Reference no: EM132521189
Question 1: Summarize the events of a recent accounting scandal.
Question 2: Identify how the illegal/unethical act was detected and the punishments that resulted (fines, prison terms, etc.).
Question 3: What could have been done to detect this act earlier.
Question 4: What could have been done to prevent this from happening in the first place.
Question 5: How is the cost of a lump-sum purchase allocated to the individual assets acquired? Provide a simple example of how the allocation would be performed if your company paid $1,000,000 cash in total for a restaurant (land, building, and equipment), and the appraised value was actually $1,200,000 for the 3 asset components $400,000, $500,000, and $300,000, respectively.
Question 6: Does the balance in the Accumulated Depreciation - Machinery account represent funds to replace the machinery when it wears out? If not, what does it represent?
Question 7: Assume you work for a company in sales and therefore are entitled to not only hourly pay, but commission and bonus as well. You work 40 hours in a payroll week. Calculate your gross pay for your company if you make $x per hour (you select your rate!), earn a 5% bonus (of gross pay), and earn 10% commission (of gross pay).
Question 8: Unfortunately, you do not get to keep all your Gross Pay. Assuming you have the following withholding deductions taken out of your pay, now calculate your Net Pay.
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Withholding deductions:
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Employee income tax (20%)
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Employee OASDI tax (see book for how to calculate)
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Employee Medicare tax (1.45%)
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Employee health insurance
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75
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Employee contribution to United Way
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20
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Total withholdings:
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Question 9: Discuss the difference between authorized shares and outstanding shares.
Question 10: Are there other classifications of shares that are important to consider?
Question 11: What are treasury stocks and why do companies engage in their purchase?
Question 12: What is the reporting purpose of the statement of cash flows? Why is this important to investors?
Question 13: Summarize the three types of cash flow activities, and describe at least 2 types of cash flows in EACH type of activity
Question 14: Is depreciation a source of cash flow? Why or why not?
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Summarize the events of a recent accounting scandal
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