Category: Accounting

This is a simple task, Make sure to do all parts the Adjusting Entries and the closing entries. Do a good job and I will give a good tip

Please answer all the questions in the Assignment Brief. Also, I have made the decision to make assumption of the country and stage of business: I chose UK and Maturity. Let me know if you have further questions. Thank you!

This assigment is an extra credit project for my accounting class which must be done through wiley plus. 
here is the link to log in to the account, and follow by my log in *****************************************************************************************

Overview
Each VITA site provides clear standards of conduct to ensure the highest level of ethical standards are being applied to every taxpayer interaction. This is for the protection of the individual taxpayer and the volunteer, and it protects the integrity of the VITA program. For this assignment, you have been given a selection of questionable ethical scenarios. You will apply the six VITA standards to the choices made by the volunteer in each of the scenarios.
Directions
There are four different scenarios for each of the six standards of conduct covered in the Volunteer Standard of Conduct Test (VSC). These scenarios may be found in Module Two Assignment Scenarios linked in the Supporting Materials section. Review the six sets of VSC scenarios provided and select one scenario from each set to analyze. For instance, you may select 1/3, 2/4, 3/1, 4/4, 5/2, and 6/4. Choose just one scenario from each set.
Apply the relevant VITA standards of conduct to each selected scenario, explain how the tax preparer handled each situation, and describe whether the tax preparer followed or strayed from VITA ethical standards.
Specifically, you must address the following rubric criteria:
Using the scenario you selected from Scenario Set One, explain how the quality site requirements (QSR) were addressed in the scenario.
Using the scenario you selected from Scenario Set Two, identify areas of concern regarding exchanges for VITA work performed that may have consequences for volunteers.
Explain why accepting exchanges of in-kind or of monetary value is prohibited in VITA culture.
Identify consequences for failing to comply with the Volunteer Standards of Conduct.
Using the scenario you selected from Scenario Set Three, identify areas that involve solicitations from taxpayers.
State any information you gained about them (their information) for any direct or indirect personal benefit for yourself or any other specific individual.
Identify consequences for failing to comply with the Volunteer Standards of Conduct.
Using the scenario you selected from Scenario Set Four, identify evidence that a return was prepared with intentional inaccuracies.
Using the scenario you selected from Scenario Set Five, identify areas that may be considered illegal or disreputable behavior. Consider the following:
Criminal, infamous, dishonest, and notoriously disgraceful conduct
Any other conduct considered to have a negative effect on the VITA/TCE program
Using the scenario you selected from Scenario Set Six, explain the treatment of taxpayers based on the level of professional courtesy evident.
What to Submit
Submit your ethics analysis using the assignment template provided as a 2- to 3-page Microsoft Word document with double spacing, 12-point Times New Roman font, and one-inch margins.
Supporting Materials
The following resources support your work on the assignment:
Training Guide: Publication 4961 Volunteer Standard of Conduct – Ethics Training
This is a test preparation guide for the current tax year.
Resource: Module Two Assignment Scenarios

I think you will find an Excel spreadsheet to be the most effective way
of completing this assignment. Use the attached Conch Republic Spreadsheet to
help you.
Week 3 Term Project
Conch Republic Electronics
Conch
Republic Electronics is a mid sized electronics manufacturer located in Key
West, Florida. The company president is Shelley Couts, who inherited the
company. When it was founded over 70 years ago, the company originally repaired
radios and other household appliances. Over the years, the company expanded
into manufacturing and is now a reputable manufacturer of various electronic
items. Jay McCanless, a recent MBA graduate, has been hired by the company’s
finance department.
One of
the major revenue-producing items manufactured by Conch Republic is a personal
digital assistant (PDA). Conch Republic currently has one PDA model on the
market, and sales have been excellent. The PDA is a unique item in that it
comes in a variety of tropical colors and is preprogrammed to play Jimmy
Buffett music. However, as with any electronic item, technology changes
rapidly, and the current PDA has limited features in comparison with newer
models. Conch Republic developed a prototype for a new PDA that has all the
features of the existing PDA but adds new features such as cell phone
capability. The company has performed a marketing study to determine the
expected sales figures for the new PDA.
Conch
Republic can manufacture the new PDA for $200 each in variable costs. Fixed
costs for the operation are estimated to run $4.5 million per year. The
estimated sales volume is 70,000, 80,000, 100,000, 85,000, and 75,000 per each
year for the next five years, respectively. The unit price of the new PDA will
be $340. The necessary equipment can be purchased for $16.5 million and will be
depreciated on a 5 year straight-line schedule.
Net
working capital investment for the PDAs will be $6,000,000 the first year of
operations.  Of course NWC will be recovered at the projects end. 
Conch Republic has a 35 percent corporate tax rate and a 12 percent required
return.
Shelly
has asked Jay to prepare a report that answers the following questions:
What is the IRR
of the project?
What is the NPV
of the project, based on the required rate of return of 12%?

Thomas is the sole owner of Bear Company, which makes custom blankets. This year, Bear’s taxable income before any compensation to Thomas was $80,000. Bear also had $30,000 of municipal bond interest. Thomas has significant income from other sources. Thomas is single and in the 24% marginal tax bracket. Determine the tax consequences to both Bear Company and Thomas under the following situations (ignore the 3.8% Medicare surtax on Net Investment Income):
Bear is a C corporation and pays no dividends or salary to Thomas.
Bear is a C corporation and distributes $50,000 of dividends to Thomas.
Bear is a C corporation and pays $50,000 salary to Thomas.
Bear is a sole proprietorship and Thomas withdrew $0.
Bear is a sole proprietorship and Thomas withdrew $50,000.
Write a letter to Thomas summarizing the tax effects of the various scenarios, including some tax planning recommendations. Include an explanation of general concepts surrounding the calculation.
Submission Requirements
Be sure to discuss and reference concepts taken from the assigned textbook reading and relevant research.
Support your paper with the primary internal revenue section (I.R.C.) & at least 4-5 tax, credible, legislative, or court references (of which the textbook may be one).
Review the grading rubric to see how you will be graded for this assignment.
Reference the Citation and Style Manual as needed.
Links to an external site.
Your paper should be 2-3 pages in length

Write a 7 – 10 pages double-spaced that addresses at least three key themes, or issues in the audit profession.
Use a minimum of 5 resources for your paper. If you would like to use content from your textbook, use a minimum of 6.
Your paper should include a thesis that lets me know where you are going. Then dive int o the details and take me there. Close your paper with a conclusion that ties your arguments together.
Your response will be graded on the strength of your analysis on the topic you choose to respond to and the quality of your writing. Cite all works used in your paper using the MLA or another academic format of your choosing.
General grading rubrics:
You clearly articulate your arguments and address at least three key topics/ observations over the course of your paper. (You may choose to address more, but do not get too high level – keep yourself focused in on the details and the underlying why behind your chosen topics/ arguments.)
Do not just quote someone else’s work in your paper – apply your own analysis to it.
You have a clear structure in your paper, and it is not simply stream of conscience.
You include appropriate sources for your work (including a minimum of 5)
Do not tell me what you think I want to hear – focus in on your thesis and make sure your arguments support your thesis
Topic: How to improve audit quality
My outline is attatched, feel free to add more ideas and rearrange main ideas

Link to RAP page – https://www.accaglobal.com/content/dam/ACCA_Global/Students/bsc/obu-information-pack-22-23.pdf
I need this to be written for me in no stringent time fram, i want the bulk of the work to be done since i have minimal time and then i want to push to edit all the details on this as i am quite passionate about this company and want to write it but feel i don’t have the time.

Albert Enterprises is a manufacturing company that builds heavy equipment repair parts for the construction industry. Albert is providing the following information for preparing their budgets for the first quarter of 2023. • Sales: November, 2022 Actual Sales were $1,500,000 and December, 2022 Actual Sales were $2,100,000 • Budgeted Sales for the first 5 months of 2023 are: o January 30,000 units o February 40,000 units o March 50,000 units o April 45,000 units o May 35,000 units • Budgeted selling price is $60/unit • All sales are made on the account. 30% is collected in the month of the sale, 50% is collected in the first month following the sale, and the remaining 20% is collected in the second month after the sale. • The company wants to maintain a finished goods inventory equal to 40% of next month’s budgeted units of sales. • Each unit of production requires 3kg of materials. The company maintains raw materials inventory equal to 20% of next month’s production needs. The budgeted purchase price for raw materials is $8/kg. • All purchases of materials are made on account. 30% of the month’s purchases are paid in the month of purchase and the remaining 70% are paid the following month. • Each unit of production requires 2 direct labor hours. The direct labor rate per hour is $6/hour and all labor costs are paid by the end of the month. • Variable manufacturing overhead per direct labor hour is $2. The budgeted monthly fixed manufacturing overhead is $200,000 which includes monthly depreciation of $25,000. • Variable selling expenses per unit sold are $2/unit. The budgeted monthly fixed selling and administrative expenses are $120,000 which includes monthly depreciation of $20,000. • The company will be acquiring some additional equipment in the first quarter of the year. They will purchase equipment for $300,000 in cash in January. • Dividends of $150,000 will be paid out in March. • The company has a policy that it needs to maintain a cash balance of $50,000 at all times. They do have a line of credit with their bank. It has an annual interest rate of 12%. Borrowing, if needed, will occur at the beginning of the month and repayment of the principal and interest will occur at the end of the month. Borrowings and repayments are done in increments of $5,000. REQUIRED: 1. Prepare the sales budget for each month of the first quarter. (25 points) 2. Prepare the schedule of expected cash collections for each month of the first quarter. (25 points) 3. Prepare the production budget for each month of the first quarter. (25 points) 4. Prepare the direct materials budget for each month of the first quarter. (25 points) 5. Prepare the schedule of cash payments to suppliers for each month of the first quarter. (25 points) 6. Prepare the direct labor budget for each month of the first quarter. (25 points) 7. Prepare the manufacturing overhead budget for each month of the first quarter. (25 points) 8. Prepare the selling and administrative expense budget for each month of the first quarter. (25 points) 9. Prepare the cash budget for each month of the first quarter. (50 points) 10. Prepare the budgeted income statement for the full quarter. (75 points) 11. Prepare the budgeted balance sheet as of March 31, 2023. (75 points) Please read the following instructions carefully before you begin to attempt the project: • Please complete each of the 10 budget templates for Albert Enterprises by month for the first quarter of the year (January, February, March 2023). The balance sheet will be as of March 31, 2023, and the Income Statement will be for the full quarter ended March 31, 2023.
• You will be utilizing the format and templates I had you work on during my video lecture. Please refer to the Module 2 PowerPoint presentation for guidance and format of each of the 10 budget schedules.
• You should prepare each schedule on a separate tab within Excel. If you create formulas as you build each template and link the schedules; it will allow you to make changes that will automatically update all schedules. This could be a tool you keep and use in your future companies.
• The learning outcome from this assignment is to give you the tools to complete a budget from start (Sales) to finish (financial statements).

Albert Enterprises is a manufacturing company that builds
heavy equipment repair parts for the construction industry. Albert is providing
the following information for preparing their budgets for the first quarter of
2023. 
Sales:
November, 2022 Actual Sales were $1,500,000 and December, 2022 Actual
Sales were $2,100,000 
Budgeted
Sales for the first 5 months of 2023 are:  
January
30,000 units 
February
40,000 units 
March
50,000 units 
April
45,000 units 
May
35,000 units 
Budgeted
selling price is $60/unit 
All
sales are made on the account. 30% is collected in the month of the sale,
50% is collected in the first month following the sale, and the remaining
20% is collected in the second month after the sale. 
The
company wants to maintain a finished goods inventory equal to 40% of next
month’s budgeted units of sales. 
Each
unit of production requires 3kg of materials. The company maintains raw
materials inventory equal to 20% of next month’s production needs. The
budgeted purchase price for raw materials is $8/kg. 
All
purchases of materials are made on account. 30% of the month’s purchases
are paid in the month of purchase and the remaining 70% are paid the
following month. 
Each
unit of production requires 2 direct labor hours. The direct labor rate
per hour is $6/hour and all labor costs are paid by the end of the
month. 
Variable
manufacturing overhead per direct labor hour is $2. The budgeted monthly
fixed manufacturing overhead is $200,000 which includes monthly
depreciation of $25,000. 
Variable
selling expenses per unit sold are $2/unit. The budgeted monthly fixed
selling and administrative expenses are $120,000 which includes monthly
depreciation of $20,000. 
The
company will be acquiring some additional equipment in the first quarter
of the year. They will purchase equipment for $300,000 in cash in
January.  
Dividends
of $150,000 will be paid out in March. 
The
company has a policy that it needs to maintain a cash balance of $50,000
at all times. They do have a line of credit with their bank. It has an
annual interest rate of 12%. Borrowing, if needed, will occur at the
beginning of the month and repayment of the principal and interest will
occur at the end of the month. Borrowings and repayments are done in
increments of $5,000. 
REQUIRED:  
Prepare
the sales budget for each month of the first quarter. (25
points) 
Prepare
the schedule of expected cash collections for each month of the first
quarter. (25 points) 
Prepare
the production budget for each month of the first quarter. (25
points) 
Prepare
the direct materials budget for each month of the first quarter. (25
points) 
Prepare
the schedule of cash payments to suppliers for each month of the first
quarter. (25 points) 
Prepare
the direct labor budget for each month of the first quarter. (25
points) 
Prepare
the manufacturing overhead budget for each month of the first
quarter. (25 points) 
Prepare
the selling and administrative expense budget for each month of the first
quarter. (25 points) 
Prepare
the cash budget for each month of the first quarter. (50
points) 
Prepare
the budgeted income statement for the full quarter. (75 points) 
Prepare
the budgeted balance sheet as of March 31, 2023. (75 points) 
Total: 400 points
Please read the instructions carefully before you
begin to attempt the project: 
Please complete each of the 10 budget templates for
Albert Enterprises by month for the first quarter of the year (January,
February, March 2023). The balance sheet will be as of March 31, 2023, and
the Income Statement will be for the full quarter ended March 31, 2023.
You will be utilizing the format and templates I had you work on
during my video lecture. Please refer to the Module 2 PowerPoint
presentation for guidance and format of each of the 10 budget schedules.
You should prepare each schedule on a separate tab within Excel. If
you create formulas as you build each template and link the schedules; it
will allow you to make changes that will automatically update all
schedules.