Latest Event Updates
Company: Apple Inc.
Consider and discuss the specific risks and nature of the company you will be auditing.
Create comprehensive audit programs for financial instruments only.
Submit a 400 word document that includes:
- Audit steps for tests of controls, balances, transactions, analytical procedures, etc. as well as other considerations such as sample size and sample methodology.
- A brief summary page should be included in this document, 350 to 700 words for each of the audit programs. Include in this summary specific financial information gleaned from the current Form 10-K used to perform an analysis of work program steps. For example, if the team noted significant swings in the Receivables balance year-over-year, identify these swings and how you address them in your work program (this is in essence an audit procedure – analytical review).
Please answer the following 7 discussion questions in atleast 100 words per question. Do not answer them as an essay. Please answer them under the question set.
- What are the types of differences that exist between IFRS and U.S. GAAP?
- Which intangible assets are subject to annual impairment testing?
- How is goodwill measured in a business combination with a noncontrolling interest?
- What is the current treatment with respect to borrowing costs?
- What is a provision, and when must a provision be recognized?
- What is an onerous contract? How are onerous contracts accounted for?
|7. What is a static planning budget?|
- Analysis of stockholders’ equity
Star Corporation issued both common and preferred stock during 20X6. The stockholders’ equity sections of the company’s balance sheets at the end of 20X6 and 20X5 follow:
|Preferred stock, $100 par value, 10%||$580,000||$500,000|
|Common stock, $10 par value||2,350,000||1,750,000|
|Paid-in capital in excess of par value|
|Total stockholders’ equity||$16,044,000||$12,770,000|
- Compute the number of preferred shares that were issued during 20X6.
- Calculate the average issue price of the common stock sold in 20X6.
- By what amount did the company’s paid-in capital increase during 20X6?
- Did Star’s total legal capital increase or decrease during 20X6? By what amount?
- Bond computations: Straight-line amortization
Southlake Corporation issued $900,000 of 8% bonds on March 1, 20X1. The bonds pay interest on March 1 and September 1 and mature in 10 years. Assume the independent cases that follow.
- Case A—The bonds are issued at 100.
- Case B—The bonds are issued at 96.
- Case C—The bonds are issued at 105.
Southlake uses the straight-line method of amortization.
|Complete the following table:|
|Case A||Case B||Case C|
- Definitions of manufacturing concepts
Interstate Manufacturing produces brass fasteners and incurred the following costs for the year just ended:
Materials and supplies used
Repair parts 16,000
Machine lubricants 9,000
Wages and salaries Machine operators 128,000
Production supervisors 64,000
Maintenance personnel 41,000
Other factory overhead Variable 35,000
Sales commissions 20,000
- Total direct materials consumed
- Total direct labor
- Total prime cost
- Total conversion cost
- Schedule of cost of goods manufactured, income statement
The following information was taken from the ledger of Jefferson Industries, Inc.:
|Direct labor||$85,000||Administrative expenses||$59,000|
|Selling expenses||34,000||Work in. process:|
|Finished goods||Dec. 31||21,000|
|Jan. 1||115,000||Direct material purchases||88,000|
|Dec. 31||131,000||Depreciation: factory||18,000|
|Raw (direct) materials on hand||Indirect materials used||10,000|
|Jan. 1||31,000||Indirect labor||24,000|
|Dec. 31||40,000||Factory taxes||8,000|
Prepare the following:
- A schedule of cost of goods manufactured for the year ended December 31.
- An income statement for the year ended December 31.
Manufacturing statements and cost behavior
Tampa Foundry began operations during the current year, manufacturing various products for industrial use. One such product is light-gauge aluminum, which the company sells for $36 per roll. Cost information for the year just ended follows.
|Per Unit||Variable Cost||Fixed Cost|
|Direct materials||$4.50||$ —|
Production and sales totaled 20,000 rolls and 17,000 rolls, respectively There is no work in process. Tampa carries its finished goods inventory at the average unit cost of production.
- Determine the cost of the finished goods inventory of light-gauge aluminum.
- Prepare an income statement for the current year ended December 31
- On the basis of the information presented:
- Does it appear that the company pays commissions to its sales staff? Explain.
- What is the likely effect on the $4.50 unit cost of direct materials if next year’s production increases? Why?
Write a three to four (3-4) page paper in which you:
- Identify at least four (4) key points of a relevant economic article from either the Strayer Library or a newspaper. The article must deal with any course concepts covered in Weeks 1-8.
- Apply one (1) of the following economic concepts (supply, demand, market structures, elasticity, costs of production, GDP, Unemployment, inflation, aggregate demand, and aggregate supply) to the key points that you highlighted in Question 1.
- Explain how the concept that you identified in Question 2 could affect the U.S. economy.
- In your concluding paragraph, state whether you agree or disagree with the economic article identified in Question 1. Provide a rationale for the response.
- Use at least three (3) quality resources in this assignment with one (1) being your article.
Your assignment must follow these formatting requirements:
- Be typed, double spaced, using Times New Roman font (size 12), with one-inch margins on all sides; citations and references must follow APA or school-specific format. Check with your professor for any additional instructions.
- Include a cover page containing the title of the assignment, the student’s name, the professor’s name, the course title, and the date. The cover page and the reference page are not included in the required assignment page length
Healthcare organizations have a lot of challenges to factor that include a financial collapse, a surge in underinsured care as well as an increasing competition for quality outpatient services. Nevertheless, hospitals can still increase their financial profitability by focusing on key areas that include the reduction of fees and an expansion on reimbursement for services. Hospitals can also reduce costs by managing vendors associated with the hospital by adjusting their current contracts to better suit the hospital needs. Healthcare organizations should take advantage of any discounts that may be available to them; typically, healthcare organizations shy away from asking for discount, however, this does not have to be the case. Many vendors will provide discounts on volume pricing of supplies that healthcare organizations use the most by restructuring their contracts (Dunn, 2013).
Additional, if the healthcare organization has an operating room, the administrator must ensure that doctors are utilizing it efficiently as possible. If time is scheduled to utilized the OR, ensure that it is actually being used in order to reduce financial waste and increase profitability. Moreover, healthcare organizations can “rent” time to other physicians that may not have OR capabilities in order to maximize efficiency. Cost reduction is everyone’s job therefore all healthcare personnel needs to be involved in reducing costs and improving quality for the financial health of the organization. Healthcare organizations can promote the utilization of products from vendors that have provided discounts and are cost effective yet do not compromise on quality. Moreover, practicing routinely based care can drastically reduce the expenses associated with redundant tests or treatments. Healthcare organizations can partner up on certain services such as food and laundry services in order to further reduce costs. Partnering up is not just limited to services of food and laundry, but also partnering up with physicians outside the organization for health treatment services as well as providing incentives to attract new physicians to the organization (Dunn, 2013).
We’ve all heard the cliché that “nice guys finish last.” Is this true in marketing? Do firms that use good ethical practices have an advantage or disadvantage? Do you think consumers will pay a few cents more for non-polluting soap or environmentally friendly food products? Even popular movies have raised this question. In the film, “Heaven Can Wait,” Warren Beatty plays Joe Pendleton, a former NFL quarterback who came back to life as a CEO after a fatal accident. Joe tells his executives that he wants his company to be the “good guy tuna company.” Joe believed his customers would pay a little more to not kill dolphins. This sounds good in the movies, but is it true in real life? How about for you and your family?
Select a company that you believe has exceptionally good or bad ethical practices. Tell your classmates if you believe they are at an advantage or disadvantage and why. Consider the Saint Leo core values, particularly excellence. Does the firm you selected reflect any of them in their marketing practices? Use specific examples to support your opinions. Don’t forget to include your personal experiences with the company and with our core values. Please type the name of your firm in the title of your post (e.g., TOM’S SHOES) so your classmates can easily see it. Any firm can only be used ONCE – first come, first served!