Category Archives: ACC 306 (ASH)

ASH ACC 306 Week 5 Ethics Case 21-7

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Ethics Case 21–7 – Ben Naegle – Where’s the cash? LO1 LO3

After graduating near the top of his class, Ben Naegle was hired by the local office of a Big 4 CPA firm in his hometown. Two years later, impressed with his technical skills and experience, Park Electronics, a large regional consumer electronics chain, hired Ben as assistant controller. This was last week. Now Ben’s initial excitement has turned to distress.
The cause of Ben’s distress is the set of financial statements he’s stared at for the last four hours. For some time prior to his recruitment, he had been aware of the long trend of moderate profitability of his recent employer. The reports on his desk confirm the slight, but steady, improvements in net income in recent years. The trend he was just now becoming aware of, though, was the decline in cash flows from operations.
Ben had sketched out the following comparison ($ in millions):

Profits? Yes. Increasing profits? Yes. The cause of his distress? The ominous trend in cash flow which is con sistently lower than net income.

Upon closer review, Ben noticed three events in the last two years that, unfortunately, seemed related:

a. Park’s credit policy had been loosened; credit terms were relaxed and payment periods were lengthened.

b. Accounts receivable balances had increased dramatically.

c. Several of the company’s compensation arrangements, including that of the controller and the company president, were based on reported net income.

Required:

1. What is so ominous about the combination of events Ben sees?

2.  What course of action, if any, should Ben take?

 

ASH ACC 306 Week 1 Discussion 1 Operating Liabilities and Contingencies recent

 

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Read Chapters 13 and 14 in the textbook.

Write: When bonds are issued at other than par value, a discount or premium is recorded. This discount or premium is amortized over the life of the bond.  However, callable bond may be retired before the maturity date, which leaves a loss or gain to be recognized. Read the Income Recognition Rules Related to Callable Bonds: Changes Coming (Links to an external site.)Links to an external site. article.

The third paragraph of this article discusses that all premiums on callable debt securities should be amortized to the earliest call date and all discounts on callable debt securities should amortize to the maturity date.

What effect will this have on interest expense if the bonds are issued at a premium and a discount?
If you issue $10,000,000, 30 year callable bonds at a 5% premium, with a call feature at 10 years, what effect will this have on interest expense the first ten years? Provide journal entries and a comparative table to explain the differences.
If you issue $10,000,000, 30 year callable bonds at a 5% discount, with a call feature at 10 years, what effect will this have on interest expense the first ten years? Provide journal entries and a comparative table to explain the differences.
Guided Response: Respond to at least two other postings.  Each response should be a minimum of 100 words and include an in-text citation, a quote from the pronouncement.

 

ASH ACC 306 Week 1 Discussion 2 Financial Liabilities recent

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Read Chapters 13 and 14 in the textbook.

Write: Make sure your response addressing the following questions is more than 200 words and you include an in-text citation, a quote from the pronouncement.

Read the article, Revenue recognition’s effect on gift card accounting: Are you prepared? (Links to an external site.)Links to an external site.

Discuss Breakage
Discuss the Reasonably Assured Standard
Discuss the Proportional and Remote Method for breakage
Guided Response: Respond to at least two other posts. Each response should be a minimum of 100 words and include an in-text citation, a quote from the pronouncement.

 

 

ASH ACC 306 Week 2 Discussion 1 Accounting for Stockholders’ Equity recent

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Read Chapters 15 and 16 in the textbook.

Write: When stock of the company is purchased, treasury stock, three methods are available to record this transaction: the cost method, the par value method, and the constructive retirement method. Read the following articles:

Treasury Stock Accounting – Cost Method and Constructive Retirement Method (Links to an external site.)Links to an external site. (Links to an external site.)Links to an external site.
Treasury Stock – Par Value Method (Links to an external site.)Links to an external site.
Discuss the following:

The difference between the cost, par and constructive retirement method.
For the cost and par value methods, prepare journal entry examples of each using the following information:

1000 shares of $5 par stock were sold for $7.

500 shares were repurchased at a price of $6.

The 500 shares were later sold for $3500.

For the constructive retirement method prepare the following journal entry:
The shares were retired.

 

ASH ACC 306 Week 2 Discussion 2 Investing Assets recent

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Read Chapters 15 and 16 in the textbook.

Write: Make sure your response addressing the questions below is more than 200 words and you include an in-text citation, a quote from the pronouncement.

“Accounting standards require entities to measure certain assets or liabilities at fair value. These rules require accountants to make subjective assessments in determining when impairment should be considered “other than temporary,” and if so, to write down the impaired asset to its fair value with a charge to current-period earnings. Companies are generally reluctant to take such impairment charges because once a recent cost basis is established from the write-down, any subsequent appreciation in fair value of the impaired security may not be recognized until the security is sold. At the same time, the decision not to recognize impairment is subject to close scrutiny by analysts and regulators.”

The above paragraph is the introduction to the below article. Read the article and respond to the following questions:

Explain the two methods available to assess impairment of securities.
What are the disclosure requirements?
What evidence should be evaluated when determining “other-than-temporary” impairment?
Where do companies disclose their policy for regarding recognition of impairment on investment securities?
What guidance has the SEC provided? http://www.journalofaccountancy.com/issues/2009/mar/weatheringotti.html#sthash.NePN29Wl.dpuf (Links to an external site.)

 

ASH ACC 306 Week 3 Discussion 1 Accounting for Income Taxes recent

 

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Read Chapters 17 and 18 in the textbook.

Write: Make sure your response addressing the questions below is more than 200 words and you include an in-text citation, a quote from the pronouncement.

Read the Temporary and Permanent Differences [Accounting for Income Tax] (Links to an external site.)Links to an external site. article and answer the following questions:

Explain the differences between temporary and permanent differences.
Explain the different categories of temporary and permanent differences. Do not cut and paste, respond in your words.

 

ASH ACC 306 Week 3 Discussion 2 Accounting for Leases recent

 

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Read Chapters 17 and 18 in the textbook.

Leases
Develop two lease examples, operating and capital which includes the lease terms. State the requirements for determining whether a lease is an operating or capital lease.

Provide journal entries that set up the lease and entries for payments. Show how the lease would be disclosed, if required on the balance sheet.

State the reasons why you classified the lease as operating or capital.

 

ASH ACC 306 Week 4 Discussion 1 Accounting for Employee Compensation and Benefits recent

 

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Read Chapters 19 and 20 in the textbook.

Write: Make sure your response addressing the questions below is more than 200 words and you include an in-text citation, a quote from the pronouncement.

Read the Get the Most out of Employee Stock Options (Links to an external site.)Links to an external site. article and answer the following questions:

What is an employee stock options?
Explain the difference between a non-qualified stock options (NSO) and incentive stock options (ISO).
What dates control the employee stock option plan?
Are employee stock option plans taxable?

 

ASH ACC 306 Week 4 Discussion 2 Earnings Per Share recent

 

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Read Chapters 19 and 20 in the textbook.

Write: Make sure your response addressing the questions below is more than 200 words and you include an in-text citation, a quote from the pronouncement.

Read the Investors Beware: There Are Five Types of Earnings Per Share (Links to an external site.)Links to an external site. article and answer the following questions:

What is the difference between primary (primary EPS) or fully diluted (diluted EPS)?
How are diluted shares calculated?
What is the price/earnings ratio?
Summarize and explain the five types of earnings per share.
What factors can distort the earnings per share

 

ASH ACC 306 Week 5 Discussion 1 Accounting Changes and Errors recent

ASH ACC 306 Week 5 Discussion 1 Accounting Changes and Errors recent

 

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Read Chapters 21 and 22 in the textbook.

Write: Make sure your response addressing the questions below is more than 200 words and you include an in-text citation, a quote from the pronouncement.

Accounting Changes
FASB issued Statement no. 154, Accounting Changes and Error Corrections. Read the Changes in Accounting for Changes (Links to an external site.)Links to an external site. and the FANG Stocks and Apple: Cash Flow and Valuation Analysis (Links to an external site.)Links to an external site. articles and answer the following:

Explain the retrospective perspective.
How are the cumulative effect of accounting changes reported?
Summarize the seven exhibits.
What implications do accounting changes have on the company and the auditors?