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EMTALA is a far-reaching act; explain several of its benefits and describe how it is effective at preventing fraud and abuse as opposed to detecting it
Comprehensive Problem. Heintz and Parry. College Accounting 19th Edition.PERIOD 1The Account CycleBob night opened “The general’s favorite Fishing Hole” The fishing camp is open from April through September and attracts many famous college basketball coaches during the off-season. Guests typically register for one week, arriving on Sunday afternoon and returning home the following Saturday afternoon. The registration fee includes room and board, the use of fishing boats, and professional instruction in fishing techniques. The chart of accounts for the camping operations is provided below.The General’s Favorite Fishing Hole Chart of Account.Assets Revenues101 cash 401 Registration fees142 Office Supplies144 Food Supplies Expenses145 Prepaid Insurance 511 Wages Expense181 Fishing Boat 521 Rent Expense181.1 Accum. Depr-Fishing Boats 523 Office Supplice Expense524 Food Supplice ExpenseLiabilities 525 Telephone Expense202 Account Payable 533 utilities Expense219 Wages Payable 535 Insurance Expense536 pastage ExpenseOwner’s Equuity 542 Depr. Exp-Fishing Boats311 Bob Night Payable312 Bob Night Drawing313 Income SummaryThe following transactions took place during April 20–April1 Night invested cash in the business $90,000.1 Paid insurance premium for camping season, 9,000.2 Paid rent for lodge and campgrounds for the month of April, $40,000.2 Deposited registration fee, $35,0002 Purchase ten fishing boats on account for $60,000. The boats have estimated usefullives of five years, at which time they will be donated to a local day camp. Arrangementwere made to pay for the boats in July.3 Purchase food supplies from Acme Super Market on account, $7,000.5 Purchase office supplies from Gordon Office Supplies on account, $500.7 Deposited registration fee, $38,600.10 Purchased food supplies from Acme Super Market on account, $8,20010 Paid wages to fishing guides, $10,00014 Deposited registration fees, $30,50016 Purchased food supplies from Acme Super Market on account, $9,00017 Paid wages to fishing guides, $10,00018 Paid postage , $150.21 Deposited registration fees, $35,60024 Purchased food supplies from Acme Super Market on account, $8,50024 Paid wages to fishing guides, $10,00028 Deposited registration fees, $32,000.29 Paid wages to fishing guides, $10,00030 Purchased food supplies from Acme Super Market on account, $6,000.30 Paid Acme Super market on account ,$32,700.30 Paid utilities bill, $2,000.30 Paid telephone bill, $1,200.30 Bob Night withdrew cash for personal use, $6,000Adjustment information for the end of April is provided below.a Office supplies remaining on hand, $100.b Food supplies remaining on hand, $8,000.c Insurance expired during the month of April, $1,500.d Depreciation on the fishing boatsfor the month of April, $1,000.e Wages earned , but not yet paid, at the end of April, $500.Required:1 Enter the above transactions in a general journal. Enter transactions from April 1-5 on pages 1, April 7-8 on page 2, April 21-29 and the first two entries for April 30 on page 3, and the remain entries for April 30 on page 4.2 Post the entries to the general ledger.(if you are not using the working papers that accompany this text, you will need to enter the account titles and account numbers in the general leger accounts).3 Prepare a trial balance on a work sheet.4 Complete the work sheet.5 Prepare the income statement.6 Prepare the statement of owner’s equity7 Prepare the balance sheet.8 Journalise the adjusting entries (page 5)9 Post the adjusting entries to the general ledger.10 Journalise the closing entries (page 5 and 6)11 Post the closing entries to the general ledger.12 Prepare a post-closing trial balance.Comprehensive Problem. Heintz and Parry. College Accounting 19th Edition
Brief Exercise 1-3At the beginning of the year, Sielert Company had total assets of $800,000 and total liabilities of $300,000. Answer the following questions.(a) If total assets increased $150,000 during the year and total liabilities decreased $80,000, what is the amount of owner’s equity at the end of the year?Owner’s equity$(b) During the year, total liabilities increased $100,000 and owner’s equity decreased $70,000. What is the amount of total assets at the end of the year?Total assets$(c) If total assets decreased $80,000 and owner’s equity increased $120,000 during the year, what is the amount of total liabilities at the end of the year?Total liabilities$Click if you would like to Show Work for this question:Open Show Work
Describe how income taxes affect the cash flows of a strategic investment.
Describe the pros and cons of each of the capital budgeting methods learned in this chapter: (a) net present value, (b) internal rate of return, (c) payback, and (d) accrual accounting rate of return.
In Little Rock, Arkansas, a church pastor was found guilty of payroll tax fraud by withholding employee payroll taxes and failing to remit them from 2006 through 2010. The pastor is serving a sentence of 33 months in prison with 5 years of supervised release and $450,000 in restitution to the IRS.
Do you think this was a fair sentence? Why or why not? Use the tax laws presented in this chapter to support your answer.
Assume Dubello Company uses the cost method for any treasury stock transactions.
Dubello Company has the following information about it’s common stock on January 1 of the current year:
Common Stock, $4 par; 200,000 shares authorized, 80,000 shares issued
1. What is the balance in the common stock account after the purchases on January 2?
2. By what amount will retained earnings decrease on January 3 as a result of the dividend?
Background: Hugh Generic of Generic Financial Services has hired XYZ Systems Consulting to help with the LAN design of two offices. Mary Prince of XYZ Systems Consulting met with Hugh Generic and a transcript of their conversation can be found in the student download section on the right within the XYZ Systems Consulting folder.
Resources:
To gain additional insight on how to analyze network needs and possible vulnerabilities, download and use NMap which also contains Zenmap GUI as the graphical interface to show scan results. NMap is a free open source tool used to gain additional information on how to review network traffic and determine additional hosts, operating systems being used, scan ports, and application versions used on a network. The instructions for use can be downloaded using the link under the materials section on the right. Be sure to follow these instructions and then review the types of information provided.
https://nmap.org/book/inst-windows.html#inst-win-exec
Assignment:
Determine how use of this tool can be used to make decisions and provide the modification needed for this LAN Design project.
Prepare a LAN design using Visio® for service request SR-mf-005 & SR-mf-007. Attached is the service request.
Name your project “005_LastName_FirstInitial” and choose Create an Empty Scenario
Read “Out! Out!” by Robert Frost. I am looking for a simple reaction paper. Write your own reaction and support it with quotes from the poem.
This is a two page paper. Please use the MLA heading for your paper. Use one-inch margins all around on all sides. Indent all paragraphs one-half inch. Do not bold.
You work for an organisation that is manufacturing a new product. They want the product to make a big splash onto the market ready for the Christmas period, and have hired you to design and develop a media plan. The product is a new and exciting children’s toy. It is relatively expensive as it contains a number of technological elements, but it is also a good quality product.
At its financial year end HX has an outstanding legal action against it by a large
multinational entity. It is highly probable that the legal action will be successful and HX
will have to pay substantial damages. HX has refused to provide for these damages.
In the opinion of the auditor, failure to make this provision means that the financial
statements are seriously misleading.
What type of audit report will be issued in this situation?
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