Write a response paper to two videos posted on D2L on professional development. This…
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Write a response paper to two videos posted on D2L on professional development. This will get you started in thinking of yourself as an early professional.What is the relevance to your personal growth and your career?What are your own strengths and challenges?What other aspects or examples from your workplace does the speaker make you think about?Share one quote from a video you found compelling and, in 2-3 sentences, describe an example of how their advice is useful today or in the future.
On March 1, 2020, Holister Electric Inc. issued and sold $120,000, 6 year bonds with an interest rate of 7%.
On March 1, 2020, Holister Electric Inc. issued and sold $120,000, 6 year bonds with an interest rate of 7%. The market rate at the time of issue was 8%. Any premium or discount on the bond is amortized using the effective interest rate method. Interest will be paid annually on February 28. Use a 4 decimal factor for the bond calculation. how record this transactionInterest
$10M CEO BONUSES ENCOURAGE SHORT-TERM DECISIONS Chief executives with multi-million-dollar pay packets are not necessarily working in the best interests
$10M CEO BONUSES ENCOURAGE SHORT-TERM DECISIONS Chief executives with multi-million-dollar pay packets are not necessarily working in the best interests of shareholders and there may be a case to cap their pay. New research explores whether limits on executive pay hurt or benefit shareholders and suggests that providing CEOs with $10 million bonuses encourages them to make short-term decisions rather than work closely with the board and in the best interest of shareholders. The research proposes that limiting executive compensation might be more beneficial for shareholders.Over the past 30 years, CEO compensation has been increasing on the basis of a theoretical argument that it creates shareholder value. However, the current system encourages companies to be ‘transactional focused’ rather than building capacity and innovating; CEOs are likely to pursue strategies with outcomes that are easy to measure in financial terms.It has been proposed that the current corporate governance structure and guidelines in Australia encourage director independence. But this often means that directors do not have a deep understanding of the business. Relying on financial performance measures means directors do not need to really understand whether CEOs are good leaders, insightful, pursuing the right strategies and communicating well.Source: Adapted from Nassim Khadem, ‘$10m CEO bonuses encourage short-term decisions’, The Sydney Morning Herald.146 in Rankin M. et al: Contemporary Issues in Accounting (2e) Case Study 5.2, p.168-169QUESTION:Why would managers prefer short-term cash over long-term equity bonuses? Why does this not align with shareholder interests? Explain your answer.Please provide the brief answer on the topic with references inculded?
In the Esanda Finance Corporation Ltd v Peat Hungerfords case, the court:Select one: a. confirmed the auditors’ duties as stated
In the Esanda Finance Corporation Ltd v Peat Hungerfords case, the court:Select one: a. confirmed the auditors’ duties as stated in the Pacific Acceptance case.b. stated auditors must undertake the audit with reasonable skill and care.c. stated the auditors were aware of the intention of the third party’s reliance on the audit report.d. all choices are correct.
When there are substantial unpaid fees outstanding from previous audit work:Select one: a. the auditor should seek removal from office.b.
When there are substantial unpaid fees outstanding from previous audit work:Select one: a. the auditor should seek removal from office.b. the audit opinion should be withheld.c. a fee premium can be applied to the current audit.d. independence can be compromised if the unpaid fees take on the character of a loan.
The following are examples of errors often detected in the property, plant and equipment accounts. (i) The estimated useful lives
Accounting Assignment Writing ServiceThe following are examples of errors often detected in the property, plant and equipment accounts. (i) The estimated useful lives used to depreciate the equipment are much lesser than the reasonable expected useful lives.(ii) Capitalisable assets are routinely expensed as repairs and maintenance, perishable tools or supplies expenses.(iii) Construction equipment that is abandoned or traded for replacement equipment is not removed from the accounting records.(iv) Depreciation expense for manufacturing operations is charged to administrative expenses.For each error, you are required to:(a) state two internal controls that the client should implement in order to prevent the fraud or error from recurring(b) state two substantive procedures that the auditor could use to discover the fraud or error
HallyJet, Asian’s second largest low-cost airline, saw its share price rise strongly on its first day of trading as a
HallyJet, Asian’s second largest low-cost airline, saw its share price rise strongly on its first day of trading as a public limited company, rising 10% to RM3.42. Theoffering was priced at RM3.10 a share with the issue of 63 million shares raisingRM195 million.The issue, solely to institutional investors, represented about 25% of the enlargedshare capital. The stake held by Georgiana Haji- Ioannou, founder and chairwomanof the company, was valued at about RM328 million. Mrs. Haji-Ioanno and herbrother and sister still control about 75% of HallyJet.Investment bankers said the issue attracted strong interest. The performance of theshares had been helped by the strong rise of Ryanair, the leading Asian low-costairline, which has been used by investors as a yardstick for the HallyJet offering.HallyJet shares have also proved attractive because the company has seen itspassenger numbers rise markedly over previous years. Capital raised from the shareissue is earmarked to support the purchase of new aircraft as part of the group’splans for a rapid expansion during the next few years, which includes the addition of32 new Boeing 737-700s, more than doubling the size of the fleet.Question 1. Outline two possible sources of long-term finance available to HallyJet.Question 2. Explain why an expansion in HallyJet’s passenger numbers hasincreased the need for short-term and long-term finance.Question 3. Evaluate the view that HallyJet’s decision to raise long-term finance byselling shares is preferable to raising it through borrowing.
Part 1. Tucker Company has an asset in the form of a cash flow that it expects to collect in
Part 1. Tucker Company has an asset in the form of a cash flow that it expects to collect in three years. However, the amount of the cash flow is not certain. These arethe probabilities underlying the cash flow.Amount Probability$3,000 .30$4,000 .30$5,200 .40The discount rate is 10%.Required:a. How should the asset be valued according to SFAC No. 7?b. What other valuation is possible?c. Which valuation do you prefer?Part 2. Donahoe Company has a liability of $10,000 which is due in three years. Thediscount rate applicable to the firm is 10%. Assume that the firm’s credit standing isadversely affected by an untoward economic event. As a result, the discount rateapplicable to the firm goes up to 12%.Required:a. How does the value of the liability change?b. If the firm’s financial condition worsens, does it make sense for the value of theliabilities to decline? Explain.
Task3 1.Charlie Co. owns 30% of the voting common stock of Turf Services Inc. Charlie uses the equity method to
Task3 1.Charlie Co. owns 30% of the voting common stock of Turf Services Inc. Charlie uses the equity method to account for its investment. On January 1, 2013, the balance in the investment account was $624,000. During 2013, Turf Services reported net income of $120,000 and paid dividends of $30,000. What is the balance in the investment account as of December 31, 2013? 2.Tinker Co. owns 25% of the common stock of Harbor Co. and uses the equity method to account for the investment. During 2013, Harbor reported income of $120,000 and paid dividends of $40,000. Harbor owns a building with a useful life of twenty years which is undervalued by $80,000.Required:Create a schedule to show the equity income Tinker should recognize for 2013 related to this investment.
Andrews Inc., a greeting card company, had the following statements prepared as of December 31, 2012. ANDREWS INC. COMPARATIVE BALANCE
Andrews Inc., a greeting card company, had the following statements prepared as of December 31, 2012. ANDREWS INC. COMPARATIVE BALANCE SHEET AS OF DECEMBER 31, 2012 AND 2011 31/12/2012 31/12/2011 Cash 6000 9000 Accounts Receivables 62000 49000 Short term investments (available for sale) 35000 18000 Inventory 40000 60000 Prepaid rent 5000 4000 Equipment 154000 130000 Accumulated depreciation on equipment -35000 -25000 Copy rights 46000 50000 Total Assets 313000 295000 Accounts Payables 46000 42000 Income tax payables 4000 6000 Salaries and wages payables 8000 4000 Short term loan payables 8000 10000 Long term loans payables 60000 67000 Common stock, 10 par 100000 100000 Contributed capital common stock 30000 30000 Retained Earnings 57000 36000 Total Liabilities and stockholders’ equity 313000 295000 ANDREWS INC. INCOME STATEMENT FOR THE YEAR ENDING DECEMBER 31, 2012 Sales 338150 Cost of goods sold 175000 Gross margin 163150 Operating expenses 120000 Operating income 43150 Interest expense 11400 Gain on the sale of equipment 2000 9400 Income before tax 33750 income tax expense 6750 net income 27000 Additional information:1. Dividends in the amount of $6,000 were declared and paid during 2012.2. Depreciation expense and amortization expense are included in operating expenses.3. No unrealized gains or losses have occurred on the investments during the year.4. Equipment that had a cost of $30,000 and was 70% depreciated was sold during 2012. statement of cash flows for the Andrews Inc using both the indirect and direct method.
A method specifies that revenues and expenses are reported on the income statement when they are earned or incurred. The
A method specifies that revenues and expenses are reported on the income statement when they are earned or incurred. The receipt of cash and payments of cash are not the focus of reporting revenues and expenses. What method of accounting does this statement refer to?Accounting information should have value for confirming the past and predicting the future in order to impact the decision-making of someone looking at the information. What qualitative characteristic of accounting information does this statement refer to?This form of business is a legal entity and, as such, it is a ‘legal person’ conducting a business in its own name. What type of business structure does this statement refer to?When financial statements are prepared, the same accounting policies and standards should be applied across multiple reporting periods, as well as across multiple entities within an industry. What qualitative characteristic of accounting information does this statement refer to?General purpose financial reporting presumes that an entity will continue for the foreseeable future unless and until the entity’s liquidation is about to happen. What basic assumption is this accounting practice based on?A concept is concerned with assessing whether omission, misstatement or non-disclosure of a piece of information would affect the decisions of users of financial statements. What does this concept refer to?This item in the balance sheet represents the excess of assets over liabilities. What is this item?This communication is presented to the users on the credibility and fair representation of a set of financial reports. What is this communication called?An economic resource is a legal or contractual right that has the potential to produce economic benefits. What accounting element does this statement refer to?The transfer of assets, usually cash, is made by a business to its owners from its accumulated and retained profit. What does this statement refer to?
Your client, Aira Marie Shon Company, presented you the following data:Reconciling Items:Undeposited collections: September 30 October 315,200? Bank service charges:
Your client, Aira Marie Shon Company, presented you the following data:Reconciling Items:Undeposited collections: September 30 October 315,200? Bank service charges: September 30 October315065Outstanding checks: September 30 October 318,007?Erroneous bank debits: September 30 October 31600900NSF checks: September 30 October 31526700Erroneous bank credit: September 30 October 31 1,0003,000Customer’s notes collected by bank: Balances: September 30 October 311,5004,277 Book – October 31 Bank-September 30166,236130,560October transactions:Receipts: Book 151,230 Bank 149,951Disbursements: Book 111,423 Bank 110,098 Questions:Based on the above data and the result of your audit, compute for the following:1. How much is the total disbursements in October?a. 154,007 c. 110,098b. 111,612 d. 115,4122. How much is the undeposited collection, October 31, 2019?a. 12,856 c. 21,856b. 11,256 d. 21,5863. How much is the total outstanding checks, Oct. 31, 2019?a. 9,821 c. 12,124b. 11,421 d. 12,1424. How much is the adjusted balance of cash, September 30, 2019?a. 127,353 c. 111,612b. 154,007 d. 169,748
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