Fin 561 Week 6 Individual Assignment

 

Question 1

Garza and Neely, CPAs, are preparing their service revenue (sales) budget for the coming year (2!2)"#he practice is divided into three departments$ auditing, ta%, and consulting" &illable hours for each department, by 'uarter, are provided belo"

DepartmentQuarter 1Quarter 2Quarter 3Quarter 4

Auditing2,*!,+*2,!2,#a%*,*-2,+.2,22,/*Consulting!,+2!,+2!,+2!,+2Average hourly billing rates are$ auditing 0/, ta% 0.*, and consulting 0!2"Prepare the service revenue (sales) budget for 2!2 by listing the departments and shoing for each 'uarter and the year in total, billable hours, billable rate, and total revenue"

GARZA AND NEELY, CPAsSales Revenue BudgetFor the Year Ending Dece!er "#, $%#$&uarter #&uarter $De't(Billa!le)oursBilla!le Rate*otal Rev(Billa!le)oursBilla!le Rate*otal Rev(

Auditing

0000

 TaxConsulting$$

GARZA AND NEELY, CPAsSales Revenue BudgetFor the Year Ending Dece!er "#, $%#$&uarter "&uarter +De't(Billa!le)oursBilla!le Rate*otal Rev(Billa!le)oursBilla!le Rate*otal Rev(

Auditing0000#a%Consulting

$$

GARZA AND NEELY, CPAs

2,43084 204,120 1,73084 145,3203,350 93 311,550 2,790 93 259,4701,720 102 175,440 1,720 102 175,440691,110 580,2302,16084 181,440 2,66084 223,4402,26093 210,1802,83093 263,1901,720102 175,4401,720102 175,440567,060 662,070

ACC 561 Week 1 Individual Assignment Financial Statements (2 Papers) (New Syllabus)

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Purpose of Assignment This activity helps students recognize the significant role accounting plays in providing financial information to management for decision making through the evaluation of financial statements. This experiential assignment requires students to use ratios to evaluate and analyze a company's liquidity, solvency, and profitability. Assignment Steps Resources: Generally Accepted Accounting Principles (GAAP), U.S. Securities and Exchange Commission (SEC), University Library, Library resources: Company Directories and Financials Tutorial help on Excel® and Word functions can be found on the Microsoft® Office website. There are also additional tutorials via the web offering support for Office products. Select a publicly traded, U.S. corporation with which you are familiar or one where you currently work or have worked in the past. Research the company on the Internet and download the Income Statement, Statement of Shareholders' Equity, Balance Sheet, and Statement of Cash Flows. Develop a minimum 700-word examination of the financial statements and include the following: • Determine the net income for the current fiscal year (FY). Is this income up or down from the prior year? • Explain the relevance of changes in net income to investors. • Determine the ending balance in shareholders' equity. Why would organizations such as labor unions be interested in this? • Determine the total value of assets. • Discuss the relevance of the total value of assets to potential creditors and why this is important. • Compute the return on assets. Discuss the relative profitability of the company based on your results. • Compute the working capital and current ratio. Evaluate the relative liquidity of the company based on your results. • Compute the debt to assets ratio and the free cash flow for your company. Analyze the results and comment on the relative solvency of the company. • Discuss how the financial statements are used in your current role or a position you would like to hold. How might these aid you in managerial decision making? Show your work in Microsoft® Word or Excel®. Complete calculations/computations using Microsoft® Word or Excel®. Include the four financial statements along with your assignment. Format your assignment consistent with APA guidelines. Click the Assignment Files tab to submit your assignment.

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