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Accounting memorandum format

04/01/2021 Client: saad24vbs Deadline: 10 Days

ACC 305 Writing Assignment #2: Cash and Receivables


Due Date: Wednesday, November 4 at the Start of Class


(Your assignment is late if it is not in the classroom by the beginning of class.)


Hard Copy: Bring one copy per group to class


Soft Copy: Upload one copy per group to Isidore


For late submissions within a week of the due date at the beginning of class, 50% of your grade will be deducted. Late submissions after a week of the due date will NOT be accepted. Late submissions that arrive during class will receive a 10% penalty.


Assignment Goals:


· Obtain research experience in the Accounting Standards Codification


· Obtain experience using SEC filings and the SEC website


· Practice writing concise accounting-related deliverables


Assignment: You may complete the assignment on your own or in a group of two students. (You need to find your own group.)


Background and Requirements:


Before beginning this assignment, go to www.sec.gov Filings Company filings search to find the June 30, 2016 10-K for The Madison Square Garden Company. (Recall that the 10-K is filed weeks or even months after the fiscal year end.)


After graduating from the University of Dayton, you joined KPMG and became a team member on The Madison Square Garden Company (the Company) audit engagement. (Note: This company is not the same as “MSG Networks, Inc.”) The audit of cash and cash equivalents, as well as receivables, is your responsibility, and your senior (supervisor) on the audit team has asked you to perform research in the FASB’s Accounting Standards Codification and write a research memo answering questions on the following accounting issues.


Hint: Make sure you read the first few pages of Item 1. Business in the 10-K to obtain the appropriate background on your client. Similar information can be found in Note 1 to the financial statements. Also, look at the 10-K areas referenced below so that you understand the nature of the issues and can appropriately summarize the background for each issue in your memo. I have not provided all of the details in the prompt, as I would like for you to navigate the 10-K.


Relevant information sources for Issue #1 background:


Balance sheet in 10-K


Note 1 to financial statements in 10-K (Accounting policies are usually described in Note 1


or Note 2.)


Assume MSG’s June 30, 2016 cash and cash equivalents balance includes


------- $500,000 of 2-year U.S. Treasury notes purchased by MSG on May 15, 2016


and due on July 15, 2016


------- $300,000 of 1-year U.S. Treasury notes purchased by MSG on July 15, 2015


And due on July 15, 2016


Issue #1 – Should Madison Square Garden Company include certain U.S. Treasury notes in cash and cash equivalents?


Note: Your response should be based on your research in the codification – not the company’s policy. Also, it is not acceptable to copy and paste language from the 10-K. Use your own language in the background.


Relevant information sources for Issue #2 background:


Balance sheet in 10-K


Note 1 to financial statements in 10-K (Accounting policies are usually described in Note 1


or Note 2.)


Issue #2 – Should amounts in “restricted cash” be presented as “restricted cash” or “cash and cash equivalents”?


Note: Your response should be based on your research in the codification – not the company’s policy. Also, it is not acceptable to copy and paste language from the 10-K. Use your own language in the background.


Relevant information sources for Issue #3 background:


Balance sheet in 10-K


Note 12


Issue #3 – Is Madison Square Garden Company required to present related party accounts receivable on a separate line on the balance sheet?


Note: Your response should be based on your research in the codification – not the company’s policy. Also, it is not acceptable to copy and paste language from the 10-K. Use your own language in the background.


Relevant information sources for Issue #4 background:


Note 12 – Related Party Transactions (Other parts of the 10-K could be helpful.)


Issue #4 – Is Madison Square Garden Company required to disclose the names of its related parties?


Note: Your response should be based on your research in the codification, as well as your reading of the 10-K. You do not need to summarize every, single detail in Note 12 in your background, but do use specific examples from Note 12 as illustrations.


Note: The memo will be graded for content, research, and writing. See next pages for additional details on expectations.


Expectations for Writing and Research Assignment:


Acceptable Resources


· You may only use the resources (appropriately cited) mentioned above in this assignment. You do not need to cite the 10-K, but you do need to cite the Accounting Standards Codification.


· The Accounting Standards Codification is available at http://aaahq.org/ascLogin.cfm. (user ID: AAA51174 and Password: 3UsZa3U)


· Knowledge Hub: You may use writing support from the Knowledge Hub for this assignment. In the Knowledge Hub, all UD students can receive free research and writing assistance on any assignment, at any stage of the writing process.

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