Acc 205 Education Redefined-snaptutorial.com
- 1. ACC 205 Week 1 Assignment Student Guidance Report For more classes visit www.snaptutorial.com Exercises 2. Basic computations. The following selected balances were extracted from the accounting records of Rossi Enterprises on December 31, 20X3: a. Determine Rossi's total assets as of December 31. b. Determine the company's total liabilities as of December 31. c. Compute 20X3 net income or loss. 5. Accounting equation; analysis of owner's equity. Sportscar Repair revealed the following financial data on January 1 and December 31 of the current year. Assets Liabilities
- 2. January 1 $45,000 $20,000 December 31 49,000 31,000 a. Compute the change in owner's equity during the year by using the accounting equation. b. Assume that there were no owner investments or withdrawals during the year. What is the probable cause of the change in owner's equity from part (a)? ******************************************************* ACC 205 Week 1 Chapter 1 2 Quiz and Video Quiz For more classes visit www.snaptutorial.com ACC 205 Week 1 Chapter 1,2 Quiz and Video Quiz 1. In accounting the concept of materiality refers to ________________. Question 2. 2. Typically accounting transactions are recorded and reported at _______________.
- 3. Question 3. 3. The accounting equation is ____________________________. Question 4. 4. An accountant should be able to work in the profession in the ___________________. Question 5. 5. In accounting, a debit means ________________________. ******************************************************* ACC 205 Week 1 DQ 1 Accounting Equation For more classes visit www.snaptutorial.com As you have learned in this week’s readings the Accounting Equation is + Owners’ Equity. Is the accounting equation true in all instances? Provide sample transactions from your own experiences to demonstrate the validity of the Accounting Equation. Guided Response: Review several of your peers’ postings and identify some core components that you feel should be included in every transaction. Respond to at least two of your peers and provide recommendations to extend their thinking. Challenge your peers by asking a question that may cause them to reevaluate or add components to their transactions.
- 4. ******************************************************* ACC 205 Week 1 DQ 2 Accounts For more classes visit www.snaptutorial.com What does the term “account” mean? What are the different classifications of accounts? How do the rules for Debits and Credits impact accounts? Please provide an example of how debits and credits impact accounts. Guided Response: Analyze several of your peers’ postings. Let at least two of your peers know if this knowledge could be used in their everyday lives. Is so, how? If not, why not? ******************************************************* ACC 205 Week 1 Journal Balance Sheet Journal For more classes visit www.snaptutorial.com
- 5. Balance Sheet Journa The Balance Sheet is a financial snap shot of a company at a particular point in time. The Balance Sheet lists the assets, liabilities, and equity of the company. Reflect on your personal financial situation, can you apply the concepts of the Balance Sheet? What did you learn from this reflection? Carefully review the Grading Rubric for the criteria that will be used to evaluate your journal entry. ******************************************************* ACC 205 Week 2 Assignment Student Guidance Report For more classes visit www.snaptutorial.com Exercise 4 4. Accounting for prepaid expenses and unearned revenues. Hawaii- Blue began business on January 1 of the current year and offers deep- sea fishing trips to tourists. Tourists pay $125 in advance for an all- day outing off the coast of Maui. The company collected monies during January for 210 outings, with 30 of the tourists not planning to take their trips until early February. Hawaii-Blue rents its fishing boat from Pacific Yacht Supply. An agreement was signed at the beginning of the year, and $72,000 was paid for the rights to use the boat for 2 full years.
- 6. 1. Prepare journal entries to record (1) the collection of monies from tourists and (2) the revenue generated during January. 2. Calculate Hawaii-Blue's total obligation to tourists at the end of January. On what financial statement and in which section would this amount appear? 3. Prepare journal entries to record (1) the payment to Pacific Yacht Supply and (2) the subsequent adjustment on January 31. 4. On what financial statement would Hawaii-Blue's January boat rental cost appear? ******************************************************* ACC 205 Week 2 Chapter 3 4 Quiz and Video Quiz For more classes visit www.snaptutorial.com ACC 205 Week 2 Chapter 3,4 Quiz and Video Quiz
- 7. 1. The accrual basis of accounting means_______________________. Question 2. 2. Under accrual basis accounting revenue is not recognized until _________________. Question 3. 3. The matching principle states ______________________________. Question 4. 4. Adjusting entries apply to ___________________________. Question 5. 5. Depreciation is ******************************************************* ACC 205 Week 2 DQ 1 Accounting Cycle For more classes visit www.snaptutorial.com Financial statements are a product of the accounting cycle. Think about two different companies, one a manufacturing company, the other a retail company. Why would different companies have different accounting cycles? Would you expect the steps of the accounting cycle to be the same for each company? Why or why not? Guided Response: Review several of your peers’ postings and identify what steps of the accounting cycle that you feel are the most critical. Respond to at
- 8. least two of your peers and provide recommendations to extend their thinking. Challenge your peers by asking a question that may cause them to reevaluate their position on the accounting cycle. ******************************************************* ACC 205 Week 2 DQ 2 Bank Reconciliation For more classes visit www.snaptutorial.com What is the purpose of a bank reconciliation? What are the reasons there are differences between the cash reported in the accounting records and the cash balance in the bank statements? Analyze several of your peers’ postings. Let at least two of your peers know what happens to the discrepancies between the book balance and the bank balance. Could these differences just be written off. Guided Response: A bank reconciliation reconciles the bank account balance per the books to the actual bank balance. Outstanding checks, deposits in transit, and bank errors are reasons there are differences between the cash reported in the accounting records and the cash balance in the bank statements. ******************************************************* ACC 205 Week 2 Journal Income Statement Journal
- 9. For more classes visit www.snaptutorial.com The Income Statement measures the income and expenses of a company over a specific period of time. Reflecting on your personal financial statement for the past month, can you apply the principles of the Income Statement? What did you learn from this experience? Carefully review the Grading Rubric for the criteria that will be used to evaluate your journal entry. ******************************************************* ACC 205 Week 3 Assignment Student Guidance Report For more classes visit www.snaptutorial.com Chapter 5, Exercise 1 Inventory errors and income measurement. The income statements of Keagle Company for 20X3 and 20X4 follow. 20X3 20X4 Sales $100,000 $109,000
- 10. Cost of goods sold 62,000 74,000 Gross profit 38,000 35,000 Expenses 26,000 22,000 Net income $12,000 $ 13,000 A recent review of the accounting records discovered that the 20X3 ending inventory had been understated by $4,000. ******************************************************* ACC 205 Week 3 Chapter 5 6 Quiz and Video Quiz For more classes visit www.snaptutorial.com ACC 205 Week 3 Chapter 5,6 Quiz and Video Quiz 1. Gross Profit is ___________________.
- 11. Question 2. 2. All of the following are considered part of inventory cost except__________. Question 3. 3. In a period of rising raw material costs the inventory cost flow assumption that will provide the firm with the highest net income would be _______________________. Question 4. 4. A physical inventory ______________________. Question 5. 5. Property, Plant, and Equipment normally includes all of the following except ___________. ******************************************************* ACC 205 Week 3 DQ 1 LIFO vs. FIFO For more classes visit www.snaptutorial.com The controller of Sagehen Enterprises believes that the company should switch from the LIFO method to the FIFO method. The controller’s bonus is based on the next income. It is the controller’s belief that the switch in inventory methods would increase the net income of the company. What are the differences between the LIFO and FIFO methods? Guided Response: Analyze several of your peers’ postings. Let at least two of your peers know if a company is better off it switches from a LIFO method to a FIFO method? Why or why not?
- 12. ******************************************************* ACC 205 Week 3 DQ 2 Depreciation For more classes visit www.snaptutorial.com There is a variety of depreciation methods used to allocate the cost of an asset to all of the accounting periods benefited by the use of the asset. Your client has just purchased a piece of equipment for $100,000. Explain the concept of depreciation. Which of the following depreciation methods would you recommend: straight-line depreciation, double declining balance method, or an alternative method? Guided Response: Let at least two of your peers know if a company would use an accelerated depreciation method for their financial statements or their tax returns. Why do you believe this would be the case? ******************************************************* ACC 205 Week 3 Journal Inventory Journal For more classes visit www.snaptutorial.com
- 13. Reflect for a moment on the LIFO (Last in First Out) and FIFO (First in First Out) inventory methods. If you were starting a small manufacturing company, what inventory method do you believe would provide the most accurate financial statements? Why do you believe this is the case? Carefully review the Grading Rubric for the criteria that will be used to evaluate your journal entry. ******************************************************* ACC 205 Week 4 Assignment Student Guidance Report For more classes visit www.snaptutorial.com Chapter 7 Exercise 2 and 4 2. Accrued liability: current portion of long-term debt. On July 1, 20X1, Hall Company borrowed $225,000 via a long-term loan. Terms of the loan require that Hall pay interest and $75,000 of principal on July 1, 20X2, 20X3, and 20X4. The unpaid balance of the loan accrues interest at the rate of 10% per year. Hall has a December 31 year-end. a. Compute Hall's accrued interest as of December 31, 20X1. b. Present the appropriate balance sheet disclosure for the accrued interest and the current and long-term portion of the outstanding debt as of December 31, 20X1.
- 14. c. Repeat parts (a) and (b) using a date of December 31, 20X2, rather than December 31, 20X1. Assume that Hall is in compliance with the terms of the loan agreement. ******************************************************* ACC 205 Week 4 Chapter 7 8 Quiz and Video Quiz For more classes visit www.snaptutorial.com ACC 205 Week 4 Chapter 7,8 Quiz and Video Quiz 1. Current Liabilities are _____________________________.(Points : 1) Question 2. 2. The Unearned Revenue account is used to record ____________________.(Points : 1)
- 15. Question 3. 3. A contingent liability like a lawsuit is required to be recorded when the probability of an unfavorable outcome is __________________.(Points : 1) . ******************************************************* ACC 205 Week 4 DQ 1 Current Liability For more classes visit www.snaptutorial.com What is a current liability? From a user of financial statements perspective why do you believe current liabilities are separated from long-term liabilities? Based on your current experience and any additional research you may have done provide two examples of situations where businesses collect monies from customers and employees and reports these amounts as a current liability. Guided Response: Review several of your peers’ postings and identify the core components of a current liability. Respond to at least two of your peers and provide recommendations to extend their thinking. Challenge your peers by asking a question that may cause them to reevaluate if their example is a current liability. *******************************************************
- 16. ACC 205 Week 4 DQ 2 Client Recommendations For more classes visit www.snaptutorial.com A client comes to you thinking about starting a consulting business. Specifically your client is interested in what type of entity should be created for this new business. Based on your readings or any additional research you may have done, discuss the advantages and disadvantages of the following: sole proprietorship, partnership, and corporation. Based on these advantages and disadvantages provide a clear recommendation to your client. Let at least two of your peers posts know if an alternative choice of entity would be possible. What would be the benefits of this new entity choice? Would there be any disadvantages associated with this new entity selection. Guided Response: Let at least two of your peers posts know if an alternative choice of entity would be possible?. What would be the benefits of this new entity choice? Would there be any disadvantages associated with this new entity selection. ******************************************************* ACC 205 Week 4 Journal Future Obligations Journal
- 17. For more classes visit www.snaptutorial.com The current liability section of the balance sheet lists the liabilities that are due within the next 12 months. Reflecting on your current financial situation, apply the concept of current liabilities. What does this analysis tell you about your future obligations? What did you learn from this experience? Carefully review the Grading Rubric for the criteria that will be used to evaluate your journal entry. ******************************************************* ACC 205 Week 5 Assignment Student Guidance Report For more classes visit www.snaptutorial.com Chapter 9 Exercise 3 Liquidity ratios. Edison, Stagg, and Thornton have the following financial information at the close of business on July 10: Compute the current and quick ratios for each of the three companies. (Round calculations to two decimal places.) Which firm is the most liquid? Why?
- 18. Suppose Thornton is using FIFO for inventory valuation and Edison is using LIFO. Comment on the comparability of information between these two companies. If all short-term notes payable are due on July 11 at 8 a.m., comment on each company's ability to settle its obligation in a timely manner. Chapter 9 Exercise 4 Computation and evaluation of activity ratios. The following data relate to Alaska Products Inc.: The company is planning to borrow $300,000 via a 90-day bank loan to cover short-term operating needs. ******************************************************* ACC 205 Week 5 Chapter 9 Quiz and Video Quiz For more classes visit www.snaptutorial.com ACC 205 Week 5 Chapter 9 Quiz and Video Quiz
- 19. Question 1. 1. Common-size financial statements means___________________. Question 2. 2. Vertical analysis of a financial statement involves_______________. Question 3. 3. Horizontal analysis of a financial statement involves______________. Question 4. 4. Which of the following would not be considered a liquidity ratio? Question 5. 5. Which of the following would not be considered a debt service ratio? Question 6. 6. Turnover analysis indicates______________. Question 7. 7. Gross profit margin_________________. Question 8. 8. Earnings per share (EPS) is considered to be________________. Question 9. 9. Dividend yield is determined by___________________________. Question 10. 10. Book value per share___________________. ******************************************************* ACC 205 Week 5 DQ 1
- 20. For more classes visit www.snaptutorial.com ACC 205 Week 5 DQ 1 ******************************************************* ACC 205 Week 5 DQ 2 For more classes visit www.snaptutorial.com ACC 205 Week 5 DQ 2 ******************************************************* ACC 205 Week 5 Final Paper Paper (Boeing General Electric Lowes Home) (3 Papers) For more classes visit www.snaptutorial.com
- 21. This Tutorial contains 3 Papers Paper 1: Boeing Paper 2: General Electric Paper 3: Lowe’s Home Final Paper Focus of the Final Paper Write a five to seven page financial statement analysis of a public company, and formatted according to APA style as outlined in the Ashford Writing Center. In this analysis you will discuss the financial health of this company with the ultimate goal of making a recommendation to other investors. Your paper should consist of the following sections: introduction, company overview, horizontal analysis, ratio analysis, final recommendation, and conclusions. Here is a breakdown of the sections within the body of the assignment: Company Overview Provide a brief overview of your company (one to two paragraphs at most). What industry is it in? What are its main products or ******************************************************* ACC 205 Week 5 Final Paper Paper (Microsoft StarBucks) (2 Papers)
- 22. For more classes visit www.snaptutorial.com This Tutorial contains 2 Papers Paper 1: Microsoft Paper 2: StarBucks Final Paper Focus of the Final Paper Write a five to seven page financial statement analysis of a public company, and formatted according to APA style as outlined in the Ashford Writing Center. In this analysis you will discuss the financial health of this company with the ultimate goal of making a recommendation to other investors. Your paper should consist of the following sections: introduction, company overview, horizontal analysis, ratio analysis, final recommendation, and conclusions. Here is a breakdown of the sections within the body of the assignment: ******************************************************* ACC 205 Week 5 Final Paper Paper (Walmart, Qualcomm) (2 Papers)
- 23. For more classes visit www.snaptutorial.com This Tutorial contains 2 Papers Paper 1: Walmart Paper 2: Qualcomm Final Paper Focus of the Final Paper Write a five to seven page financial statement analysis of a public company, and formatted according to APA style as outlined in the Ashford Writing Center. In this analysis you will discuss the financial health of this company with the ultimate goal of making a recommendation to other investors. Your paper should consist of the following sections: introduction, company overview, horizontal analysis, ratio analysis, final recommendation, and conclusions. Here is a breakdown of the sections within the body of the assignment: *******************************************************
- 24. ACC 205 Week 5 Journal Most Important Ratio Journal For more classes visit www.snaptutorial.com Most Important Ratio Journal Reflect for a moment on the ratios (working capital, current ratio, quick ratio, debt to asset, debt to equity, times interest earned, gross margin and net margin) presented this week. If you were considering investing in a company what ratio would be the most important to you? Formulate and argument to defend your position. Carefully review the Grading Rubric for the criteria that will be used to evaluate your journal entry. *******************************************************