Do you have “Creating a Lean Enterprise: The Case of the Lebanon Gasket Company” case study. Can you please answer the following question according to the case: ~ How can the accounting function better serve the needs of our value stream teams and manufacturing cells in their efforts to optimize performance? Specifically address issues related to value stream profitability analysis, linking strategic goals to operational performance measures, and eliminating non-value-added transactions and activities.The word limit is rangefrom 200 to 250Thanks

 

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s.Issue 1.The directors of HiTech Production Ltd understand that is required to prepare financial reports under the Corporations Act. However, they believe that applying the requirements of AASB 136/IAS 36 Impairment of Assets would not provide a fair presentation because the resulting $80 000 impairment loss is only temporary. advise the directors how this problem should be addressed in the financial statements in accordance with AASB 101/IAS 1.Issue 2.HiTech Production Ltd provides professional advisory services to develop internal and external reporting systems to facilitate the integration of various forms of technical equipment into the business models of their clients. The contracts take up to 18 months, culminating in the delivery of a report to clients outlining the design of integrated in

ion systems, as well as specifications and procedures for implementation.Until recently, HiTech Production Ltd progressively recognised revenue from providing services in accordance with AASB 118/IAS 18 Revenue. It recognised revenue and expenses and hence, profit, based on the stage of completion of its contracts with customers.The finance director of HiTech Production Ltd recently attended a presentation on the implementation of AASB 15/IFRS 15 Revenue from Contracts with Customers, where he discovered that the company would need to change the way it accounted for revenue. It would not be permitted to recognise revenue under AASB 15/IFRS 15 until the report is delivered to the customer on completion of the contract.The estimated that the change in accounting policy would result in a 30% reduction in revenue and a 50% reduction in profit in the year of adoption of the new Standard. The directors thought this would be misleading to investors because the amount of work and cash inflows was expected to remain stable. response to address this concern.ACCM4200 FAR1 – T3 2018 – Group Page 3 of 6

Issue 3.A customer has filed a lawsuit against HiTech Production Ltd in December 2020 for costs and damages allegedly incurred as a result of the failure of one ofcompany’s electrical products. The amount claimed was $5 million. HiTech Production Ltd’s lawyers have advised that the amount claimed is extortionate and that the company has a good chance of winning the case. However, the lawyers have also advised that if HiTech Production Ltd loses the case itsexpected costs and damages would be about $500 000.How should HiTech Production Ltd disclose this event in its financial statements as at 31 December 2020?RegardsMr Mark WisemanManaging Director, HiTech Production Limited Level 9, 54 William Street,Brisbane QLD 4000Hint: Remember that your firm plans to charge the client for your advice; as a check ask yourself if you would pay for the advice you have drafted!

 

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Issue Post:The discussion topic this week focuses on the future of community psychology. Consider and respond to the following. Be sure to draw from and cite required readings as well as your own personal and professional experiences and other sources of knowledge.

Discussion #2

Reflect on your experiences during this course. Discuss how the course has contributed to your thinking about psychological interventions and the development of your professional identity as a future psychologist. What can you do in your own community?

 

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1.  Issued 79,000 shares of no par common stock for $452,000.  

2. Issued 9,000 shares of $10 par-value, 8%, preferred stock for $20,000.  

3.  Signed a 5-year, 5%, note with the Bank One for $103,000.

4.  Paid $27,600 annual rent for office and warehouse space.

5.  Purchased $51,500 of office furniture and computer equipment. Paid 36% down and signed a 3-year unsecured note for the remainder. 

6. Purchased $907 supplies on account.

7. Paid $574 for freight and delivery on the office furniture. Paid $548, set-up charges for the computer equipment.

8. Received the supplies and discovered that $101 of the supplies did not match the invoice. The company returned the incorrect items, notified the supplier and recievd a credit on the store account.

9. Paid $16,446 for a full year of fire and liability insurance.

10. Paid 42% of the remaining supply invoices in time to take a 3% discount.

What willl The Cookie Company report for accounts payable in its January 31 balance sheet? (Round to the nearest $1)

 

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