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- Josie is a sales representative for Talk2Me, a communications retailer based in Fort Smith, Arkansas. Josie’s sales territory is Oklahoma, and she regularly takes day trips to Tulsa to meet with customers. During a typical sales call, Josie takes the customers’ current orders for phones, cases, and attachments and, using an app on her wireless phone, sends the orders to headquarters in Fort Smith for immediate action. Approved orders are shipped from the Little Rock warehouse. Are Josie’s sales subject to the Oklahoma corporate income tax? Explain.JC Company sells various merchandize ( building materials, stationery, house hold goods, and assortd groceries) to the general public and government workers on both cash and credit basis. You are a student at one of the universities and the sole trader for JC Company approaches you to write a company profile for him.Consumers Union is a nonprofit organization that providesinformation and counsel on consumer goods and services. A major part of its functionis the testing of different brands of consumer products that are purchased on the openmarket and then the reporting of the results of the tests in Consumer Reports, a monthlypublication. Examples of the types of products it tests are middle-sized automobiles,residential dehumidifiers, flat-screen TVs, and boys’ jeans.a. In what ways are the services provided by Consumers Union similar to assuranceservices provided by CPA firms?b. Compare the concept of information risk introduced in this chapter with the information risk problem faced by a buyer of an automobile.c. Compare the four causes of information risk faced by users of financial statements asdiscussed in this chapter with those faced by a buyer of an automobile.d. Compare the three ways users of financial statements can reduce information riskwith those available to a buyer of an…
- Desiree is a successful sole practitioner offering business consultancy services to a number of local companies. Her chief competitor is Cyndi, who offers similar services. Desiree and Cyndi decide that they wish to work together but are unsure as to which business structure would be most appropriate. They seek your advice regarding which business structure would be most suitable, bearing in mind: they wish to avoid significant levels of formality and regulation they want to have flexibility in establishing the procedures by which the business is to be run they want to be able to run their affairs in private they want to avoid personal liability for the debts and liabilities of the business the process of creating the business should be relatively cheap and quick they do not want to invest significant amounts of their own capital in setting up the business and will probably wish to raise capital from outside sources they wish to take on employees. Discuss to what extent the…Karen Sepan, a recent graduate of the local state university, is presently employedby a large manufacturing company. She has been asked by Jose Martinez, controller, to prepare the company’s response to a current Preliminary Views published by the Financial Accounting Standards Board (FASB). Sepan knows that the FASB has a conceptual framework, and she believes that these concept statements could be used to support the company’s response to thePreliminary Views. She has prepared a rough draft of the response citing the objective of financial reporting. Instructions(a) Identify the objective of financial reporting.(b) Describe the level of sophistication expected of the users of financial information by the objective of financial reporting.Mateo makes gizmos. He would like to set up a system to help him manage his business. The gizmos are made in a standard process. There is a certain amount of material and labor that goes into each gizmo. The only difference between the gizmo is the color of the material. What information should Mateo collect, how should he format it, and what kind of reports should he prepare to help him run his business?
- Suppose you are a part of a group of students from a prominent university and were sent out as a team to work with a leading merchandizing company as a part of a work experience program. The team having been introduced to the general manger was told that the Accountant who normally prepares the financial statements has suddenly resigned and there is no one available to prepare the company’s financial statements which are now due. As aspiring university students, you and your group members have expressed an interest in taking on the task. As a group, you are required to collaborate and analyse the problem at hand then apply the accrual basis of accounting in the preparation of the company’s financial statements. See attached Unadjusted Trial Balance and instructions to complete question.Suppose you are a part of a group of students from a prominent university and were sent out as a team to work with a leading merchandizing company as a part of a work experience program. The team having been introduced to the general manger was told that the Accountant who normally prepares the financial statements has suddenly resigned and there is no one available to prepare the company’s financial statements which are now due. As aspiring university students, you and your group members have expressed an interest in taking on the task. As a group, you are required to collaborate and analyse the problem at hand then apply the accrual basis of accounting in the preparation of the company’s financial statements. The following additional information is available at December 31, 2018: Insurance of $450,000 was paid on May 1, 2018 for the 10-months to February 2019. The furniture and fixtures have an estimated useful life of 10 years…Suppose you are a part of a group of students from a prominent university and were sent out as a team to work with a leading merchandizing company as a part of a work experience program. The team having been introduced to the general manger was told that the Accountant who normally prepares the financial statements has suddenly resigned and there is no one available to prepare the company’s financial statements which are now due. As aspiring university students, you have expressed an interest in taking on the task. You are required to analyse the problem at hand then apply the accrual basis of accounting in the preparation of the company’s financial statements.
- You and two friends have identified a gap in the market in your hometown for work-from-home business clothing. This clothing is functional, comfortable and looks smart in online conferences and meetings. You decide to start a new business designing and manufacturing the clothing. Identify and explain the legal form of ownership you believe would be best for your business. Justify your choice.Use the internet to research one manufacturing, one retail (or merchandising), and one service business. For each business, describe the following:Your answer:A. the primary purpose of the entityB. the types of activities that accountants would record (hint: what is the source of the business’ funding, and what costs might the business have?)C. the types of decisions that might be made in this organization and how financial and nonfinancial information might help the decision-making processThe following are users of fi nancial statements. ________Customers ________Securities and Exchange Commission ________Internal Revenue Service ________Store manager ________Labor unions ________Suppliers ________Marketing manager ________Vice president of fi nance ________Production supervisor Instructions Identify the users as being either external users or internal users. (b) The following questions could be asked by an internal user or an external user. ________Can we afford to give our employees a pay raise? ________Did the company earn a satisfactory income? ________Do we need to borrow in the near future? ________How does the company’s profi tability compare to other companies? ________What does it cost us to manufacture each unit produced? ________Which product should we emphasize? ________Will the company be able to pay its short-term debts? Instructions Identify each of the questions as being more likely asked by an internal user or an external user.