Zebra Manufacturing Accounting Assingment Help With Solution

Posted on April 20, 2017

Zebra Manufacturing Accounting Assingment Help With Solution

 
Presented on last page is the unaudited balance sheet of Zebra Manufacturing Corp. as of December 31, 2014, as prepared by the brand new bookkeeper of Zebra Manufacturing Corporation. Your firm has been engaged to perform an audit, during which the following data are found:
 
1. Checks totaling $24,000 in payment of accounts payable were mailed on December 30, 2014, but were not recorded until 2015. Late in December 2014, the bank returned a customer’s $2,000 check, marked “NSF,” but no entry was made. Cash includes $110,000 restricted for building purposes. The company’s Board of Directors made an appropriation of retained earnings for the same amount at its last meeting on December 15, 2014.
 
2. In the past, the company has experienced immaterial amounts of uncollectible accounts. However, in the past year, the company has more aggressively pursued new customers. The auditor estimates, based on an aging of accounts receivable, that $20,000 of the accounts receivable will not be collected in future accounting periods.
 
3. $250,000 of the accumulated depreciation relates to the building and the remainder relates to machinery and equipment.
 
4. Included in accounts receivable is a $30,000 note due on December 31, 2016 from Zebra’s president.
 
5. During 2014, Zebra purchased 500 shares of common stock of a major corporation that supplies Zebra with raw materials. Total cost of this stock was $61,300, and fair value on December 31, 2014 was $54,000. The decline in fair value is considered temporary. Zebra plans to hold these shares indefinitely. Zebra does not regularly engage in the purchase and sale of marketable securities.
 
6. Treasury stock was recorded at cost when Zebra purchased 200 of its own shares for $30 per share in May, 2014. This amount is included in investments.
 
7. The mortgage payable requires $50,000 principal payments, plus interest, at the end of each month. Payments were made on December 31, 2014, January 31,2015 and February 28, 2015. The balance of this mortgage was due on June 30, 2015. On March 1, 2015, prior to issuance of the audited financial statements, Zebra completed negotiations and signed a non cancellable agreement with the lender to refinance this mortgage. The new terms require $100,000 annual principal payments, plus interest, on February 28 of each year, beginning in 2016. The final payment is due February 28, 2023.
 
8. The lawsuit liability will be paid in 2015.
 
9. The current income tax expense reported in Zebra’s 2014 income statement was $61,200. The remaining income taxes payable relate to differences between GAAP accounting and tax regulations and will not be paid until 2017 or later.

 
 

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10. The company was authorized to issue 100,000 shares of $50 par value common stock.
 
11. A review of accounts payable indicates that the company has experienced foreign currency translation losses of $3,000 as of December 31, 2014. The company bookkeeper was unaware of any accounting requirements in this area.
 
12. The goodwill was related to the purchase of an online shopping subsidiary in 2011. A review of the subsidiary’s operations indicates that it is near bankruptcy, indicating that the goodwill is 100% impaired.
 
13. A review of inventory, for which the company uses the FIFO cost flow assumptions, reveals that the market value (replacement cost) of the inventory as defined by GAAP is $530,000.
 
As you become aware of the additional information, you recognize that Zebra Manufacturing Company has made some significant account errors and omissions and that the balance sheet is not in proper format.
 
REQUIRED:
1. Prepare a corrected classified balance sheet, with footnotes as needed, in good form as of December 31, 2014. You may need to add new accounts to the balance sheet, as necessary.
 
2. You know that your supervisor will want a well-designed spreadsheet prepared for the audit file that explains all of the changes that you have made. She is always telling you that she “is not a mind reader” and cannot guess where changed numbers come from. Prepare a well-designed audit schedule for the audit file. For
every number on the final balance sheet, present a properly labeled computation showing the change in the number from the original to the revised number.

 

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