Assignment 3: LASA 1: Whole Foods Market, Inc. and MyAccountingLab

Review Whole Foods Market, Inc’s 2010 Annual report, company information and investor information(see the link: Whole Foods Market, Inc. Investor Relations in the webilography) and write a 5-7 page paper following APA guidelines which addresses the following:

1. Summarize the company’s financial performance for 2010. Do you think they satisfied stockholder expectations? Why or why not?
2. Explain three business risks or threats that might threaten Whole Foods ability to accomplish their financial goals for the next 3 years. Use examples and references to support your response.
3. Describe three examples of control activities Whole Foods Market, Inc. could use to minimize these risks.
4. What is your overall impression of Whole Foods Market, Inc.’s annual report? Is it a financial accounting document or a managerial accounting document? Who is the target audience? Did the annual report present a positive or negative image of the company? Provide support for your responses.

Use the following file naming convention: LastnameFirstInitial_M3_A3.doc. For example, if your name is John Smith, your document will be named SmithJ_M3_A3.doc.

By Wednesday, August 20, 2014, deliver your assignment to the M3: Assignment 3 Dropbox.

Part II: MyAccountingLab:

In each module of this course, you will complete textbook exercises and problems using MyAccountingLab. The exercises and problems in this assignment provide real-world examples that give you an opportunity to apply your knowledge of the concepts covered in prior modules.
In this assignment, you will complete the following My Accounting Lab Post Tests:

• Chapter 14-B Post Test
• Chapter 16-B Post Test

Click here to access MyAccountingLab

You will be given the opportunity to take the post-tests a maximum of three times. You will have until Wednesday, August 20, 2014 to complete you final submission. Due to the ability to attempt this assignment multiple times, it is recommended that you complete your first attempt early in the module in order to provide yourself additional time to complete your second or third attempt if needed. Since this assignment reviews items covered in prior modules, it is also recommended that you review your prior MyAccountingLab assignments, as well as, any feedback provided by your instructor prior to completing Part II of this assignment.

Assignment 1: Advocacy, Lobbying, and Social Movement

This module explored the importance of politics in the development of standards that govern human services practices. While many individuals might believe that politics and human services should not exist together, you cannot ignore the fact that political activities influence the way agencies are sustained. This became clearer when funding of human services programs moved from primarily private donations to largely public resource streams. To date, politics at all levels are expected in the everyday practices of human services administrators and service workers. In this assignment, you will further explore and reflect on this concept.

Tasks:

Using your textbook, the Argosy University online library resources, and the Internet, address the following:

• Discuss the concepts of advocacy, lobbying, and social movement organizations in terms of their effects on service delivery. Specifically, focus on who engages in advocacy, what types of lobbying directly results in public funding, and how social movement organizations function in their efforts to influence policy.

Submission Details:

• By Saturday, June 13, 2015, post your responses to this Discussion Area in a minimum of 200 words. Your response should rely upon at least two sources from professional literature. This may include the Argosy University online library resources, relevant textbooks, peer-reviewed journal articles, and websites created by professional organizations, agencies, or institutions (.edu, .org, or .gov). Write in a clear, concise, and organized manner; demonstrate et

english essay 

1. Week Four Exercise Assignment

   Liability

    

   1. Payroll accounting. Assume that the following tax rates and payroll information pertain to Brookhaven Publishing: 

   · Social Security taxes: 4% on the first $55,000 earned per employee

   · Medicare taxes: 1.5% on the first $130,000 earned per employee

   · Federal income taxes withheld from wages: $7,500 

   · State income taxes: 4% of gross earnings 

   · Insurance withholdings: 1% of gross earnings 

   · State unemployment taxes: 5.4% on the first $7,000 earned per employee

   · Federal unemployment taxes: 0.8% on the first $7,000 earned per employee

    

   The company incurred a salary expense of $50,000 during February. All employees had earned less than $5,000 by month-end and no wages have been paid during the month. 

   a. Prepare the necessary entry to record Brookhaven’s February payroll. The entry will include deductions for the following:

   · Social Security taxes

   · Medicare taxes

   · Federal income taxes withheld

   · State income taxes

   · Insurance withholdings

    

    

    

   b. Prepare the journal entry to record Brookhaven’s payroll tax expense. The entry will include the following:

   · Matching Social Security taxes

   · Matching Medicare taxes

   · State unemployment taxes

   · Federal unemployment taxes

    

    

   2.  Current liabilities: entries and disclosure. A review of selected financial activities of Visconti’s during 20XX disclosed the following: 

    

   1-Dec: Borrowed $10,000 from the First City Bank by signing a 3-month, 15% note payable.
   Interest and principal are due at maturity.
   10-Dec: Established a warranty liability for the XY-80, a new product. Sales are expected to
   total 1,000 units during the month.  Past experience with similar products indicates
   that 3% of the units will require repair, with warranty costs averaging $27 per unit (parts only).
   22-Dec: Purchased $16,000 of merchandise on account from Oregon Company, terms 2/10, n/30.
   26-Dec: Borrowed $5,000 from First City Bank; signed a 15% note payable due in 60 days. (Assume 360 day year for interest)
   31-Dec: Repaired six XY-80s during the month at a total cost of $162
   31-Dec: Accrued three days of salaries at a total cost of $1,400.

    

   Instructions 

   a. Prepare journal entries to record the transactions. 

   b. Prepare adjusting entries on December 31 to record accrued interest. 

   c. Prepare the Current Liability section of Red Bank’s balance sheet as of December 31. Assume that the Accounts Payable account totals $203,600 on this date.

    

   3. Notes payable. Red Bank Enterprises was involved in the following transactions during the fiscal year ending October 31:

   2-Aug: Borrowed $55,000 from the Bank of Kingsville by signing a 90-day, 12% note.

   20-Aug: Issued a $50,000 note to Harris Motors for the purchase of a $50,000 delivery truck. The note is due in 180 days and carries a 12% interest r ate.

   10-Sep: Purchased merchandise from Pans Enterprises in the amount of $15,000.  Issued

   a 30-day, 12% note in settlement of the balance owed.

   11-Sep: Issued a $60,000 note to Datatex Equipment in settlement of an overdue account

   payable of the same amount.  The note is due in 30 days and carries a 14% interest rate.

   10-Oct: The note to Pans Enterprises was paid in full.

   11-Oct: The note to Datatex Equipment was paid in full.

   30-Oct: Paid note to Bank of Kingsville.

    

   Instructions 

   a. Prepare journal entries to record the transactions. 

   b. Prepare adjusting entries on December 31 to record accrued interest. (Daily interest is calculated utilizing the 360 day method).

   c. Prepare the Current Liability section of Red Bank’s balance sheet as of December 31. Assume that the Accounts Payable account totals $203,600 on this date.

    

2. Current Liability

   What is a current liability? From the perspective of a user of financial statements, why do you believe current liabilities are separated from long-term liabilities? Based on your current experience as well as and any additional research you may have done provide two examples of situations where businesses collect monies from customers and employees and report these amounts as a current liability.

   Guided Response:
   Review several of your peers’ posts and identify the core components of a current liability. Respond to at least two of your peers and provide recommendations to extend their thinking. Challenge your peers by asking a question that may cause them to reevaluate if their example is a current liability.

3. Client Recommendations

   A client comes to you thinking about starting a consulting business. Your client is specifically interested in what type of entity should be created for this new business. Based on your readings or any additional research you may have done, discuss the advantages and disadvantages of the following: sole proprietorship, partnership, and corporation. Based on these advantages and disadvantages provide a clear recommendation to your client.