ACC 375 Week 4 Individual Assignment Ethical Situation 2 Unethic
October 20, 2015 | By charlesmakaramdam5 |
You have been hired as the new controller of a large manufacturing company. The 30-year-old company produces a selection of profitable products, but has also experienced some ethical lapses. A few months into your new role, the CEO has asked you to prepare a memo that will provide guidance to management for handling some of these ethical lapses. As you investigate, you discover a negative atmosphere in the company. Your investigation reveals the following information: CEO: “We need to create a way to make sure our company goals are defined and align with the highest ethical standards. We have experienced issues in almost every department, and I am trying to focus on what we can do. I know you have spoken with others, and I suspect there is some unethical behavior occurring. I have heard that the accounting department has experienced some issues in the past. Specifically, issues with fake suppliers being created and paid. While this did result in the termination of one employee, I’m not sure it has stopped.” Accounts Receivable Supervisor: “Things are pretty bad around here. There doesn’t seem to be any leadership or direction for the company. Upper management rarely conducts meetings to discuss anything, positive or negative. There are no clear goals and we only receive feedback once a year at our annual review. I have difficulty keeping the staff motivated because the meager raises. We all receive the same raise, even in a booming year when sales are high.”
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Q:Appendix A Please use this information for your Tax Return and Paper. *All people, businesses, and information are fictional. Any relation to an actual person or business is accidental. Harold Petersan SSN: 0XX-01-1XXX Date of Birth (DOB): 05/27/1975 Gross Pay: $51,750 401(k) contributions: $4,140 Healthcare costs (payroll deductions): $1347 Reported wages: $46,263 Social Security Wages: $50,403 Medicare Wages: $50,403 State Wages: $46,263 Taxes withheld: Federal: $2896.06 Social Security: $3124.99 Medicare: $730.34 State: $682.38 sdi (mandatory disability insurance): $393.24 Employer: PointMark, INC Address: 1111 One Park Place City: One City State: California Zip code: 11111 Employer’s FED ID number: 33-01XXX11 Sarah Petersan SSN: 001-02-XXXX DOB: 08/11/1979 Gross Pay: $50,000 401(k) contributions: $4,000 Healthcare costs (payroll deductions): $1347 Reported wages: $44,653 Social Security Wages: $48,653 Medicare Wages: $48,653 State Wages: $44,653 Taxes withheld: Federal: $2795.28 Social Security: $3016.49 Medicare: $704.98 State: $658.63 sdi (mandatory disability insurance): $379.55 Employer: Company One Address: 1111 Place Road City: One City State: California Zip code: 11112 Employer’s FED ID number: 33-01XXX22 Dependent: Tara Peter san SSN: 001-XX-XX00 DOB: 12/29/2004 Child Care Costs: $10,320 Child Care Provider: fabulous day care center Address: 121 Place Road City: One City State: California Zip code: 11111 Identifying number: 33-XXXX011 Life Change Events Home Sale: Primary residence sale price $520,000 cost basis (incurred three years prior) $300,000 Property Tax paid: $1,500 Mortgage Interest paid: $14,400
42. Tim and Martha paid $7,900 in qualified employment-related expenses for their three young children who live with them in their household. Martha received $1,800 of dependent care assistance from her employer, which was properly excluded from gross income. The couple had $57,000 of AGI earned equally by Tim and Martha. What amount of child and dependent care tax credit can they claim on their Form 1040? How would your answer differ (if at all) if the couple had AGI of $36,000 that was entirely earned by Tim? 49. Jeremy and Celeste paid the following for their daughter, Alyssa, to attend University of Colorado, during 2009. Alyssa was in her first year of college and attended full-time: Tuition and fees (for fall semester 2009) $1,950 Tuition and fees (for spring semester 2010)1,000 Books 600 Room and board 1,200 the spring semester at University of Colorado begins in January. In addition to the above, Alyssa’s uncle Devin sent $800 as payment for her tuition directly to the University. Jeremy and Celeste have modified AGI of $165,000. What is the amount of qualifying expenses for purposes of the Hope credit? What is the amount of Hope credit that Jeremy and Celeste can claim based on their AGI? Chapter 10, complete problem 49 and problem 57. 49. Allison is paid $500 per week. What is the amount of federal income tax withheld from Allison’s paycheck under the following conditions? Use the percentage method table in the appendix to this chapter. a. Allison is single and claims three withholding allowances b. Allison is married and claims three withholding allowances c. Allison is single and claims one withholding allowance 57. Jones Company has the following employees on payroll: Calculate the payroll for the last pay period in February. Include in your calculations federal withholding, FICA, and FUTA. Assume that Jones Company received the maximum credit for state unemployment taxes Chapter 11, complete problem 49 and problem 52. Submit these items to your instructor. 49. Will, who is single and under age 50, is employed as a full-time tax accountant at a local manufacturing company where he earns $60,000 per year. He participates in a pension plan through his employer. Will also operates a small tax practice in his spare time during tax season and has net Schedule C income of $8,000. He is interested in establishing and contributing to other retirement plans. What options are available to Will? 52. Ken is a self-employed architect in a small firm with four employees: himself, his office assistant, and two drafters, all of whom have worked for Ken full-time for the last four years. The office assistant earns $30,000 per year and each drafter earns $40,000. Ken’s net earnings from self-employment (after deducting all expenses and one-half of self-employment taxes) are $305,000. Ken is considering whether to establish an SEP plan and has a few questions.
39. David is a college professor who does some consulting work on the side. He uses 25% of his home exclusively for the consulting practice. He is single and 63 years old. His AGI (without consideration of consulting income) is $45,000. Other information follows: Income from consulting business $4,000 Consulting expenses other than home office 1,500 Total costs relating to home: Interest and taxes 6,500 Utilities 1,500 Maintenance and repairs 450 Depreciation (business part only) 1,500 43. Janet purchased her personal residence in 2000 for $250,000. In January 2009 she converted it to rental property. The fair market value at the time of conversion was $210,000. a. Determine the amount of cost recovery that can be taken in 2009: b. Determine the amount of cost recovery that could be taken in 2009 if the fair market value of the property were $350,000: Chapter 7 49. Ricardo acquired a warehouse for business purposes on August 30, 1992. The building cost $200,000. He took $133,333 of depreciation on the building, and then sold it for $350,000 on July 1, 2009. What is the amount and nature of Ricardo’s gain or loss on the sale of the warehouse? 51. In 2009, Juanita sold stock considered short-term for a gain of $875 and stock considered long-term for a loss of $2,400. She also had a $2,000 short-term loss carryover from 2008 and a $240 long-term loss carryover from 2008. What amount will be shown as a short-term gain (loss) for 2009? What amount will be shown as a long-term gain (loss) for 2009? c. Will there be a carryover to 2010? If so, what is the nature and amount of the carryover? Chapter 8 37. Matt and Marie own a vacation home at the beach. During the year, they rented the house for 42 days (6 weeks) at $890 per week and used it for personal use for 58 days. The total costs of maintaining the home are as follows: Mortgage interest $4,200 Property taxes 700 Insurance 1,200 Utilities 3,200 Repairs 1,900 Depreciation 5,500 a. What is the proper tax treatment of this information on their tax return using the Tax Court method? b. Is there an option for how to allocate the expense between personal and rental use? Explain c. What is the proper tax treatment if Matt and Marie rented the house for only 14 days? 8. Janet owns a condominium at the beach. She incurs the following expenses: Mortgage interest $1,300 Property taxes 800 Insurance 1,500 Utilities 1,800 Repairs 300 Depreciation 4,000 What the proper treatment of these expenses is as applied to the following situations? Use the Tax Court allocation method, if applicable.
53. Under the terms of a divorce decree executed May 1, 2008, Rob transferred a house worth $650,000 to his ex-wife, Linda, and was to make alimony payments of $3,000 per month. The property has a tax basis to Rob of $300,000. a. How much of this must be reported on Linda’s tax return? b. Of that amount, how much is taxable gain or loss that Linda must recognize related to the transfer of the house? 54. Under the alimony recapture rules, what amounts are designated for recapture reclassification, and what are the tax consequences? 55. Indicate whether each of the following items is considered a for AGI, (above-the line) deduction for the 2009 tax year. Chapter 5, complete problem 54, problem 61, and problem 62 54. Steve purchased a personal residence from Adam. To sell the residence, Adam agreed to pay $4,500 in points related to Steve’s mortgage. Discuss the tax consequences from the perspective of both Steve and Adam. 61. Reynaldo and Sonya, a married couple, had flood damage in their home due to a faulty water heater during 2009, which ruined the furniture in their garage. The following items were completely destroyed and not salvageable Their homeowner’s insurance policy had a $10,000 deductible for the personal property, which was deducted from their insurance reimbursement of $12,700, resulting in a net payment of $2,800. Their AGI for 2009 was $30,000. What is the amount of casualty loss that Reynaldo and Sonya can claim on their joint return for 2009? 62. During the year 2009, Ricki, who is not self-employed and does not receive employer reimbursement for business expenses, drove her car 5,000 miles to visit clients, 10,000 miles to get to her office, and 500 miles to attend business-related seminars. She spent $300 for airfare to another business seminar and $200 for parking at her office. Using the car expense rate of 55 cents per mile, wh
32) List the five types of filing status and briefly explain the requirements for the use of each one. 33) In which of the following cases may the taxpayer claim head of household filing status? a. The taxpayer is single and maintains a household which is the principal place of abode of her infant son. b. The taxpayer is single and maintains a household for herself and maintains a separate household which is the principal place of abode of her dependent widowed mother. c. The taxpayer is married from January to October and lived with his spouse from January to May. From June 1 to December 31, the taxpayer maintained a household that was the principal place of abode of his married son and daughter-in-law whom the taxpayer can claim as dependents. Same as (c) except the taxpayer lived with his ex-spouse until August and maintained the household for his married son and daughter-in-law from September 1 to the end of the year 38) Julio and Martina are engaged and are planning to travel to Las Vegas during the 2009 Christmas season and get married around the end of the year. In 2009, Julio expects to
Focus of the Final Project Review the financial information pertaining to Lee College in problem 11-8 on pages 357 and 358 of your text. Prepare the following: 1. A Statement of Activities using the format presented in Illustration 10-1. 2. A Statement of Unrestricted Revenues, Expenses, and Other Changes in Unrestricted Net Assets. 3. A Statement of Changes in Net Assets. Your paper must: 1. Include both the completed financial statements and detailed analysis of the data provided. 2. Explain the process by which you completed the final statements and include any applicable supporting information computations and explanations. 3. Offer an in-depth analysis of the financial health of Lee College. Guidelines for Writing the Final Paper Must be a minimum of five to seven pages in length and formatted according to APA style as outlined in the approved APA style guide. Must include a cover page that includes: Student’s name Course name and number Titleofproject Instructor’sname Date submitted Must include an introductory paragraph with a succinct thesis statement. Must address the topic of the project with critical thought. Must conclude with a restatement of the thesis and a conclusion paragraph. Must use APA style as outlined in the approved APA style guide to document all sourcesFocus of the Final Project Review the financial information pertaining to Lee College in problem 11-8 on pages 357 and 358 of your text. Prepare the following: 1. A Statement of Activities using the format presented in Illustration 10-1. 2. A Statement of Unrestricted Revenues, Expenses, and Other Changes in Unrestricted Net Assets. 3. A Statement of Changes in Net Assets. Your paper must: 1. Include both the completed financial statements and detailed analysis of the data provided. 2. Explain the process by which you completed the final statements and include any applicable supporting information computations and explanations. 3. Offer an in-depth analysis of the financial health of Lee College. Guidelines for Writing the Final Paper Must be a minimum of five to seven pages in length and formatted according to APA style as outlined in the approved APA style guide. Must include a cover page that includes: Student’s name Course name and number Titleofproject Instructor’sname Date submitted Must include an introductory paragraph with a succinct thesis statement. Must address the topic of the project with critical thought. Must conclude with a restatement of the thesis and a conclusion paragraph. Must use APA style as outlined in the approved APA style guide to document all sources
Cash Flows. From Chapter 12 complete Exercise 12-5, Exercise 13-2, and Exercise 13-9 and post the answers to the discussion board. Do not forget to show all necessary steps and explain how you attai
FASB Statement 117, Trusts, & Organizations. From Chapter 11 complete Exercise 11-3 and Exercise 11-4 and post the answers to the discussion board. Do not forget to show all necessary steps and explain how you attai
Transactions & FASB Standards. [From Chapter 9 complete Exercise 9-7, and from Chapter 10 complete Exercise 10-2 and Exercise 10-3 and post the answers to the discussion board. Do not forget to show all necessary steps and explain how you att
Infrastructure & G.A.S.B. Statement 34. From Chapter 8 complete Exercise 8-4 and Exercise 8-5, and from Chapter 9 complete Exercise 9-2 and post the answers to the discussion board. Do not forget to show all necessary steps and explain how you att
Government-Wide Statements, Net Assets, &Journals.Complete the following activities and submit your answers to your instructor in a Word document formatted to proper APA specifications. Include any relevant supporting computations and explanations. Part One. Review the financial information pertaining to the City of South Pittsburgh in problem 8-10 on page 257 of your text. Prepare, in journal form, worksheet adjustments for each of the situations outlined. Part Two: Review the financial information pertaining to Southern State University in problem 9-5 on pages 294 and 295 of your text. Prepare, in good form, a Statement of Net Assets for Southern State University as of June 30, 2012. Part Three: Review the financial transactions pertaining to the Cancer Research Center in problem 10-8 on pages 326 and 327. 1. On the books of Cancer Research Center, record the pledge on January 1 in the temporarily restricted asset class, assuming the appropriate discount rate is 5% on an annual basis. The appropriate discount factor is 4.33. 2. Record the increase in the present value of the receivable in the temporarily restricted net asset class as of December 31. 3. Record the receipt of the first $30,000 on December 31 and the payment to the researcher. Indicate in which asset class (unrestricted, temporarily restricted) each account is recorded.
Investment and Pension Trust Funds. [From Chapter 7 complete Exercise 7-8, Exercise 7-10, and Exercise 7-11 and post the answers to the discussion board. Do not forget to show all necessary steps and explain how you atta