Development and Support” and provide a study into the improvement of their current business… 1 answer below »

In assignment 2 and 3 you are required to invesgate the issues at “Marcia’s IT
Development and Support” and provide a study into the improvement of their current
business processes. You will need to conduct an invesgaon into the client’s problems
and evaluate a soluon to meet their business needs.
Marcia’s requirements are summarized below. The detail provided is incomplete and
may in some aspects be inaccurate. If you have any quesons you may ask for
clarificaon from your lecturer, who is Marcia’s representave.
Overview – Marcia’s IT Development and Support
Marcia’s is a locally owned business, it currently has four branches; Lithgow, Eastwood,
Fairfield and Wollongong. The head office is in Kogarah. At the head office they develop
and maintain a sophiscated stock management system, specifically tailored for small
retail businesses (this system is called PerfectStock). The branches (with support from
Head Office) market, implement and support PerfectStock for clients in their local area.
The branches also provide a full range of IT infrastructure support services to their
clients including;
· hardware and networking installaon, monitoring and maintenance,
· Server soware configuraon and support,
· Desktop soware configuraon and support.
The business has become quite profitable in the past years and its owner, Marcia Norris
has devised plans to expand by opening addional branches, inially in the regional
centres of Coffs Harbour and Orange. Marcia has longer term plans for other service
centres along the east coast of NSW and eventually naonally. Surprisingly the business,
even though it produces and supports IT systems, uses almost completely manual
processing (supplemented by a series of EXCEL spreadsheets) to support it’s internal
administrave systems. Marcia accepts that these systems are anquated, and
inefficient.

 

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A city government estimates that they must accrue $1.5 million per employee to finance each 1 answer below »

A city government estimates that they must accrue $1.5 million per employee to finance each employee’s retirement pension. If each employee works for an average of 30 years, how much per employee would the city have to invest today? Assume a discount rate of 10%. Then, calculate the amount needed per employee if the discount rate is not 10%, but 6%. If the workforce numbers 3,000, what is the total difference in cost between these two assumptions?

 

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Fresh Cut Corporation purchased all the outstanding common stock of Premium Meats for $10,900,000 in

Fresh Cut Corporation purchased all the outstanding common stock of Premium Meats for $10,900,000 in cash. The book values and fair values of Premium Meats' assets and liabilities were: Book Value $ 1,250,000 7,950,000 190,000 (1,600,000) $7,790,000 Fair Value $ 1,050,000 9,350,000 1,150,000 (1,600,000) $9,950,000 Accounts Receivable Equipment Patents Notes Payable Net assets Required: 1. Calculate the amount Fresh Cut should report for goodwill. (Enter your answer in millions rounded to 2 decimal places (i.e., $5,500,000 should be entered as 5.50).) Goodwill million 2. Record Fresh Cut's acquisition of Premium Meats. (If no entry is required for a transaction/event, select “No Journal Entry Required” in the first account field. Enter your answers in millions rounded to 2 decimal places (i.e., 5,550,000 should be entered as 5.55).) View journal entry worksheet View transaction list Credit General Journal Debit No Transaction 1 Accounts Receivable A Equipment Patents Goodwill Notes Payable Cash

 

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g. La suples expense, 3900. E1-5B. From the following account balances for June 2019, prepare in pro

g. La suples expense, 3900. E1-5B. From the following account balances for June 2019, prepare in proper form (a) an income statement, (b) a statement of owner's equity, and (c) a balance sheet for French Realty Prep stat bala Cash Accounts Receivable Office Equipment Accounts Payable S. French, Capital, June 1, 2019 $4,650 S. French, Withdrawals 2,600 Professional Fees 8,500 Salaries Expense 4,000 Utilities Expense 9,000 Rent Expense 640 5,600 800 760 650 GROUP A PROBLEMS The ac (15 Chece Excel templates for all questions are available in My AccountingLab. Working papers for select questions are available in the print Workbook) P1-11 Mia Anabelle, who lives in Winnipeg, decided to open Mia's Nail Spa. Mia com- pleted the following transactions: A. Invested $20,000 cash from her personal bank account into the business. B. Bought equipment for cash, $4,000. C. Bought additional equipment on account, $6,000. D. Paid $1,000 cash to reduce what was owed from Transaction C. Based on the above information, record these transactions in the basic account- ing equation 1-2 Bill See is the accountant for See's Internet Service. His task is to construct a bal- ance sheet from the following information, as of September 30, 2020, in proper form. Could you help him? Total A: Preparin (10 m Check Fiy Total Asse 1-3A Building $20,000 Cash Accounts Payable 18,000 15,000 B. Sec, Capital Equipment 14,000 37,000 At the end of June, Rick Fontan of Corner Brook decided to open his own computer service, Fontan Computer Service. Analyze the following transactions he completed by recording their effects in the expanded accounting equation. a. Invested $25,000 in his computer service. b. Bought new computer equipment on account, $2,500. c. Received cash for computer services rendered, $800. d. Performed computer services on account, $2,100. e. Paid part-time secretary's salary, $275. Recording expanded (20 min Check Figure Total Assets ACCOUNTING CONCEPTS AND PRO

 

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Your friend, Suzie Whitson, has designed a new type of outdoor toy that helps children learn basic c

Your friend, Suzie Whitson, has designed a new type of outdoor toy that helps children learn basic concepts such as colors, numbers, and shapes. Suzie's product will target two groups: day care centers in warm climates and home school programs. Her company is Jiffy Jet and costs for last month follow: Factory rent Company advertising Wages paid to assembly workers Depreciation for salespersons' vehicles Screws Utilities for factory Asserribly supervisor's salary Sandpaper President's salary Plastic tubing Paint Sales commissions Factory insurance Depreciation on cutting machines Wages paid to painters $ 3,200 1,000 30,000 2,000 500 900 3,500 150 6,000 4,200 250 1,200 1,000 2,000 7,500 Required: 1. Identify each of the preceding costs as either a product or a period cost. If the cost is a product cost, decide whether it is for direct materials (DM), direct labor (DL), or manufacturing overhead (MOH). (Select “NA” wherever necessary.) Factory rent Company advertising Wages paid to assembly workers Depreciation for salespersons' vehicles Screws Utilities for factory Assembly supervisor's salary Sandpaper President's salary Plastic tubing Paint Sales commissions Factory insurance Depreciation on cutting machines Wages paid to painters 2. Determine the total cost for each of the following: نه اه ان افانه Direct Materials Direct Labor Manufacturing Overhead Prime Cost Conversion Cost Total Product Cost

 

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Mergers and acquisitions – Accounting As discussed in today’s meeting, Paddle-up Inc.’s Board of Dir

Mergers and acquisitions – Accounting

As discussed in today’s meeting, Paddle-up Inc.’s Board of Directors has requested pro-forma financial statements for several acquisition scenarios of Stream Company.

For the past several years Paddle-Up Inc.’s Executive Management Team had experienced continued pressure from their investors for their lack of growth (markets share, revenue, and profits). On September 1, 2018 the Chief Executive Officer, Chief Operating Officer, and the Chief financial Officer all resigned.

Stream Company shareholders want cash for the sale of 100% of their company (via an Asset Acquisition). Paddle-Up Inc.’s Board of Directors prefers to buy 90% of Stream Company using a combination of cash and Paddle-Up shares (via a Stock Acquisition).

The Board has requested that the accounting department provide a pro-forma balance sheet at date of acquisition (use January 1, 2018 balance sheet information for both companies) for the following two scenarios: Purchase 100% of Stream Company; accounting for as an asset acquisition assuming a cash only payment of $550 million. Purchase 90% of Stream Company; accounting for as a stock acquisition (consolidation) assuming consideration (payment) given is a combination of cash ($50 million) and Paddle-Up stock issuance (20,000,000 shares).

The Board has also requested that the accounting department provide pro-forma consolidated financial statements (income statement, statement of retained earnings, and balance sheet) for the 90% stock acquisition scenario as of December 31, 2018 (using the complete equity method).

Finally, in addition to providing the pro-forma financial statements, the board would like you to write a one page memorandum that addresses the following: Analysis of the two acquisition date scenarios (asset acquisition and stock acquisition). Include in the analysis a brief explanation of the accounting differences between asset and stock acquisitions. Analysis of the consolidated financial statements as of 12/31/18. Recommendation in regards to several ethical questions included in a note received from the Paddle-Up Inc. acquisition team (Exhibit A). Consider whether the type of acquisition (asset or stock) impacts your evaluation. Analysis whether the stock acquisition of Stream Company is a good financial and strategic decision.

Report Requirement Detail (50 Points): (10 points) – Memorandum to the Board of Directors (1 page). (10 points) – Asset acquisition balance sheet (date of acquisition). Goodwill calculation Journal entry Schedule showing the impact of the journal entry on Paddle-Up Inc.’s balance sheet to arrive at the post-asset acquisition balance sheet. (15 points) – Stock acquisition balance sheet (date of acquisition). Acquisition Journal entry Workpaper entries in journal entry form Workpaper (15 points) – Stock acquisition 3-section workpaper as of 12/31/18 (complete equity method). Acquisition Journal entry Workpaper entries in journal entry form Workpaper Supporting Data: The request memorandum (page 1) and the attached pages provide all the necessary information to complete the project.

Exhibit A – The Paddle-Up acquisition team discovered during their due diligence that Stream Company did not realize the following key facts: Stream Company management and board did not realize their patents and brands had significant value. Thus, they did not include these asset values in their own internal evaluation of the potential sale to Paddle-Up Inc. Stream Company management and board does not fully understand that more than 25% of their employees will be let go (fired) within 6 months of the acquisition. Stream Company management and board do not realize that their long-term customers will be faced with dramatic price increases to be implemented by Paddle-Up Inc.

Financial Data

Yeer ended December 31, 2018 Trial Balance Fair value Stream Co. Cash Stream Co 78,000 94,000 Balance Sheet & related information as of 1/1/18 (just before acquistion) Balance sheet (in thousands) Paddke-Up Inc Stream Co Assets: Cash 540,000 $ 60,000 Accounts Receivable 166,000 $ 90,000 Inventory 309,000 $ 95,000 Buildings 940,000 $ 250,000 Land $ 160,000 $ 70,000 Total Assets $ 2,115,000 $ 565,000 158,000 $ $ $ $ $ $ 60,000 85,000 90,000 275,000 75,000 585,000 in thousands) Padake-Up Inc 472,000 197,000 75,000 448,000 450,000 962,000 160.000 70,000 822,000 250,500 3,906,500 76,000 275,000 540,000 620,000 923,000 1,420,000 52,500 3,906,500 Accounts Receivable Notes receivable Inventory Investment in S Company Buildings Land Dividends Declared COGS Operating expenses Total debits Accounts payable Notes payable Common stock APIC Retained earings 1/1 Sales Dividend and interest income Total credits Lebrities: Accounts Payable Notes payable – Long tem Total Liabilities 132,000 300,000 432,000 $ $ $ 55,000 60,000 115,000 300,000 70,000 50,000 242,000 124,000 1,116.000 46,000 120,000 200,000 160.000 90.000 500,000 55,000 60,000 115,000 $ $ Stockholders equity: Common stock, Note 1 APIC Retained Earnings Total Equity Total Liabilities and Equity $ $ $ 500,000 260,000 923,000 1,683,000 2,115,000 $ $ $ $ $ 200,000 160,000 90,000 450,000 565,000 1,116,000 Note 1: Common Stock $2 par value (Paddle Up) and $1 par value (Strearn Co.) Note 2: Paddle-up stock has a Market value of $20 per share as of 1/1/18 Other Notes: Paddle-up's Note receivable is a receivable from Stream Co. Interest recognized on the the receivable was $7,500 for December 31, 2018.

 

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GL0401 – Based on Problem 4-1A LO P1, P2 Prepare journal entries to record the following merchandisi

GL0401 – Based on Problem 4-1A LO P1, P2 Prepare journal entries to record the following merchandising transactions of Hall's, which uses the perpetual inventory system and the gross method. (Hint it will help to identify each receivable and payable: for example, record the purchase on July 1 in Accounts Payable-Wilson) Jul. 1 Purchased merchandise from Wilson Company for $8,800 under credit terms of 1/15, 130, FOB shipping point, invoice dated July 1. Jul. 2 Sold merchandise to Lee Co. for $2,300 under credit terms of 2/10, 1/60, FOS shipping point, invoice dated July 2. The merchandise had cost $1. Jul. 3 Paid $685 cash for freight charges on the purchase of July 1. Jul. & Sold merchandise that had cost $2,700 for $4, see cash. Jul. 9 Purchased merchandise from King Co. for $3,600 under credit teres of 2/15, 1/60, FOB destination, invoice dated July 9. Jul. 11 Returned $700 of serchandise purchased on July 9 from King Co. and debited its account payable for that amount. Jul. 12 Received the balance due from Lee Co. for the invoice dated July 2, net of the discount. Jul. 16 Paid the balance due to Wilson Company within the discount period. Jul. 19 Sold merchandise that cost $2,800 to Cabela Co. for $4,698 under credit teres of 2/15, n/60, FOB shipping point, invoice dated July 19. Sul. 21 Gave a price reduction (allowance) of $800 to Cabela Co. for merchandise sold on July 19 and credited Cabela's accounts receivable for that amount Jul. 24 Paid King Co. the balance due, net of discount. Jul. 30 Received the balance due from Cabela Co. for the invoice dated July 19, net of discount. Jul. 31 Sold merchandise that cost $5,900 to Lee Co. for 39,800 under credit terms of 2/10, 1/60, FOB shipping point, invoice dated July 31 Requirement General General Til Balance Journal Ledger Schedule of Receivables Schedule of Payables Income Statement Impact on Income General Journal tab – Journalive the merchandising transactions. The General Ledger, trial balance and schedules of accounts receivable and accounts payable will be updated based on your entries. General Ledger Tab – One of the advantages of general ledger software is that posting is done automatically. To see the detail of all transactions that affect a specific account or the balance in an account at a specific point in time, click on the General Ledger tab. Trial Balance Tab – General ledger software also automates the preparation of trial balance. A trial balance lists each account from the General Ledger along with its balance either a debitor a credit. Total debits should always equal total Income Statement tab – Prepare the income statement through the calculation of gross profit. Impact on Income tab – Indicate the impact each transaction had on net income General Journal > 2 sold serchandise to Lee Co. for 52, under credit terms of 2/10, 1/60, FOB shipping point, invoice dated July berchandise had cost $1. 3e Jul. Paid $685 cash for freight charges on the purchase of July 1. Jul. Sold merchandise that had cost $2,700 for $4,500 cash. Jul. Purchased merchandise from King Co. for $3,600 under credit tees of 2/15, A/S, FOB destination, Invoice dated July Jul. 11 Returned 5700 of merchandise purchased on July 9 from King Cond debited its account payable for that amount. Jul 12 Received the balance due free Lee Co. for the invoice dated July 2. set of the discount. Jul. 16 Paid the balance due to Wilson Company within the discount period. Jul. 19 Sold merchandise that cost $2,800 to Cabela Co. for $4,60 under credit terms of 2/15, 1/6, FOB shipping point, dated July 19. Jul. 21 Gave a price reduction (allowance) of shoe to Cabela Co. for merchandise sold on July 19 and credited Cabela's a receivable for that amount. Jul. 24 Paid King Co. the balance due, net of discount. Jul. 30 Received the balance due from Cabela Co. for the invoice dated July 19, met of discount. Jul. 31 Sold merchandise that cost $5,900 to Lee Co. for $9,800 under credit terms of 2/10, 1/60, FOB shipping point, invoice July 31 General General Journal Requirement Trial Balance Schedule of Receivables Schedule of Payables income Statement Impact on Income Ledger Journalize the merchandising transactions. The General Ledger, trial balance, payable will be updated based on your entries. schedules of accounts receivable and accounts View transaction list Journal entry worksheet Purchased merchandise from Wilson Company for $8.800 under credit te 1/15, 1/30, FOB shipping point, invoice dated July 1. Account Title Debit Credit Date Jul 01 Ready Carey General Law > pe here to search

 

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On November 1, 2007, Columbo Company adopted a stock option 1 answer below »

On November 1, 2007, Columbo Company adopted a stock option plan that granted options to key executives to purchase 30,000 shares of the company’s $10 par value common stock. The options were granted on January 2, 2008, and were exercisable 2 years after the date of grant if the grantee was still an employee of the company; the options expired 6 years from date of grant. The option price was set at $40, and the fair value option pricing model determines the total compensation expense to be $450,000.
All of the options were exercised during the year 2010: 20,000 on January 3 when the market price was $67, and 10,000 on May 1 when the market price was $77 a share.
Instructions
Prepare journal entries relating to the stock option plan for the years 2008, 2009, and 2010 under the fair value method. Assume that the employees perform services equally in 2008 and 2009.

 

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