ACC 561 Entire Course New Flashcards
ACC 561 All Assignments NEW
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ACC 561 All Assignments NEW
ACC 561 Final Exam Guide (New, 2019, Score 100%)
ACC 561 Week 1 Financial Statement Differentiation Paper NEW
ACC 561 Week 1 Individual Assignment Financial Statements (2 Papers) NEW
ACC 561 Week 2 Assignment Accounting Methods (Bizcon, New Syllabus) NEW
ACC 561 Week 2 Small Business Analysis NEW
ACC 561 Week 3 Assignment Ratio Analysis (P Jason) NEW
ACC 561 Week 3 Business Plan Develop a Business Plan and Financial Metrics (Tootsie Roll) NEW
ACC 561 Week 3 Team Financial Statement Analysis and Decision Making Activity NEW
ACC 561 Week 4 Assignment Production Cost (Davis Skaros) NEW
ACC 561 Week 4 Costing Methods (Super Bakery) NEW
ACC 561 Week 5 Team Cost Behavior Analysis NEW
ACC 561 Week 6 Assignment Managerial Analysis Assessment (Green Pasture) NEW
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ACC 561 Final Exam Guide (New, 2020, Score 100%)
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ACC 561 Final Exam Guide (New, 2020, Score 100%)
The investigation of materials price variance usually begins in the: controller’s office. accounts payable department. first production department. purchasing department
Hollis Industries produces flash drives for computers, which it sells for $20 each. Each flash drive costs $13 of variable costs to make. During April, 1,000 drives were sold. Fixed costs for March were $2 per unit for a total of $1,000 for the month. How much is the contribution margin ratio? 35% 25% 75% 65%
Which of the following statements is not true?
When a company’s sales revenue is decreasing, high operating leverage is good because it means that profits will decrease at a slower pace than revenues decrease.
When a company’s sales revenue is increasing, high operating leverage is good because it means that profits will increase rapidly.
Companies that have higher fixed costs relative to variable costs have higher operating leverage.
Operating leverage refers to the extent to which a company’s net income reacts to a given change in sales.
Which of the following will not result in an unfavorable controllable margin difference?
Sales under budget; costs under budget
Sales exceeding budget; costs under budget
Sales under budget; costs over budget
Sales exceeding budget; costs over budget
5 Based on the following data, what is the amount of working capital?
Accounts payable………………………………………………………..$64,000
Accounts receivable……………………………………………………..114,000
Cash………………………………………………………………………. 70,000
Intangible assets…………………………………………………………100,000
Inventory…………………………………………………………………. 138,000
Long-term investments…………………………………………………..160,000
Long-term liabilities……………………………… ………………………200,000
Short-term investments……………………………………………………80,000
Notes payable (short-term)………………………………………………..56,000
Property, plant, and equipment………………………………………..1,340,000
Prepaid insurance…………………………………………………………….2,000
$370,000
$332,000
$326,000
$284,000
6 Miller Manufacturing’s degree of operating leverage is 1.5. Warren Corporation’s degree of operating leverage is 3. Warren’s earnings would go up (or down) by \_\_\_\_\_\_\_\_ as much as Miller’s with an equal increase (or decrease) in sales. 2 times 4.5 times 1.5 times 1/2 times
7 What is the primary difference between a static budget and a flexible budget?
The static budget contains only fixed costs, while the flexible budget contains only variable costs.
The static budget is prepared only for units produced, while a flexible budget reflects the number of units sold.
The static budget is constructed using input from only upper level management, while a flexible budget obtains input from all levels of management.
The static budget is prepared for a single level of activity, while a flexible budget is adjusted for different activity levels.
8 Ben Gordon, Inc. manufactures 2 products, wheels and seats. The company has estimated its overhead in the assembling department to be $660,000. The company produces 300,000 wheels and 600,000 seats each year. Each wheel uses 2 parts, and each seat uses 3 parts. How much of the assembly overhead should be allocated to wheels? $165,000 $220,000 $264,000 $282,856
9 Financial and managerial accounting are similar in that both:
produce general-purpose reports.
deal with the economic events of an enterprise.
have reports that are prepared quarterly and annually.
have the same primary users.
10 It costs Garner Company $12 of variable and $5 of fixed costs to produce one bathroom scale which normally sells for $35. A foreign wholesaler offers to purchase 3,000 scales at $15 each. Garner would incur special shipping costs of $1 per scale if the order were accepted. Garner has sufficient unused capacity to produce the 3,000 scales. If the special order is accepted, what will be the effect on net income? $6,000 decrease $9,000 decrease $6,000 increase $45,000 increase
11
Which one of the following is an example of a period cost?
A manager’s salary for work that is done in the corporate head office.
A box cost associated with computers.
A change in benefits for the union workers who work in the New York plant of a Fortune 1000 manufacturer.
Workers’ compensation insurance on factory workers’ wages allocated to the factory.
12 The Mac Company has four plants nationwide that cost $350 million. The current fair value of the plants is $300 million. The plants will be reported as assets at: $300 million. $350 million. $600 million. $700 million.
13
Are advanced receipts from customers treated as revenue at the time of receipt? Why or why not?
Yes, the intent of the company is to perform the work and the customer is confident that the services will be completed.
No, the amount of revenue cannot be adequately determined until the company completes the work.
Yes, they are treated as revenue at the time of receipt because the company has access to the cash.
No, revenue cannot be recognized until the work is performed.
14
Which statement is correct?
The cash basis of accounting is objective because no one can be certain of the amount of revenue until the cash is received.
As long as management is ethical, there are no problems with using the cash basis of accounting.
As long as a company consistently uses the cash basis of accounting, generally accepted accounting principles allow its use.
The use of the cash basis of accounting violates both the revenue recognition and expense recognition principles.
15 If a plant is operating at full capacity and receives a one-time opportunity to accept an order at a special price below its usual price, then: the order will likely be accepted. only variable costs are relevant. the order will likely be rejected. fixed costs are not relevant.
16
Kimble Company applies overhead on the basis of machine hours. Given the following data, compute overhead applied and the under- or overapplication of overhead for the period:
Estimated annual overhead cost $1,600,000
Actual annual overhead cost $1,575,000
Estimated machine hours 400,000
Actual machine hours 390,000
$1,560,000 applied and $15,000 underapplied
$1,560,000 applied and $15,000 overapplied
$1,600,000 applied and $15,000 overapplied
$1,575,000 applied and neither under- nor overapplied
17 Scorpion Production Company planned to use 1 yard of plastic per unit budgeted at $81 a yard. However, the plastic actually cost $80 per yard. The company actually made 3,900 units, although it had planned to make only 3,300 units. Total yards used for production were 3,960. How much is the total materials variance? $3,960 F $48,600 U $900 U $4,860 U
18
Which of the following statements concerning users of accounting information is incorrect?
Present creditors are considered external users.
Taxing authorities are considered external users.
Regulatory authorities are considered internal users.
Management is considered an internal user.
19
Top management notices a variation from budget and an investigation of the difference reveals that the department manager could not be expected to have controlled the variation. Which of the following statements is applicable?
Department managers should be credited for favorable variances even if they are beyond their control.
Department managers should be held accountable for all variances from budgets for their departments.
Department managers’ performances should not be evaluated based on actual results to budgeted results.
Department managers should only be held accountable for controllable variances for their departments.
20 Danner Corporation reported net sales of $650,000, $720,000, and $780,000 in the years 2016, 2017, and 2018, respectively. If 2016 is the base year, what percentage do 2018 sales represent of the base? 120% 83% 20% 108%
21
La More Company had the following transactions during 2016:
Sales of $9,000 on account
Collected $4,000 for services to be performed in 2017
Paid $3,750 cash in salaries for 2016
Purchased airline tickets for $500 in December for a trip to take place in 2017
What is La More’s 2016 net income using accrual accounting?
$9,250
$9,750
$5,250
$5,750
22
If there are no units in process at the beginning of the period, then:
the units started into production will equal the number of units transferred out.
the company must be using a job order cost system.
the units to be accounted for will equal the units transferred out and the units in process at the end of the period.
only one computation of equivalent units of production will be necessary.
23
Which of the following is not an underlying assumption of CVP analysis?
Sales mix is constant.
Beginning inventory is larger than ending inventory.
Cost classifications are reasonably accurate.
Changes in activity are the only factors that affect costs.
24.
In performing a vertical analysis, the base for sales revenues on the income statement is:
net sales. cost of goods available for sale. sales revenue. net income.
25
Differences between a job order cost system and a process cost system include all of the following except the:
unit cost computations.
flow of costs.
documents used to track costs.
point at which costs are totaled.
26 Henson Company began the year with retained earnings of $380,000. During the year, the company recorded revenues of $500,000, expenses of $380,000, and paid dividends of $40,000. What was Henson’s retained earnings at the end of the year?
$460,000
$540,000
$840,000
$500,000
27
At September 1, 2017, Baxter Inc. reported Retained Earnings of $423,000. During the month, Baxter generated revenues of $60,000, incurred expenses of $36,000, purchased equipment for $15,000 and paid dividends of $6,000. What is the balance in Retained Earnings at September 30, 2017?
$24,000 credit
$423,000 debit
$426,000 credit
$441,000 credit
28 An activity-based overhead rate is computed as follows:
estimated overhead divided by actual use of cost drivers. actual overhead divided by estimated use of cost drivers. estimated overhead divided by estimated use of cost drivers. actual overhead divided by actual use of cost drivers.
- Which is the last step in developing the master budget?Preparing the cash budget
Preparing the cost of goods manufactured budget
Preparing the budgeted balance sheet
Preparing the budgeted income statement
30 The entry to record the acquisition of raw materials on account is:
Manufacturing Overhead Raw Materials Inventory Accounts Payable Work in Process Inventory Accounts Payable Raw Materials Inventory Accounts Payable Accounts Payable Raw Materials Inventory
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ACC 561 Week 1 Assignment Two-Rivers Inc. (TRI) Year 2 NEW
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ACC 561 Week 1 Assignment Two-Rivers Inc. (TRI) Year 2 NEW
ACC 561 Week 1 Assignment Two-Rivers Inc. (TRI) Year 2 NEW
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ACC 561 Week 1 Individual Assignment Financial Statements (2 Papers) NEW
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ACC 561 Week 1 Individual Assignment Financial Statements (2 Papers) NEW
Purpose of Assignment
This activity helps students recognize the significant role accounting plays in providing financial information to management for decision making through the evaluation of financial statements. This experiential assignment requires students to use ratios to evaluate and analyze a company’s liquidity, solvency, and profitability.
Assignment Steps
Resources: Generally Accepted Accounting Principles (GAAP), U.S. Securities and Exchange Commission (SEC), University Library, Library resources: Company Directories and Financials
Tutorial help on Excel® and Word functions can be found on the Microsoft® Office website. There are also additional tutorials via the web offering support for Office products.
Select a publicly traded, U.S. corporation with which you are familiar or one where you currently work or have worked in the past.
Research the company on the Internet and download the Income Statement, Statement of Shareholders’ Equity, Balance Sheet, and Statement of Cash Flows.
Develop a minimum 700-word examination of the financial statements and include the following:
- Determine the net income for the current fiscal year (FY). Is this income up or down from the prior year?
- Explain the relevance of changes in net income to investors.
- Determine the ending balance in shareholders’ equity. Why would organizations such as labor unions be interested in this?
- Determine the total value of assets.
- Discuss the relevance of the total value of assets to potential creditors and why this is important.
- Compute the return on assets. Discuss the relative profitability of the company based on your results.
- Compute the working capital and current ratio. Evaluate the relative liquidity of the company based on your results.
- Compute the debt to assets ratio and the free cash flow for your company. Analyze the results and comment on the relative solvency of the company.
- Discuss how the financial statements are used in your current role or a position you would like to hold. How might these aid you in managerial decision making?
Show your work in Microsoft® Word or Excel®.
Complete calculations/computations using Microsoft® Word or Excel®.
Include the four financial statements along with your assignment.
Format your assignment consistent with APA guidelines.
Click the Assignment Files tab to submit your assignment.
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ACC 561 Week 2 Assignment Accounting Methods (Bizcon, New Syllabus) NEW
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ACC 561 Week 2 Assignment Accounting Methods (Bizcon, New Syllabus) NEW
Purpose of Assignment
This week’s activity illustrates the role a company’s accounting method plays in financial statement reporting. In this assignment, students evaluate the events occuring in a business setting and determine how to properly analyze those events to identify the impact on both cash and accrual accounting methods.
Assignment Steps
Resources: Generally Accepted Accounting Principles (GAAP), U.S. Securities and Exchange Commission (SEC)
Tutorial help on Excel® and Word functions can be found on the Microsoft® Office website. There are also additional tutorials via the web offering support for Office products.
Scenario: BizCon, a consulting firm, has just completed its first year of operations. The company’s sales growth was explosive. To encourage clients to hire its services, BizCon offered 180-day financing - meaning its largest customers do not pay for nearly 6 months. Because BizCon is a new company, its equipment suppliers insist on being paid cash on delivery. Also, it had to pay up front for 2 years of insurance. At the end of the year, BizCon owed employees for one full month of salaries, but due to a cash shortfall, it promised to pay them the first week of next year.
As the senior accountant, the Chief Financial Officer has asked you to prepare a memo to be sent to management notifying them of the delayed wage payments.
Prepare the memo in a maximum 700 words including the following information to better outline the situation:
- Explain how cash and accrual accounting differs for each of the events listed in the above scenario and describe the proper accrual accounting.
- Assess how at the end of the year, BizCon reported a favorable net income, yet the company’s management is concerned because the company is very short of cash. Explain to management how BizCon could have positive net income and yet run out of cash.
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ACC 561 Week 2 Small Business Analysis NEW
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ACC 561 Week 2 Small Business Analysis NEW
Small Business Analysis Instructions:
You are interested in establishing a small business and you must decide which of the four forms of business organization would best suit your unique product or service. Consider legal, tax, accounting, and other implications when selecting from the four business types. Write a paper between 1,000 and 1,500 words discussing your small-business idea. Include the following:
- The advantages and dis advantages of the four different forms of business organization, Which include sole proprietorship, partnership,C-corporation, and S-corporation s.
- Identify which accounting method (i.e. cash versus accrual) you plan to use for your business. Why did you select this choice?
- An explanation of the product or service your small business provides.
- State three business transactions you expect to incur to with your company. Discuss how the transactions impact your income statement, balance sheet and statement of cash flow.
- Select an organization type for your company and explain why you selected this option.
Format your paper consistent with APA guidelines and submit your paper and plagiarism review file via the assignment files tab.
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ACC 561 Week 3 Assignment Ratio Analysis (P Jason) NEW
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ACC 561 Week 3 Assignment Ratio Analysis (P Jason) NEW
Purpose of Assignment
This week’s focus is on the preparation of financial reports for internal users, such as managers. This case study applies the concepts of managerial accounting, through comparative and ratio analysis, and requires students to identify financial data needed by managers for decision making.
About Your Signature Assignment
This signature assignment is designed to align with specific program student learning outcome(s) in your program. Program Student Learning Outcomes are broad statements that describe what students should know and be able to do upon completion of their degree. The signature assignments may be graded with an automated rubric that allows the University to collect data that can be aggregated across a location or college/school and used for program improvements.
Assignment Steps
Resources: Generally Accepted Accounting Principles (GAAP), U.S. Securities and Exchange Committee (SEC)
Tutorial help on Excel® and Word functions can be found on the Microsoft® Office website. There are also additional tutorials via the web offering support for Office products.
Scenario: You are a loan officer for White Sands Bank of Taos. Paul Jason, president of P. Jason Corporation, has just left your office. He is interested in an 8-year loan to expand the company’s operations. The borrowed funds would be used to purchase new equipment. As evidence of the company’s debt-worthiness, Jason provided you with the following facts:
2017
2016
Current Ratio
- 1
- 1
Asset Turnover
- 8
- 2
Net Income
Up 32%
Down 8%
Earnings per Share
$3.30
$2.50
Jason is a very insistent (some would say pushy) man. When you told him you would need additional information before making your decision, he acted offended and said, “What more could you possibly want to know?” You responded you would , at minimum, need complete, audited financial statements.
Develop a minimum 700-word examination of the financial statements and include the following:
- Explain why you would want the financial statements to be audited.
- Discuss the implications of the ratios provided for the lending decision you are to make. That is, does the information paint a favorable picture? Are these ratios relevant to the decision? State why or why not.
- Evaluate trends in the performance of White Sands Bank. Identify each performance measure as favorable or unfavorable and explain the significance of each.
- List three other ratios you would want to calculate for White Sands Bank of Taos, and in your own words explain in detail why you would use each.
- As the loan officer, what else would you do to gain a better understanding of Paul Jason’s, and the Corporation’s financial picture and why?
- Based on your analysis of White Sands Bank, will you recommend approval for the requested loan? Provide specific details to support your decision.
Format the assignment consistent with APA guidelines.
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ACC 561 Week 3 Business Plan Develop a Business Plan and Financial Metrics (Tootsie Roll) NEW
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ACC 561 Week 3 Business Plan Develop a business plan and financial metrics(Tootsie Roll) NEW
Business Plan Develop a business plan and financial metrics Instructions:
Prepare a business plan between 1,500 and 3,250 words in order to secure a loan for Tootsie Roll Inc. The loan will increase the company’s total liabilities by 10%. The contents of the plan should include the following:
- Complete a financial analysis in Excel using, in part, the financial and management information included with the company’s website.
This includes historical and projected financial statement, a three year historical ratio analysis of the company’s financial statement and a three year projected ratio analysis of the company’s financial statement.
provide several types of liquidity, solvency. And profitability ratios and explain the results. In order to support your projections, include a list of all assumptions and issues that influenced your team’s decisions. Incorporate industry comparisons and analysis. Include an organized list or table of all financial ratios in your paper and calculate a variance analysis for each year. The variance analysis indicates the net increase or decrease of a particular financial ratio from one year as compared to the following year. Submit the final spreadsheet with your team’s paper. Additions details and guidance provide via the week 3 projects thread.
- Incorporate the applicable of a business plan identified via research. For further information review the business plan requirements posted to the week 3 project thread.
- Discuss the underlying business factors and operational constraints that are driving thr company to seek a loan.
- Explains how the company plans to use the proceeds from the loan. How will a new impact the company ?
Format your paper consistent with APA guidelines and submit your paper and plagiarism review file via the assignment files tab.
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ACC 561 Week 3 Team Financial Statement Analysis and Decision Making Activity NEW
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ACC 561 Week 3 Team Financial Statement Analysis and Decision Making Activity NEW
Purpose of Assignment
The activity requires students to perform research and analysis on competing companies and the potential implications of international standards. This real-world analysis is key to understanding how a company’s profitability, liquidity, and solvency can be useful for all users. Students also learn to analyze financial statements and use managerial tools to make decisions from an investor’s and creditor’s standpoint.
Assignment Steps
Resources: U.S. Securities and Exchange Commission (SEC), websites such as Annual Reports (AnnualReports.com)
Tutorial help on Excel® and Word functions can be found on the Microsoft® Office website. There are also additional tutorials via the web offering support for Office products.
Select two competing companies, one of which must be an international company, and locate annual reports for these two companies on the Internet.
Research the two companies on the Internet and download the Income Statement, Statement of Shareholders’ Equity, Balance Sheet, and Statement of Cash Flows.
Develop a minimum 525-word examination of the financial statements and include the following:
• Make a 5-year trend analysis for each company, using 2011 as the base year, of:
o Net sales.
o Net income. Discuss the significance of the trend results.
• Compute for 2015 and 2014 the:
o Debt to assets ratio.
o Times interest earned. How would you evaluate each company’s solvency?
• Compute for 2015 and 2014 the:
o Profit margin.
o Asset turnover.
o Return on assets.
o Return on common stockholders’ equity. How would you evaluate each company’s profitability?
- Evaluate the financial opportunity presented by the companies. If you were a creditor, which company would you be more likely to lend money to? Defend your decision.
- Which company would you recommend as an investment? Discuss the items that were considered in your decision.
- Research global implications for the international company selected. How might changing environmental factors affect organizational choices?
- Consider the ethical climate (internal or external) of your chosen companies. Describe the ethical issues and impact on the stakeholders. What has been/is being done to resolve these issues? Do you agree with these methods for resolution? If not, what might you do differently?
Show your work in Microsoft® Word or Excel®.
Complete calculations/computations using Microsoft® Word or Excel®.
Include the four financial statements along with your assignment.
Format your assignment consistent with APA guidelines.
Click the Assignment Files tab to submit your assignment.
Note: Grades are awarded based upon individual contributions to the Learning Team assignment. Each Learning Team member receives a grade based upon his/her contributions to the team assignment. Not all students may receive the same grade for the team assignment.
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ACC 561 Week 4 Assignment Production Cost (Davis Skaros) NEW
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ACC 561 Week 4 Assignment Production Cost (Davis Skaros) NEW
Week Four
Purpose of Assignment
The materials covered this week distinguish between the different costing methods and provides needed tools for decision making. This case study focuses on determining equivalent units in a production business setting.
Assignment Steps
Resources: Generally Accepted Accounting Principles (GAAP), U.S. Securities and Exchange Committee (SEC)
Tutorial help on Excel® and Word functions can be found on the Microsoft® Office website. There are also additional tutorials via the web offering support for Office products.
Scenario: Davis Skaros has recently been promoted to production manager. He has just started to receive various managerial reports, including the production cost report you prepared. It showed his department had 2,000 equivalent units in ending inventory. His department has had a history of not keeping enough inventory on hand to meet demand. He has come to you, very angry, and wants to know why you credited him with only 2,000 units when he knows he had at least twice that many on hand.
Prepare a maximum 700-word informal memo and explain to Mr. Skaros why his production cost report showed only 2,000 equivalent units in ending inventory. Using a professional tone, explain to him clearly why your report is accurate.
Format the assignment consistent with APA guidelines.
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ACC 561 Week 4 Costing Methods (Super Bakery) NEW
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ACC 561 Week 4 Costing Methods (Super Bakery) NEW
Read the case study posted to the week four projects thread and write a paper between 1,000 and 1,700 words addressing the following questions:
- What strategies did the management of the company use?
- Why did the company’s management think it was necessary to install an ABC system? Do you agree with their reasoning? Explain your answer.
- Is a job order cost system or a process order cost system a viable option for the company. Why or why not?
Format your paper consistent with APA guidelines and submit your paper and plagiarism review file via the assignment files tab.
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ACC 561 Week 5 Cost Volume Profit Analysis NEW
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ACC 561 Week 5 Cost Volume Profit Analysis NEW
ACC 561 Week 5 Cost Volume Profit Analysis NEW
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ACC 561 Week 5 Team Cost Behavior Analysis NEW
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ACC 561 Week 5 Team Cost Behavior Analysis NEW
Week Five Learning Team Assignment
Purpose of Assignment
The case study focuses on break-even, margin of safety, and incremental analysis and allows students to experience working through a business scenario to apply these tools in managerial decision making. Students are required to make decisions and provide solutions based on their evaluation of financial data.
Assignment Steps
Resources: Generally Accepted Accounting Principles (GAAP), U.S. Securities and Exchange Committee (SEC)
Tutorial help on Excel® and Word functions can be found on the Microsoft® Office website. There are also additional tutorials via the web offering support for Office products.
Scenario: Shelley Jones has just been elected as president of the Circular Club of Auburn, Kansas, and she has been asked to suggest a new fundraising activity for the club. After a considerable amount of research, Shelley proposed the Circular Club sponsor a professional rodeo. In her presentation to the club, Shelley recommends the fundraiser become an annual activity with the following goals:
- Continue to grow each year
- Give back to the community
- Provide the club a presence in the community
Shelley’s goal in the first year is to have an activity that would become an “annual community event” and would break even the first year and raise $5,000 the following year. In addition, based on the experience of other communities, Shelley believed a rodeo could grow in popularity so the club would eventually earn an average of $20,000 annually.
A rodeo committee was formed. Shelley contacted the world’s oldest and largest rodeo-sanctioning agency to apply to sponsor a professional rodeo. The sanctioning agency requires a rodeo to consist of the following five events: Bareback Riding, Bronco Riding, Steer Wrestling, Bull Riding, and Calf Roping, Team Roping and Women’s Barrels. Prize money in the amount of $3,000 would be paid to winners in each of the seven events. Members of the rodeo committee contracted with RJ Cattle Company, a livestock contractor on the rodeo circuit, to provide bucking stock, fencing, and chutes. Realizing costs associated with the rodeo were tremendous and ticket sales would probably not be sufficient to cover the costs, the rodeo committee sent letters to local businesses soliciting contributions in exchange for various sponsorships. Exhibiting Sponsorships are $1,000 to exhibit products or services, while Major Sponsorships are $600, and Chute Sponsorships are $500 to have the name of the sponsor’s business on one of the six bucking chutes. For a contribution of $100, individual sponsors will be included in a Friends of Rodeo list found in the rodeo programs.
A local youth group will be contacted to provide concessions to the public and divide the profits with the Circular Club. The Auburn Circular Club Pro Rodeo Roundup will be held on June 1, 2, and 3. The cost of an adult ticket is set at $8 in advance or $10 at the gate; the cost of a ticket for a child 12 or younger is set at $6 in advance or $8 at the gate. Tickets are not date-specific. Rather, one ticket will admit an individual to one performance of his or her choice– Friday, Saturday, or Sunday. The rodeo committee is able to secure a location through the county supervisors’ board at a nominal cost to the Circular Club. The arrangement allows for the use of the county fair grounds and arena for a one-week period. Several months prior to the rodeo, members of the rodeo committee were notified the bleachers at the arena would hold 2,500 patrons. On Saturday night, paid attendance was 1,663, but all seats were filled due to poor gate controls. Attendance was 898 Friday and 769 on Sunday.
The following revenue and expense figures relate to the first year of the rodeo.
Receipts
Contributions from sponsors $22,000
Receipts from ticket sales $28,971
Share of concession profits $1,513
Sale of programs $600
Total receipts $53,084
Expenses
Livestock contractor $26,000
Prize money $21,000
Contestant hospitality $3,341*
Sponsor signs for arena $1,900
Insurance $1,800
Ticket printing $1,050
Sanctioning fees $925
Entertainment $859
Judging fees $750
Port-a-potties $716
Rent $600
Hay for horses $538
Programs $500
Western hats to first 500 children $450
Hotel rooms for stock contractor $325
Utilities $300
Sand for arena $251
Miscellaneous fixed costs $105
Total expenses $61,410
Net loss $ (8,326)
*The club contracted with a local caterer to provide a tent and food for the contestants. The cost of the food was contingent on the number of contestants each evening. Information concerning the number of contestants and the costs incurred are as follows:
Contestants Total Cost
Friday 68 $998
Saturday 96 $1,243
Sunday 83 $1,100
$3,341
On Wednesday after the rodeo, members of the rodeo committee met to discuss and critique the rodeo. Jonathan Edmunds, CPA and President of the Circular Club, commented that the club did not lose money. Rather, Jonathan said, “The club made an investment in the rodeo.” The rodeo committee has requested an analysis of the rodeos performance and evaluation of the CPA’s review.
Create a minimum 10-slide presentation, including detailed speaker notes, as the committee’s consultation team and respond to the following:
• What did Jonathan Edmunds mean when he said the club had made an investment in the rodeo? Is his comment consistent with Shelley’s idea that the club should have a fundraiser that would:
o Continue to get better each year.
o Give back to the community.
o Provide the club a presence in the community? Why or why not?
• Shelley, Jonathan, and Adrian Stein, the Fundraising Chairperson, are beginning to make plans for next year’s rodeo. Shelley believes by negotiating with local feed stores, inn- keepers, and other business owners, costs can be cut dramatically. Jonathan agrees. After carefully analyzing costs, Jonathan has estimated the fixed expenses can be pared to approximately $51,000. In addition, Jonathan estimates variable costs are 4% of total gross receipts. After talking with business owners who attended the rodeo, Adrian is confident the funds solicited from sponsors will increase. Adrian is comfortable in budgeting revenue from sponsors at $25,600. The local youth group is unwilling to provide concessions to the audience unless they receive all of the profits. Not having the personnel to staff the concession booth, members of the Circular Club reluctantly agree to let the youth group have 100% of the profits from the concessions. In addition, members of the rodeo committee, recognizing the net income from programs was only $100, decide not to sell rodeo programs next year.
o Compute the break-even point in dollars of ticket sales assuming Adrian and Jonathan are correct in their assumptions.
• Shelley has just learned you are calculating the break-even point in dollars of ticket sales. She is still convinced the Club can make a profit using the assumptions above (second bullet point above).
o Calculate the dollars of ticket sales needed to earn a target profit of $6,000.
o Calculate the dollars of ticket sales needed to earn a target profit of $12,000.
- Are the facilities at the fairgrounds adequate to handle crowds needed to generate ticket revenues calculated above (third bullet point above) to earn a $6,000 profit? Show calculations to support your answers.
- A few members in the Circular Club do not want to continue with the annual rodeo. However, Shelley is insistent the Club must continue to conduct the rodeo as an annual fundraiser. Shelley argues she has spent hundreds of dollars on western boots, hats, and other items of clothing to wear to the rodeo. Are the expenses related to Shelley’s purchases of rodeo clothing relevant costs? Why or why not?
- Rather than hire the local catering company to cater the Contestant Hospitality Tent, members of the Circular Club are considering asking Shady’s Bar-B-Q to cater the event in exchange for a $600 Major Sponsor spot. In addition, The Fun Shop, a local party supply business, will be asked to donate a tent to use for the event. The Fun Shop will also be given a $600 Major Sponsor spot. Several members of the Club are opposed to this consideration, arguing that the two Major Sponsor spots will take away from the money to be earned through other sponsors. Adrian Stein has explained to the members the Major Sponsor signs for the arena cost only $48 each. In addition, there is more than enough room to display two additional sponsor signs. What would you encourage the Club to do concerning the Contestant Hospitality Tent? Would your answer be different if the arena were limited in the number of additional signs that could be displayed? What kind of cost would you consider in this situation that would not be found on a financial statement?
- Assume you are elected chair of the rodeo committee for next year. What steps would you suggest the committee take to make the rodeo profitable?
Show your work in Microsoft® Word or Excel®.
Complete calculations/computations using Microsoft® Word or Excel®.
Format the assignment consistent with APA guidelines.
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ACC 561 Week 6 Assignment Managerial Analysis Assessment (Green Pasture) NEW
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ACC 561 Week 6 Assignment Managerial Analysis Assessment (Green Pasture) NEW
Week Six Individual Assignment
Purpose of Assignment
This comprehensive case requires students to evaluate a static budget and prepare flexible budgets to meet managerial needs. Students are required to calculate and analyze variances and discuss how variances are critical to managerial decision making.
Assignment Steps
Resources: Generally Accepted Accounting Principles (GAAP), U.S. Securities and Exchange Committee (SEC), Green Pastures Static Budget Income Statement
Tutorial help on Excel® and Word functions can be found on the Microsoft® Office website. There are also additional tutorials via the web offering support for Office products.
Scenario: Green Pastures is a 400-acre farm on the outskirts of the Kentucky Bluegrass, specializing in the boarding of broodmares and their foals. A recent economic downturn in the thoroughbred industry has led to a decline in breeding activities, and it has made the boarding business extremely competitive. To meet the competition, Green Pastures planned in 2017 to entertain clients, advertise more extensively, and absorb expenses formerly paid by clients such as veterinary and blacksmith fees.
The budget report for 2017 is presented as an attachment. As shown, the static income statement budget for the year is based on an expected 21,900 boarding days at $25 per mare. The variable expenses per mare per day were budgeted: feed $5, veterinary fees $3, blacksmith fees $0.25, and supplies $0.55. All other budgeted expenses were either semifixed or fixed.
During the year, management decided not to replace a worker who quit in March, but it did issue a new advertising brochure and did more entertaining of clients.
Develop a minimum 700-word examination of the financial statements and include the following:
• Based on the static budget report:
o What was the primary cause(s) of the loss in net income?
o Did management do a good, average, or poor job of controlling expenses?
o Were management’s decisions to stay competitive sound?
- Prepare a flexible budget report for the year.
- Based on the flexible budget report:
o What was the primary cause(s) of the loss in net income?
o Did management do a good, average, or poor job of controlling expenses?
o Were management’s decisions to stay competitive sound?
What course of action do you recommend for the management of Green Pastures?
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ACC 561 Week 6 Managerial Analysis NEW
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ACC 561 Week 6 Managerial Analysis NEW
ACC 561 Week 6 Managerial Analysis NEW
Check this A+ tutorial guideline at
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