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Running head: ANALYZING LIABILITIES
Analyzing Liabilities Executive Summary
Celes Mickle
Grand Canyon University: Acct-502
November 12, 2020
Downloaded by Kevin Goffney (kevingoffney1986@gmail.com)
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ANALYZING LIABILITIES 2
Analyzing Liabilities Executive Summary
Cardinal Health, established in 1971, has emerged as a key player in the healthcare industry, offering a wide range of services and products to enhance patient care globally. According to Averkamp (2020), the term "liability" in accounting refers to obligations or debts owed by a company. With its headquarters in Dublin, Ohio, Cardinal Health operates across more
than 60 countries and territories, positioning itself as a prominent healthcare services and products provider. The purpose of this paper is to discuss the justification that could be given for deducting the expected litigation from the cost of goods sold and explain why Cardinal Health chose this alternative rather than reporting it as a nonoperating item, explain what the senior Cardinal Health meant about, “We do not need much to get over the hump, talk about what Cardinal Health did to get into trouble with the SEC, justify the timing of the $10 million and $12 million gains and explain how Cardinal Health’s senior managers defend these decisions, and discuss whether the actions of Cardinal Health senior managers were so wrong that they justify the actions of SEC, and classify Cardinal Health’s behavior on a scale from 1-10, with 1 being relatively harmless, and 10 being downright fraudulent. Discuss the Justification that Could be Given for Deducting the Expected Litigation from
the Cost of Goods Sold Cardinal Health deducted the expected litigation from the cost of goods sold because they
wanted a bigger payout (Young, S. D., Cohen, J., & Bens, D. A., 2019). Cardinal Health’s justification behind wanting a higher payout was because if they would have documented the cost of goods sold correctly on their financial statements for their auditors to see it they would Downloaded by Kevin Goffney (kevingoffney1986@gmail.com)
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ANALYZING LIABILITIES 3
have not received a bigger payout. Cardinal Health did not realize that they would not get caught
for not reporting their sales on their financial statements correctly. They thought that they could get a bigger payout and not have to submit the valid information on their sales for the Internal Revenue Service. Several times Cardinal Health did not document their cost of goods sold properly on the financial statements. The Cardinal Health had a settlement against them for not adequately reporting their cost of goods sold. They did not want to agree with the settlement the first time. The second time Cardinal Health was advised about the settlement they agreed to the $35 million fine for not properly reporting the cost of goods sold (Young, S. D., Cohen, J., & Bens, D. A., 2019). Furthermore, Cardinal Health wanted to cover an expected shortfall in the earnings and that is why they did not want to show the cost of goods sold on the line in the financial statements (Young, S. D., Cohen, J., & Bens, D. A., 2019). If Cardinal Health would have adequately reported the cost of goods sold on the line in the financial statement they would have not had a bigger payout in their earnings. Why Cardinal Health chose this Alternative Rather than Reporting it as a Nonoperating Item
Cardinal Health chose this alternative rather than reporting it as a nonoperating item because they wanted a bigger payout (Young, S. D., Cohen, J., & Bens, D. A., 2019). Also, Cardinal Health chose this alternative rather than reporting it as a nonoperating item on the financial statements because they wanted it to be as a passed adjustment (Young, S. D., Cohen, J., & Bens, D. A. 2019). They did not want anyone to notice that it was a passed adjustment and they wanted the auditors to put it as a cost of goods sold and not report it properly on the financial statements. The auditors explained to Cardinal Health that the cost of goods sold was supposed to be put on the financial statements as a nonoperating item. Cardinal Health disagreed with the auditors twice. Both of the auditors that looked at Cardinal’s Health financial statements
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Sheffield Corp. uses the percentage-of-receivables basis to record bad debt expense and concludes that 3% of accounts receivable will become
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The following information was taken from Acme Company's balance sheet:
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Determine the company's (a) ratio of fixed assets to long-term liabilities and (b) ratio of liabilities to stockholders' equity. If required, round your answers
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Summary:
On Chapters 9, 10, and 11:
The YuRaeKa charity was established in 1960. The charity’s aim is to provide support to children from disadvantaged backgrounds who wish to take part in sports such as tennis, badminton, squash, basketball and football.
YuRaeKa has a detailed constitution[1] which explains how the charity’s income can be spent. The constitution also notes that administration expenditure cannot exceed 10% of income in any year.
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Problem 1
Balance Shet
Income Statement
PT. MaTaHtari
PT. MATAH+ari
For the year Ended December 31
For the year Ended December 31
2019
2018
ASSET
Sales Revenue
10.000.000.000
Cash
550.000.000
700.000.000
Cost of Good Sold
6.400.000.000
Marketable Securities
500.000.000
300.000.000
Gross Profit
Account Receivable
700.000.000
550.000.000
Inventory
750.000.000
650.000.00D
3.600000.000
Total Currevt Assit
2.500.000.000
2.200.000.000
Operating Expenses
Selling Expenses
200.000.000
Gross Fixed Asset
3.000.000.000
General & Administrative Expenses
150.000.000
4.000.000.000
Less : Accumulated Depreciation
Depreciation Expenses
250.000.000
500.000.000
200.000.000
Nett Fred Assit
Total Operating Expenses
3.500.000.000
2.800.000.000
600.000.000 Operating Profit
TOTAL ASSET
6.000.000.000
5.000.000.000
3.000.000.000 Interest Expenses
JABILITIBS E STOCKHOLDER'S…
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h. Select Save and close
Amount received
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Owner invested $66,500 in exchange for common stock of the corporation.
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Paid two years' rent in advance, $7,100.
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All results must be numerie and rounded to the nearest hundredth
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Say x- 8678.4546 When you round it to the nearest hundredth digit, you get - 8678.45
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- gageNOWv2 | Online teachir X * CengageNOWv2 | Online teachin x om/iln/takeAssignment/takeAssignmentMain.do?invoker=&takeAssignmentSessionLocator=&inprogre.. eBook Show Me How Long-Term Solvency Analysis The following information was taken from Acme Company's balance sheet: Fixed assets (net) $1,092,000 Long-term liabilities 280,000 Total liabilities 196,000 Total stockholders' equity 980,000 Determine the company's (a) ratio of fixed assets to long-term liabilities and (b) ratio of liabilities to stockholders' equity. If required, round your answers to one decimal place. a. Ratio of fixed assets to long-term liabilities b. Ratio of liabilities to stockholders' equity Previous Next Check My Work 11:17 A 67°F Sunny A O E O G 40) 12/3/20 delete ome prt se 84l 144 4+ 6 backscace %Darrow_forwardissis.com/FEL X - Unit Activity: Mathematical Mo x + lelivery//ua/69158/45467532/aHR0cHM6Ly9mMS5hcHAUZWRtZW50dW0uY29tL2xlYXJuZXItdWkvc2Vjb25kYXJ5L3VzZXIt nit Activity: Mathematical Models and Consumer Finance Task 7 Financing Transportation Respond to each question below in two to three complete sentences. Each question is worth four points. Space used (includes formatting): 0/15000 Part A Lydia makes a down payment of $1,600 on a $11,000 car loan. How much of the purchase price will the interest be calculated on? Explain how you arrived at the final answer. BIUX² X₂ 15px Part B AV king a down payment on a car loan help a car buyer? 11 of 12 = Print 11:58 O PI ☐ Save &arrow_forwardAuditing || fall20 Dashboard My courses ACCT4141_iram_fall20 WEEK 7: 25 OCTOBER - 31 OCTOBER Case study 2 Separate groups: 5 My Submissions Case 2 Title Start Date Due Date Post Date Marks Available Case study 2 - Case 2 27 Oct 2020 - 08:00 28 Oct 2020 - 06:00 28 Oct 2020 - 19:00 100 Summary: On Chapters 9, 10, and 11: The YuRaeKa charity was established in 1960. The charity’s aim is to provide support to children from disadvantaged backgrounds who wish to take part in sports such as tennis, badminton, squash, basketball and football. YuRaeKa has a detailed constitution[1] which explains how the charity’s income can be spent. The constitution also notes that administration expenditure cannot exceed 10% of income in any year. The charity’s income is derived wholly from voluntary donations. Sources of donations include: (i) Cash collected by volunteers asking the public for donations in shopping areas, (ii) Cheques sent to the charity’s head office, (iii) Donations…arrow_forward
- File Tools View UTS MK I GSL 20-21 (19.10.20 -13.30) - Word (Product Activation Failed) W UTS MK I GSL 20-21 (19.10.20 -13.30) * x Document2 Problem 1 Balance Shet Income Statement PT. MaTaHtari PT. MATAH+ari For the year Ended December 31 For the year Ended December 31 2019 2018 ASSET Sales Revenue 10.000.000.000 Cash 550.000.000 700.000.000 Cost of Good Sold 6.400.000.000 Marketable Securities 500.000.000 300.000.000 Gross Profit Account Receivable 700.000.000 550.000.000 Inventory 750.000.000 650.000.00D 3.600000.000 Total Currevt Assit 2.500.000.000 2.200.000.000 Operating Expenses Selling Expenses 200.000.000 Gross Fixed Asset 3.000.000.000 General & Administrative Expenses 150.000.000 4.000.000.000 Less : Accumulated Depreciation Depreciation Expenses 250.000.000 500.000.000 200.000.000 Nett Fred Assit Total Operating Expenses 3.500.000.000 2.800.000.000 600.000.000 Operating Profit TOTAL ASSET 6.000.000.000 5.000.000.000 3.000.000.000 Interest Expenses JABILITIBS E STOCKHOLDER'S…arrow_forwardA https://ezto.mheducation.com/ext/map/index.html?_con%3Dcon&external_browser=0&launchUrl=https%253A%2... ☆ - Apply: Current and Long-Term Liabilities ... G Saved Help Save & Exit Submit 1 Eastern Manufacturing is involved with several situations that possibly involve contingencies. Each is described below. Eastern's fiscal year ends December 31, and the 2021 financial statements are issued on March 15, 2022. a. Eastern is involved in a lawsuit resulting from a dispute with a supplier. On February 3, 2022, judgment was rendered against Eastern in the amount of $116 million plus interest, a total of $131 million. Eastern plans to appeal the judgment and is unable to predict its outcome though it is not expected to have a material adverse effect on the company. b. In November 2020, the State of Nevada filed suit against Eastern, seeking civil penalties and injunctive relief for violations of environmental laws regulating hazardous waste. On January 12, 2022, Eastern reached a settlement…arrow_forwardRequired: Record the payment that Mookie The Beagle Concierge receives from Sandy Copper in payment for services provided Remy. 1. Create Receive Payment. a. From the Navigation Bar, select Projects > Sandy Copper: Remy b. From the Add to project menu, select Receive payment c. Select Payment Date: 01/23/2023 d. Select Payment Method: Check e. Select Deposit to: 1600 Undeposited Funds f. Select Invoice Number 1002 g. After selecting the Invoice, what is the Amount Received displayed? Note: Answer this question in the table shown below. Round your answer 2 decimal places. h. Select Save and close Amount received $ 2. View the Transaction Journal for Receive Payment. a. From the Navigation Bar, select Sales > All Sales tab b. From the Sales Transactions List, select the Sandy Copper: Remy payment just entered c. From the bottom of Receive Payment, select More > Transaction Journal d. What are the Account and Amount Debited? Debit Credit 20.00 Note: Answer this question in the table shown…arrow_forward
- ie Calendar My MCDS Library English ien)- Hal Management ession i 2021/FIN 20A/ET/ Section 9/ Mid Term Exam Explain an agency problem for a corporation with examples, and Identify means by which the firm can help reduce or eliminate that problem. A- BI - Il mcbs.proctoring.online is sharing your sareen. Stop sharing Hide mid-98604&page-8# DELLarrow_forwardCourses Mastering Chernie X 2MateryCheme X loud/modules/unproctoredTest.QuestionSheet McCraith-Sectic x Updte Help Caroline Achienge S01243611acadceduLogout all 2021 I Chapter 1 Consumer Finance / Section 1.5 Digital Exercises Gradebook. Extemat kercises Remaining Time Unimted Suppose you are paid $3,000 per month and your employer's 401(k) matches your contributions by 10% up to a maximum of 15% of your pay. Assuming you max-out your retirement savings and you work for 25 years, how much will the 401(k) be worth when you retire (if you can get an APR of 8% during your work years)? If you are taxed at a rate of 27%, then how much will you have when you retire? Round all answers to 2 decimal places. Before taxes retirement amount $ Number After taxes retirement amount $ Number Submit Assignment Quit & Save Васк Question Menu 4 Next 38°F Partly sunny A 0) 411 PM 11/19/202 end home delete prt sc 144 4+ 4- 40 num lock backspace & 8. 6. 7. home |近arrow_forwardQUESTION 6 Which of the following statements would be part of a vision statement? Company XYZ is a globally recognized financial institution providing services now and in the future. ABC Memorial Hospital provides an appropriate mix of services to the residents of ABC region and surrounding areas. BCD Company makes, distributes, and sells the finest-quality widgets. To be the largest and most complete antique radio community site on the Internet.arrow_forward
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