1. ACC 545 Entire course
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Week 1
Individual Assignment: CPA Report
As the CPA for a large organization, your manager has asked you to provide
information to outside CPAs who are examining a subsidiary that has been set up
as a corporation. As part of their review, the CPAs have asked you to provide
them with the following explanations:
· The methodology used to determine deferred taxes
· The procedures for reporting accounting changes and error corrections
· The rationale behind establishing the subsidiary as a corporation
Prepare your response to the three questions. Before submitting your response,
your manager would like to know a little bit more about the request. She has
asked you to tell her what your professional responsibilities are as a CPA, and the
difference between a review and an audit.
Provide draft responses to the above questions. Additionally, provide your
manager with a summary of your responsibilities in an internal memo (no more
than 1,050 words).
Week 2
Learning Team: Los Lobos Ledger Preparation
Resource: University of Phoenix Material: Los Lobos Ledger Data
Review the information in the Los Lobos Ledger Data.
Prepare a statement of cash flows using the direct and indirect methods.
Prepare a classified balance sheet.

2. Week 3
Individual Assignment: Jamona Corporation Scenario
Resource: University of Phoenix Material: Jamona Corporation
Review the Jamona Corporation information.
Prepare journal entries that relate to the balance sheet items above with
appropriate backup lead schedules for investments, inventory, fixed assets, and
capital leases.
Prepare appropriate note disclosures.
Week 4
Individual Assignment: Restructuring Debt
Resources: University of Phoenix Material: Restructuring Debt Data
Review the Restructuring Debt Data information.
Part A: Provide your manager a comparison of the current reporting for debt,
explaining the requirements for each type (bond, mortgage, capital lease, and
others). Then, prepare the journal entries for the restructuring.
Part B: To satisfy various benefit issues that have arisen as a result of the
restructuring, new postemployment benefits have been created. The company
currently has a defined benefits plan and is considering switching to a defined
contribution plan to save costs. Compute the costs associated with keeping the
current plan versus the costs of a defined contribution plan where the employer
pays 3% of payroll. The agreement is that the employees get to keep what is
already in the defined benefit plan. This prevents the situation of having to
compute how much the company would recapture in surplus assets resulting from
terminating the old plan. Then, compute a new postemployment benefit expense
for 2007 and report this to your manager. Illustrate with schedules and notes.
Week 5
Individual Assignment: Lee Corporation Equity Scenario

3. Resource: University of Phoenix Material: Lee Corporation Equity Scenario
Review the attached Lee Corporation Equity Scenario information.
Prepare a statement of changes in owner’s equity and accompanying notes
appropriate to the section.
Note: Record the necessary journal entries before attempting to calculate other
comprehensive income.
Week 6
Complete exercise 3-14, parts A, B, & C, on p. 127 of Advanced Accounting.
Exercise 3-14:
Crane Mechanics acquired 75 percent of Downey Enterprises on March 31, 2005,
for $3,645,000.
Downey’s book value at that date totaled $4,000,000. Appraisal values were
greater than book values for identifiable assets in the following amounts:
Inventory ($300,000) and Plant and Equipment ($700,000). The purchase
differential for Inventory is to be amortized over five months and Plant and
Equipment over ten years. For the remainder of 2005 Downey reports $635,000
of income and pays $100,000 in dividends. The following balances exist for Crane
at December 31, 2005, and Downey at March 31 and December 31, 2005.
Required:
A. Record the journal entries necessary on Crain’s books for 2005 assuming that
Crain uses the
equity method to account for its investment in Downey.
B. Prepare all worksheet eliminations in journal entry form necessary to
consolidate Crain and
Downey at December 31, 2005.
C. Prepare the consolidation worksheet for Crain and Downey at December 31,
2005.