Chapter 1, Problem 8EYCT

Prepare journal entries to record the following transactions and events, based on the assumption that the nonprofit, with a June 30 fiscal year-end, uses a single account to record all unrealized and realized investment gains and losses. Then, prepare journal entries for Events 2 and 3, based on the assumption that the nonprofit separates unrealized from realized investment gains and losses. 1. On July 15, a nonprofit received a donation of Apple stock that had a fair value of $75,000 at the time of the donation. The donor told the nonprofit that the stock could be sold and used only to finance a particular research project. 2. On December 31, when the nonprofit closed its books, the stock had a fair value of $76,500. 3. On February 15, the nonprofit sold the stock for $76,000. 4. On March 15, the nonprofit spent the entire $76,000 on the research project for which the donor made the gift.

The directors of Glowball, a public limited company, had discussed the study by the Institute of Environmental Management which indicated that over 35% of the world's largest 250 corporations are voluntarily releasing green reports to the public to promote corporate environmental performance and to attract customers and investors. They have heard that their main competitors are applying the 'Global Reporting Initiative' (GRI) in an effort to develop aworldwide format for corporate environmental reporting. However, the directors are unsure as to what this initiative actually means. Additionally, they require advice as to the nature of any legislation or standards relating to environmental reporting, as they are worried that any environmental report produced by the company may not be of sufficient quality and may detract and not enhance their image if the report does not comply with recognized standards. Glowball has a reputation for ensuring the preservation of the environment in its…

Every annual report of a public company includes an extensive discussion and analysis provided by thecompany’s management. Specifically, which aspects of the company must this discussion address? Isn’tmanagement’s perspective too biased to be of use to investors and creditors?

Choose a not-for-profit organization of interest to you, and locate its annual report or financial statements. Annual reports can usually be found on the organization's website. Note: If you have difficulty finding some organizations or the annual reports or financials, contact your instructor for assistance. Find the line item totals for the following in the financial statements/annual report: Total revenue, Program service expenses, and Total expenses. Calculate the ratio of the program service expenses to the total expenses. Post your findings on the discussion board along with your evaluation of the organization's effectiveness--based on the calculated ratio, do you believe they are managing their expenses well? In responding to your peers, would you feel comfortable donating to the organization (based on their ratio, not necessarily other aspects of their work). Why or why not?

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.

You are required to obtain the annual reports of two ASX Top 200 companies in the sameindustry and write a business research report to address the following questions related to theitems included in property, plant and equipment.1. Review and evaluate the PPE disclosure of your selected companies which may include:• What range of measures is used to determine amounts for these items in the reports ofthe individual companies?• Do you think it is valid to add the items, given the measures used?• How would you interpret the total amount for property, plant and equipment in thefinancial statements?• Compare the measures used by the different companies for similar items. Are there anyinconsistencies in how similar items are measured by the different companies?2. Discuss the factors that accountants should consider when setting up company accountingpolicy relating to PPE.3. Detail your view on the subsequent measurement of PPE and provide recommendations toaccounting standard setters.

2. Consider yourself the financial controller of Alpha. The managing director, who is not an accountant, has recently attended a seminar and has raised the following questions for you concerning issues discussed at the seminar:   The notes to the financial statements say that plant and equipment is held under the ‘cost model’. However, property which is owner occupied is revalued annually to fair value. Changes in fair value are sometimes reported in profit or loss but usually in ‘other comprehensive income’. Please explain how all these treatments comply with relevant reporting standards. The manager director also added “I wonder how the revaluation model can affect the information relevancy and reliability”.   “When I looked at the note detailing the intangible assets we include in our consolidated statement of financial position, I noticed that several brand names associated with subsidiaries we acquired recently were included in this figure. Therefore, I also expected to see a…

Corporate sustainability reports vary greatly across companies and industries.  Select two companies that interest you and conduct an online search to find their corporate sustainability report.  (If one or both of the companies you selected do not issue a corporate sustainability report, then select a different company that does issue such a report.)  You can either scroll through the corporate sustainability reports for the two companies you selected or you can download them onto your computer and scroll through the downloaded reports.  Note:  Completing the requirements under this task by answering from the perspective of an BS Accounting Information System student, is highly encouraged. Required: 1.  Identify and briefly explain three similarities between the two corporate sustainability reports. 2.  Identify and briefly explain three differences between the two corporate sustainability reports. 3.  What do you believe is the greatest strength of each corporate sustainability…

Yola Corporation is required to include 15 items in their 10-K for the year ending 9/30/21.   Which required item from the 10-K would this content be located?   Risks Specific to our Company We generate a significant portion of our revenues from advertising, and reduced spending by advertisers, a loss of partners, or new and existing technologies that block ads online and/or affect our ability to customize ads could harm our business.     Question 26 options:   a)  Selected Financial Data   b)  Certain Relationships and Related Transactions and Director Independence   c)  Legal Proceedings   d)  Business