Accounting question for undergraduate

  You are the financial officer for Music Plus, a retailer that sells goods for home entertainment needs. The business owner, Jamie Madsen, recently reviewed the annual financial statements you prepared and sent you an e-mail stating that he thinks you overstated net income. He explains that although he has invested a great deal in security, he is sure shoplifting and other forms of inventory shrinkage have occurred, but he does not see any deduction for shrinkage on the income statement. The store uses a perpetual inventory system. Prepare a brief memorandum that responds to the owner’s concerns.

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  Golf mart is a retails sports store carrying golf apparel and equipment. The store is at the end if its second year of operation and is struggling, a major problem is that its cost of inventory has continually increase in the past two years. In the first years of operation, the store assigned inventory costs using LIFO. A loan agreement the store has with its bank. Its prime source of financing requires the store to maintain a certain profit margin and current ratio. The store’s owner is currently looking over golf mart’s preliminary financial statements for its second year. The numbers are not favorable. The only way the store can meet the required financial ratio agreed on with the bank is to change from LIFO to FIFO. The store originally decided on LIFO because of its tax advantages. The owner recalculated ending inventory using FIFO and submits those numbers and statement to the loan officer at the bank review. The owner thankfully reflects on the available latitude in choosing the inventory costing method. Required 1. How does Golf Mart’s use of FIFO improve its net profit margin and current ratio? 2. Is the action by Golf Mart’s owner ethical? Explain.

  Golf Mart is a retail sports store carrying golf apparel and equipment. The store is at the end of its second year of operation and is struggling. A major problem is that its cost of inventory has continually increased in the past two years. In the first year of operations, the store assigned inventory costs using LIFO. A loan agreement the store has with its bank, its prime source of financing, requires the store to maintain a certain profit margin and current ratio. The store’s owner is currently looking over Golf Mart’s preliminary financial statements for its second year. The numbers are not favorable. The only way the store can meet the required financial ratios agreed on with the bank is to change from LIFO to FIFO. The store originally decided on LIFO because of its tax advantages. The owner recalculates ending inventory using FIFO and submits those numbers and statements to the loan officer at the bank for the required bank review. The owner thankfully reflects on the available latitude in choosing the inventory costing method. Required How does Golf Mart’s use of FIFO improve its net profit margin and current ratio? Is the action by Golf Mart’s owner ethical? Explain.

  George, Burton, and Dillman have been partners for three years. The partnership is being dissolved. George is leaving the firm, but Burton and Dillman plan to carry on the business. In the final settlement, George places a 25,000 for each year because he devoted all of his time for three years to the affairs of the partnership. Is his claim valid? Why or why not?

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I'm studying for the CIMA strategic level 2015 syllabus. I have already taken 6 exams for this subject, P3 but i still couldn't pass. I keep getting 99, 97, 95 marks etc and it's really frustrating because the pass mark is 100. I would like to know if anyone could offer me some tips/advice on how to pass this paper. Also this paper is quite subjective because it has alot of "Select All" questions.

thank you

In the income statement, where is a bank loan placed?