As part of their review, the CPAs haveasked you to provide them with the following explanations: Illustrate with schedules and notes.
Your manager wants to know howyou will report on restructuring the debt. Then, compute a new post employment benefit expense for and report this to your manager.
This prevents the situation of having to compute how much the company would recapture in surplus assets resulting from terminating the old plan. The methodology used to determine deferred taxes The procedures for reporting accounting changes and error correctionsThe rationale behind establishing the subsidiary as a corporationPrepare your response to the three questions.
They are dated January 1,andmature January 1,with interest receivable December 31 of each year. Record the necessary journal entries before attempting to calculate other comprehensive income.
She has asked you to tell her what Acc 545 restructuring debt data professional responsibilitiesare as a CPA, and the difference between a review and an audit. Use the following information to help with this assignment. On July 6, Jamona Corp. The agreement is that the employees get to keep what is already in the defined benefit plan.
The bonds are classified as available-for-sale. Themachine reverts to the lessor at the end of the lease term. Lee Corporation, a U. Theappraised value of the property is: Before submitting your response, your manager would like toknow a little bit more about the request. Find Similar Products by Category.
Prepare appropriate note disclosures. The note was issued at its face value. On January 1,Jamona Corp. University of Phoenix Material: During its first 3 years of operations, Lee reported net income and declared dividends as follows. Then, prepare the journal entries for the restructuring. Prepare journal entries with appropriate supporting detailed schedules for the balance sheet items: The bank agrees to accept land in exchange for relinquishing its claim on this note.
The fair value of the bonds at December 31 of each year is as follows: January 5, 1, 9. The company uses the effective-interest method to allocate unamortized discount or premium.
The company currently has a defined benefits plan and is considering switching to a defined contribution plan to save costs. Jamona uses the straight-line method of depreciation for all of its plant assets.
Part B To satisfy various benefit issues that have arisen as a result of the restructuring, new post employment benefits have been created. The company provides the following information related to its post employment benefits for the year You should provide draft responses to the above questions as well as providing your manager with a summaryof your responsibilities in one document no more than 1, words.Invited audience members will follow you as you navigate and present; People invited to a presentation do not need a Prezi account; This link expires 10 minutes after you close the presentation; A maximum of 30 users can follow your presentation; Learn more about this feature in our knowledge base article.
ACC Week 1, Individual Assignment, CPA Report 1 ACC Week 1, Individual Assignment, CPA Report 1 ACC Week 1 Individual Assignment CPA Report As the CPA for a large organization, you were asked by your manager to provide information to outside CPAs who are examining a subsidiary that has been set up as a corporation.
Restructuring Debt Teja Gadde ACC Maryln Fisher March 3, Restructuring Debt Data The company has been in financial trouble and is in the process of reorganizing.
I have been asked to prepare a report regarding the restructuring of debt; specifically in regards to bonds payable, notes payable, and capital leases. Interested in ACC Week 4, Individual Assignment, Restructuring Debt Data Bookmark it to view later. Bookmark ACC Week 4, Individual Assignment, Restructuring Debt.
University of Phoenix Material. Restructuring Debt Data. Your company is in financial trouble and is in the process of reorganizing.
Your manager wants to know how you will report on restructuring the debt.Download