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Case/Simulation #4 (CS#4) ACCT 3040 - Spring 2016 Due Monday, April 18, 2016 - Submit via Assignments in Blackboard by 11:00 pm Assignment Point Value = 20 points This is a research case. You must complete this assignment INDIVIDUALLY. This means no help from or to other students. You should consult with Dr. Cheng if you have questions while you are working on this case. Read the Writing Guidelines included in this Word document before you begin writing your memo. Submission: 1) Submit your memo via Assignments in Blackboard. 2) The penalty for ANY violations of the Academic Integrity rules for this assignment will be a letter grade of F for this course. Required: Read the case facts below. Based on these facts, write a memo to Mr. Stone in response to his request. Explain the accounting treatment that is required, and properly cite the supporting authoritative literature. Jackson Ski Resort is required to prepare annual financial statements in accordance with U.S. generally accepted accounting principles (GAAP). Use the Financial Accounting Standards Board Accounting Standards Codification for your research and citations. Your textbook is NOT an appropriate resource for citations because it is NOT the source for GAAP. Case facts Jackson Ski Resort is a popular vacation area in Idaho. Its fiscal year end is June 30. Jackson had some excess cash during its 2013 busy snow season, so it invested this cash in a bond investment. You are a CPA and a friend of Mr. Tim Stone, Jackson's controller. Your CPA firm has been selected by Jackson Ski Resort as the company's independent auditor. You received the following e-mail from Mr. Stone on July 15, 2013 as you were preparing your audit plan for the Jackson Ski Resort audit for the year-ended June 30, 2013. Good afternoon! I'm getting started on year-end adjusting entries in preparation for your audit visit, and I'm not sure if there are any special accounting rules that address the bond investment we made this year. We had a terrific ski season and decided to invest our excess cash until we're ready to buy new snowplows in December. The market has been healthy, and our investment value has increased. Too bad we have to record assets on our balance sheet at historical cost! 1 Anyway, my accounting research skills are really rusty (and you know I hate reading the authoritative literature!), so I need you to explain to me how to account for our bond investment. Before you guys come in to start the audit, please send me a memo detailing the proper accounting for these bonds. In your memo, please include any additional investment-related journal entries I need to make for the fiscal year ending 6/30/13. I've included below the acquisition journal entry and the first coupon payment journal entry I made for our bond investment along with the bond contract details. In your memo, please include the citations from the authoritative literature so that I can incorporate those into our accounting policies documentation. Thanks! I look forward to receiving your memo. Investment details: On April 1, 2013, we paid $750,000 and recorded the following journal entry: Investments 750,000 Cash 750,000 On June 30, 2013, we received $7,500 and recorded the following journal entry: Cash 7,500 Interest revenue 7,500 We haven't sold any of these bonds yet. The bonds have a face value of $750,000, a stated rate of 4%, paid quarterly, and they mature on March 31, 2020. Here are the details of our bond investment: Bonds State of Idaho bonds Original 6/30/13 fair Cost $750,000 (market) value $795,674 --------------------------------------------------------------------------------------------------------------------2 Writing Guidelines and Tips for Research Cases in ACCT 3040 1) Plan your time wisely. You should have time to write, rewrite, and carefully proofread your memo after you complete your research and analysis. 2) Don't violate the Academic Integrity rules stated in the course syllabus for case assignments! 3) Ask Dr. Cheng when you have specific questions while you are working on the case. I will answer specific questions, but I will not proofread or pre-grade your case. 4) Your written response must be in proper memo format, and you must use 1\" margins, doublespacing, and 12-point font. Your memo should include the following standard four-part heading: TO: FROM: SUBJECT: DATE: Memos do not include salutations such as \"Dear Mr. X,\" and memos do not end with \"Sincerely\" or any other goodbye phrase or ending signature. 5) Be complete in your analysis, and carefully organize your discussion so that you clearly but concisely communicate your findings to your client. He is a very busy and important man, and you would like to keep this company as a long-term client. Tell your reader the purpose of your memo using a proper introduction or purpose statement. Completely address your client or business associate's request. If you are addressing an issue that the client is not aware of, anticipate the client's questions and accounting needs for the situation. Explain; do not just quote from the literature! The reader wants your explanation, application, and analysis. Let your reader know where you've applied judgment and the reasons supporting your judgments. Organize your memo in a logical sequence, and provide sufficient details of your analysis and support for your recommendation/conclusion. Your reader must be able to follow your analysis and understand how your recommendation/conclusion follows from your analysis. Make your recommendation/conclusion very clear. Do not leave your reader guessing. 3 6) Properly cite the authoritative literature. Use the citation approach that we have used in class. Make sure that you identify the meaning of the acronym, FASB ASC, before you start using it. Remember that the Financial Accounting Standards Board Accounting Standards Codification is a title and needs to be either in italics or underlined. Topic-level citation will never provide enough details for research cases. Usually you need paragraph-level support for your analyses. We have used paragraph-level citation in class. Remember the importance of establishing \"scope\" for the Topic-Subtopic you choose to apply. The Scope section (15) and definitions help you establish scope. When you explain your application of paragraphs from the FASB ASC, cite the literature so that your reader knows which parts of the literature you are using to support your argument, judgment, analysis, or decision. Assume that the reader has access to the authoritative literature that you cite. Do not plagiarize. Use quotation marks for direct quotes and even where you paraphrase by changing only a few words. Provide the citation for the text that you have quoted. 7) Avoid expression errors. These include errors in spelling, punctuation, capitalization, grammar (sentence construction, subject/verb agreement, pronoun use, modifiers), and word usage (incorrect or imprecise language). If you want to use an acronym, remember to identify what it means before you use it. For example, if you want to use GAAP, you should say something like the following: \"according to generally accepted accounting principles (GAAP), ....\" Even if you are sure that your reader knows what the acronym means, you must properly identify its meaning before you have the freedom to use it. This goes for FASB ASC the first time you use it!!!!! If you need help with grammar, punctuation, or other \"expression\" topics, please check with the UNO Writing Center at http://www.unomaha.edu/writingcenter/resources.php. Proofread your memo before turning it in. Correct errors so that you don't lose points! Your writing skills do matter and will affect your case assignment grade. 4 5 ACCT 3040 Research Case Grading Rubric Trait Identified the appropriate authoritative literature to use in addressing the case facts - 3 points Provided proper citation of the literature used in the case analysis - 2 points Minimized use of direct quotes and adequately explained quoted passages in the context of the case facts and analysis. Avoided plagiarism. - 2 points Organization, writing style, and expression (grammar, spelling, and punctuation) - 3 points Provided complete and appropriate accounting solution with sufficient details to support conclusions - 10 points Deficient Failed to identify applicable accounting standards. Needs Improvement Identified the relevant GAAP topic(s) but overlooked key details in the standards. Acceptable Identified most of the critical paragraphs or provisions in the standards relevant for the case. Outstanding Identified each critical paragraph or provision in the standards relevant for the case. Minimal citations provided; consistently did not cite standards in an appropriate style or at the appropriate level of detail. Memo contained significant use of direct quotes with minimal explanation; only quoted and applied. Significant plagiarism direct quotes without citation or quotation marks. Memo is poorly organized, has no introduction or overview statement, and has extensive expression errors. Consistently cited sources but used an inappropriate style; frequently cited at an inappropriate level of detail. Most citations were in an appropriate style and at the appropriate level of detail. Consistently cited sources in an appropriate style, including source name and appropriate level of detail. Over-used direct quotes but provided appropriate explanations for application. One or two instances of direct quotes without quotation marks but citation provided. Some organization is evident but paragraph main topics and/or transitions and order are weak; numerous expression errors. Summarized and restated concepts and requirements in own words; limited use of direct quotes. No plagiarism noted. Used no or inappropriate authoritative literature, incorrectly explained or applied the literature cited, or provided no explanations or analysis details. Conclusions were unclear, vague, illogical, or missing. Reader has too many questions and plans to hire someone to replace you. Used relevant authoritative literature but applied it with significant errors, included no or limited explanations or details, and/or failed to address all elements of the scenario. Conclusions were inconsistent with explanations and/or analysis. The reader will contact your supervisor. Frequent use of direct quotes along with appropriate explanations for application. Limited inadequate paraphrasing that appeared to be unintentional plagiarism. Memo is mostly wellorganized and follows most of the Writing Guidelines but could be enhanced with better transitions between paragraphs, clarity of main point in some paragraphs, and elimination of limited expression errors. Properly explained and applied the relevant authoritative literature with minimal errors but needed better explanations or more details to support conclusions. The reader has follow-up questions that the accountant needs to address. Memo is well-organized, includes a clear introduction or overview/thesis statement, has only incidental expression errors, and follows all Writing Guidelines. Properly explained and applied the relevant authoritative literature, included sufficient explanations and analysis details to support conclusions that were clear and logically followed the analysis, and completely addressed the reader's information needs