

 

446,050

 

 

 

 

 

 

 

 

 Total Current Assets                             

 

 

3,541,430

 

 

 

 

 

 

 

 

 PROPERTY, PLANT AND EQUIPMENT (at cost)

 

 

 Land                                                     

 

 

1,950,000

 Buildings and improvements                         

 

 

2,327,410

 Equipment                                       

 

 

 

5,015,660

 Other equipment and leasehold improvements          

 

1,645,580

 

 total

 

 

 

 

 

10,938,650

 Accumulated depreciation and amortization         

 

(7,644,430)

 

 Net Property, Plant, and Equipment

 

3,294,220

 OTHER ASSETS

 

 

 

 

 

 Deposits and other assets                           

 

 

1,000,080

 

 

 

 

 

 

 

 

 TOTAL ASSETS                                     

 

 

 $   7,835,730

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 LIABILITIES AND SHAREHOLDERS' EQUITY (DEFICIT)

 

 

 

 

 

 

 

 

 

 CURRENT LIABILITIES

 

 

 

 

 

    Accounts payable                               

 

 

 $      972,160

    Accrued liabilities                               

 

 

2,071,270

    Accrued claims costs                                    

 

 

793,620

    Federal and other income taxes                              

 

19,710

    Deferred income taxes                                           

 

500

    Current maturities of long-term debt and

 

 

 

      capital lease obligations                                  

 

50,610

    Short-term borrowings                                     

 

249,250

       Total Current Liabilities                     

 

 

4,157,120

 

 

 

 

 

 

 

 

 LONG-TERM LIABILITIES

 

 

 

 

    Capital lease obligation                                       

 

54,580

    Note Outstanding                            

 

 

3,000,000

    Mortgage Outstanding

 

 

 

 

608,030

    Other liabilities                                        

 

 

95,860

         Total Long-term Liabilities

 

 

 

3,758,470

 

 

 

 

 

 

 

 

       Total Liabilities                               

 

 

7,915,590

 

 

 

 

 

 

 

 

 SHAREHOLDERS' EQUITY (DEFICIT)

 

 

 

    Common stock, $.01 par value; authorized

 

 

 

      500,000 shares; issued 231,000 shares                   

2,310

    Additional paid-in capital                                 

 

731,090

    Accumulated other comprehensive loss                  

 

(113,500)

    Retained earnings (deficit)                           

 

 

(639,180)

    Treasury stock

 

 

 

 

 

 (60,580)

        Total Shareholders' Equity (Deficit)           

 

 (79,860)

 

 

 

 

 

 

 

 

 TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY 

$    7,835,730

 

Part B

 

  • As stipulated, your company is having financial difficulty and has asked the bank to restructure its $3 million note outstanding. The present note has 3 years remaining and pays a current interest rate of 10%. The present market rate for a loan of this nature is 12%. The note was issued at its face value. The bank agrees to accept land in exchange for relinquishing its claim on this note. The land has a book value of $1,950,000 and a fair value of $2,400,000.

 

  • The company provides the following information related to its post employment benefits for the year 2007:

 

  • o    Accumulated postretirement benefit obligation at January 1, 2007 $810,000
  • o    Actual and expected return on plan assets $34,000
  • o    Unrecognized prior service cost amortization $21,000
  • o    Discount rate 10%
  • o    Service cost $88,000

 

  • Part A
  • Provide your manager a comparison of the current reporting for debt, explaining the requirements for each type (bond, mortgage, capital lease, and others). Then, prepare the journal entries for the restructuring.

 

  • Part B
  • To satisfy various benefit issues that have arisen as a result of the restructuring, new post employment benefits have been created. The company currently has a defined benefits plan and is considering switching to a defined contribution plan to save costs. Compute the costs associated with keeping the current plan versus the costs of a defined contribution plan where the employer pays 3% of payroll. The agreement is that the employees get to keep what is already in the defined benefit plan. This prevents the situation of having to compute how much the company would recapture in surplus assets resulting from terminating the old plan. Then, compute a new post employment benefit expense for 2007 and report this to your manager. Illustrate with schedules and notes.

ACC 545 Week 5 Individual Assignment Lee Corporation Equity Scenario

Resource: University of Phoenix Material: Lee Corporation Equity Scenario

Review the attached Lee Corporation Equity Scenario information.

Prepare a statement of changes in owner’s equity and accompanying notes appropriate to the section.

Note: Record the necessary journal entries before attempting to calculate other comprehensive income. 

ACC 545 Week 6 Learning Team Assignment Consolidated Financial Statements

Complete exercise 3-14, parts A, B, and C, on p. 127 of Advanced Accounting.

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