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Using the Welch’s Company Trial Balance (provided), prepare an income statement, balance sheet, and statement of cash flow (for fixed assets, assume the change in the asset accounts are the additions and the change in the accumulated depreciation accounts is the depreciation).
Please submit this in excel.
For the next case studies, you must solve these as though you are writing a memo to upper management explaining your stance on the questions at hand. Please do this is memo format. Note: Each case study should have its own memo.
Case Study #2:
Danville Bottlers is a wholesale beverage company. Danville used the FIFO inventory method to determine the cost of its ending inventory. Ending inventory quantities are determined by a physical count. For the fiscal year end June 30, 2018, ending inventory was originally determined to be $3,265,000. However, on July 17, 2018, John Howard, the company’s controller, discovered an error in the ending inventory count. He determined that the correct ending inventory amount should be $2,600,000.
Danville is a privately owned corporation with significant financing provided by a local bank. The bank requires annual audited financial statements as a condition of the loan. By July 17, the auditors had completed their review of the financial statements which are schedule to be issued on July 25. They did not discover the inventory error.
John’s first reaction was to communicate his finding to the auditors and to revise the financial statements before they are issued. However, he knows that his and his fellow workers’ profit-sharing plans are based on annual pretax earnings and that if he revises the statements, everyone’s profit sharing bonus will be significantly reduced.
Required:
1) Why will bonuses be negatively affected? What is the effect on pretax earnings?
2) If the error is not correct in the current year and is discovered by the auditors during the following year’s audit, how will it be reported in the company’s financial statements?
3) Discuss the ethical dilemma John Howard faces.
Case Study #3:
Corporations frequently invest in securities issued by other corporations. Some investments are acquired to secure a favorable business relationship with another company. On the other hand, others are intended only to earn an investment return from the dividends or interest the securities pay or from increase in the market prices of the securities – the same motivations that might cause you to invest in stocks, bonds, or other securities. This diversity in investment objectives means no single accounting method is adequate to report every investment.
Merck & Co., Inc. invests in securities of other companies. Access Merck’s 2015 10K (which includes financial statements) using EDGAR at www.sec.gov. Note: Merck’s 2015 financial statements were issued prior to the effective date of ASU 2016-01, so do not be surprised by the fact that Merck includes equity investments amount it’s available for sale investments.
Required:
1) What is the amount and classification of any investment securities reported on the balance sheet? In which current and noncurrent asset categories are investments reported by Merck? What criteria are used to determine the classification?
2) How are unrealized gains or losses reports? Realized gains and losses?
3) Are any investments reported by the equity method?
4) What amounts from equity method investments are reported in the comparative income statements?
5) Are cash flow effects of these investment reflected in the company’s comparative statements of cash flows? If so, what information is provided by this disclosure?
Case Study #4:
The following appeared in the October 15, 2018, issue of the Financial Smarts Journal:
This announcement is not an offer of securities for sale or an offer to buy securities.
New Issue
October 15, 2018
$750,000,000
Craft Foods, Inc.
7.75% Debentures Due October 1, 2028
Price 99.57%
Plus accrued interest if any from date of issuance
Copies of the prospectus and the related prospectus supplement may be obtained from such of the undersigned as may legally offer these securities under applicable securities laws.
Required:
1) Explain what is being described by the announcement.
2) Can you think of a psychological reason for the securities to be priced as they are?
3) What are the accounting considerations for Craft Foods, Inc.? Describe how Craft recorded the sale?
Case Study #5:
Access the 2015 financial statements and related disclosure notes of Ford Motor Company from its website at corporate.ford.com.
Required:
1) In Note 21, find Ford’s net deferred tax asset or liability. What is the number?
2) Does Ford show a valuation allowance against deferred tax assets? If so, what is the number, and what is Ford’s explanation for it?
3) Does Ford have any NOL carryforwards? What is the amount of any carryforward, what deferred tax asset or liability is associated with it, and what effect tax rate does that imply was used to calculate its deferred tax effect?
Case Study #6:
Refer to the 2015 financial statements and related disclosure notes of FedEx Corporation. The financial statements can be found at the company’s website (www.fedex.com).
Required:
1) What pension and other post retirement benefit plans does FedEx sponsor for its employee’s? Explain.
2) What amount does FedEx report in its balance sheet for its pension and other postretirement benefit plans? Explain.
3) FedEx reports three actuarial assumptions used in its pension calculations. Did reported changes in those assumptions from the previous year increase or decrease the projected benefit obligation? What?
Case Study #7:
You are assistant controller of Stamos and Company, a medium size manufacturer or machine parts. On October 22, 2017, the board of directors approved a stock option plan for key executives. On January 1, 2018, a specific number of stock options were granted. The options were exercisable between January 1, 2020, and December 31, 2024, at 100% of the quoted market price at the grant date. The service period is for 2018 through 2020.
Your boss, the controller, is on of the executives to receive options. Neither he nor you have had occasion to deal with GAAP on accounting for stock options. He and you are aware of the traditional approach your company used years ago but do not know the newer method. Your boss understands how options might benefit him personally but wants to be aware also of how the options will be reported in the financial statements. He has asked you for a one-page synopsis of accounting for stock options under the fair value approach. He instructed you, “I don’t care about the effect on taxes or earning per share – just the basics, please.”
Required:
Prepare such a report that includes the following:
1) At what point should the compensation cost be measured? How should it be measured?
2) How should compensation expense be measured for the stock option plan in 2018 and later?
3) If options are forfeited because an executive resigns before vesting, what is the effect of that forfeiture of the stock options on the financial statements?
4) If options are allowed to lapse after vesting, what is the effect on the financial statements?
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In this activity, you will research the New Balance Company and write an essay (Links to an external site.) based on the concepts learned this week. Your essay should be double-spaced, at least 250 words, and adhere to APA guidelines. Ensure you have a cover page, introduction, body, and conclusion for your essay.
Visit the New Balance website: www.newbalance.com (Links to an external site.) and review the company’s information.
Answer the following questions in an essay format below.
From your assessment of New Balance, identify and describe in detail at least one of Porter’s generic competitive strategies New Balance has been using. From your evaluation, what are some of your recommendations for New Balance to be more competitive in a global market? Assess New Balance’s opportunities and threats; provide a plan for implementing at least two opportunity strategies and addressing two current threats you’ve identified. Explain how those opportunities and threat strategies will positively affect New Balance’s business operations.
The New Balance company is known for producing and selling running and training shoes. The company also manufacture and sells other products such as skateboarding shoes, lacrosse and cyclic shoes. Analysis showed that New Balance uses cost-leadership strategy as one of the porter’s generic competitive strategies(Schlesinger, 2015). When compared to other competing brands in the market such as the products from Nike and Adidas, New Balance products are cheaper. This strategy allows the company to target a wider market. Despite the fact that New Balance produces its products in United States and the cost of product is high, the company has managed to keep the prices of its products below those of the competing companies. The only products that retails with high prices are those that are customizable in nature. Further analysis indicated that marketing managers of the company are keen in utilizing cost-leadership strategy.
It is recommendable that New Balance should consider shifting its production line to China or any other Asian country in order to reduce production cost. Studies have showed that the cost of manufacturing a product in Asia is between 50 % to 80 % of what it cost to produce in U.S. due to cheap labor(Steward, 2015). Although the prices of New Balance product are competitive, moving its production to Asia will significantly reduce the cost of production thus fetching much lower prices. The threats New Balance is facing lack of rarity and imitation from other companies such as Nike and Adidas. Since the company targets wider market, its products are common and ordinary. The opportunity available for New Balance is…………………………………….
a. If you were macroeconomic policymaker, how do you balance the short-run tradeoff between inflation rate and unemployment rate? Explain. b. What is the historical relationship between rates of unemployment and inflation in the U.S. economy? What are the most current figures for the unemployment rate and the inflation rate? What does this say about the U.S. economy today?
How to Balance the Short-Run Tradeoff between Inflation Rate and Unemployment Rate
According to (McTaggart, Findlay & Parkin, 2012, p. 606) one of the methods that are employed in the study of inflation cycles involves the use of the relationship and the short-run trade-off between inflation and unemployment. In the short-run, there is a trade of between the unemployment and inflation in the economy.
As a microeconomic policy maker, to balance the short-run tradeoff between inflation rate and unemployment rate, there is need to set the expected inflation rate and natural unemployment rate. In the short-run, any policy that leads to an increase in inflation increases the rate of unemployment, while a policy that leads to reduction in inflation leads to reduced unemployment rates. In setting the expected inflation rate and natural unemployment rate, a balance in the short-run trade-off between inflation and unemployment rate can be achieved.
Historical Relationship between Rates of Unemployment and Inflation in the U.S. Economy
The historical relationship between the rates of unemployment and……………………………………………………………………………………………………………………………………………………………………………………………………………………………………………….
For week two research and post the following financial statements of a healthcare provider:
The Balance Sheet, or as it is sometimes called The Statement of Financial Position
The Income Statement, which is also referred to as the Statement of Operations
The Statement of Cash Flows
The statements should and normally do show at least two years of comparable data.
Note these may be contained in extensive multi-page documents. So as we can better learn from each other please excerpt or scan just the statements above. As required by the article paper grading rubric, students should not use the same data from the same provider. Answer the following questions about the financials posted:
Share the following from the financials, what is the organizations…
Total assets and the change, increase (or decrease) in percentage from the prior year.
Total liabilities and the change, increase (or decrease) in percentage from the prior year.
Total revenues and the change, increase (or decrease) in percentage from the prior year.
Total expenses and the change, increase (or decrease) in percentage from the prior year.
Operating profits and the change, increase (or decrease) in percentage from the prior year.
Given the above report on what you believe to be the provider’s financial health. Is it improving or not? What strengths or challenges do you observe?
In this activity, you will research the New Balance Company and write an essay (Links to an external site.) based on the concepts learned this week. Your essay should be double-spaced, at least 250 words, and adhere to APA guidelines. Ensure you have a cover page, introduction, body, and conclusion for your essay.
Visit the New Balance website: www.newbalance.com (Links to an external site.) and review the company’s information.
Answer the following questions in an essay format below.
From your assessment of New Balance, identify and describe in detail at least one of Porter’s generic competitive strategies New Balance has been using. From your evaluation, what are some of your recommendations for New Balance to be more competitive in a global market? Assess New Balance’s opportunities and threats; provide a plan for implementing at least two opportunity strategies and addressing two current threats you’ve identified. Explain how those opportunities and threat strategies will positively affect New Balance’s business operations. Assignment status: Solved by our Writing Team at EssayCabinet.comCLICK HERE TO ORDER THIS PAPER AT EssayCabinet.com
