APUS ACCT100 Week 1 Forum latest 2016 feb.Financial Reporting Ethics ( 118 messages – 0 unread)Week

APUS ACCT100 Week 1 Forum latest 2016 feb.Financial Reporting Ethics ( 118 messages – 0 unread)Week 1 Graded Forum Question.The tobacco companies have paid billions because of smoking-related illnesses. In particular, Philip Morris, a leading cigarette manufacturer, paid more than $3,000,000,000 in settlement payments in one year.RequirementsSuppose you are the chief financial officer (CFO) responsible for the financial statements of Philip Morris. What ethical issue would you face as you consider what to report in your company’s annual report about the cash payments? What is the ethical course of action for you to take in this situation?What are some of the negative consequences to Philip Morris for not telling the truth? What are some of the negative consequences to Philip Morris for telling the truth?Instructions:Your initial response should be no less than 250 words with at least one scholarly journal reference (dictionary-type websites are excluded). Reply to at least two of your classmates. Replies to classmates should be a minimum of 100 words and include direct questions. In-text citations and references must be in APA format. Refer to the Forum Grading Rubric below for additional guidelines.APUS ACCT100 Week 2 Forum latest 2016 feb.Week 2 Graded Forum Question.Grant Film Productions wishes to expand and has borrowed $100,000. As a condition for making this loan, the bank requires that the business maintain a current ratio of at least 1.50.Business has been good but not great. Expansion costs have brought the current ratio down to 1.40 on December 15. Rita Grant, owner of the business, is considering what might happen if she reports a current ratio of 1.40 to the bank. One course of action for Grant is to record in December $10,000 of revenue that the business will earn in January of next year. The contract for this job has been signed.RequirementsJournalize the revenue transaction, and indicate how recording this revenue in December would affect the current ratio.Discuss whether it is ethical to record the revenue transaction in December. Identify the accounting principle relevant to this situation, and give the reasons underlying your conclusion.Instructions:Your initial response should be no less than 250 words with at least one scholarly journal reference (dictionary-type websites are excluded). Reply to at least two of your classmates. Replies to classmates should be a minimum of 100 words and include direct questions. In-text citations and references must be in APA format. Refer to the Forum Grading Rubric below for additional guidelines.APUS ACCT100 Week 3 Forum latest 2016 feb.Week 3 Graded Forum Question.Dobbs Wholesale Antiques makes all sales under terms of FOB shipping point. The company usually ships inventory to customers approximately one week after receiving the order. For orders received late in December, Kathy Dobbs, the owner, decides when to ship the goods. If profits are already at an acceptable level, Dobbs delays shipment until January. If profits for the current year are lagging behind expectations, Dobbs ships the goods during December.RequirementsUnder Dobbs’ FOB policy, when should the company record a sale?Do you approve or disapprove of Dobbs’ manner of deciding when to ship goods to customers and record the sales revenue? If you approve, give your reason. If you disapprove, identify a better way to decide when to ship goods.Instructions:Your initial response should be no less than 250 words with at least one scholarly journal reference (dictionary-type websites are excluded). Reply to at least two of your classmates. Replies to classmates should be a minimum of 100 words and include direct questions. In-text citations and references must be in APA format. Refer to the Forum Grading Rubric below for additional guidelines.APUS ACCT100 Week 4 Forum latest 2016 feb.Week 4 Graded Forum Question.On a recent trip to Africa, J. T. Brown, sales manager of Prompt Technology, took his wife along at company expense. Linda White, vice president of sales and Brown’s boss, thought his travel and entertainment expenses seemed excessive. But White approved the reimbursement because she owed Brown a favor. White was aware that the company president reviews all expenses recorded in the cash payments journal, so White recorded Brown’s wife’s expenses in the general journal as follows: debit to Sales Promotion Expense for $9,100 and credit to Cash for $9,100.RequirementsDoes recording the transaction in the general journal rather than the cash payments journal affect the amounts of cash and total expenses reported in the financial statements?Why did White record these expenses in the general journal?What is the ethical issue in this situation? What role does accounting play in this issue?Instructions:Your initial response should be no less than 250 words with at least one scholarly journal reference (dictionary-type websites are excluded). Reply to at least two of your classmates. Replies to classmates should be a minimum of 100 words and include direct questions. In-text citations and references must be in APA format. Refer to the Forum Grading Rubric below for additional guidelines.APUS ACCT100 Week 5 Forum latest 2016 feb.Week 5 Graded Forum Question.Western Bank & Trust purchased land and a building for the lump sum of $3,000,000. To get the maximum tax deduction, Western allocated 90% of the purchase price tot he building and only 10% to the land. A more realistic allocation would have been 70% to the building and 30% to the land.RequirementsExplain the tax advantage of allocating too much to the building and too little to the land.Was Western’s allocation ethical? If so, state why. If not, why not? Identify who was harmed.Instructions:Your initial response should be no less than 250 words with at least one scholarly journal reference (dictionary-type websites are excluded). Reply to at least two of your classmates. Replies to classmates should be a minimum of 100 words and include direct questions. In-text citations and references must be in APA format. Refer to the Forum Grading Rubric below for additional guidelines.APUS ACCT100 Week 6 Forum latest 2016 feb.Week 6 Graded Forum Question.Raffie’s Kids, a nonprofit organization that provides aid to victims of domestic violence, low-income families, and special-needs children, has a 30-year, 5% mortgage on the existing building. The mortgage requires monthly payments of $3,000. Raffie’s bookkeeper is preparing financial statements for the board and, in doing so, lists the mortgage balance of $287,000 under current liabilities because the board hopes to be able to pay the mortgage off in full next year. Of the mortgage principal, $20,000 will be paid next year if Raffie’s pays according to the mortgage agreement. The board members call you, their trusted CPA, to advise the on how Raffie’s Kids should report the mortgage on its balance sheet. What is the ethical issue? Provide your recommendation and discuss the reason for your recommendation.Instructions:Your initial response should be no less than 250 words with at least one scholarly journal reference (dictionary-type websites are excluded). Reply to at least two of your classmates. Replies to classmates should be a minimum of 100 words and include direct questions. In-text citations and references must be in APA format. Refer to the Forum Grading Rubric below for additional guidelines.APUS ACCT100 Week 7 Forum latest 2016 feb.Week 7 Graded Forum Question.Note: This case is based on an actual situation.Stan Sewell paid $50,000 for a franchise that entitled him to market software programs in the countries o the European Union. Sewell intended to sell individual franchises for the major language groups of Western Europe – German, French, English, Spanish, and Italian. Naturally, investors considering buying a franchise from Sewell asked to see the financial statements of his business.Believing the value of the franchise to be $500,000, Sewell sought to capitalize his own franchise at $500,000. The law firm of St. Charles & LaDue helped Sewell form a corporation chartered to issue 500,000 shares of common stock with par value of $1 per share. Attorneys suggested the following chain of transactions:Sewell’s cousin, Bob, borrows $500,000 from a bank and purchases the franchise from Sewell.Sewell pays the corporation $500,000 to acquire all its stock.The corporation buys the franchise from Cousin Bob.Cousin Bob repays the $500,000 loan to the bank.If the final analysis, Cousin Bob is debt-free and out of the picture. Sewell owns all of the corporation’s stock, and the corporation owns the franchise. The corporation’s balance sheet lists a franchise acquired at a cost of $500,000. This balance sheet is Sewell’s most valuable marketing tool.RequirementsWhat is unethical about this situation?Who can be harmed? How can they be harmed? What role does accounting play?Instructions:Your initial response should be no less than 250 words with at least one scholarly journal reference (dictionary-type websites are excluded). Reply to at least two of your classmates. Replies to classmates should be a minimum of 100 words and include direct questions. In-text citations and references must be in APA format. Refer to the Forum Grading Rubric below for additional guidelines.