BABF SECOND DISCUSSION POST

Your firm has been engaged to examine the financial statements of Buffalo Corporation for the year 2020. The bookkeeper who maintains the financial records has prepared all the unaudited financial statements for the corporation since its organization on January 2, 2015. The client provides you with the information. Buffalo CorporationBalance SheetDecember 31, 2020 Assets   Liabilities Current assets   $1,899,000   Current liabilities   $956,000 Other assets   5,138,660   Long-term liabilities   1,471,000         Stockholders’ equity   4,610,660     $7,037,660       $7,037,660   An analysis of current assets discloses the following.       Cash (restricted in the amount of $298,000 for plant expansion)   $582,000   Investments in land   187,000   Accounts receivable less allowance of $30,000   487,000   Inventories (LIFO flow assumption)   643,000     $1,899,000       Other assets include:       Prepaid expenses   $62,000   Plant…

You are the new controller for Moonlight Bay Resorts. The company CFO has asked you to determine the company's interest expense for the year ended December 31, 2024. Your accounting group provided you the following information on the company's debt:Note: Use tables, Excel, or a financial calculator. (FV of $1, PV of $1, FVA of $1, PVA of $1, FVAD of $1 and PVAD of $1)1. On July 1, 2024, Moonlight Bay issued bonds with a face amount of $ 1,000,000. The bonds mature in 20 years and interest of 7% is payable semiannually on June 30 and December 31. The bonds were issued at a price to yield investors 8% Moonlight Bay records interest at the effective rate.2. At December 31, 2023, Moonlight Bay had a 10% installment note payable to Third Mercantile Bank with a balance of $580,000. The annual payment is $100, 000, payable each June 30.3. On January 1, 2024, Moonlight Bay leased a building under a finance lease calling for four annual lease payments of $65,000beginning January 1, 2024.…

You are the new controller for Moonlight Bay Resorts. The company CFO has asked you to determine the company's interest expense for the year ended December 31, 2024. Your accounting group provided you the following information on the company's debt: Note: Use tables, Excel, or a financial calculator. (FV of $1, PV of $1, FVA of $1, PVA of $1, FVAD of $1 and PVAD of $1) 1. On July 1, 2024, Moonlight Bay issued bonds with a face amount of $1,000,000. The bonds mature in 20 years and interest of 7% is payable semiannually on June 30 and December 31. The bonds were issued at a price to yield investors 8%. Moonlight Bay records interest at the effective rate. 2. At December 31, 2023, Moonlight Bay had a 10% installment note payable to Third Mercantile Bank with a balance of $580,000. The annual payment is $100,000, payable each June 30. 3. On January 1, 2024, Moonlight Bay leased a building under a finance lease calling for four annual lease payments of $65,000 beginning January 1, 2024.…

You are the new controller for Moonlight Bay Resorts. The company CFO has asked you to determine the company’s interest expense for the year ended December 31, 2024. Your accounting group provided you the following information on the company's debt: Note: Use tables, Excel, or a financial calculator. (FV of $1, PV of $1, FVA of $1, PVA of $1, FVAD of $1 and PVAD of $1) On July 1, 2024, Moonlight Bay issued bonds with a face amount of $2,000,000. The bonds mature in 20 years and interest of 9% is payable semiannually on June 30 and December 31. The bonds were issued at a price to yield investors 10%. Moonlight Bay records interest at the effective rate. At December 31, 2023, Moonlight Bay had a 10% installment note payable to Third Mercantile Bank with a balance of $500,000. The annual payment is $60,000, payable each June 30. On January 1, 2024, Moonlight Bay leased a building under a finance lease calling for four annual lease payments of $40,000 beginning January 1, 2024. Moonlight…

You are the new controller for Moonlight Bay Resorts. The company CFO has asked you to determine the company’s interest expense for the year ended December 31, 2024. Your accounting group provided you the following information on the company's debt: Note: Use tables, Excel, or a financial calculator. (FV of $1, PV of $1, FVA of $1, PVA of $1, FVAD of $1 and PVAD of $1) On July 1, 2024, Moonlight Bay issued bonds with a face amount of $2,400,000. The bonds mature in 20 years and interest of 13% is payable semiannually on June 30 and December 31. The bonds were issued at a price to yield investors 14%. Moonlight Bay records interest at the effective rate. At December 31, 2023, Moonlight Bay had a 10% installment note payable to Third Mercantile Bank with a balance of $680,000. The annual payment is $150,000, payable each June 30. On January 1, 2024, Moonlight Bay leased a building under a finance lease calling for four annual lease payments of $75,000 beginning January 1, 2024.…

FedEx Corporation, a multinational delivery services company, is preparing its annual financial statements for the fiscal year ending May 31, 2024. The company's accounting department has compiled the following information: accounts receivable balance on June 1, 2023, was $8.2 billion; credit sales for the year totaled $92.5 billion; cash collections from customers amounted to $90.8 billion; and write-offs of uncollectible accounts were $0.4 billion. FedEx estimates that 2% of its ending accounts receivable balance will be uncollectible. The company wants to determine the balance of its accounts receivable, the allowance for doubtful accounts, and the net realizable value of accounts receivable as of May 31, 2024. PepsiCo, Inc., a multinational food and beverage corporation, is evaluating its fixed assets at the end of its fiscal year 2023. The company purchased a new bottling machine on January 1, 2020, for $5,000,000 with an estimated useful life of 10 years and a salvage value of…

You are the new controller for Moonlight Bay Resorts. The company CFO has asked you to determine the company’s interest expense for the year ended December 31, 2021. Your accounting group provided you the following information on the company's debt: (FV of $1, PV of $1, FVA of $1, PVA of $1, FVAD of $1 and PVAD of $1) (Use appropriate factor(s) from the tables provided.) On July 1, 2021, Moonlight Bay issued bonds with a face amount of $2,000,000. The bonds mature in 20 years and interest of 9% is payable semiannually on June 30 and December 31. The bonds were issued at a price to yield investors 10%. Moonlight Bay records interest at the effective rate. At December 31, 2020, Moonlight Bay had a 10% installment note payable to Third Mercantile Bank with a balance of $500,000. The annual payment is $60,000, payable each June 30. On January 1, 2021, Moonlight Bay leased a building under a finance lease calling for four annual lease payments of $40,000 beginning January 1, 2021.…

You are the new controller for Moonlight Bay Resorts. The company CFO has asked you to determine the company’s interest expense for the year ended December 31, 2021. Your accounting group provided you the following information on the company's debt: (FV of $1, PV of $1, FVA of $1, PVA of $1, FVAD of $1 and PVAD of $1) (Use appropriate factor(s) from the tables provided.) On July 1, 2021, Moonlight Bay issued bonds with a face amount of $1,600,000. The bonds mature in 10 years and interest of 11% is payable semiannually on June 30 and December 31. The bonds were issued at a price to yield investors 12%. Moonlight Bay records interest at the effective rate. At December 31, 2020, Moonlight Bay had a 10% installment note payable to Third Mercantile Bank with a balance of $630,000. The annual payment is $125,000, payable each June 30. On January 1, 2021, Moonlight Bay leased a building under a finance lease calling for four annual lease payments of $50,000 beginning January 1, 2021.…

You are the new controller for Moonlight Bay Resorts. The company CFO has asked you to determine the company’s interest expense for the year ended December 31, 2021. Your accounting group provided you the following information on the company's debt: (FV of $1, PV of $1, FVA of $1, PVA of $1, FVAD of $1 and PVAD of $1) (Use appropriate factor(s) from the tables provided.) On July 1, 2021, Moonlight Bay issued bonds with a face amount of $2,000,000. The bonds mature in 20 years and interest of 11% is payable semiannually on June 30 and December 31. The bonds were issued at a price to yield investors 12%. Moonlight Bay records interest at the effective rate. At December 31, 2020, Moonlight Bay had a 10% installment note payable to Third Mercantile Bank with a balance of $530,000. The annual payment is $75,000, payable each June 30. On January 1, 2021, Moonlight Bay leased a building under a finance lease calling for four annual lease payments of $40,000 beginning January 1, 2021.…

Please answer ALL QUESTIONS, and show ALL WORK. All work includes equations, and how you got each number to plug into the equation.

The annual reports of public corporations normally include a section on Management Discussion and Analysis (MD&A). Please examine the MD&A section of your selected company and let us know about any comments included regarding management's assessment of the company's liquidity and the availability of capital to the company. Also, please select one of the profitability ratios and calculate or find it for your company. Please let us know what this profitability ratio indicates about the financial health of your company.

REQUIRED Use the information provided in below to answer the following questions for the financial year ended 31 December 2023. Note: Answers to the ratios must be expressed to two decimal places. Comment on the management of debtors and creditors after calculating the relevant ratios. Determine the percentage of the profit after tax that has been retained by the company. Calculate the return on capital employed and comment on your answer. Would prospective lenders be concerned about the relative proportion of borrowed capital and own capital? Motivate your answer by calculating the relevant ratio. Calculate the ratio that measures the efficiency with which the non-current and current assets of company were managed. Comment on the ability of the company to settle its short-term debts under distress conditions. Use a relevant ratio to motivate your answer. INFORMATION The following information was obtained from the financial records of Fiona Limited:

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Required Indicate whether the information is more representative of managerial versus financial accounting. The first item is shown as an example. Information Item: Estimates of future revenue GAAP-based product cost Salary of the manager of a particular branch of a bank Salary expense for all company employees shown in the income statement Historical-based information included in financial statements Reporting rules established by government authorities Reports designed for the company president Daily time clock reports A company's annual report to stockholders Budgets Information provided to investors and creditors Vacation schedules for key employees Customer satisfaction survey results Amount of total assets shown on the balance sheet Managerial accounting

O’Malley Corporation was incorporated and began business on January 1, 2017. It has been successful and now requires a bank loan for additional working capital to finance expansion. The bank has requested an audited income statement for the year 2020. The accountant for O’Malley Corporation provides you with the following income statement which O’Malley plans to submit to the bank. O’Malley CorporationIncome Statement Sales revenue       $850,000 Dividends       32,300 Gain on recovery of insurance proceeds from earthquake loss           38,500         920,800 Less:          Selling expenses   $101,100      Cost of goods sold   510,000      Advertising expense   13,700      Loss on obsolescence of inventories   34,000      Loss on discontinued operations   48,600      Administrative expense    73,400    780,800 Income before income tax       140,000 Income tax         56,000 Net income       $  84,000 Instructions Indicate the deficiencies in the…

The following selected data for the Food Factory Corporation were gathered by the accountants for the year ended December 31, 2020, who are responsible for preparing the financial statements:                             Cost of goods sold $47,300                         Depreciation expense 14,100                         Other operating expenses 15,700                         Loss on sale of investments 1,900                         Gain on sale of capital assets 6,200                         Sales revenue 99,700                         Interest revenue 7,100                         Dividend revenue 3,200                         Salary expense 24,700                         Interest expense 5,200                         Income tax expense 2,700                         Net income 4,600                                                                                                             The cash account began the year with a balance of $32,500 and…

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Based on the information given to Jeffrey, he submits a report on January 1 with some important calculations for management to use, both for analysis and to devise an action plan. Which of the following statements in his report are true? Check all that apply. J&H Corp. has -$94.5 million of noninterest-bearing current assets net of noninterest-charging liabilities. 3&H Corp. has $250.7 million of net operating capital. The firm uses $465.5 million of total net operating capital to run the business. J&H Corp, has $147.0 million in nonoperating assets. Based on the information on industry averages, other players in the industry would generate higher profits than 1814 Corp. if they had no debt and held no financial assets.

An article in the financial press entitled “Important Informationin Annual Reports This Year” noted that annualreports include a management’s discussion and analysissection. What would this section contain?

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The chief financial officer (CFO) of Indigo Corporation requested that the accounting department prepare a preliminary balance sheet on December 30, 2025, so that the CFO could get an idea of how the company stood. He knows that certain debt agreements with its creditors require the company to maintain a current ratio of at least 2:1. The preliminary balance sheet is as follows. Current assets Cash Accounts receivable Prepaid insurance Equipment (net) Total assets Current liabilities Accounts payable Salaries and wages payable Long-term liabilities Notes payable Total liabilities Stockholders' equity Common stock Retained earnings (a) Indigo Corporation Balance Sheet December 30, 2025 Liabilities and Stockholders' Equity Total liabilities and stockholders' equity Assets Current ratio Working capital $ $30,000 36,000 6,000 $ 24,000 12,000 120,000 60,000 $72,000 :1 240,000 $312,000 $36,000 96,000 132,000 Calculate the current ratio and working capital based on the preliminary balance…

Assessment task:Collect the latest annual report of an ASX listed company for the last 2 financial years. Please read the financialstatements (balance sheet, income statement, cash flow statement) and notes attached to financialstatements on income tax issues very carefully. Please remember some aspects of your firm’s treatment of itstax – can be a very complicated area, particularly for some firms. Based on your understanding of the topic“accounting for income tax” and based on your reading of the collected annual reports, do the following tasks.i Briefly explain the concepts of accounting profit, taxable profit, temporary difference, taxable temporarydifference, deductible temporary difference, deferred tax assets and deferred tax liability.ii Briefly explain the recognition criteria of deferred tax assets and deferred tax liability.iii What is your firm’s tax expense in its latest financial statements?iv Is this figure the same as the company tax rate times your firm’s accounting…