VICTORIA MCGEEHAN5303 Signal Peak Drive

Arlington, TX 76017817-561-6844

vamcgeehan@hotmail.com

BUSINESS EDUCATION

Bachelor of Science in accounting, summa cum laude 2015University of Texas at Arlington, Arlington, TX AACSB Accreditation GPA 4.0

Courses include: Financial Accounting I, II; Business Law I, II; Income Tax for Individuals; Auditing; Business Finance; Cost Accounting; Organizational Strategy; Buyer Behavior; Effective Business Communications;Principles of Macroeconomics; Principles of Microeconomics; Economics of Health; Real Estate Fundamentals

SCHOLASTIC HONORS

National Merit Finalist High School Valedictorian All-American Scholar The National Dean’s List

EXPERIENCE (2003-2014)

Associate 2003Sutton Frost Cary LLP, Arlington, TX

Helped prepare income taxes

Chemistry Teacher 2012 – 2013St. Ignatius College Preparatory, Fort Worth, TX

Tutor 2005Mansfield Independent School District, Arlington, TX

Tutored 5th and 6th grade math (Cross Timbers Intermediate School)

Substitute TeacherArlington Independent School District, Arlington, TX

Tutored English (Young Junior High) 2013-2014 Long-term sub for 9th Grade Integrated Physics & Chemistry (Turning Point H.S.) 2007 Tutored 4th grade math and 5th grade science (Burgin Elementary) 2005-2006 Tutored math (grades 3-6) and language arts (grades 3-5) (Amos Elementary) 2003-2004

ACCOUNTING SKILLS: MY SCORES ON ROBERT HALF SKILLS ASSESSMENTS

Assessment Global Average (%) My Score (%) My Ranking (Percentile)Financial Analysis 69% 88% 90th

Bookkeeping – Professional 71% 92% 90th

Accounting Clerk 69% 81% 70th

General Ledger Knowledge 66% 72% 60th

Microsoft Excel 2013 – Normal User 73% 87% 60th

SKILLS

Microsoft Word Verbal communication Microsoft Excel Mathematics Writing

EXCEL ATTACHMENTS (SAMPLES)

Deferred Assets and Liabilities

Defined Benefit Pension

Statement of Cash Flows: Indirect Method

Statement of Cash Flows: Direct Method

Deferred Tax Assets and Liabilities by Victoria McGeehan

ASC 740-10

Financial Reporting (GAAP): Pre-tax Financial IncomeFull Accrual MethodIncome Tax Expense

Income Tax (IRS laws): Taxable IncomeModified Cash MethodIncome Tax Payable

Only temporary differences between Financial Reporting Income and taxableincome generate Deferred Tax Assets and Deferred Tax Liabilities.Some items are never taxable (e.g., life insurance benefits on key employees).Other items are never recognized for Financial Reporting Income (e.g., deductions fordividends from U.S. corporations.)

Journal entry--- Income Tax Expense is calculated from:Income Tax PayableDeferred Tax AssetDeferred Tax Liability

Income Tax Expense Deferred Tax Asset

Income Tax Payable Deferred Tax Liability

Deferred Tax Liabilities: increase in future taxes payablefrom taxable temporary differences

Examples:

Some deferred tax liabilities are generated when revenues/gains are recognized

for financial accounting before they are recognized for tax purposes.

1. Accounts Receivable:

(1) revenue that is recognized by GAAP butnot for tax purposes

(2) zero taxable income when account receivable is booked as revenue

(3) taxable income when account receivable is paid

(4) creates future taxes payable and future tax liability

Accounts Receivable (at the end of Year 1) 50000Tax Rate 0.4Deferred Tax Liability (Year 1) 20000

Projected schedule of future accounts receivable payments:

Year 2 Year 3 Year 4 Year 5 TotalPayments 20000 15000 10000 5000 50000Tax Rate 0.4 0.4 0.4 0.4Deffered Tax Liability 8000 6000 4000 2000 20000

Payments received on Accounts Receivable decrease the Deferred Tax Liability Accountand increase Income Tax Expense.

Deferred Tax Liability (Year 1): 20000Deferred Tax Liability (Year 2): 12000Deferred Tax Liability (Year 3): 6000Deferred Tax Liability (Year 4): 2000Deferred Tax Liability (Year 5): 0

2. Installment sales: (1) gross profit recognized at sale for financial reporting(2) gross profit recognized when cash received for tax

3. Percentage-of-completion construction contracts: (1) percentage ofprofit recognized each period for financial reporting (2) profit recognized fortax when project completed

4. Equity method for investments (20 to 50 percent ownership):(1) investees earnings, losses, and dividends adjust the carrying amount for financial reporting (2) only dividends are included in taxable income

5. Fair value recording of financial instruments for financial reporting: (1) unrealized holding gains included in net income (2) income taxed when received

Other deferred tax liabilities are generated when expenses/losses are deducted before they are recognized for financial accounting purposes.

6. Depreciation: (1) depreciation by various methods for financial reporting (2) accelerated depreciation for tax purposes (MACRS).

7. Pension funding: (1) contract determines employer's expense obligation for financial reporting (2) employer's tax deductible contribution to the pension fund exceeds obligation

8. Prepaid expenses: (1) expenses are prepaid in a period before they are incurred for financial reporting (2) prepaid expenses are deducted when paid

9. Interest and taxes on self-constructed projects: (1) capitalized and then depreciated for financial reporting (2) deducted for tax purposes when paid

Deferred Tax Assets: Decrease in future taxes payablefrom deductible temporary differences

Examples:

Some deferred tax assets are generated when expenses/losses are deductibleafter being included for financial reporting purposes.

1. Accrual basis product warranties: (1) warranty costs are estimated and recorded in the period of sale (2) actual warranty costs are deducted when incurred

Warranty expense (at the end of Year 1) 45000Tax Rate 0.4Deferred Tax Asset (Year 1) 18000

Projected schedule of future accounts receivable payments:

Year 2 Year 3 Year 4 Year 5 TotalWarranty costs 20000 10000 8000 7000 45000Tax Rate 0.4 0.4 0.4 0.4

Deferred Tax Asset 8000 4000 3200 2800 18000

Payments made for warranty costs decrease the Deferred Tax Asset Accountand increase Income Tax Expense.

Deferred Tax Asset (Year 1): 18000Deferred Tax Asset (Year 2): 10000Deferred Tax Asset (Year 3): 6000Deferred Tax Asset (Year 4): 2800Deferred Tax Asset (Year 5): 0

2. Estimated liabilities due to discontinued operations: (1) liabilities areestimated and recorded for financial purposes (2) expenses are deductible when paid

3. Allowance for bad debt expense: (1) bad debt expense is estimated and recorded during the appropriate period for financial purposes ( to match revenues) (2) bad debt expense is deductiblewhen account is written off

4. Fair value recording of financial instruments for financial reporting: (1) unrealized holding losses included in net income (2) deductible when loss is realized

5. Contingent liabilities: (1) a loss is recorded for financial purposes when the loss is probable and measurable (2) deductible when the loss actuallypaid

6. Bad debt expense: (1) estimate recorded for financial purposes(2) deductible when incurred

7. Indirect inventory costs: (1) expense recorded for financial purposes(2) costs capitalized and included in COGS when inventory is sold

8. Stock based compensation expense: (1) expense is allocated duringthe service period for financial purposes (2) expense is deductiblewhen option is exercised

Other deferred tax assets are generated when revenues/gains are taxed before they are recognized for financial accounting purposes.

5. Prepaid revenues: (1) prepaid revenues are received before they are

earned for financial reporting (2) prepaid revenues are taxable when paid(e.g.------rents, subscriptions)

6. Sales and leasebacks: (1) revenue deferred and recorded for financial purposes during the contract (2) revenue is taxable on sale date

7. Prepaid contracts: (1) revenue recognized when earned forfinancial purposes (2) money for contract is taxable when received

8. Prepaid royalties: (1) revenue is recognized when earned forfinancial purposes (2) money for royalties is taxable when received

References: Intermediate Accounting 15th Edition by Kieso, Weygandt, and Warfieldc. 2013

Intermediate Accounting Demystified by Wink and Corradinoc. 2011

Defined Benefit Pension by Victoria McGeehan ASC-715-30

2017Service cost $52,000.00

Beginning balance in PBO account $175,000.00

Discount rate used by company 0.10

Beginning balance in Plan Asset account $160,000.00

Long-term rate of return (expected interest) 0.08

Total prior service costs $245,000.00

Amortization amount for current year  

Cumulative net loss or (gain) $52,630.00

Average of employees' remaining service life (years) 15.00

Amount funded $45,000.00

Actual return rate on plan assets 0.11

Retiree payments $50,000.00

Beginning balance in Prepaid/Accrued $30,000.00 Sample amortization schedule:

When there are prior service costs (i.e., retroactive benefits), amortize the costs over the years of future service and add to pension expense.Amortization schedule for prior service costs based on Yearsof Future Service

Years of future service expected

Year 2018 2019 2020  

Total service years 10 7 3  per year

Total service years 20(10+6+4)

YearTotal prior service costs Fraction of total Amt. to amortize Balance**

2018 245,000 1/2 122,500.00 122,5002019 245,000 7/20 85,750.00 36,7502020 245,000 3/20 36,750.00 0

** Prior balance - amount to amortize

Gain or loss calculation example:

When estimates do not equal the actual results, a net gain or loss occurs. An actuarydetermines the cumulative net gain or loss.

Corridor amount (i.e., threshold amount for recognizing actuarial gains and losses)

A 10% of beginning Projected Benefit Obligation (PBO) 17500

B10% of beginning balance of Plan Assets 16000

Use the higher of A or B as the corridor 17500

If the absolute value of the cumulative net loss or gain is greater than the corridor amount,the difference is the net loss or gain. It must be amortized over the average of employees' remaining service lives.Difference between absolute value of net loss/gain and corridor: $35,130.00 Difference amortized by straight-line over average of employees' remaining service lives: $2,342.00

If Ell is a positive number, then G59 is a loss and it is ADDED to pension expense.If Ell is a negative number, then G59 is a gain and it is SUBTRACTED from pension expense.

Year 2017Pension Expense:

Add (1) Service cost $52,000.00 Current pension benefits earned by employeesComputed by actuary with Present Value techniques

Add (2) Interest cost $17,500.00 Interest owed for benefitsBeginning Projected Benefit Obligation (PBO)times discount rate (i.e., settlement rate)

Subtract (3) Expected return on plan assets $12,800.00 Beginning balance in Plan Assets timeslong-term rate of return

Add (4) Amortization of unrecognized prior service cost $122,500.00Allocated on basis of Years of Future Service

Add loss or First determine the corridor amount which is a threshold for recognizingsubtract gain the gain or loss

10% of the beginning projected benefit obligation (PBO): $17,500.00 10% of the beginning plan assets: $16,000.00 Corridor amount: $17,500.00

Test for net loss or gain: Yes: net loss or gain(compare absolute value of cumulative loss/gain to corridor amount)

Value of net loss (positive amount; add to pension expense) or net gain (negative amount; subtract from pension expense)

Add loss (5) Gain or loss 'Net loss of:' $35,130.00or Divided by average remaining employees' service lives: $2,342.00Subtract gain

Total Pension Expense: $181,542.00 Pension Expense = 1 + 2 - 3 + 4 + 5

Actual Interest Earned on Plan Assets

Beginning balance in Plan Assets times $17,600.00 actual return on Plan Assets

Journal Entry:

Pension Expense $181,542.00 Cash $45,000.00

Prepaid/Accrued Pension 0 $136,542.00

T-Accounts

Plan AssetsBeginning Balance $160,000.00 Actual interest earned on beginning balance $17,600.00

Payment for retired employees $50,000.00 Amount funded $45,000.00 Total debits and total credits $222,600.00 $50,000.00 Balance $172,600.00 -----

Projected Benefit ObligationBeginning Balance $175,000.00 Interest earned on beginning balance $17,500.00 Payment for retired employees $50,000.00 Service cost $52,000.00 Total debits and total credits $50,000.00 $244,500.00 Balance ---- $194,500.00

 

Prepaid/AccruedBeginning balance $30,000.00 $0.00 Prepaid/Accrued Pension $0.00 $136,542.00 Total debits and credits $30,000.00 $136,542.00 Balance $0.00 $106,542.00 Balance adjustment $84,642.00 Total debits and credits $84,642.00 $106,542.00 Balance $0.00 $21,900.00

   

Amount of (underfunding)/overfunding ($21,900.00)(Value of plan assets minus the Projected Benefit Obligation)

This amount should be the ending balance in the prepaid/accrued account.If not, make an adjusting entry so that this amount is the ending balance in the prepaid/accrued account.

Assuming that the two amounts are not equal, the amount of the adjustment is: $84,642.00

Tests to determine the amount of the adjustment:1. If the account is overfunded (i.e., a positive number) and there is a debit balance in the Prepaid account and the balance is greater than the amount of overfunding, subtract the overfunding amount from the balance and enter a debit in E147.

FALSE FALSE

2. If the account is underfunded (i.e., negative number) and there is a credit balance in the prepaid account and the absolute valueof the debit balance is greater than the absolute value of the underfunding, subtract the absolute value of the underfunding

TRUE $84,642.00

NOTE: All the various possibilities need to be listed. I only listed two.

References: Intermediate Accounting Demystified c 2011 by Wink and Corradino

Intermediate Accounting 15th ed. By Kieso, Weygandt, and Warfield c 2013

Statement of Cash Flows: Indirect Methodby Victoria McGeehanASC-230

Enter data in solid black boxes.

Necessary materials:

Balance sheets for prior year (or period) and current year (or period)

Current income statement

General ledger

1. Calculate the change in the CASH account.

Cash account balance for prior year (or period):

Cash account balance for current year (or period):

Change in cash account: $0.00

2. Calculate the net cash flow from Operating Activities.

Note: The indirect method starts with NET INCOME and makes adjustments

to NET INCOME. Net income was determined using accrual based

accounting so some adjustments must be made to show changes

in cash.

Net income:

Note: Some items on the Income Statement do not affect cash.

Add back to net income any expenses that do not affect cash.

Depreciation expense

Amortization of limited-life intangible assets

Deferred costs (e.g., bond issue costs)

Amortization of bond discount

Loss from selling plant assets

Loss from the impairment of assets

Loss due to land condemnation

Note: Subtract from net income any revenues that do not affect cash.

Amortization of bond premium Subtract

Gain from the sale of plant assets Subtract

Gain from land condemnation Subtract

Note: The change in cash from ASSET ACCOUNTS is the opposite

of the change in the accounts. For example, if Accounts Receivable

increased $10,000, then $10,000 cash of Sales revenue was not received so

net Income is decreased by $10,000.

Current asset accounts:

Accounts Receivable for prior period:

Accounts Receivable for current period:

Change in net income from Accounts Receivable: $0.00

Prepaid Expenses for prior period:

Prepaid Expenses for current period:

Change in net income from Prepaid Expenses: $0.00

Merchandise Inventory for prior period:

Merchandise Inventory for current period:

Change in net income from Mercandise Inventory: $0.00

Supplies for prior period:

Supplies for current period:

Change in net income from Supplies: $0.00

Adjustment to net income for pension

benefits (pension asset):

Note: (Pension expense - cash paid;

Pension expense < cash paid)

Pension expense:

Cash paid:

Pension asset: $0.00

Note: The change in the liability accounts (increase or decrease)

is the same as the change in net income.

For example, if accounts payable decreased by $10,000 from one period to the next,

$10,000 in cash was spent to cause the decrease. So you subtract $10,000

from net income.

Current liability accounts:

Accounts Payable for prior period:

Accounts Payable for current period:

Change in net income from Accounts Payable: $0.00

Salaries Payable for prior period:

Salaries Payable for current period:

Change in net income for Salaries Payable: $0.00

Interest Payable for prior period:

Interest Payable for current period:

Change in net income for Interest Payable: $0.00

Income Taxes Payable for prior period:

Income Taxes Payable for current period:

Change in net income for Income Taxes Payable: $0.00

Deferred Income Taxes for prior period:

Deferred Income Taxes for current period:

Change in net income for Deferred Income Taxes: $0.00

Other Accrued Liabilities for prior period:

Other Accrued Liabilities for current period:

Change in net income for other Accrued Liabilities: $0.00

Payroll Taxes Payable from prior period:

Payroll Taxes Payable from current period:

Change in net income for Payroll Taxes Payable: $0.00

Unearned Revenues from prior period:

Unearned Revenues from current period:

Change in net income for Unearned Revenues: $0.00

Miscellaneous:Portion of long-term debt

due in prior period:

Portion of long-term debt due in current

period:

Change in long-term debt due in current period: $0.00

Adjustment to net income for pension

benefits (unfunded liability):

Note: (Pension expense - cash paid;

Pension expense > cash paid)

Pension expense:

Cash paid:

Pension unfunded liability: add $0.00

Common stock investment (prior period)

using equity method:

Common stock investment (current period)

using equity method:

Increase/decrease in investment on common stock $0.00

using equity method

Net cash from Operating Activities: $0.00

(Add all values in the boxes with arrows except

subtract the three boxes that specify "subtract.")

3. Calculate the net cash flow from investing activities:

Note: Examine the balance sheet accounts of LONG TERM

assets and liabilities.

Determine which transactions affected cash.

Investing activities include:

Purchase or sale of property, plant, and equipment

Purchase or sale of other long-term assets

Purchase or sale of long-term securities in other companies

Note: Interest and dividends received on investments

are classified as "Operating" items. Payment of interest is also

an "Operating" activity because these are on the

Income Statement.

For the transactions that affected cash:

Sale of land Add

Cash from condemnation of land Add

Sale of building Add

Sale of long-term bonds in Add

ABC corporation

Sale of equipment Add

Sale of stock in EFG corporation Add

Sale of patent Add

Received loan from bank Add

Purchase of land Subtract

Purchase of building Subtract

Purchase of equipment Subtract

Major equipment repair(s) Subtract

Purchase of long-term bonds

in ABC Corporation Subtract

Purchase of stock in EFG Subtract

corporation

Purchase of patent Subtract

Loan to LMN corporation Subtract

Investment in pension fund Subtract

Net cash from investing activities: $0.00

(Add the transactions that increased the cash account

and subtract the transactions that decreased the

cash account.

4. Calculate the net cash flow from financing activities.

Financing includes issuing stocks

and bonds and redeeming bonds. It also includes buying

treasury stock and paying dividends.

For the transactions that affected cash:

Sale of common stock Add

Sale of bonds Add

Redeeming bonds Subtract

Buying treasure stock Subtract

Paying cash dividends Subtract

Net cast from financing activities: $0.00

Net income:Net change in cash from operating, investing,

and financing activities:

Plus beginning Cash balance:

Equals ending cash balance:

Check that the amount in "I275" is equal to the amount in "G19."If these amounts are equal, the result is "OK."If these amounts are not equal, the result is "PROBLEM !!!"

References:

Intermediate Accounting 15th Edition by Kieso, Weygandt, and Warfield

Intermediate Accounting Demystified by Wink and Corradino

http://accounting-financial-tax.com/2009/04/list-of items-included-on-cash-flow-statements/

Cash Flow Statement: Direct Method by Victoria McGeehan

ASC-230Enter data in these cells:

Ending cash balance:

1. Calculate the net cash flow from operating activities:

Note: Using the Income Statement, adjust item by item from the accrual basis to the cash basis.

1A: Cash receipts from customers: adjust sales revenue byan increase or decrease in accounts receivable

If Accounts Receivable increased, subtract the increase fromSales revenue. If Accounts Receivable decreased, add the decrease to Sales revenue.

Sales revenue:

Accounts Receivable from prior period:

Accounts Receivable from current period:

Cash received from customers: $0.00

IB: Cash receipts from interest: adjust interest revenue by an increase ordecrease in Interest Receivable

Interest revenue:

Interest Receivable from prior period:

Interest Receivable from current period:

Cash received from interest: $0.00

IC: Cash receipts from dividends: adjust dividend revenue by anincrease or decrease in Dividends Receivable

Dividend revenue:

Dividends receivable from prior period:

Dividends receivable from current period:

Cash received from dividends: $0.00

2A: Cash payments to suppliers: (1) use the change in Inventory to adjust the Cost of Goods Sold (2) Use the change in Accounts Receivable to determine thecash spent on Purchases

Cost of Goods Sold:

Inventory from prior period:

Inventory from current period:

Cash purchases: $0.00

Accounts Payable from prior period:

Accounts Payable from current period:

Cash payments to suppliers: $0.00

2B: Cash paid to employees for salaries: adjdustsalaries expense by an increase or decrease insalaries payable

Salaries expense

Salaries Payable from prior period:

Salaries Payable from current period:

Cash paid for employee salaries: $0.00

2C: Cash paid for interest: (1) adjust interest expenseby an increase or decrease in Interest Payable(2) subtract the amortization expense of bonddiscount because it does not affect cash(3) add the amortization of bond premium because it does not affect cash

Interest expense

Interest Payable from prior period:

Interest Payable from current period:

Amortization of bond discount:

Amortization of bond premium:

Cash paid for interest: $0.00

2D: Cash paid for operating expenses: (1) Use the changein Prepaid Expenses and the (2) change in AccruedExpenses Payable to adjust Income StatementOperating Expenses for cash spent onOperating Expenses.

Operating Expenses:

Prepaid Expenses from prior period:

Prepaid Expenses from current period:

Accrued Expenses Payable from prior period:

Accrued Expenses Payable from current period:

Cash payments for operating expenses: $0.00

2E: Cash paid for income taxes: Use the changein Income Taxes Payable to adjust theIncome Statement Income Tax Expense

Income Tax expense:

Income Taxes Payable from prior period:

Income Taxes Payable from current period:

Cash paid for income taxes: $0.00

Net cash from operating activities:

Cash received from customers: $0.00 Cash received from interest: $0.00 Cash received from dividends: $0.00 Cash payments to suppliers: $0.00 Cash payments to employees: $0.00 Cash payments for interest: $0.00 Cash payments for operating expenses: $0.00 Cash paid for income taxes: $0.00

Total net cash from operating activities: $0.00

2. Calculate the net cash flow from investing activities:

Note: Examine the balance sheet accounts of LONG TERM assets and liabilities.Determine which transactions affected cash.Investing activities include:

Purchase or sale of property, plant, and equipmentPurchase or sale of other long-term assetsPurchase or sale of long-term securities in other companies

Note: Interest and dividends received on investmentsare classified as "Operating" items. Payment of interest is alsoan "Operating" activity because these are on the

Income Statement.

For the transactions that affected cash:

Sale of land Add

Cash from condemnation of land Add

Sale of building Add

Sale of long-term bonds in Add

ABC corporation

Sale of equipment Add

Sale of stock in EFG corporation Add

Sale of patent Add

Received loan from bank Add

Purchase of land Subtract

Purchase of building Subtract

Purchase of equipment Subtract

Major equipment repair(s) Subtract

Purchase of long-term bondsin ABC Corporation Subtract

Purchase of stock in EFG Subtract corporation

Purchase of patent Subtract

Loan to LMN corporation Subtract

Investment in pension fund Subtract

Net cash from investing activities: $0.00 (Add the transactions that increased the cash accountand subtract the transactions that decreased thecash account.

3. Calculate the net cash flow from financing activities.

Financing includes issuing stocksand bonds and redeeming bonds. It also includes buyingtreasury stock and paying dividends.

For the transactions that affected cash:

Sale of common stock Add

Sale of bonds Add

Redeeming bonds Subtract

Buying treasure stock Subtract

Paying cash dividends Subtract

Net cast from financing activities: $0.00

Net change in cash from operating, investing, $0.00

and financing activities:

Plus beginning Cash balance:

Equals ending cash balance: $0.00

Check that the amount in "G5" is equal to the amount in "I230"If these amounts are equal, the result is "OK."If these amounts are not equal, the result is "PROBLEM !!!" OK

References:

Intermediate Accounting 15th Edition by Kieso, Weygandt, and Warfield

Intermediate Accounting Demystified by Wink and Corradino

http://accounting-financial-tax.com/2009/04/list-of items-included-on-cash-flow-statements/