Calculate the final inventory value for Spartan Corp based on individual inventory items using the lower-of-cost-or-market method. Record the journal entry to write-down inventory assuming the write-down is common for the inventory.

Extra credit

Use the following information for questions 1 & 2 (6 pts total)
Spartan Corp. manufactures and sells two products. Information related to the inventory of
Spartan Corp is provided below.
Cost
Replacement
Cost
Net
Realizable
Value
Net Realizable
Value Less a
Normal Profit
Margin
Product A
Models
Elite 115,000 105,000 135,000 110,000
Standard 105,000 125,000 120,000 100,000
Economy 90,000 75,000 90,000 70,000

Product B
Models
Pro 65,000 60,000 90,000 55,000
Residential 55,000 65,000 80,000 60,000

1. Calculate the final inventory value for Spartan Corp based on individual inventory items using the lowerofcostormarket method:


2. Record the journal entry to writedown inventory assuming the writedown is common for the inventory.


Presented below is information related to Spartan Company (10 pts total).

Cost Retail
Beginning inventory $ 250,000 $ 300,000
Purchases 1,450,000 2,250,000
Markups 95,000
Markup cancellations 25,000
Markdowns 25,000
Markdown cancellations 15,000
Sales revenue 2,300,000

3. Compute the ending inventory by the conventional retail inventory method (5 pts).


4. Compute the ending inventory by the cost retail inventory method (5 pts)

Presented below is information related to Cougar Company (9 pts total).
Cougar Company manufactures one product and uses dollarvalue LIFO to determine its ending  inventory. The company reported $940,000 inventory On December 31, 2019. Inventory data are
as follows:
Inventory at Price index
Year yearend prices (base year 2019)
2020 $1,248,000 1.04
2021 1,680,000 1.05
2022 1,748,000 1.15

5. Compute the inventory at December 31, 2020 and 2021 using the dollarvalue LIFO method for each year.

Give a brief overview of the purpose and explain how the following IFRS/IAS’s have been complied with in Barlow world’s group financial statements. Briefly describe the objective of the international Integrated Reporting Council Integrated report framework.

Financial Reporting (IAS & IFRS)

Download a copy of the Annual report for the Barloworld group annual report About Barloworld | Barloworld Limited – AFS 2020 ()

a) Give a brief overview of the purpose and explain how the following IFRS/IAS’s have been complied with in Barlow world’s group financial statements:

(i) IFRS 8 Operating segments (20 Marks)

(ii) IAS 33 Earnings per share (20 Marks)

(iii) IFRS 5 Non-current Assets held for Sale (20 Marks)

(60 marks)

2.2.1.1 (i) Briefly describe the objective of the international Integrated Reporting Council Integrated report framework

(ii) Utilising the groups online integrated report, describe and comment on the strategy, business model, the six capitals and strategic enables through which the group seeks to create value over the short, medium and long term and the process used to manage material risks.

(30 marks)

Assignment Guidance Notes

– Your assignment should be no longer than 1500 words in total.

– Make sure that you have the full annual report for 2020 including the consolidated financial statements and notes to the accounts for Barloworld Limited.

The learning outcomes covered by this assessment are:

LO1. Understand the regulatory framework for financial reporting and critically evaluate UK and international approaches to financial reporting regulation

LO2. Explain, apply and critically evaluate the accounting rules contained in IAS and IFRS.

LO3. Understand the effects of different accounting policies on financial statements.

What are the practical accounting issues and challenges for the preparers of financial statements related to cryptocurrencies? What type of asset is a cryptocurrency and how should changes in their value be reflected in profit and loss, and when?

Impact of Cryptocurrencies (digital assets) on financial reporting.

A more specific problem identified within the general area. Think about why this problem is important to study and specify what is already known about the problem.
There are no accounting rules dedicated to cryptocurrencies. Under current US GAAP and, under IFRS, intangible asset accounting is applied. The result of the lack of such guidance has led to a variety of accounting treatments used in practice which have created significant challenges for preparers of financial statements.

What is not known about the problem that is important to study. Be specific.

• What are the practical accounting issues and challenges for the preparers of financial statements related to cryptocurrencies?
• What type of asset is a cryptocurrency and how should changes in their value be reflected in profit and loss, and when?
• Issues about accounting for revenues and disclosures of information in financial statements
• Risk factors related to accounting for cryptocurrencies

* Review various accounting theories, which ones are applicable to the issues related to financial reporting of cryptocurrency assets?

Evaluate at least three types of financial fraud common to the selected company and its associated industry supported with a detailed description of each type of financial fraud and how it can occur.

Operations Strategies

You will create a financial risk mitigation plan to reduce overall costs and increase efficiency in operations for your selected company. Your strategy is to apply best practices for mitigating financial risk and fraud exposure in the company’s operations. You will conduct research to identify industry best practices for risk mitigation to reduce financial fraud exposure and then integrate the relevant best practices into the risk mitigation plan as appropriate for the company. Your findings and recommended strategies would be presented as a financial risk mitigation plan for your selected company.
Instructions
Write a 5–6 page paper in which you:
Describe a selected a company, its operations, and its associated industry and evaluate these areas to develop a financial risk mitigation plan.
Evaluate at least three types of financial fraud common to the selected company and its associated industry supported with a detailed description of each type of financial fraud and how it can occur.
Recommend at least two proposed strategies for mitigating financial risk and fraud exposure based upon financial methods, auditing techniques, and industry best practices used to mitigate financial risk.

Why do you think the CEO decided to report 4 ratios instead of the 11 prepared?

D3: Chapter 13 Ethical Issue

As Beacon Company controller, you are responsible for informing the board of directors about its financial activities. At the board meeting, you present the following information.

2017 2016 2015
Sales trend percent
147.0% 135.0% 100.0%
Selling expenses to sales
10.1% 14.0% 15.6%
Sales to plant assets ratio
3.8 to 1 3.6 to 1 3.3 to 1
Current ratio
2.9 to 1 2.7 to 1 2.4 to 1
Acidtest ratio
1.1 to 1 1.4 to 1 1.5 to 1
Inventory turnover
7.8 times 9.0 times 10.2 times
Accounts receivable turnover
7.0 times 7.7 times 8.5 times
Total asset turnover
2.9 times 2.9 times 3.3 times
Return on total assets
10.4% 11.0% 13.2%
Return on stockholders’ equity
10.7% 11.5% 14.1%
Profit margin ratio
3.6% 3.8% 4.0%

After the meeting, the company’s CEO holds a press conference with analysts in which she mentions the following ratios.

2017 2016 2015
Sales trend percent
147.0% 135.0% 100.0%
Selling expenses to sales
10.1% 14.0% 15.6%
Sales to plant assets ratio
3.8 to 1 3.6 to 1 3.3 to 1
Current ratio
2.9 to 1 2.7 to 1 2.4 to 1

Required

1. Why do you think the CEO decided to report 4 ratios instead of the 11
prepared?

2. Comment on the possible consequences of the CEO’s reporting of the
ratios selected.

Explain the impact of accounting transactions in financial statements. Describe the elements and purpose of each financial statement. Discuss the components and use of financial analysis.

Financial statements.

Write a 500 – 750 word paper that addresses the following topic:

Explain the impact of accounting transactions in financial statements.

Describe the elements and purpose of each financial statement.

Discuss the components and use of financial analysis.

Your paper must be formatted according to APA 6th edition guidelines, and you need to use at least one external reference.

Why are you interested in this company and what information did you found useful. Calculate Return on Assets and share what you have learned from this analysis.

Annual report

Find an annual report for a company of interest (perhaps your employer). Publicly held company annual reports (10K) can be located via a search link at http://www.sec.gov/edgar/searchedgar/webusers.htm

NOTE: To perform the search in the Edgar Archives the best way is to enter the “ticker symbol” for the company. In Yahoo finance (MSN, or other investment websites) enter the company’s name next to the icon “Get Quotes”. For example, Tech Data Corp’s ticker symbol is “TECD” and Bloomin’ Brands ticker symbol is “BLMN”.

Click on the link to “Interactive Data” and then the link to the “Financial Statements”. Locate and review the Income Statement and Balance Sheet. Share in your post why you are interested in this company and information you found useful.
Calculate Return on Assets and share what you have learned from this analysis.

Write a minimum of a 3-page report, single-spaced, one-inch margins, 12-point font, with a double space between paragraphs. This page requirement includes data visualization that you create.

Report

Write a minimum of a 3-page ( a full-page typically has at least 500 words) report, single-spaced, one-inch margins, 12-point font, with a double space between paragraphs. This page requirement includes data visualization (charts and graphs) that you create.
Page count does not include a title page, tables and exhibits, and reference list.

Explain and apply financial accounting in the preparation of simple financial reports.A template has been provided on the following page to show how you need to demonstrate your learning.

Accounting for Managers PORTFOLIO

Your portfolio is where you will be able to demonstrate your learning throughout the semester. You need to show that you have achieved each of the BFA526 three learning outcomes:

LO1 Explain and apply management accounting techniques for business planning, control and capital investment decisions.

LO2 Analyse and critically evaluate information from organisations to make decisions and communicate these through written reports.

LO3 Explain and apply financial accounting in the preparation of simple financial reports.A template has been provided on the following page to show how you need to demonstrate your learning.

Transfer this information to your own document and include your own headings and presentation style, but only submit the evidence as stated (and in the order provided). It is critical that you present your own work, it is not correct solutions that we are looking for, it is evidence of your learning. Hence there is no word limit to this portfolio, but to keep you on track, you are limited on what you can submit as evidence for each assessment criterion (called Criterion Description in the Unit Outline – see the list under Assessment Task 3: Portfolio on pp 6-7).

For your convenience, the assessment criteria have been included in the template below. You will see the Learning Outcomes numbered in the first column. The criteria next to each learning outcome tells you what you need to do to demonstrate that you have achieved that learning outcome. Please be very clear when presenting your evidence and list the learning outcome and criterion BEFORE/with the evidence.

Identify differences and similarities in accounting rules (IFRS) and principles (U.S. GAAP), and conclude which financial reports (based on GAAP or IFRS) closely approximate real value in assets (MBA-ACCT).

Bao, Lee and Romeo Summary

Comparison of U.S. GAAP vs. IFRS Study: Using resources for comparisons of U. S. GAAP with IFRS the student will write a research paper to compare the U.S. GAAP with IFRS in terms of impact on balance sheet items and income statement items. For the purpose of assurance of learning, the student will receive two scores based on:

(1)A2S1: the quality for the analysis of IFRS accounting principles compared and contrasted to U.S. GAAP (MBA-INTERNATIONAL);

(2)A2S2: the ability to identify differences and similarities in accounting rules (IFRS) and principles (U.S. GAAP), and to conclude which financial reports (based on GAAP or IFRS) closely approximate real value in assets (MBA-ACCT).

(3)A2S3: the ability to correctly understand and use the term “earnings management” in U.S. GAAP and IAS using statistical models (MBA-QANT).