Debt capital

Reporting Issuance and Retirement of Long-Term Debt

On the basis of the details of the following bonds payable and related discount accounts, indicate the items to be reported in the Financing Activities section of the statement of cash flows, assuming no gain or loss on retiring the bonds:

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Item Section of Statement of Cash Flows Added or Deducted Amount
Retire bonds SelectFinancing activities sectionInvesting activities sectionOperating activities section, if indirect method is usedSeparate scheduleItem 1 SelectAddedDeductedReport onlyItem 2 $
Issue bonds SelectFinancing activities sectionInvesting activities sectionOperating activities section, if indirect method is usedSeparate scheduleItem 4 SelectAddedDeductedReport onlyItem 5 $
Amortization of discount SelectFinancing activities sectionInvesting activities sectionOperating activities section, if indirect method is usedSeparate scheduleItem 7 SelectAddedDeductedReport

ethics in corporate world

What are the steps for developing and maintaining ethical corporate culture? Which step is the most important, in your opinion?

Debt capital

Reporting Issuance and Retirement of Long-Term Debt

On the basis of the details of the following bonds payable and related discount accounts, indicate the items to be reported in the Financing Activities section of the statement of cash flows, assuming no gain or loss on retiring the bonds:

wrcf12h_ch14_ex14_14.gif

Item Section of Statement of Cash Flows Added or Deducted Amount
Retire bonds SelectFinancing activities sectionInvesting activities sectionOperating activities section, if indirect method is usedSeparate scheduleItem 1 SelectAddedDeductedReport onlyItem 2 $
Issue bonds SelectFinancing activities sectionInvesting activities sectionOperating activities section, if indirect method is usedSeparate scheduleItem 4 SelectAddedDeductedReport onlyItem 5 $
Amortization of discount SelectFinancing activities sectionInvesting activities sectionOperating activities section, if indirect method is usedSeparate scheduleItem 7 SelectAddedDeductedReport

TAX RETURN

Compute Kevin and Jim’s 2015 federal income tax return using Form 1040, Schedules A and B and Form 8283, if necessary. Last year they filed as married filing jointly

2- Write a formal memo to the taxpayers in which you explain very generally how you computed their tax, any assumptions you made or questions you would have liked to know the answers to, and any planning advice you would recommend going forward. The memo can be in any format and should be less than a page long, but more than a few sentences

FACTS
This is information relating to Kevin and Jim Jones for 2015. Kevin and Jim are married and have 2 adopted children, Aubrynne (a girl) and Bryson (a boy). They live at 236 9th Ave., New York, NY 10011
Kevin is a lawyer who works for a law firm. Jim works part time in a genetic research lab.
The Jones’ Social Security numbers and ages are as follows:

Name

S.S. No.

Age

Kevin

111-11-1111

32

Jim

222-22-2222

28

Aubrynne

333-33-3333

5

Bryson

444-44-4444

3

Kevin’s salary $94,000

Jim’s salary 32,000

Municipal bond interest 2,400

Interest on C.D.s at Universal Savings 3,100

*Qualified dividend on GM stock 1,600

*Qualified dividends should be reported as both qualified and ordinary on the tax forms.

Expenditures

Eye exam and eyeglasses for Aubrynne 600

Orthodontic work to correct Bryson’s congenital defect 2,500

Medical insurance premiums (paid on an after tax basis) 1,800

State withholding for income tax 7,200

Federal withholding for income tax 16,000

State income taxes paid with last year’s return 500

Property tax on condo 1,100

Ad valorem Property tax on automobile 300

Home mortgage interest 9,700

Interest on credit cards 200

Cash contribution to Oregon Meditation center 3,900

Cash contribution to a senator’s campaign 1,500

Charitable donation of stock

On September 17, Kevin and Jim donated Beta Trade Inc. stock to Portland State University Accounting Scholarship Fund. Beta Trader, Inc. is publicly traded. Kevin and Jim had purchased the sock on November 7, 2003 for $300. On the date of donation, the fair market value of the contribution is $700.

Miscellaneous

The taxpayers did not have signature authority over a foreign bank account.

The taxpayers did not receive a distribution from a foreign trust.

You do not need to complete any state tax returns.

Do not worry about Alternative Minimum Tax (AMT)

Rules which facilitates earnings management.

Identify and briefly describe a specific rule in either AASB 13 or AASB 9 which facilitates earnings management.
Discuss whether this is congruent with the Framework.
Finally, discuss why the standard setters would allow this sort of rule to be promulgated.

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Impact of the Sarbanes Oxley Act

Impact of the Sarbanes Oxley Act

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FINANCIAL ANALYSIS FOR MANAGERS.

Both BA and Lufthansa are both traditional national carriers, both with a large fleet of aircrafts and strong infrastructure. However whereas BA has benefitted from the stability of the UK being out of the Eurozone, Lufthansa has not.

You have been hired as a consultant to provide a formal report analysing and comparing the financial performance and status of both companies. Your report should consider the profitability, efficiency, liquidity, and gearing of the companies and include a comparative analysis. You should use ratio analysis to perform your assessment of the trend of financial performance over the years 2012, 2013 and 2014. Your report should include both cross sectional, time series analysis of the estimated ratios and other non-financial measures that you believe are appropriate.

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Computer investigation.

Discuss and describe how to conduct forensic computer investigations. Provide examples. Is forensic accounting a forensic science? Explain.

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Statistics & Data Analysis.

Suppose that you work as an analyst for a government agency, which funds various job
training programs.your boss Sam wishes to know the effectiveness of the training. Sam notices that the proportion of the employed among the 445 men after training is 69.2%, which is much greater than the
proportion of the employed before training (35.1%). Sam is unsure whether this increase in
employment rate is related to the training, or is simply a consequence of general
improvements in the job market. Sam posts the following questions.
(a) What are the major characteristics of the men in this data set (such as their age,
education level, employment status, and earnings if employed)?
(b) After the training program, is the average earnings of the employed with training
higher than the average earnings of the employed without training?
(c) After the training program, is the employment rate of the men with training higher
than the employment rate of the men without training?
(d) Do you have other ways to demonstrate the effect of training on employment?
“You should be able to find answers to these questions with some of your statistical skills that
you always boast about.” Sam demands cheerfully.

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Non-technical skills.

Using appropriate references to academic literature, please answer the following question:

You are applying for the role of a graduate accountant working in a public accounting firm. The application form asks you to identify and describe the skills that you would bring to the position. Please identify and discuss five non-technical skills demonstrated in the Course: Integrated Issues in Professional Practice that are important for being a professional advisor dealing with clients.

For each of the five skills that you have identified, please justify and explain why this skill is important to accounting professionals with appropriate reference to the academic literature.

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