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<p>For: BusinessTutor: E24-2 (Post-Balance-Sheet Events)...
<p>For: BusinessTutor: E24-2 (Post-Balance-Sheet Events) For each of the following subsequent (post-balance-sheet) events, indicate whether a company should (a) adjust the financial statements, (b) disclose in notes to the financial statements, or (c) neither adjust nor disclose. ______ 1. Settlement of federal tax case at a cost considerably in excess of the amount expected at year-end. ______ 2. Introduction of a new product line. ______ 3. Loss of assembly plant due to fire. ______ 4. Sale of a significant portion of the company’s assets. ______ 5. Retirement of the company president. ______ 6. Prolonged employee strike. ______ 7. Loss of a significant customer. ______ 8. Issuance of a significant number of shares of common stock. ______ 9. Material loss on a year-end receivable because of a customer’s bankruptcy. ______ 10. Hiring of a new president. ______ 11. Settlement of prior year’s litigation against the company. ______ 12. Merger with another company of comparable size. *E24-4 (Ratio Computation and Analysis; Liquidity) As loan analyst for Utrillo Bank, you have been presented the following information. Toulouse Co. Lautrec Co. Assets Cash $ 120,000 $320,000 Receivables 220,000 302,000 Inventories 570,000 518,000 Total current assets 910,000 1,140,000 Other assets 500,000 612,000 Total assets $1,410,000 $1,752,000 Liabilities and Stockholders’ Equity Current liabilities $ 305,000 $ 350,000 Long-term liabilities 400,000 500,000 Capital stock and retained earnings 705,000 902,000 Total liabilities and stockholders’ equity $1,410,000 $1,752,000 Annual sales $ 930,000 $1,500,000 Rate of gross profit on sales 30% 40% Each of these companies has requested a loan of $50,000 for 6 months with no collateral offered. In as much as your bank has reached its quota for loans of this type, only one of these requests is to be granted. Instructions Which of the two companies, as judged by the information given above, would you recommend as thebetter risk and why? Assume that the ending account balances are representative of the entire year. CA24-2 (Disclosures Required in Various Situations) Rem Inc. produces electronic components for sale to manufacturers of radios, television sets, and digital sound systems. In connection with her examination of Rem’s financial statements for the year ended December 31, 2007, Maggie Zeen, CPA, completed field work 2 weeks ago. Ms. Zeen now is evaluating the significance of the following items prior to preparing her auditor’s report. Except as noted, none of these items have been disclosed in the financial statements or notes. Item 1 A 10-year loan agreement, which the company entered into 3 years ago, provides that dividend payments may not exceed net income earned after taxes subsequent to the date of the agreement. The balance of retained earnings at the date of the loan agreement was $420,000. From that date through December 31, 2007, net income after taxes has totaled $570,000 and cash dividends have totaled $320,000. On the basis of these data, the staff auditor assigned to this review concluded that there was no retained earnings restriction at December 31, 2007. Item 2 Recently Rem interrupted its policy of paying cash dividends quarterly to its stockholders. Dividends were paid regularly through 2006, discontinued for all of 2007 to finance purchase of equipment for the company’s new plant, and resumed in the first quarter of 2008. In the annual report dividend policy is to be discussed in the president’s letter to stockholders. Item 3 A major electronics firm has introduced a line of products that will compete directly with Rem’s priXXXXX XXXXXne, now being produced in the specially designed new plant. Because of manufacturing innovations, the competitor’s line will be of comparable quality but priced 50% below Rem’s line. The competitor announced its new line during the week following completion of field work. Ms. Zeen read the announcement in the newspaper and discussed the situation by telephone with Rem executives. Rem will meet the lower prices that are high enough to cover variable manufacturing and selling expenses but willpermit recovery of only a portion of fixed costs. Item 4 The company’s new manufacturing plant building, which cost $2,400,000 and has an estimated life of 25 years, is leased from Ancient National Bank at an annual rental of $600,000. The company is obligated to pay property taxes, insurance, and maintenance. At the conclusion of its 10-year noncancellable lease, the company has the option of purchasing the property for $1. In Rem’s income statement the rental payment is reported on a separate line. Instructions For each of the items above discuss any additional disclosures in the financial statements and notes that the auditor should recommend to her client. (The cumulative effect of the four items should not be considered)</p><p> </p><p>I'd like to get it back by Sat evening Thx</p>
Submitted: 7 years ago.Category: Homework
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7/2/2010
Tutor: Manal Elkhoshkhany, Tutor replied 7 years ago
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Hello kunede

 

When is the deadline for this please?

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Customer reply replied 7 years ago
Can I get both back on Sat after 6 pm. Thx
Tutor: Manal Elkhoshkhany, Tutor replied 7 years ago
Manal Elkhoshkhany
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Customer reply replied 7 years ago
I clicked the accept button but nothing happening?
Tutor: Manal Elkhoshkhany, Tutor replied 7 years ago

That is strange kunede

 

It did not go through though so I will post this reply as an answer so that you see the accept button, let us see if this works

 

 

Manal Elkhoshkhany
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Customer reply replied 7 years ago

OK. I sorry just got back in town late lastnight. Can you help me with another one?

 

  • 1. The net increase (decrease) in cash reported on the statement of cash flows should reconcile the beginning and ending cash balances reported in the comparative balance sheets.

 

  • 2. Cash payments for operating expenses are computed by subtracting an increase in prepaid expenses and a decrease in accrued expenses payable from operating expenses.

 

  • 3. Of the following questions, which one would not be answered by the statement of cash flows?
  • a. Where did the cash come from during the period?
  • b. What was the cash used for during the period?
  • c. Were all the cash expenditures of benefit to the company during the period?
  • d. What was the change in the cash balance during the period?

 

  • 4. Which of the following would be classified as a financing activity on a statement of cash flows?
  • a. Declaration and distribution of a stock dividend
  • b. Deposit to a bond sinking fund
  • c. Sale of a loan receivable
  • d. Payment of interest to a creditor

 

  • 5. In reporting extraordinary transactions on a statement of cash flows (indirect method), the
  • a. gross amount of an extraordinary gain should be deducted from net income.
  • b. net of tax amount of an extraordinary gain should be added to net income.
  • c. net of tax amount of an extraordinary gain should be deducted from net income.
  • d. gross amount of an extraordinary gain should be added to net income.

 

  • 6. The following information on selected cash transactions for 2008 has been provided by Simpson Company:

Proceeds from sale of land $160,000

Proceeds from long-term borrowings 400,000

Purchases of plant assets 144,000

Purchases of inventories 680,000

Proceeds from sale of Simpson common stock 240,000

What is the cash provided (used) by investing activities for the year ended December 31, 2008, as a result of the above information?

  • a. $16,000
  • b. $256,000.
  • c. $160,000.
  • d. $800,000.

 

  • 7. Bell Corp.'s comparative balance sheet at December 31, 2008 and 2007 reported accumulated depreciation balances of $800,000 and $600,000, respectively. Property with a cost of $50,000 and a carrying amount of $38,000 was the only property sold in 2008. Depreciation charged to operations in 2008 was
  • a. $188,000.
  • b. $200,000.
  • c. $212,000.
  • d. $224,000.

 

  • 8. Net cash flow from operating activities for 2008 for Fordham Corporation was $300,000. The following items are reported on the financial statements for 2008:

Cash dividends paid on common stock 20,000

Depreciation and amortization 12,000

Increase in accounts receivables 24,000

Based on the information above, Fordham's net income for 2008 was

  • a. $312,000.
  • b. $296,000.
  • c. $264,000.
  • d. $256,000.

 

  • 9. The indirect method adjusts net income for items that affected reported net income but did not affect cash.

 

  • 10. Cash receipts from customers are computed by adding a decrease in accounts receivable to revenue from sales.

 

and also: I need a guideline of Full Disclosure paper" Answer Q2 in ch 24 -Explain the need for full disclosure in financail reort. Indentify possible consequrnces o failing to properly disclose certain items in financial statement.

 

I'll sign in again after1pm. Thx in advance

Tutor: Manal Elkhoshkhany, Tutor replied 7 years ago
sure :)
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Tutor: Manal Elkhoshkhany, Tutor replied 7 years ago
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Customer reply replied 7 years ago
<p>Can you let me know if I accepted all questions that posted?</p><p>Can you please help me out little more. The Full disclosure needs at least 700 words. Can you give me more point (something more to talk about) or requirement of the disclosure to add it in the report. Thx</p>
Tutor: Manal Elkhoshkhany, Tutor replied 7 years ago

Hello kunede

 

The following post has not been accepted:

 

http://www.justanswer.com/questions/3oy77-for-businesstutor-e5-12-preparation-of-a-balance-sheet

 

As for the full disclosure question, you can add to my solution (which you need to reword as well), you can list the benefits and importance of full disclosure which is listed in the book on P. 1282 through 1284

 

Thank you

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Customer reply replied 7 years ago
I can't open the link above?
Tutor: Manal Elkhoshkhany, Tutor replied 7 years ago

I tried opening it and it opens fine kunede. Anyway, if you click "My Questions" tab above, you will see the post that starts with "For BusinessTutor E5-12 ", that is the one that you have not accepted. I am also not sure why when you click accept nothing happens, I checked with management and I have been posting solutions and nobody had problems like that at all. I am not sure if there is a problem with your pc

 

Thank you

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Customer reply replied 7 years ago
got it!!!! Thx
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