Acc 557 entire course ( assignments + dqs + homework chapters 1-14 +

ACC 557 Entire Course ( Assignments +  DQs + Homework Chapters 1-14 + All Quizzes Weeks 1-11)

 

Detailed Description:

 

ACC 557: Financial Accounting

Strayer University

 

Assignment 1: Review of Accounting Ethics

 

Manyorganizationshavebeenin the news overthe pastfewyearsdueto accounting ethicalbreaches thathave affectedtheir customers,employees,orthegeneral public.Search the InternetortheStrayer Libraryto locatea storyin thenews that depicts an accounting ethicalbreach.Youmayselectfromany type oforganizationaboutwhichyou haveinformationoracuriosity.

 

Writeafour tofive(45) pagepaperinwhichyou:

1. Giventhecorporateethical breaches in recenttimes,assess whether ornotyou believe thatthe current businessandregulatoryenvironment ismoreconducivetoethicalbehavior. Provide support foryouranswer.

2. Based onyourresearch,describethe organization,the accounting ethicalbreachandtheimpact tothe organizationrelatedto ethical breach.

3. Determinehowtheorganizationalethicalissuewas detectedandhowmanagementfailedto createanethicalenvironment.

4. Analyzetheaccounts impactedand/oraccounting guidelines violatedandtheresulting impact to thebusiness operation.

5. As aCFO,recommendwhichmeasurescould havebeentakentopreventthis ethical breachand howeachmeasureshouldbeimplementedin thefuture.

6. Use atleast four (4)qualityacademic resources in thisassignment.Note:Wikipediaand other

Websitesdonot qualityas academic resources.

 

Yourassignmentmustfollowtheseformattingrequirements:

Betyped,doublespaced,usingTimes NewRomanfont(size 12),withone-inchmarginsonall sides; citations andreferencesmustfollowAPAorschool-specific format.Checkwithyour professor foranyadditional instructions.

Includeacoverpagecontainingthe titleoftheassignment,thestudents name,theprofessor’s name,thecoursetitle,and thedate.Thecoverpageandthereferencepagearenotincludedin therequiredassignment pagelength.

 

Thespecific courselearning outcomes associatedwith this assignmentare:

Examineaccountingprinciples andconceptsusedin businesses.

Prepareandrecordfinancialtransactions intheaccountingcycle according toGAAPandIFRS

accountingmethodology.

Use technologyandinformation resourcestoresearch issuesin financial accounting.

Writeclearlyandconciselyaboutfinancial accountingusing proper writingmechanics.

 

 

Assignment 2:YouArean Entrepreneur!

 

Studentlife does notgenerallyafforda greatdealoffreetime to pursueyourpersonalinterests;however, atonepoint,youmayhave consideredturninga personal interest or hobbyinto an officialenterprise. Today,you havefinallydecided toturnthathobbyintoa business buthaverealized thatyouneedstart– upcapitalfromalenderor investor.

 

To obtainfunding,youneed toconvincealender/investor thatyourbusiness ismorethanahobby.You needtodemonstratethatyouhaveafirmgraspofyour business,theaccounting practices thatimpact yourbusiness,the controls neededtosafeguardassets, and whichaccountingsystemwill produce accurate andrelevantfinancial information.

 

Writeasix toeight(68) pagebusiness plan inwhichyou:

 

1. Describethetype ofbusinessyouhavecreated including:

a. Theproductor service, andgeneralstaffing plan.Providearationaleforyourplan. b. Theformofyourbusinessandthe benefits it offersyourparticular business,

c. Achartof accountsspecific toyourbusiness, includingarationaleastotheselectionof each account.(Note: Thechart ofaccountsisablueprintofyourbusinessforthe lender/investor. Itshouldreportthe expectedresourcesthatyouwillconsumeinyour business(assets),thesourcesofthoseresources(liabilities andequity),thesources of revenue,and expendituresthatyou expectto incur to earn thoserevenues.Youmay builda detailedchartthatincludesbusiness units, divisions,productlines, etc.)

2. Based ontheformofyourbusiness,analyzewhetherornotyouwillberequiredto useGenerally AcceptedAccounting Principles (GAAP)orInternationalFinancialReporting Standards (IFRS) accountingmethodsand howthe IFRS/GAAPconvergencewillimpactyourbusiness.Suggest howyouwill incorporateanychangesintoyourbooksandrecords.(Note:You needto demonstratetothe lender/investor that youhaverecognizedpossiblechangestoGAAPthatmay impact the accountingand reportingofyouraccountingevents.)

3. Prepareaproforma balancesheet andincome statementproviding theassumptions madeand support the valuations assigned.

4. Consideringthevalue of assets(assigned peryourbalancesheet)usedwithinyourbusiness, recommend two(2)specificinternal controls thatyouwillimplement toprotectyourcompanys assets andresources,justifying howeachwillprovideassurances tomanagement.(NOTE: Safeguarding assetsand protectingpersonaldata areparamounttoensuringthe viabilityof a business. Demonstratetothelender/investor that yourassetswillbesafeguarded andcustomer information(ifapplicable)will beprotected.)

5. Based onthe internalcontrolrecommendationsthatyoumade,suggest howyouwillimplement eachwithinyourbusiness environment,indicatinghowchallenges orresistances willbe overcome.

6. Evaluate theimpact oftheregulatoryenvironment,includingthe Sarbanes-OxleyAct and other regulatoryrequirements,onyourbusinessventure,givingconsideringtohowyouintend to complywith therequirements andthe general impact todecisionmakingwithinyourbusiness.

7. Use atleast four (4)qualityacademic resources in thisassignment.Note:Wikipediaand other

Websitesdonot qualityas academic resources.

 

Yourassignmentmustfollowtheseformattingrequirements:

Betyped,doublespaced,usingTimes NewRomanfont(size 12),withone-inchmarginsonall sides; citations andreferencesmustfollowAPAorschool-specific format.Checkwithyour professor foranyadditional instructions.

 

 

 

Assignment 3:YouAreanInvestmentAnalyst

 

As therepresentativefromyouraccounting firmorpractice,youarein chargeof stock marketanalysis thatwillbe presented toclients aspartof professionalconsultationprocess.Oneofyour highprofile clientsistrying todeterminethepossibleinvestment potentialbetweentwocompanies.However,before youcanrecommend investmentstoclients,youneedtofamiliarizeyourselfwiththebackgroundofthe companies,analyze stocktrends,researchcurrentevents, andanalyzefinancialstatements.Selectone (1)pair ofthesecompaniesandconductyouranalysis.

Pepsi versus CocaCola,or

Amazonversus eBay

 

 

Writeaneightto ten(810) page paper inwhichyou:

1. Analyzeeach companys history, product /services,majorcustomers,majorsuppliers,and leadership and provide asynopsis ofeach company.

2. Based onthestockpriceforthetimeline listed below,presenta graphthat illustrates thestock price ofeachcompany. Indicateconclusions thatcanbe drawnbasedon the trend:

a. Thedayof itsinitialpublic offering b. January1,2012

c. January1,2011

d. January1,2010

3. Researchandsummarizeat least two(2)news events(this mayinclude mergers,acquisitions, or politicalissues)that occurredfrom2010tothe present dayandthepotential impact onthestock price of eachcompany.Indicatehowthisinfluencesyour investment decisionrelated tothe company.

4. Provideanoverallfinancialanalysisforeach companythat highlights thekeycharacteristics for investment andhowthismayimpact aninvestorsdecision.

5. Based onyourreviewof thefinancial dataforeachcompany,indicate the accuracyandreliability ofthedataformakinginvestment decision.Providesupportforyourconclusion.

6. Recommend whichcompanyyouconsiderasthebetter investmentforyour client and howyou willpresentyour recommendation. Supportyourrecommendation with datafromyour analysis.

7. Use atleast four (4)qualityacademic resources in thisassignment.Note:Wikipediaand other

Websitesdonot qualityas academic resources. Yourassignmentmustfollowtheseformattingrequirements:

Betyped,doublespaced,usingTimes NewRomanfont(size 12),withone-inchmarginsonall sides; citations andreferencesmustfollowAPAorschool-specific format.Checkwithyour professor foranyadditional instructions.

Includeacoverpagecontainingthe titleoftheassignment,thestudents name,theprofessors name,thecoursetitle,and thedate.Thecoverpageandthereferencepagearenotincludedin therequiredassignment pagelength.

 

 

Thespecific courselearning outcomes associatedwith this assignmentare:

Analyzetheaccountingforcorporationrequirements relatedtostockvaluation,dividends, and retainedearnings.

Determinehowto valueinvestmentsand howtoreportthembasedon thatvaluation.

Use technologyandinformation resourcestoresearch issuesin financial accounting.

Writeclearlyandconciselyaboutfinancial accounting using proper writingmechanics.

 

 

 

To Purchase the solution of these problems of ACC 557 Please click below link

 

 

 

ACC 557 Week 1 Assignment

E1-2 (a) The following are users of financial statements.
______Customers ______Securities and Exchange Commission
______Internal Revenue Service ______Store manager
______Labor unions ______Suppliers
______Marketing manager ______Vice-president of finance
______Production supervisor

Instructions
Identify the users as being either external users or internal users.

(b) The following questions could be asked by an internal user or an external user.
______Can we afford to give our employees a pay raise?
______Did the company earn a satisfactory income?
______Do we need to borrow in the near future?
______How does the company’s profitability compare to other companies?
______What does it cost us to manufacture each unit produced?
______Which product should we emphasize?
______Will the company be able to pay its short-term debts?

Instructions
Identify each of the questions as being more likely asked by an internal user or an external user.

 

ACC 557 Week 1 Assignment

E1-4 The following situations involve accounting principles and assumptions.

1. Grossman Company owns buildings that are worth substantially more than they originally cost. In an effort to provide more relevant information, Grossman reports the buildings at market value in its accounting reports.

2. Jones Company includes in its accounting records only transaction data that can be expressed in terms of money.

3. Caleb Borke, president of Caleb’s Cantina, records his personal living costs as expenses of the Cantina.

Instructions
For each of the three situations, say if the accounting method used is correct or incorrect. If correct, identify which principle or assumption supports the method used. If incorrect, identify which principle or assumption has been violated.

 

 

 

 

ACC 557 E1-8

 

An analysis of the transactions made by S. Moses & Co., a certified public accounting firm, for the month of August is shown below. Each increase and decrease in stockholder’s equity is explained.

Cash + Accounts
Receivable + Supplies + Office
Equipment = Accounts
Payable + Stockholder’s Equity
1. +$15,000 +$15,000 Investment
2.-2,000 +$5,000 +$3,000
3.-750 +$750
4.+4,600 +$3,700 +8,300 Service Revenue
5.-1,500 -1,500
6.-2,000 -2,000 Dividends
7.-650 -650 Rent Expense
8.+450 -450
9.-4,900 -4,900 Salaries Expense
10. +500 -500 Utilities Expense

Instructions

(a) How much did stockholder’s equity increase for the month?

$

(b) Compute the amount of net income for the month. (If a net loss, record amount using either a negative sign preceding the number eg -45 or parentheses eg (45).)

 

ACC 557 Week 1 E1-14

Deer Park, a public camping ground near the Lake Mead National Recreation Area, has compiled the following financial information as of December 31, 2008.

Revenues during 2008—camping fees $140,000 Notes payable $ 60,000
Revenues during 2008—general store 50,000 Expenses during 2008 150,000
Accounts payable 11,000 Supplies on hand 2,500
Cash on hand 23,000 Common stock 20,000
Original cost of equipment 105,500 Retained earnings ?
Market value of equipment 140,000

Instructions

(a) Determine Deer Park’s net income for 2008.
(b) Prepare a balance sheet for Deer Park as of December 31, 2008.

 

ACC 557 Week 1 P1-4A

Mark Miller started a delivery service, Miller Deliveries, on June 1, 2008.The following transactions occurred during the month of June.

June 1 Stockholders invested $10,000 cash in the business.
2 Purchased a used van for deliveries for $12,000. Mark paid $2,000 cash and signed a note payable for the remaining balance.
3 Paid $500 for office rent for the month.
5 Performed $4,400 of services on account.
9 Paid $200 in cash dividends.
12 Purchased supplies for $150 on account.
15 Received a cash payment of $1,250 for services provided on June 5.
17 Purchased gasoline for $100 on account.
20 Received a cash payment of $1,500 for services provided.
23 Made a cash payment of $500 on the note payable.
26 Paid $250 for utilities.
29 Paid for the gasoline purchased on account on June 17.
30 Paid $1,000 for employee salaries.

Instructions

(a) Show the effects of the previous transactions on the accounting equation using the following
format.
Problems: Set A 39
(b) Net income $1,900
(a) Retained earnings $3,850
(b) Net income $4,050
(c) Cash $8,200
Stockholders’
Assets Liabilities Equity
Accounts Delivery Notes Accounts Common Retained
Date Cash _ Receivable _ Supplies _ Van _ Payable _ Payable _ Stock _ Earnings
Include explanations for any changes in the Retained Earnings account in your analysis.
(b) Prepare an income statement for the month of June.
(c) Prepare a balance sheet at June 30, 2008.

 

ACC 557 Week 1 P1–5A

Financial statement information about four different companies is as follows.

Instructions

(a) Determine the missing amounts. (Hint: For example, to solve for (a), Assets _ Liabilities _
Stockholders’ Equity _ $45,000.)
(b) Prepare the retained earnings statement for Yates Company. Assume beginning retained
earnings was $20,000.
(c) Write a memorandum explaining the sequence for preparing financial statements and the interrelationship of the retained earnings statement to the income statement and
balance sheet.

Karma Yates McCain Dench
Company CompanyCompanyCompany
January 1, 2008
Assets $ 95,000 $110,000 (g) $170,000
Liabilities 50,000 (d) 75,000 ( j)
Stockholders’ equity (a) 60,000 45,000 90,000
December 31, 2008
Assets (b) 137,000 200,000 (k)
Liabilities 55,000 75,000 (h) 80,000
Stockholders’ equity 60,000 (e) 130,000 170,000
Stockholders’ equity changes in year
Additional investment (c) 15,000 10,000 15,000
Dividends 25,000 (f) 14,000 20,000
Total revenues 350,000 420,000 (i) 520,000
Total expenses 320,000 385,000 342,000 (l)

 

 

ACC 557 Week 2

 

 E2-2 Selected transactions for D. Reyes, Inc., an interior decorating firm, in its first month of?

Jan. 2 Invested $10,000 cash in the business in exchange for common stock.
3 Purchased used car for $4,000 cash for use in business.
9 Purchased supplies on account for $500.
11 Billed customers $1,800 for services performed.
16 Paid $200 cash for advertising.
20 Received $700 cash from customers billed on January 11.
23 Paid creditor $300 cash on balance owed.
28 Declared and paid a $1,000 cash dividend.
Instructions
For each transaction indicate the following.
(a) The basic type of account debited and credited (asset, liability, stockholders’ equity).
(b) The specific account debited and credited (cash, rent expense, service revenue, etc.).
(c) Whether the specific account is increased or decreased.
(d) The normal balance of the specific account.

 

ACC 557 Week 2 E2-3

Selected transactions for D. Reyes, an interior decorator in her first month of business, are as follows.
Jan.

2  
Invested $10,000 cash in business.

3  
Purchased used car for $4,000 cash for use in business.

9  
Purchased supplies on account for $500.

11  
Billed customers $1,800 for services performed.

16  
Paid $200 cash for advertising.

20  
Received $700 cash from customers billed on January 11.

23  
Paid creditor $300 cash on balance owed.

28  
Withdrew $1,000 cash for personal use of owner.
Instructions
Journalize the transactions:

 

 

ACC  557 Week 2 E2-7

Rowand Enterprises had the following selected transactions.

  1. Aaron Rowand invested $4,000 cash in the business in exchange for common stock.

  2. Paid office rent of $1,100.

  3. Performed consulting services and billed a client $5,200.

  4. Paid $700 cash dividend

 

ACC  557 Week 2 E2-10

The T accounts below summarize the ledger of Simon Landscaping Company at the end of the first month of operations.

Cash              

No. 101

 

4/1

15,000 

  4/15

600 

4/12

900 

  4/25

1,500 

4/29

400 

 

 

4/30

1,000 

 

 

 

Accounts Receivable

No. 112

 

4/7

3,200 

  4/29

400 

 

 

 

 

 

Supplies          

No. 126

 

4/4

1,800 

 

 

 

 

 

 

 

Accounts Payable

No. 201

 

4/25

1,500 

  4/4

1,800 

 

 

 

 

 

Unearned Revenue

No. 205

 

 

 

  4/30

1,000 

 

 

 

 

 

Common Stock   

No. 311

 

 

 

  4/1

15,000

 

 

 

 

 

Service Revenue

No. 400

 

 

 

  4/7

3,200 

 

 

  4/12

900 

 

Salaries Expense

No. 726

 

4/15

600 

 

 

 

 

 

 

Instructions

(a) Prepare the complete general journal from which the postings to Cash were made.

Date

Description/Account

Debit

Credit

Apr. 1

Cash

  15000

 

 

          Common Stock

 

  15000

 

   (Owner’s investment of cash in business.)

 

 

Apr. 12

Cash

  900

 

 

          Service Revenue

 

  900

 

   (Received cash for services provided.)

 

 

Apr. 15

Salaries Expense

  600

 

 

          Cash

 

  600

 

   (Paid salaries to date.)       

 

 

Apr. 25

Accounts Payable

  1500

 

 

          Cash

 

  1500

 

   (Paid creditors on account.)        

 

 

Apr. 29

Cash

  400

 

 

          Accounts Receivable

 

  400

 

   (Received cash in payment of account.)       

 

 

Apr. 30

Cash

  1000

 

 

          Unearned Revenue

 

  1000

 

   (Received cash for future services.)       

 

 

(b) Prepare a trial balance at April 30, 2008. (If answer is zero, please enter 0. Do not leave any fields blank.)

 

ACC  557 Week 2 P2-3A

 

Jack Shellenkamp owns and manages a computer repair service, which had the following trial balance on December 31, 2007 (the end of its fiscal year).

BYTE REPAIR SERVICE, INC.

 

Trial Balance

 

2007-12-31

 

Cash

$8,000

 

 

Accounts Receivable

15,000

 

 

Parts Inventory

13,000

 

 

Prepaid Rent

3,000

 

 

Shop Equipment

21,000

 

 

Accounts Payable

 

 

$19,000

Common Stock

 

 

30,000

Retained Earnings

 

 

11,000

 

$60,000

 

$60,000

Summarized transactions for January 2008 were as follows:

  1. Advertising costs, paid in cash, $1,000.

  2. Additional repair parts inventory acquired on account $4,000.

  3. Miscellaneous expenses, paid in cash, $2,000.

  4. Cash collected from customers in payment of accounts receivable $14,000.

  5. Cash paid to creditors for accounts payable due $15,000.

  6. Repair parts used during January $4,000. (Hint: Debit this to Repair Parts Expense.)

  7. Repair services performed during January: for cash $6,000; on account $9,000.

  8. Wages for January, paid in cash, $3,000.

  9. Dividends paid in January were $3,000.

ACC  557 Week 2 P2-5A

The Lake Theater opened on April 1. All facilities were completed on March 31. At this time, the ledger showed: No. 101 Cash $6,000; No. 140 Land $10,000; No. 145 Buildings (concession stand, projection room, ticket booth, and screen) $8,000; No. 157 Equipment $6,000; No. 201 Accounts Payable $2,000; No. 275 Mortgage Payable $8,000; and No. 311 Common Stock $20,000. During April, the following events and transactions occurred. 

Apr. 2 Paid film rental of $800 on first movie. 
3 Ordered two additional films at $1,000 each. 
9 Received $2,800 cash from admissions. 
10 Made $2,000 payment on mortgage and $1,000 for accounts payable due. 
11 Lake Theater contracted with R. Wynns Company to operate the concession stand. Wynns is to pay 17% of gross concession receipts (payable monthly) for the right to operate the concession stand. 
12 Paid advertising expenses $500. 
20 Received one of the films ordered on April 3 and was billed $1,000. The film will be shown in April. 
25 Received $5,200 cash from admissions. 
29 Paid salaries $2,000. 
30 Received statement from R.Wynns showing gross concession receipts of $1,000 and the balance due to The Lake Theater of $170 ($1,000 17%) for April. Wynns paid one-half of the balance due and will remit the remainder on May 5. 
30 Prepaid $900 rental on special film to be run in May. 

In addition to the accounts identified above, the chart of accounts shows: No. 112 Accounts Receivable, No. 136 Prepaid Rentals, No. 405 Admission Revenue, No. 406 Concession Revenue, No. 610 Advertising Expense, No. 632 Film Rental Expense, and No. 726 Salaries Expense. 

Instructions

(a) Journalize the April transactions. (If there is no transaction, enter No entry as the description and 0 for the amount.) List amounts from largest to smallest eg 10, 5, 3, 2. If amounts are the same, list alphabetically

 

 

 

ACC 557 Week 3

 

E3-4

 Emeril Corporation encounters the following situations:

Instructions

Identify what type of adjusting entry (prepaid expense, unearned revenue, accrued expense, accrued revenue) is needed in each situation, at December 31, 2008.

1. Emeril collects $1,000 from a customer in 2008 for services to be performed in 2009.

2. Emeril incurs utility expense which is not yet paid in cash or recorded.

3. Emeril’s employees worked 3 days in 2008, but will not be paid until 2009.

4. Emeril earned service revenue but has not yet received cash or recorded the transaction.

5. Emeril paid $2,000 rent on December 1 for the 4 months starting December 1.

6. Emeril received cash for future services and recorded a liability until the revenue was earned.

7. Emeril performed consulting services for a client in December 2008. On December 31, it billed the client $1,200.

8. Emeril paid cash for an expense and recorded an asset until the item was used up.

9. Emeril purchased $900 of supplies in 2008; at year-end, $400 of supplies remain unused.

10. Emeril purchased equipment on January 1, 2008; the equipment will be used for 5 years.

11. Emeril borrowed $10,000 on October 1, 2008, signing an 8% one-year note payable.

 

ACC 557 Week 3 E3-8

Andy Wright, D.D.S., opened a dental practice on January 1, 2008. During the first month 
of operations the following transactions occurred.
 
1. Performed services for patients who had dental plan insurance. At January 31, $875 of such
 
services was earned but not yet recorded.
 
2. Utility expenses incurred but not paid prior to January 31 totaled $520.
 
3. Purchased dental equipment on January 1 for $80,000, paying $20,000 in cash and signing a
 
$60,000, 3-year note payable.The equipment depreciates $400 per month. Interest is $500 per
 
month.
 
4. Purchased a one-year malpractice insurance policy on January 1 for $12,000.
 
5. Purchased $1,600 of dental supplies. On January 31, determined that $400 of supplies were on
 
hand.
 
Instructions
 
Prepare the adjusting entries on January 31. Account titles are: Accumulated Depreciation—
 
Dental Equipment, Depreciation Expense, Service Revenue, Accounts Receivable, Insurance
 
Expense, Interest Expense, Interest Payable, Prepaid Insurance, Supplies, Suppl

 

ACC 557 Week 3 E3-10

Quesiton

The income statement of Benning Co. for the month of July shows net income of $1,400 based on Service Revenue $5,500, Wages Expense $2,300, Supplies Expense $1,200, and Utilities Expense $600. In reviewing the statement, you discover the following.

  1. Insurance expired during July of $400 was omitted.

  2. Supplies expense includes $200 of supplies that are still on hand at July 31.

  3. Depreciation on equipment of $150 was omitted.

  4. Accrued but unpaid wages at July 31 of $300 were not included.

  5. Services provided but unrecorded totaled $500.

Instructions

Prepare a correct income statement for July 2008

 

ACC 557 Week 3 E3-13

 

 

The trial balances before and after adjustment for Garcia Company at the end of its fiscal year are presented below.

GARCIA COMPANY

 

Trial Balance

 

2008-08-31

 

 

Before Adjustment

 

After Adjustment

 

 

Dr.

 

Cr.

 

Dr.

 

Cr.

Cash

$10,400

 

 

 

$10,400

 

 

Accounts Receivable

  8,800

 

 

 

9,800

 

 

Office Supplies

  2,300

 

 

 

    700

 

 

Prepaid Insurance

  4,000

 

 

 

  2,500

 

 

Office Equipment

 14,000

 

 

 

 14,000

 

 

Accumulated Depreciation–Office Equipment

 

 

$3,600

 

 

 

$4,500

Accounts Payable

 

 

  5,800

 

 

 

  5,800

Salaries Payable

 

 

  -0-  

 

 

 

  1,100

Unearned Rent

 

 

  1,500

 

 

 

600

Common Stock

 

 

 10,000

 

 

 

 10,000

Retained Earnings

 

 

5,600

 

 

 

5,600

Service Revenue

 

 

 34,000

 

 

 

 35,000

Rent Revenue

 

 

 11,000

 

 

 

11,900

Salaries Expense

 17,000

 

 

 

 18,100

 

 

Office Supplies Expense

 -0-  

 

 

 

  1,600

 

 

Rent Expense

 15,000

 

 

 

 15,000

 

 

Insurance Expense

 -0-  

 

 

 

  1,500

 

 

Depreciation Expense

-0-  

 

 

 

900

 

 

 

$71,500

 

$71,500

 

$74,500

 

$74,500

Instructions

 Answerss

Prepare the adjusting entries that were made.

 

 

ACC 557 Week 3 P3-2A

Neosho River Resort, Inc. opened for business on June 1 with eight air-conditioned units. Its trial balance before adjustment on August 31 is as follows.

 

In addition to those accounts listed on the trial balance, the chart of accounts for Neosho River Resort also contains the following accounts and account numbers: No. 112 Accounts Receivable, No. 144 Accumulated Depreciation–Cottages, No. 150 Accumulated Depreciation–Furniture, No. 212 Salaries Payable, No. 230 Interest Payable, No. 320 Retained Earnings, No. 620 Depreciation Expense–Cottages, No. 621 Depreciation Expense–Furniture, No. 631 Supplies Expense, No. 718 Interest Expense, and No. 722 Insurance Expense.

Other data:

  1. Insurance expires at the rate of $400 per month.

  2. A count on August 31 shows $600 of supplies on hand.

  3. Annual depreciation is $6,000 on cottages and $2,400 on furniture.

  4. Unearned rent of $4,100 was earned prior to August 31.

  5. Salaries of $400 were unpaid at August 31.

  6. Rentals of $1,000 were due from tenants at August 31. (Use Accounts Receivable.)

  7. The mortgage interest rate is 9% per year. (The mortgage was taken out on August 1.)

Instructions

(a) Journalize the adjusting entries on August 31 for the 3-month period June 1–August 31.

 

 

 

ACC 557 Week 3 P3-5A

On September 1, 2008, the account balances of Rand Equipment Repair, Inc. were as follows.

No.

 

Debits

 

No.

 

Credits

 

101

 

Cash

$4,880

 

154

 

Accumulated Depreciation

$1,500

112

 

Accounts Receivable

  3,520

 

201

 

Accounts Payable

  3,400

126

 

Supplies

  2,000

 

209

 

Unearned Service Revenue

  1,400

153

 

Store Equipment

 15,000

 

212

 

Salaries Payable

    500

 

 

 

 

 

311

 

Common Stock

15,000

 

 

 

 

 

320

 

Retained Earnings

3,600

 

 

 

$25,400

 

 

 

 

$25,400

During September the following summary transactions were completed.

Sept.  8

 

Paid $1,400 for salaries due employees, of which $900 is for September.

10

 

Received $1,200 cash from customers on account.

12

 

Received $3,400 cash for services performed in September.

15

 

Purchased store equipment on account $3,000.

17

 

Purchased supplies on account $1,200.

20

 

Paid creditors $4,500 on account.

22

 

Paid September rent $500.

25

 

Paid salaries $1,250.

27

 

Performed services on account and billed customers for services provided $1,500.

29

 

Received $650 from customers for future service.

Adjustment data consist of:

  1. Supplies on hand $1,200.

  2. Accrued salaries payable $400.

  3. Depreciation is $100 per month.

  4. Unearned service revenue of $1,450 is earned.

Instructions

(a)

Journalize the September transactions. (Your instructor may advise you to post to ledger accounts, that should be turned in as part of the problem.)

(b)

Prepare a trial balance at September 30.

(c)

Journalize and post adjusting entries.

(d)

Prepare an adjusted trial balance.

(e)

Prepare an income statement and a retained earnings statement for September and a balance sheet at September 30.

 

 

 

 

ACC 557 Week 4

 

E4-1

 

The trial balance columns of the worksheet for Briscoe Company at June 30, 2008, are below.

Other data:

  1. A physical count reveals $300 of supplies on hand.

  2. $100 of the unearned revenue is still unearned at month-end.

  3. Accrued salaries are $280.

Instructions

Complete the worksheet.

 

ACC 557 E4-7

Emil Skoda Company had the following adjusted trial balance.

EMIL SKODA COMPANY

 

Adjusted Trial Balance

 

2008-06-30

 

 

Adjusted Trial Balance

 

Account Titles

Debits

 

Credits

Cash

$3,712

 

 

Accounts Receivable

3,904

 

 

Supplies

480

 

 

Accounts Payable

 

 

$1,792

Unearned Revenue

 

 

160

Common Stock

 

 

5,000

Retained Earnings

 

 

760

Dividends

300

 

 

Service Revenue

 

 

4,064

Salaries Expense

1,344

 

 

Miscellaneous Expense

256

 

 

Supplies Expense

2,228

 

 

Salaries Payable

 

 

448

 

$12,224

 

$12,224

Instructions

(a)  Prepare closing entries at June 30, 2008. (For multiple debit/credit entries, list amounts from largest to smallest eg 10, 5, 3, 2.)

ACC 557 E4-11

 

Selected accounts for Nina’s Salon are presented below. All June 30 postings are from closing entries.

Salaries Expense

 

Service Revenue

 

  6/10

3,200 

  6/30

8,800 

 

  6/30

15,100 

  6/15

6,700 

  6/28

5,600 

 

 

 

 

 

  6/24

8,400 

 

Retained Earnings

 

Supplies Expense

 

  6/30

2,500 

  6/1

12,000 

 

  6/12

600 

  6/30

1,300 

 

 

  6/30

2,000 

 

  6/24

700 

 

 

 

 

  Bal.

11,500 

 

 

 

 

 

 

Rent Expense

 

Dividends

 

  6/1

3,000 

  6/30

3,000

 

  6/13

1,000 

  6/30

2,500 

 

 

 

 

 

  6/25

1,500 

 

 

Instructions

(a) Prepare the closing entries that were made.

(a) Prepare the closing entries that were made. (For multiple debit/credit entries, list amounts from largest to smallest eg 10, 5, 3, 2.)

ACC 557 Week 4 E 4-12

Question

Max Weinberg Company discovered the following errors made in January 2008.

  1. A payment of Salaries Expense of $600 was debited to Equipment and credited to Cash, both for $600.

  2. A collection of $1,000 from a client on account was debited to Cash $100 and credited to Service Revenue $100.

  3. The purchase of equipment on account for $980 was debited to Equipment $890 and credited to Accounts Payable $890.

Instructions

(a) Correct the errors by reversing the incorrect entry and preparing the correct entry.

 

 

ACC 557 Week 4 p4-5A

 

Question

Laura Eddy opened Eddy’s Carpet Cleaners on March 1. During March, the following transactions were completed.

Mar.

1

Issued stock for $10,000 in cash.

 

1

Purchased used truck for $6,000, paying $3,000 cash and the balance on account.

 

3

Purchased cleaning supplies for $1,200 on account.

 

5

Paid $1,200 cash on one-year insurance policy effective March 1.

 

14

Billed customers $4,800 for cleaning services.

 

18

Paid $1,500 cash on amount owed on truck and $500 on amount owed on cleaning supplies.

 

20

Paid $1,800 cash for employee salaries.

 

21

Collected $1,400 cash from customers billed on March 14.

 

28

Billed customers $2,500 for cleaning services.

 

31

Paid gas and oil for month on truck $200.

 

31

Declared and paid a $700 cash dividend.

The chart of accounts for Eddy’s Carpet Cleaners contains the following accounts: No. 101 Cash, No. 112 Accounts Receivable, No. 128 Cleaning Supplies, No. 130 Prepaid Insurance, No. 157 Equipment, No. 158 Accumulated Depreciation-Equipment, No. 201 Accounts Payable, No. 212 Salaries Payable, No. 311 Common Stock, No. 320 Retained Earnings, No. 332 Dividends, No. 350 Income Summary, No. 400 Service Revenue, No. 633 Gas & Oil Expense, No. 634 Cleaning Supplies Expense, No. 711 Depreciation Expense, No. 722 Insurance Expense, and No. 726 Salaries Expense

ACC 557 Week 4 P4-4A

Question

DISNEY AMUSEMENT PARK, INC. has a fiscal year ending on September 30. Selected data from the September 30 worksheet are presented below.

 

ACC 557 Chapter 5

 

 

On September 1, Howe Office Supply had an inventory of 30 pocket calculators at a cost of $18 each. The company uses a perpetual inventory system. During September, the following transactions occurred.

E 5-4

On June 10, Meredith Company purchased $8,000 of merchandise from Leinert Company FOB shipping point, terms 2/10, n/30. Meredith pays the freight costs of $400 on June 11. Damaged goods totaling $300 are returned to Leinert for credit on June 12. The scrap value of these goods is $150. On June 19, Meredith pays Leinert Company in full, less the purchase discount. Both companies use a perpetual inventory system.

 

In 2008, Walter Payton Company had net sales of $900,000 and cost of goods sold of $540,000. Operating expenses were $230,000, and interest expense was $11,000. Payton prepares a multiple-step income statement.

P5-4A 

J. Hafner, a former professional tennis star, operates Hafner’s Tennis Shop at the Miller Lake Resort. At the beginning of the current season, the ledger of Hafner’s Tennis Shop showed Cash $2,500, Merchandise Inventory $1,700, and Common Stock $4,200. The following transactions were completed during April.
Apr. 4 Purchased racquets and balls from Wellman Co. $840, FOB shipping point, terms 2/10, n/30.
6 Paid freight on purchase from Wellman Co. $40.
8 Sold merchandise to members $1,150, terms n/30. The merchandise sold had a cost of $790.
10 Received credit of $40 from Wellman Co. for a damaged racquet that was returned.
11 Purchased tennis shoes from Venus Sports for cash, $420.
13 Paid Wellman Co. in full.
14 Purchased tennis shirts and shorts from Serena’s Sportswear $900, FOB shipping point, terms 3/10, n/60.
15 Received cash refund of $50 from Venus Sports for damaged merchandise that was returned.
17 Paid freight on Serena’s Sportswear purchase $30.
18 Sold merchandise to members $810, terms n/30.The cost of the merchandise sold was $530.
20 Received $500 in cash from members in settlement of their accounts.
21 Paid Serena’s Sportswear in full.
27 Granted an allowance of $30 to members for tennis clothing that did not fit properly.
30 Received cash payments on account from members, $660.
The chart of accounts for the tennis shop includes the following: No. 101 Cash, No. 112 Accounts Receivable, No. 120 Merchandise Inventory, No. 201 Accounts Payable, No. 311 Common Stock, No. 401 Sales, No. 412 Sales Returns and Allowances, No. 505 Cost of Goods Sold.
(a) Net income $30,100
Retained earnings $62,100
Total assets $356,100
Journalize, post, and prepare a trial balance.
Instructions
(a) Journalize the April transactions using a perpetual inventory system.
(b) Enter the beginning balances in the ledger accounts and post the April transactions. (Use J1 for the journal reference.)
(c) Prepare a trial balance on April 30, 2008.

 

Kristen Montana operates a retail clothing operation. She purchases all merchandise inventory on credit and uses a periodic inventory system. The accounts payable account is used for recording inventory purchases only; all other current liabilities are accrued in separate accounts. You are provided with the following selected information for the fiscal years 2005, 2006, 2007, and 2008.

 

 

 

ACC 557 Week 6

 

E6-2

Kale Thompson, an auditor with Sneed CPAs, is performing a review of Strawser Company’s inventory account. Strawser did not have a good year and top management is under pressure to boost reported income. According to its records, the inventory balance at year-end was $740,000. However, the following information was not considered when determining that amount.

Instructions

Determine the correct inventory amount. (If answer is zero, please enter 0. Do not leave any fields blank. If amount has a negative effect, use either a negative sign preceding the number eg -45 or parentheses eg (45).)

Ending inventory-as reported. 

$
1. Included in the company’s count were goods with a cost of $250,000 that the company is holding on consignment. The goods belong to Superior Corporation. 

2. The physical count did not include goods purchased by Strawser with a cost of $40,000 that were shipped FOB destination on December 28 and did not arrive at Strawser’s warehouse until January 3. 

3. Included in the inventory account was $17,000 of office supplies that were stored in the warehouse and were to be used by the company’s supervisors and managers during the coming year. 

4. The company received an order on December 29 that was boxed and was sitting on the loading dock awaiting pick-up on December 31. The shipper picked up the goods on January 1 and delivered them on January 6. The shipping terms were FOB shipping point. The goods had a selling price of $40,000 and a cost of $30,000.The goods were not included in the count because they were sitting on the dock. 

5. On December 29 Strawser shipped goods with a selling price of $80,000 and a cost of $60,000 to District Sales Corporation FOB shipping point. The goods arrived on January 3. District Sales had only ordered goods with a selling price of $10,000 and a cost of $8,000. However, a sales manager at Strawser had authorized the shipment and said that if District wanted to ship the goods back next week, it could. 

6. Included in the count was $40,000 of goods that were parts for a machine that the company no longer made. Given the high-tech nature of Strawser’s products, it was unlikely that these obsolete parts had any other use. However, management would prefer to keep them on the books at cost, “since that is what we paid for them, after all.”

 

ACC 557 Week 6 E6-7

Question

Jones Company had 100 units in beginning inventory at a total cost of $10,000. The company purchased 200 units at a total cost of $26,000. At the end of the year, Jones had 80 units in ending inventory.

ACC 557 Week 6 E6-9

Question

Americus Camera Shop uses the lower-of-cost-or-market basis for its inventory. The following data are available at December 31.

Instructions

Determine the amount of the ending inventory by applying the lower-of-cost-or-market basis.

ACC 557 Week 6 E6-11

Question

Lebo Hardware reported the cost of goods sold as follows:

Lebo made two errors: (1) 2008 ending inventory was overstated by $3,000 and (2) 2009 ending inventory was understated $6,000.

Instructions

Compute the correct cost of goods sold for each year.

ACC 557 week 6 P6-2A

Question

Glanville Distribution markets CDs of the performing artist Harrilyn Clooney. At the beginning of March, Glanville had in beginning inventory 1,500 Clooney CDs with a unit cost of $7. During March Glanville made the following purchases of Clooney CDs.

March 5

3,000 @ $8

 

March 21

4,000 @ $10

 

March 13

5,500 @ $9

 

March 26

2,000 @ $11

 

During March 12,500 units were sold. Glanville uses a periodic inventory system.

 

 

 

 

 

ACC 557 week 6 P6-5A

Question

You are provided with the following information for Pavey Inc. for the month ended October 31, 2008. Pavey uses a periodic method for inventory.

Instructions

(a) Calculate (i) ending inventory, (ii) cost of goods sold, (iii) gross profit, and (iv) gross profit rate under each of the following methods. (Round weighted-average cost per unit to 3 decimal places, e.g. 2.250. Use the rounded amount for future computations. Round gross profit rate to 1 decimal place, e.g. 10.5 and all other answers to 0 decimal places, e.g. 125.)

      (1) LIFO. 
      (2) FIFO. 
      (3) Average-cost.

 

 

 

ACC 557 Week 7

 

E7-2

Presented below are some business transactions that occurred during 2008 for Vicki Prowitz Company.

(a) Merchandise inventory with a cost of $208,000 is reported at its market value of $260,000.The following entry was made.
Merchandise Inventory 52,000
Gain 52,000

(b) Equipment worth $62,000 was acquired at a cost of $41,000 from a company that had water damage in a flood.The following entry was made.
Equipment 62,000
Cash 41,000
Gain on Purchase of Equipment 21,000

(c) The president of Vicki Prowitz Company, Mark Nabke, purchased a truck for personal use and charged it to his expense account.The following entry was made.
Travel Expense 18,000
Cash 18,000

(d) An electric pencil sharpener costing $50 is being depreciated over 5 years. The following entry was made.
Depreciation Expense—Pencil Sharpener 10
Accumulated Depreciation—Pencil Sharpener 10

Instructions
In each of the situations above, identify the assumption, principle, or constraint that has been violated, if any. Discuss the appropriateness of the journal entries, and give the correct journal entry, if necessary.

 

 

E 7-4

Consider the following transactions of Parolini Company for 2008.

For each item below, indicate the amount of revenue Parolini Company should recognize in calendar year 2008. (If answer is zero, please enter 0. Do not leave any fields blank.)

 

 

E 7-8 a

Net sales, net income, total assets, and total common stockholders’ equity information for a recent year is available for the following three companies. All amounts are in millions.

Company                             Net Sales             Net Income        Total Assets       Total Common Equity

Southern Company         $11,251 $1,474                 $35,045 $9,648 

Toys “R” Us, Inc.               $11,305 $229                     $10,218 $4,222 

Intel Corp.                           $30,141 $5,641                 $47,143 $37,846               

Required:

Compute the following relationships for each company.

1.            Debt to total assets ratio

2.            Profit margin percentage (Return on sales)

3.            Return on assets

4.            Return on common stockholders’ equity

 

E7-10   Presented below is partial balance sheet information related to Batten Ltd., a United Kingdom company at December 31. All financial information has been translated from pounds to dollars.

BATTEN LTD.

 

Balance Sheet (partial)

 

(in thousands)

 

Fixed Assets

 

 

 

 

Tangible assets

 

$900,000

Current Assets

 

 

 

 

Stocks (inventory)

$300,000

 

 

Debtors

121,000

 

 

Investments

53,000

 

 

Cash

62,000

 

 

 

536,000

 

Creditors

 

 

 

 

Amounts falling due within one year

100,000

 

Net current assets

 

436,000

 

Total assets less current liabilities

 

1,336,000

 

Creditors

 

 

 

 

Amounts falling due over one year

 

240,000

 

          Total net assets

 

$1,096,000

Restate the asset side of the balance sheet in accordance with generally accepted accounting principles in the United States.

 

P7-1A  

 Scott and Quick are accountants for Millenium Computers. They disagree over the following transactions that occurred during the calendar year 2008.

For each transaction, indicate why Quick disagrees. Identify the accounting principle or assumption that Scott would be violating if his suggestions were used. Prepare the correct journal entry for each transaction, if any.

1. Scott suggests that equipment should be reported on the balance sheet at its liquidation value, which is $15,000 less than its cost.

2. Millenium bought a custom-made piece of equipment for $36,000. This equipment has a useful life of 6 years. Millenium depreciates equipment using the straight-line method. “Since the equipment is custom-made, it will have no resale value. Therefore, it shouldn’t be depreciated but instead should be expensed immediately,” argues Scott. “Besides, it provides for lower net income.”

3. Depreciation for the year was $18,000. Since net income is expected to be lower this year, Scott suggests deferring depreciation to a year when there is more net income.

4. Land costing $60,000 was appraised at $90,000. Scott suggests the following journal entry.

5. Millenium purchased equipment for $35,000 at a going-out-of-business sale. The equipment was worth $45,000. Scott believes that the following entry should be made.

The ledgers of Mid City Galleries Inc. contain the following balances as of December 31, 2008.

 

Advertising expense

$123,000

 

Commissions expense on art sales

1,200,000

   

Depreciation expense (administrative)

98,000

 

Dividend revenue

50,000

 

Insurance expense

600,000

 

Interest expense

98,000

 

Inventory, January1

1,650,000

 

Inventory, December 31

1,424,000

 

Loss on the sale of office equipment

21,300

 

Miscellaneous administrative expenses

53,200

 

Miscellaneous selling expenses

39,000

 

Net purchases

3,200,000

 

Net sales

9,275,000

 

Rent expense

808,000

 

Freight-in

232,000

 

Freight-out

82,500

 

Utilities expense

117,000

 

Wages and salaries 

1,264,000

Income taxes are calculated at 30 percent of income. The galleries had 90,000 shares of common stock outstanding for the entire year. Total assets amounted to $7,509,000, and common stockholder’s equity was $3,975,400.

 

 

ACC 557 Chapter 8

 

Question E 8-5

Listed below are five procedures followed by The Beat Company.

  1. Several individuals operate the cash register using the same register drawer.

  2. A monthly bank reconciliation is prepared by someone who has no other cash responsibilities.

  3. Ellen May writes checks and also records cash payment journal entries.

  4. One individual orders inventory, while a different individual authorizes payments.

  5. Unnumbered sales invoices from credit sales are forwarded to the accounting department every four weeks for recording.

Instructions

Indicate whether each procedure is an example of good internal control or of weak internal control. If it is an example of good internal control, indicate which internal control principle is being followed. If it is an example of weak internal control, indicate which internal control principle is violated. Use the table below.

E 8-7

James Hughes Company established a petty cash fund on May 1, cashing a check for $100.  The company reimbursed the fund on June 1 and July 1 with the following results.

June 1: Cash in fund $2.75. Receipts: delivery expense $31.25; postage expense $39.00; and miscellaneous expense $25.00.

July 1: Cash in fund $3.25. Receipts: delivery expense $21.00; entertainment expense $51.00; and miscellaneous expense $24.75.

On July 10, James Hughes increased the fund from $100 to $150.

Instructions

Prepare journal entries for James Hughes Company for May 1, June 1, July 1, and July 10

 

 

The cash records of Givens Company show the following four situations.

  1. The June 30 bank reconciliation indicated that deposits in transit total $720. During July the general ledger account Cash shows deposits of $15,750, but the bank statement indicates that only $15,600 in deposits were received during the month.

  2. The June 30 bank reconciliation also reported outstanding checks of $680. During the month of July, Givens Company books show that $17,200 of checks were issued. The bank statement showed that $16,400 of checks cleared the bank in July.

  3. In September, deposits per the bank statement totaled $26,700, deposits per books were $25,400, and deposits in transit at September 30 were $2,100.

  4. In September, cash disbursements per books were $23,700, checks clearing the bank were $25,000, and outstanding checks at September 30 were $2,100.

There were no bank debit or credit memoranda. No errors were made by either the bank or Givens Company.

 

Question E 8-14

Lipkus Company has recorded the following items in its financial records.

Cash in bank

$47,000

Cash in plant expansion fund

100,000

Cash on hand

12,000

Highly liquid investments

34,000

Petty cash

500

Receivables from customers

89,000

Stock investments

61,000

The cash in bank is subject to a compensating balance of $5,000. The highly liquid investments had maturities of 3 months or less when they were purchased. The stock investments will be sold in the next 6 to 12 months. The plant expansion project will begin in 3 years. 
What amount should Lipkus report as “Cash and cash equivalents” on its balance sheet?

 

Question P8-2A

Winningham Company maintains a petty cash fund for small expenditures. The following transactions occurred over a 2-month period.

July

1

Established petty cash fund by writing a check on Cubs Bank for $200.

 

15

Replenished the petty cash fund by writing a check for $196.00. On this date the fund consisted of $4.00 in cash and the following petty cash receipts: freight-out $94.00, postage expense $42.40, entertainment expense $46.60, and miscellaneous expense $11.20.

 

31

Replenished the petty cash fund by writing a check for $192.00. At this date, the fund consisted of $8.00 in cash and the following petty cash receipts: freight-out $82.10, charitable contributions expense $45.00, postage expense $25.50, and miscellaneous expense $39.40.

Aug.

15

Replenished the petty cash fund by writing a check for $187.00. On this date, the fund consisted of $13.00 in cash and the following petty cash receipts: freight-out $75.60, entertainment expense $43.00, postage expense $33.00, and miscellaneous expense $37.00.

 

16

Increased the amount of the petty cash fund to $300 by writing a check for $100.

 

31

Replenished petty cash fund by writing a check for $284.00. On this date, the fund consisted of $16 in cash and the following petty cash receipts: postage expense $140.00, travel expense $95.60, and freight-out $47.10.

 

Question P8-4A

 

The bank portion of the bank reconciliation for Backhaus Company at November 30, 2008, was as follows.

BACKHAUS COMPANY

 

Bank Reconciliation

 

2008-11-30

 

 

 

 

 

Cash balance per bank

 

$14,367.90

 

Add: Deposits in transit

 

2,530.20

 

 

 

16,898.10

 

 

 

 

 

Less: Outstanding checks

 

 

 

Check Number

Check Amount

 

 

3451

$2,260.40

 

 

3470

720.10

 

 

3471

844.50

 

 

3472

1,426.80

 

 

3474

1,050.00

 

6,301.80

Adjusted cash balance per bank

 

$10,596.30

 

The adjusted cash balance per bank agreed with the cash balance per books at November 30. The December bank statement showed the following checks and deposits.

 

 

ACC 557 Chapter 9

 

9-3

The ledger of Hixson Company at the end of the current year shows Accounts Receivable $120,000, Sales $840,000, and Sales Returns and Allowances $30,000.

 

 

Question E9-6

On December 31, 2008, Jarnigan Co. estimated that 2% of its net sales of $400,000 will become uncollectible. The company recorded this amount as an addition to Allowance for Doubtful Accounts. On May 11, 2009, Jarnigan Co. determined that Terry Frye’s account was uncollectible and wrote off $1,100. On June 12, 2009, Frye’s paid the amount previously written off.

Instructions

Prepare the journal entries on December 31, 2008, May 11, 2009, and June 12, 2009.

Question 9-9

Topeka Stores accepts both its own and national credit cards. During the year the following selected summary transactions occurred.

Jan.

15

Made Topeka credit card sales totaling $18,000. (There were no balances prior to January 15.)

 

20

Made Visa credit card sales (service charge fee 2%) totaling $4,300.

Feb.

10

Collected $10,000 on Topeka credit card sales.

 

15

Added finance charges of 1% to Topeka credit card balance.

 

Journalize the transactions for Topeka Stores

Question E9-12

Singletary Company had the following select transactions.

2008

 

 

 

Apr.

1,

2008

Accepted Wilson Company’s 1-year, 12% note in settlement of a $20,000 account receivable.

July

1,

2008

Loaned $25,000 cash to Richard Dent on a 9-month, 10% note.

Dec.

31,

2008

Accrued interest on all notes receivable.

Apr.

1,

2009

Received principal plus interest on the Wilson note.

Apr.

1,

2009

Richard Dent dishonored its note; Singletary expects it will eventually collect.

Instructions

Prepare journal entries to record the transactions. Singletary prepares adjusting entries once a year on December 31.

Question P9-5A

At December 31, 2008, the trial balance of Worcester Company contained the following amounts before adjustment.

 

Debits

Credits

Accounts receivable

$385,000

 

Allowance for doubtful accounts

 

$2,000

Sales

 

950,000

Question P9-6A

Mendosa Company closes its books monthly. On September 30, selected ledger account balances are:

Notes receivable

$33,000

Interest receivable

$170

Notes Receivable include the following.

Date

Maker

Face

Term

Interest

Aug. 16

Chang Inc.

$8,000

60 days

8%

Aug. 25

Hughey Co.

  9,000

60 days

10%

Sept. 30

Skinner Corp.

16,000

6 months

9%

Interest is computed using a 360-day year. During October, the following transactions were completed.

Oct.

7

Made sales of $6,900 on Mendosa credit cards.

 

12

Made sales of $900 on MasterCard credit cards. The credit card service charge is 3%.

 

15

Added $460 to Mendosa customer balance for finance charges on unpaid balances.

 

15

Received payment in full from Chang Inc. on the amount due.

 

24

Received notice that the Hughey note has been dishonored. (Assume that Hughey is expected to pay in the future.)

 

 

 

ACC 557 Chapter 10

 

Chapter E10- 7

Brainiac Company purchased a delivery truck for $30,000 on January 1, 2008. The truck has an expected salvage value of $2,000, and is expected to be driven 100,000 miles over its estimated useful life of 8 years. Actual miles driven were 15,000 in 2008 and 12,000 in 2009.

 

Question  E10-8

Jerry Grant, the new controller of Blackburn Company, has reviewed the expected useful lives and salvage values of selected depreciable assets at the beginning of 2008. His findings are as follows.

 

 

 

Accumulated

Useful Life

 

 

Type

Date

 

Depreciation

in Years

Salvage Value

 

of Asset

Acquired

Cost

 1/1/08

Old

Proposed

Old

Proposed

Building

1/1/02

$800,000

$114,000

40

50

$40,000

$37,000

Warehouse

1/1/03

  100,000

    19,000

25

20

    5,000

    3,600

All assets are depreciated by the straight-line method. Blackburn Company uses a calendar year in preparing annual financial statements. After discussion, management has agreed to accept Jerry’s proposed changes.

Beka Company owns equipment that cost $50,000 when purchased on January 1, 2005. It has been depreciated using the straight-line method based on estimated salvage value of $5,000 and an estimated useful life of 5 years.

Instructions

Prepare Beka Company’s journal entries to record the sale of the equipment in these four independent situations.

Question 10-13

 

Herzogg Company, organized in 2008, has the following transactions related to intangible assets.

1/2/08

Purchased patent (7-year life)

$560,000

4/1/08

Goodwill purchased (indefinite life)

360,000

7/1/08

10-year franchise; expiration date 7/1/2018

440,000

9/1/08

Research and development costs

185,000

Instructions

Prepare the necessary entries to record these intangibles. All costs incurred were for cash. Make the adjusting entries as of December 31, 2008, recording any necessary amortization and reflecting all balances accurately as of that date.  

Question 10-4A

At the beginning of 2006, Lehman Company acquired equipment costing $90,000. It was estimated that this equipment would have a useful life of 6 years and a residual value of $9,000 at that time. The straight-line method of depreciation was considered the most appropriate to use with this type of equipment. Depreciation is to be recorded at the end of each year. 
      During 2008 (the third year of the equipment’s life), the company’s engineers reconsidered their expectations, and estimated that the equipment’s useful life would probably be 7 years (in total) instead of 6 years. The estimated residual value was not changed at that time. However, during 2011 the estimated residual value was reduced to $5,000.

Instructions

Indicate how much depreciation expense should be recorded each year for this equipment, by completing the following table.

Indicate how much depreciation expense should be recorded each year for this equipment, by completing the following table.

 

 

 

ACC 557 Chapter 11

 

E11-1

 

Rob Judson Company had the following transactions involving notes payable.

July 1, 2008

Borrows $50,000 from Third National Bank by signing a 9-month, 12% note.

November 1,2008

Borrows $60,000 from DeKalb State Bank by signing a 3-month, 10% note.

December 31, 2008

Prepares adjusting entries.

February 1, 2009

Pays principal and interest to DeKalb State Bank.

April 1, 2009

Pays principal and interest to Third National Bank.

Instructions

Prepare journal entries for each of the transactions shown above

Question E11-5

Don Walls’s gross earnings for the week were $1,780, his federal income tax withholding was $301.63, and his FICA total was $135.73

 

What was Walls’s net pay for the week?

 

Questions E11-9

Northeast Airlines is considering two alternatives for the financing of a purchase of a fleet of airplanes. These two alternatives are:

  1. Issue 60,000 shares of common stock at $45 per share. (Cash dividends have not been paid nor is the payment of any contemplated).

  2. Issue 10%, 10-year bonds at par for $2,700,000.

It is estimated that the company will earn $800,000 before interest and taxes as a result of this purchase. The company has an estimated tax rate of 30% and has 90,000 shares of common stock outstanding prior to the new financing.

Instructions

Determine the effect on net income and earnings per share for these two methods of financing.

 

Question E11-12

Deng Company issued $500,000 of 5-year, 8% bonds at 97 on January 1, 2008. The bonds pay interest twice a year.

Question P11-3A

On May 1, 2008, Newby Corp. issued $600,000, 9%, 5-year bonds at face value. The bonds were dated May 1, 2008, and pay interest semiannually on May 1 and November 1. Financial statements are prepared annually on December 31

Question P 11-15A

Fordyce Electronics issues a $400,000, 8%, 10-year mortgage note on December 31, 2007. The proceeds from the note are to be used in financing a new research laboratory. The terms of the note provide for semiannual installment payments, exclusive of real estate taxes and insurance, of $29,433. Payments are due June 30 and December 31.

 

 

ACC 557 Chapter 12

 

Question 12 E- 4                             

Grossman Corporation issued 1,000 shares of stock.

Instructions

Prepare the entry for the issuance under the following assumptions.

The stock had a par value of $5 per share and was issued for a total of $52,000

 

Question 12-7

Garza Co. had the following transactions during the current period.

Mar. 2

 

Issued 5,000 shares of $1 par value common stock to attorneys in payment of a bill for $30,000 for services provided in helping the company to incorporate.

June 12

 

Issued 60,000 shares of $1 par value common stock for cash of $375,000.

July 11

 

Issued 1,000 shares of $100 par value preferred stock for cash at $110 per share.

Nov. 28

 

Purchased 2,000 shares of treasury stock for $80,000.

Instructions

Journalize the transactions.

Question E 12-15

 

On October 31, the stockholders’ equity section of Omar Company consists of common stock $600,000 and retained earnings $900,000. Omar is considering the following two courses of action: (1) declaring a 5% stock dividend on the 60,000, $10 par value shares outstanding, or (2) effecting a 2-for-1 stock split that will reduce par value to $5 per share. The current market price is $14 per share.

Instructions

Complete the tabular summary of the effects of the alternative actions on the components of stockholders’ equity, outstanding shares, and book value per share.

Question E12-17

On January 1, 2008, Castle Corporation had retained earnings of $550,000. During the year, Castle had the following selected transactions.

  1. Declared cash dividends $120,000.

  2. Corrected overstatement of 2007 net income because of depreciation error $30,000.

  3. Earned net income $350,000.

 

  1. Declared stock dividends $80,000.

Instructions

Complete the retained earnings statement for the year.

Question P12-3A

The stockholders’ equity accounts of Jajoo Corporation on January 1, 2008, were as follows.

 

 

 

Preferred Stock (10%, $100 par, noncumulative, 5,000 shares authorized)

$300,000.00

Common Stock ($5 stated value, 300,000 shares authorized)

1,000,000

Paid-in Capital in Excess of Par Value-Preferred Stock

20,000

Paid-in Capital in Excess of Stated Value-Common Stock

425,000

Retained Earnings

488,000

Treasury Stock-Common (5,000 shares)

40,000

During 2008, the corporation had the following transactions and events pertaining to its stockholders’ equity.

Feb. 1

 

Issued 3,000 shares of common stock for $25,000.

Mar. 20

 

Purchased 1,500 additional shares of common treasury stock at $8 per share.

June 14

 

Sold 4,000 shares of treasury stock-common for $36,000.

Sept. 3

 

Issued 2,000 shares of common stock for a patent valued at $17,000.

Dec. 31

 

Determined that net income for the year was $340,000.

 

Question 12-7A

 

On January 1, 2008, Snider Corporation had the following stockholders’ equity accounts.

 

 

 

Common Stock ($10 par value, 90,000 shares issued and outstanding)

$900,000

Paid-in Capital in Excess of Par Value

200,000

Retained Earnings

540,000

During the year, the following transactions occurred.

Jan. 15

 

Declared a $1 cash dividend per share to stockholders of record on January 31, payable February 15.

Feb. 15

 

Paid the dividend declared in January.

Apr. 15

 

Declared a 10% stock dividend to stockholders of record on April 30, distributable May 15. On April 15, the market price of the stock was $15 per share.

May 15

 

Issued the shares for the stock dividend.

July 1

 

Announced a 2-for-1 stock split. The market price per share prior to the announcement was $17. (The new par value is $5.)

Dec. 1

 

Declared a $0.50 per share dividend to stockholders of record on December 15, payable January 10, 2009.

Dec. 31

 

Determined that net income for the year was $250,000.

 

 

ACC 557 Chapter 13

 

Question E13-3

EmmyLou Company purchased 70 Harris Company 12%, 10-year, $1,000 bonds on January 1, 2008, for $73,000. EmmyLou Company also had to pay $500 of broker’s fees. The bonds pay interest semiannually. On January 1, 2009, after receipt of interest, EmmyLou Company sold 40 of the bonds for $40,100.

Question E13-4

Dossett Company had the following transactions pertaining to stock investments.

Feb. 1

 

Purchased 600 shares of Goetz common stock (2%) for $6,000 cash, plus brokerage fees of $200.

July 1

 

Received cash dividends of $1 per share on Goetz common stock.

Sept. 1

 

Sold 300 shares of Goetz common stock for $4,400, less brokerage fees of $100.

Dec. 1

 

Received cash dividends of $1 per share on Goetz common stock.

Instructions

Journalize the transactions

Question E13-8

Presented below are two independent situations.

  1. Heath Cosmetics acquired 15% of the 200,000 shares of common stock of Van Fashion at a total cost of $13 per share on March 18, 2008. On June 30, Van declared and paid a $60,000 dividend. On December 31, Van reported net income of $122,000 for the year. At December 31, the market price of Van Fashion was $15 per share. The stock is classified as available-for-sale.

  2. Yoder, Inc., obtained significant influence over Parks Corporation by buying 30% of Parks 30,000 outstanding shares of common stock at a total cost of $9 per share on January 1, 2008. On June 15, Parks declared and paid a cash dividend of $30,000. On December 31, Parks reported a net income of $80,000 for the year.

Instructions

Prepare all the necessary journal entries for 2008 for (a) Heath Cosmetics and (b) Yoder, Inc.

Question E13-12

McGee Company has the following data at December 31, 2008.

 

 

 

Securities

Cost

Fair Value

Trading

$120,000

$124,000

Available-for-sale

  100,000

    94,000

The available-for-sale securities are held as a long-term investment.

Question P13-2A

In January 2008, the management of Noble Company concludes that it has sufficient cash to permit some short-term investments in debt and stock securities. During the year, the following transactions occurred.

Feb. 1

 

Purchased 600 shares of Hiens common stock for $31,800, plus brokerage fees of $600.

Mar. 1

 

Purchased 800 shares of Pryce common stock for $20,000, plus brokerage fees of $400.

Apr. 1

 

Purchased 50 $1,000, 7% Roy bonds for $50,000, plus $1,000 brokerage fees. Interest is payable semiannually on April 1 and October 1.

July 1

 

Received a cash dividend of $0.60 per share on the Hiens common stock.

Aug. 1

 

Sold 200 shares of Hiens common stock at $58 per share less brokerage fees of $200.

Sept. 1

 

Received a $1 per share cash dividend on the Pryce common stock.

Oct. 1

 

Received the semiannual interest on the Roy bonds.

Oct. 1

 

Sold the Roy bonds for $50,000 less $1,000 brokerage fees.

At December 31, the fair value of the Hiens common stock was $55 per share. The fair value of the Pryce common stock was $24 per share.

 

Journalize the transactions and post to the accounts Debt Investments and Stock Investments. (Use the T-account form.)

 

Question P13-4A

Glaser Services acquired 30% of the outstanding common stock of Nickels Company on January 1, 2008, by paying $800,000 for the 45,000 shares. Nickels declared and paid $0.30 per share cash dividends on March 15, June 15, September 15, and December 15, 2008. Nickels reported net income of $320,000 for the year. At December 31, 2008, the market price of Nickels common stock was $24 per share.

 

 

ACC 557 Chapter 14

 

An analysis of comparative balance sheets, the current year’s income statement, and the general ledger accounts of Gagliano Corp. uncovered the following items. Assume all items involve cash unless there is information to the contrary.

Rachael Ray Corporation had the following transactions.

  1. Sold land (cost $12,000) for $15,000.

  2. Issued common stock for $20,000.

  3. Recorded depreciation of $17,000.

  4. Paid salaries of $9,000.

  5. Issued 1,000 shares of $1 par value common stock for equipment worth $8,000.

  6. Sold equipment (cost $10,000, accumulated depreciation $7,000) for $1,200.

 

 

The three accounts shown below appear in the general ledger of Cesar Corp. during 2008.

 

 

 

Equipment

 

 

Date

 

 

Debit

Credit

Balance

Jan.

1

Balance

 

 

160,000

July

31

Purchase of equipment

70,000

 

230,000

Sept.

2

Cost of equipment constructed

53,000

 

283,000

Nov.

10

Cost of equipment sold

 

49,000

234,000

 

 

 

 

 

 

Accumulated Depreciation-Equipment

 

 

 

 

 

Date

 

 

Debit

Credit

Balance

Jan.

1

Balance

 

 

71,000

Nov.

10

Accumulated depreciation on

 

 

 

 

 

   equipment sold

30,000

 

41,000

Dec.

31

Depreciation for year

 

28,000

69,000

 

 

 

 

 

 

Retained Earnings

 

 

 

 

 

Date

 

 

Debit

Credit

Balance

Jan.

1

Balance

 

 

105,000

Aug.

23

Dividends (cash)

14,000

 

91,000

Dec.

31

Net income

 

67,000

158,000

 

 

 

Scully Corporation’s comparative balance sheets are presented below.

 

 

 

 

SCULLY CORPORATION

 

Comparative Balance Sheets

 

2014-12-31

 

 

2008

 

2007

Cash

$14,300

 

$10,700

Accounts receivable

21,200

 

23,400

Land

20,000

 

26,000

Building

70,000

 

70,000

Accumulated depreciation

(15,000)

 

(10,000)

     Total

$110,500

 

$120,100

 

 

 

 

Accounts payable

$12,370

 

$31,100

Common stock

75,000

 

69,000

Retained earnings

23,130

 

20,000

     Total

$110,500

 

$120,100

 

 

 

Grania Company’s income statement contained the condensed information below.

 

GRANIA COMPANY

 

 

Income Statement

 

 

For the Year Ended December 31, 2008

 

 

Revenues

 

$970,000

 

Operating expenses, excluding depreciation

$624,000

 

 

Depreciation expense

60,000

 

 

Loss on sale of equipment

16,000

700,000

 

Income before income taxes

 

270,000

 

Income tax expense

 

40,000

 

Net income

 

$230,000

 

 

 

Condensed financial data of Arma Inc. follow.

 

 

 

ARMA INC.

 

Comparative Balance Sheets

 

2014-12-31

 

Assets

2008

 

2007

Cash

$ 90,800

 

$48,400.00

Accounts receivable

92,800

 

33,000

Inventories

112,500

 

102,850

Prepaid expenses

28,400

 

26,000

Investments

138,000

 

114,000

Plant assets

270,000

 

242,500

Accumulated depreciation

(50,000)

 

(52,000)

     Total

$682,500

 

$514,750

 

 

 

 

Liabilities and Stockholders’ Equity

 

 

 

Accounts payable

$112,000

 

$67,300.00

Accrued expenses payable

16,500

 

17,000

Bonds payable

110,000

 

150,000

Common stock

220,000

 

175,000

Retained earnings

224,000

 

105,450

     Total

$682,500

 

$514,750

 

 

 

 

ARMA INC.

 

Income Statement

 

For the Year Ended December 31, 2008

 

Sales

 

 

$392,780

Less:

 

 

 

   Cost of goods sold

$135,460

 

 

   Operating expenses, excluding depreciation

12,410

 

 

   Depreciation expense

46,500

 

 

   Income taxes

27,280

 

 

   Interest expense

4,730

 

 

   Loss on sale of plant assets

7,500

 

233,880

Net income

 

 

$158,900

Additional information:

  1. New plant assets costing $85,000 were purchased for cash during the year.

  2. Old plant assets having an original cost of $57,500 were sold for $1,500 cash.

  3. Bonds matured and were paid off at face value for cash.

  4. A cash dividend of $40,350 was declared and paid during the year.

 

 

ACC 557 Chapter 15

 

The comparative condensed income statements of Hendi Corporation are shown below.

 

HENDI CORPORATION

 

 

Comparative Condensed Income Statements

 

 

For the Years Ended December 31

 

 

 

2009

 

2008

 

Net sales

$600,000

 

$500,000

 

Cost of goods sold

483,000

 

420,000

 

Gross profit

117,000

 

80,000

 

Operating expenses

57,200

 

44,000

 

Net income

$ 59,800

 

$36,000.00

 

 

Bennis Company has the following comparative balance sheet data.

 

BENNIS COMPANY

 

 

Balance Sheets

 

 

2014-12-31

 

 

 

2009

 

2008

 

Cash

$ 15,000

 

$30,000.00

 

Receivables (net)

70,000

 

60,000

 

Inventories

60,000

 

50,000

 

Plant assets (net)

200,000

 

180,000

 

 

$345,000

 

$320,000

 

 

 

 

 

 

Accounts payable

$50,000

 

$60,000

 

Mortgage payable (15%)

100,000

 

100,000

 

Common stock, $10 par

140,000

 

120,000

 

Retained earnings

55,000

 

40,000

 

 

$345,000

 

$320,000

Additional information for 2009:

  1. Net income was $25,000.

  2. Sales on account were $410,000. Sales returns and allowances were $20,000.

  3. Cost of goods sold was $198,000.

 

 

Scully Corporation’s comparative balance sheets are presented below.

 

SCULLY CORPORATION

 

 

Balance Sheets

 

 

2014-12-31

 

 

 

2008

 

2007

 

Cash

$ 4,300

 

$3,700.00

 

Accounts receivable

21,200

 

23,400

 

Inventory

10,000

 

7,000

 

Land

20,000

 

26,000

 

Building

70,000

 

70,000

 

Accumulated depreciation

(15,000)

 

(10,000)

 

     Total

$110,500

 

$120,100

 

 

 

 

 

 

Accounts payable

$ 12,370

 

$31,100.00

 

Common stock

75,000

 

69,000

 

Retained earnings

23,130

 

20,000

 

     Total

$110,500

 

$120,100

Scully’s 2008 income statement included net sales of $100,000, cost of goods sold of $60,000, and net income of $15,000.

 

For its fiscal year ending October 31, 2008, Molini Corporation reports the following partial data.

 

Income before income taxes

$540,000

 

Income tax expense (30% $390,000)

117,000

 

Income before extraordinary items

423,000

 

Extraordinary loss from flood

150,000

 

Net income

$273,000

The flood loss is considered an extraordinary item. The income tax rate is 30% on all items.

Condensed balance sheet and income statement data for Kersenbrock Corporation appear below.

 

KERSENBROCK CORPORATION

 

 

Balance Sheets

 

 

2014-12-31

 

 

 

2009

 

2008

 

2007

 

Cash

 $ 25,000

 

$ 20,000

 

$18,000.00

 

Receivables (net)

50,000

 

45,000

 

48,000

 

Other current assets

90,000

 

95,000

 

64,000

 

Investments

75,000

 

70,000

 

45,000

 

Plant and equipment (net)

400,000

 

370,000

 

358,000

 

 

$640,000

 

$600,000

 

$533,000

 

 

 

 

 

 

 

 

Current liabilities

$ 75,000

 

$ 80,000

 

$70,000.00

 

Long-term debt

80,000

 

85,000

 

50,000

 

Common stock, $10 par

340,000

 

310,000

 

300,000

 

Retained earnings

145,000

 

125,000

 

113,000

 

 

$640,000

 

$600,000

 

$533,000

 

 

KERSENBROCK CORPORATION

 

 

 

Cheaney Corporation owns a number of cruise ships and a chain of hotels. The hotels, which have not been profitable, were discontinued on September 1, 2008. The 2008 operating results for the company were as follows.

 

 

 

Operating revenues

$12,850,000

Operating expenses

8,700,000

Operating income

$4,150,000.00

Analysis discloses that these data include the operating results of the hotel chain, which were: operating revenues $2,000,000 and operating expenses $2,400,000.The hotels were sold at a gain of $200,000 before taxes. This gain is not included in the operating results. During the year, Cheaney suffered an extraordinary loss of $800,000 before taxes, which is not included in the operating results. In 2008, the company had other revenues and gains of $100,000, which are not included in the operating results. The corporation is in the 30% income tax bracket.

 

ACC 557 Chapter 1-15 All Problems Solved – Guaranteed A Grade

Strayer University ACC/557 Financial Accounting Chapters 1-15

All problems Solved – Latest

 

Assignments:

  • Chapter 1: Exercises 2, 4, 8, 14; Problems 4 and 5

Assignments:

  • Chapter 2: Exercises 2, 3, 7, 10; Problems 3 and 5

  • Chapter 3: Exercises 4, 8, 10,13; Problems 2 and 5

Assignments:

  • Chapter 4: Exercises 1, 7, 11, 12; Problems 4 and 5

Assignments:

  • Chapter 5: Exercises 3, 4, 8, 11; Problems 4 and 6(a-d)

  • Chapter 6: Exercises 2, 7, 9, 11; Problems 2 and 5

Assignments:

  • Chapter 7: Exercises 2, 4, 8(a) 10; Problems 1 and 5

  • Chapter 8: Exercises 5, 7, 13, 14(a); Problems 2 and 4

  • Chapter 8: BYP 8-5

  • Assignments

  • Chapter 9: Exercises 3, 6, 9(a) 12; Problems 5(a-e) and 6

  • Chapter 10: Exercises 7, 8, 10, 13; Problems 4 and 5

Assignments:

  • Chapter 11: Exercises 1, 5, 9, 12; Problems 3 and 5

  • Chapter 12: Exercises 4, 7, 15, 17; Problems 3 and 7

Assignments:

  • Chapter 13:Exercises 3, 4, 8, 12; Problems 2 and 4

  • Chapter 13: BYP 13-3

Assignments:

  • Chapter 14:Exercises 2, 3, 6, 7; Problems 5 and 9

Assignments:

  • Chapter 15: Exercises 4, 7, 11, 12(a); Problems 3(a), 8

 

 

 

 

 

 

 

 

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