Accounting

Accounting
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Accounting for Pension Plans & General Motors

Accounting for Pensions Student’s Name Institution Accounting for Pensions Question 1 Mark-to-market accounting method for pension accounting is easier to understand as it offers a clear picture on how actuarial gains and losses should be recognized as opposed to their amortization annually. The method can provide a snapshot of the current performance of the pension plan. It enables the firms to recognize pension expense with immediate effect rather than capitalize or amortize the costs. Based on this procedure costs become more transparent (Allen & Carletti, 2008). If transparency is improved, there will be a trickledown effect which will make the operating performance of the pension...

The Adjusting entries for AA Services

Name Tutor Course Date The Adjusting entries for AA Services for the period ended 30 of June 2018 are as follows: Office supplies DateAccount Dr. Cr.30th June 2018Supplies Expense$36,960 30th June 2018Office Supplies$36,960 Narration: Being on account of $8640 supplies unused at the end of the period. $45,600- $8640 = $36,960 Prepaid rent DateAccount Dr. Cr.30th June 2018Rent expense$72,000 30th June 2018Prepaid rent$72,000 Narration: Being on account of prepaid rent for three months June, July and August. Depreciation DateAccount Dr. Cr.30th June 2018Depreciation Expense$13,200 30th June 2018Accumulated Depreciation$13,200 Narration: Being on account of depreciation expense...

Financial health of ABC Company

Financial health of ABC Company Name Institution Financial health of ABC Company Q1 Efficiency Ratios & Solvency Ratios Debt Equity Ratio=Total Liabilities of the firm/Total Equity of the Firm =126000/156000 =0.810 Debt Ratio=Total Debt/Total Assets =126000/272000 =0.460 Equity Ratio =Total Equity for the company/Total Assets Available =156000/272000 =0.570 Q2 The above ratios depict how the company in question can meet its set financial obligation before they fall due. It is recommended that the ratios be lower since the lower the ratios, the healthier the company and as such ability of the same company to meet its financial obligations. The company is thus called upon to...

Accounting Problem solving

(f) Dr Group sales $92000 Cr Group Purchases $92000 Dr Sarina income statement $6000 Cr Group inventory $6000 Unrealized profit = ½*12000 (g) No entry is made for this transaction since the year 2017-18 is not affected as the unrealized profit is now realized (h) Dr Group sales $60000 Cr Group Purchases $60000 (i) Dr Consolidated income statement $35000 Cr Group PPE $35000 Unrealized profit = selling price –book value $116000-$81000=$35000 Dr Accumulated depreciation $7000 Cr Subsidiary income statement $7000 Depreciation for 5 years according to group’s point of view $81000/5=$16200 Depreciation for 5 years according to subsidiary’s point of view $116000/5=...

Distribution and Inventory

Student’s Name Instructor’s Name Course Date Distribution and Inventory Olympic Steel is one of the leading metals service centre operating in three segments namely pipe and products, speciality metals, and flat carbon products. The firm provides metals distribution and processing services to various customers. The specialty metals segment majorly focuses on the direct distribution and sale of fabricated parts, flat bar products, and processed coil products and stainless sheets (Olympic Steel n.pag). The carbon flat products segment, on the other hand, focuses on the distribution and sale of huge volumes of processed coil and plate products and flat-rolled sheets. The firm’s major raw...

Self Image in Accouting

Students Name Instructor Course Code Date Self-Image and my Profession The way one sees oneself is very important in improving professional life. Self-image is defined as a mental picture of oneself both as a physical body and as an individual (American Sexual Health Association, 2018). Being a college teacher by profession, maintaining a healthy self-image has been my goal. This has helped boost my self-esteem in performing my professional responsibilities diligently. The purpose of this paper is to discuss my self-image in the following ways: First, I will discuss on how my self-image has had a positive influence in my career life. The third paragraph would be on how my self-image has had a...

FR U1IP

Sarbanes-Oxley Act Student’s Name: Institutional Affiliates: Introduction Sarbanes-Oxley Act of 2002 commonly abbreviated as SOX or Sarbox is a federal law in the United States sets new requirements for all public companies boards, corporate governance, and the public accounting firms (Jain & Rezaee, 2016). It was enacted on July 30, 2002, and it is also known as Investors Protections Act or transparency Act as it intends to protect the interest of the investors. The Act also has got provisions that apply to the private firms such as intentional destruction of evidence to compromise a federal investigation. Development Sarbanes-Oxley Act of 2002 was developed to protect the...

Memo #1 Culture’s Impact on Communication

Culture’s Impact on Communication Student’s Name Institutional Affiliation September 22, 2018 To: Danny Leon From: Liam McKenzie Subject: Culture’s Impact on Communication Contact Information: Culture forms part of the aspects that govern the way that people interact, think, and behave. It entails various layers related to customs, food, celebrations, and arts. Countries have specific native cultures that often vary across regions. It is worth to note that cultural connotations may render some behaviors as usual and others as strange. Cultures have rules that its members must observe. These guidelines usually result in biases linked to the cultural imprinting that begins at an...

MEMO on Trainning Session

Name Course Professor Date of Submission TO: (Employees) FROM: (Financial Consultant) Subject: Training Session Date: The management has organized a training to enhance our work-based skills. The decision was reached due to the current state of the company and poor performance regarding customer relations and other management issues. Therefore, every employee would be required to attend. I understand that most of you have adequate skills for your respective jobs. However, the training would focus on improving the company’s performance. The management would like to appreciate the efforts that you have put toward enhancing the company’s mission and values. However, it is critical that we...