Journalize the following transactions related to Bad Debts Expense. Post entries to the Allowance T-account. Please note I have attached both documents to this order.
Accountants are responsible for ensuring alignment with various standards, including GAAP and IFRS, as well as satisfying the needs of various other users of financial statements (and potentially others, depending on the nature of the business they work for.) The article Reporting Accounting Changes and Their Multi-period Effects discusses why firms are not required to disclose information for years subsequent to a change, even when the impacts of the change span multiple years. Review the article and discuss the following, providing examples to support your ideas:
Should companies be expected to report the impact of changes expected in subsequent years, especially if they have multiperiod impacts? Why or why not?
Would multiperiod disclosure of accounting changes be useful to investors and other users? Why or why not?
I have attached the Article.
Please read the guideline carefully because it is a little complicated.
Project 1 Access Databass (80 Points, 2and half page)
Project 2 Data Analytics (20 Points, 1 and half page)
submit your report in a text file
My school email: [email protected] ( needs for download Tableau)
For this assignment, locate sources primarily in professional accounting and business journals. Identify a topic that
pertains to the subject matter covered in ACCT 332. You will write a research paper that is supported by scholarly sources.
Length: 8–10 pages.
Include a title page and reference page which are not included in the required page count.
Use at least 8 scholarly sources.
Use current APA formatting.
Module 1: Week 1 – Accounting Information Systems and Accountants as Analysts
Module 2: Week 2 – Data Modeling, Relational Databases, and Enterprise Systems
Module 3: Week 3 – Business Processes: Sales, Collections,
Module 4: Week 4 – Business Process: Conversion
Module 5: Week 5 – Data Analytics in Accounting and XBRL
Module 6: Week 6 – Internal Controls, Information Security, and Computer Fraud
Module 7: Week 7 – Monitoring and Auditing AIS
PLEASE REFER TO THE ALL THE FILES ATTACHED TO THIS TO GUIDE YOU TO COMPLETE THIS TASK
REFERENCES SHOULD BE 8-10 HIGH QUALITY CREDIBLE SOURCES
Write a 3 page paper based on your the Exotic Embezzlement case addressing the following: Use the readings and the fraud examination checklist to address the following questions:
1. What sections of the fraud examination checklist were most helpful to the investigation and why? Please be specific in the way the techniques you used based on the checklist will contribute to the overall investigation.
2. Identify the specific direct & circumstantial evidence used to support a prosecution of this case.
3. Identify the anomalies and/or red flags of fraud present at the business
4. Could this fraud have been prevented or deterred?
This is the post below
Best Buy Co., Inc. is a leading provider of technology products. Customers can shop at more than 1,700 stores or online. The company is also known for its Geek Squad for technology services. Suppose Best Buy is considering a particular HDTV for a major sales item for Black Friday, the day after Thanksgiving, known as one of the busiest shopping days of the year. Assume the HDTV has a regular sales price of $900, a cost of $500, and a Black Friday proposed discounted sales price of $650. Best Buy’s 2015 Annual Report states that failure to manage costs could have a material adverse effect on its profitability and that certain elements in its cost structure are largely fixed in nature. Best Buy, like most companies, wishes to maintain price competitiveness while achieving acceptable levels of profitability. (Item 1A. Risk Factors.)
1. Calculate the gross profit of the HDTV at the regular sales price and at the discounted sales price.
Gross Profit= Sales Price – Cost of Goods Sold
$900 – $500 = $400 gross profit at the regular sales price
$650 – $500 + $150 gross profit at the discounted sales price
2. Assume that during the November/December holiday season last year, Best Buy sold an average of 150 of this particular HDTV per store. If the HDTVs are marked down to $650, how many would each store have to sell this year to make the same total gross profit as last year?
Number of TVs sold last year x Number of stores= Total Sales Last Year
Total Sales x Gross Profit per Unit = Gross Profit Earned last year
(1700 x 150) x 400 = 102,000,000
Gross Profit Earned last year / Gross profit at the discounted sales price = units to be sold to earn same profit as last year
102,000,000/150 = 680,000
Total Units to be Sold / Number of stores = Units to be sold at each store
680,000/1700 = 400 units to be sold at each store
3. Relative to Sales Revenue, what type of costs would Best Buy have that are fixed? What type of costs would be variable?
Fixed costs are defined as costs that do not change in total over ranges of volume of activity (Miller-Nobles et al., 2018). Therefore, for Best Buy fixed costs would include items such as rent, depreciation expenses, or even general yearly maintenance on machines. Variable costs, however, are costs that increase or decrease in total in direct proportion in increases or decreases in the volume of activity (Miller-Nobles et al., 2018). Thus, variable costs for Best Buy might include power, depending on how long the machines run, as well as raw materials since needs for items can fluctuate.
4. Because Best Buy stated that its cost structure is largely fixed in nature, what might be the impact on operating income if sales decreased? Does having a cost structure that is largely fixed in nature increase the financial risk to a company? Why or why not?
Since the cost structure of the company is largely fixed, if the sales decrease, so will the overall operating income. The fixed costs will remain the same while the income will decline, and therefore, the operating income decreases.
Yes, having a cost structure that is largely fixed does increase the financial risk to the company. If sales decreases, those fixed costs must still be accounted for. If the company does not make sales, the operating income will suffer and the company could be put in a very poor financial position.
5. In the Tying It All Together feature in the chapter, we looked at the cost of advertising. Is advertising a fixed or variable cost? If the company has a small margin of safety, how would increasing advertising costs affect Best Buy’s operating income? What would be the effect of decreasing advertising costs?
Advertising expenses are considered fixed because they do not vary when there is a change in the sales volume (Miller-Nobles et al., 2018). If the company has a small margin of safety, or cushion between profit and loss, then increasing a fixed cost, such as advertising, can cause a decrease to the company’s overall operating income especially if sales were to decrease. If the company were to decrease advertising costs, there would be less fixed costs, and therefore, the operating income would increase. If sales were to decline, the company’s overall operating income would not be as negatively impacted.
Miller-Nobles, T., Mattison, B., & Matsumura, E. M. (2018). Horngren’s Financial & Managerial Accounting (6th ed.). Pearson.
Hello, I’ve attached a sample of the future of coffee. Please write a paper on the future of food delivery business. I’ve attach the research I’ve done so far. please use it as a guide. the attachment has how to structure the research paper too. no charts or graphs or tables please. thank you
Week 1 Discussion: Bribery or the Cost of Doing Business?
You are a U.S. citizen recently assigned as the manager of distribution in a European country where bribery is relatively accepted. Your job description includes responsibility for accepting shipments as they enter the local port authority. On your first trip down to the docks to sign for a shipment, the customs agent in charge ask for a “tip” to clear the goods for pickup. The value of the incoming shipment is around $150,000. Knowing that the government has recently launched an initiative to reduce corruption, how do you react? If additional information would be helpful to you, what would it be? How would you proceed and why?
You will be using EDGAR (http://www.sec.gov/edgar.shtml) and the FASB codification system to research a company’s financial statements and to research a proposed accounting standard for the current or prior year (liability and equity-type transactions only). You will be creating financial accounting information and commenting on the proposal you selected as it applies to the company you selected.