ACC 290 Complete Class + Final Exam
ACC 290 Complete Class + Final Exam Guide
Buy this Material Click below link
For more materials visit:
Saturday, July 20, 2013
ACC 290 Week 5 Learning Team Financial
Reporting Problem Part II
ACC 290 Week 5 Learning Team Financial Reporting Problem Part II
Access the internet to acquire a copy of the most recent annual report for the public traded company used to complete the Financial Reporting Problem, Part 1 assignment due in week Four. Analyze the information contained in the company’s balance sheet and income statement to answer the following questions:
- Are the assets included under the company’s current assets listed in the proper order? Explain your answer.
- How are the company’s assets classified?
- What are cash equivalents?
- What are the company’s total current liabilities at the end of its most recent annual reporting period?
- What are the company’s total current liabilities at the end of the previous annual reporting period?
- Considering all the information you have gathered, why might this information be important to potential creditors, investors, and employees?
- Summarize the analysis in a 1,050-1,400 word paper in a Microsoft® Word document. Include a copy of the company’s balance sheet and income statement. Format your paper and presentation consistent with APA guidelines.
Buy this Material Click below link
For more materials visit:
ACC 290 Week 5 Individual WileyPLUS
AssignmentACC 290 Week 5 Individual WileyPLUS Assignment
Exercise BE5-1
Presented here are the components in Pedersen Company's income statement. Determine the missing amounts.
Exercise BE5-2
Prior Company buys merchandise on account from Wood Company. The selling price of the goods is $900 and the cost of goods is $630. Both companies use perpetual inventory systems. Journalize the transactions on the books of both companies.
Exercise BE6-5
In its first month of operation, Maze Company purchased 100 units of inventory for $6, then 200 units for $7, and finally 150 units for $8. At the end of the month, 180 units remained. Compute the amount of phantom profit that would result if the company used FIFO rather than LIFO. The company uses the periodic method.
Exercise BE6-7
O'Connor Video Center accumulates the following cost and market data at December 31.
Inventory Categories
|
Cost Data
|
Market Data
| |||
Cameras
|
$12,500
|
$13,400
| |||
Camcorders
|
9,000
|
9,500
| |||
DVD's
|
13,000
|
12,800
| |||
Compute the lower of cost or market valuation for O'Connor's inventory.
Exercise BE7-4
Beaty Company has the following internal control procedures over cash receipts. Match the internal control principle that is applicable to each procedure.
Establishment of responsibility
|
Segregation of duties
|
Independent internal verification
|
Human resource controls
|
Physical controls
|
Exercise BE7-6
Newell Company has the following internal control procedures over cash disbursements. Match the internal control principle that is applicable to each procedure.
Only the treasurer or assistant treasurer may sign checks.
|
Company checks are prenumbered.
|
Check signers are not allowed to record cash disbursement transactions.
|
The bank statement is reconciled monthly by an internal auditor.
|
Blank checks are stored in a safe in the treasurer's office.
Buy this Material Click below link
For more materials visit:
|
ACC 290 Week 5 DQ 2
ACC 290 Week 5 DQ 2
Using examples of weak internal controls in an organization you are familiar with, how would you improve those controls to better safeguard a company’s assets? Would these internal controls differ with a different type of business? How could you improve internal controls over the assets that you own? What is the Sarbanes-Oxley Act of 2002? Why did it come about? How have the new rules in the Sarbanes-Oxley Act of 2002 affected the way accounting departments and companies operate? What are some positive outcomes from these changes?
Buy this Material Click below link
For more materials visit:
ACC 290 Week 5 DQ 1
ACC 290 Week 5 DQ 1
What is the control environment? How does the control environment affect a company’s internal controls? What are the negative and positive elements of a control environment? What are two examples of strong and weak internal controls in organizations where you have worked or have first-hand knowledge? How are these different? How would you describe the key internal controls that should be in place to protect cash in a cash rich environment such as a merchandiser? What are the key internal controls that should be in place to protect inventory for a merchandiser that sells highly desirable and very expensive inventory, such as jewelry? Would this be different if the business had a less desirable and less expensive inventory? Explain why or why not.
Buy this Material Click below link
For more materials visit:
ACC 290 Week 4 Learning Team Financial
Reporting Problem Part I
ACC 290 Week 4 Learning Team Financial Reporting Problem Part I
Browse the Internet to acquire a copy of the most recent annual report for a publicly traded company. Analyze the information contained in the company’s balance sheet and income statement to answer the following questions:
· What are the company’s total assets at the end of its most recent annual reporting period? Why is this important?
· What are the total assets at the end of the previous annual reporting period?
· How much cash and cash equivalents did the company have at the end of its most recent annual reporting period?
· What amount of accounts payable did the company have at the end of its most recent annual reporting period?
· What amount of accounts payable did the company have at the end of the previous annual reporting period?
· What are the company’s net revenues for the last three annual reporting periods?
· What is the change in dollars in the company’s net income from its most recent annual reporting period to the previous annual reporting period?
· What are the company’s total current assets at the end of its most recent annual reporting period?
· What are the total current assets at the end of the previous annual reporting period?
· What in the information above would be important to a potential investor, employee, and so on?
Summarize the analysis in a 1,050-1,400 word paper in a Microsoft® Word document. Include a copy of the company’s balance sheet and income statement. Format your paper consistent with APA guidelines.
Buy this Material Click below link
For more materials visit:
ACC 290 Week 4 Individual WileyPLUS
Assignment
ACC 290 Week 4 Individual WileyPLUS Assignment
Problem P4-8A
Linda Blye opened Cardinal Window Washing Inc. on July 1, 2010. During July the following transactions were completed.
July 1
|
Issued 11,000 shares of common stock for $11,000 cash.
|
July 1
|
Purchased used truck for $9,000, paying $2,000 cash and the balance on account.
|
July 3
|
Purchased cleaning supplies for $900 on account.
|
July 5
|
Paid $1,800 cash on 1-year insurance policy effective July 1.
|
July 12
|
Billed customers $3,200 for cleaning services.
|
July 18
|
Paid $1,000 cash on amount owed on truck and $500 on amount owed on cleaning supplies.
|
July 20
|
Paid $2,000 cash for employee salaries.
|
July 21
|
Collected $1,400 cash from customers billed on July 12.
|
July 25
|
Billed customers $2,500 for cleaning services.
|
July 31
|
Paid $260 for gas and oil used in the truck during month.
|
July 31
|
Declared and paid a $600 cash dividend.
|
1.) Journalize the July transactions.
2.) Journalize the following adjustments.
1.
|
Services provided but unbilled and uncollected at July 31 were $1,700.
|
2.
|
Depreciation on equipment for the month was $250.
|
3.
|
One-twelfth of the insurance expired.
|
4.
|
An inventory count shows $360 of cleaning supplies on hand at July 31.
|
5.
|
Accrued but unpaid employee salaries were $400.
|
3.) Post the July transactions to the ledger accounts. (Use T accounts.) Post adjusting entries to the T accounts. Post closing entries and complete the closing process.
4.) Complete the Trial Balance and Adjusted Trial Balance at July 31.
5.) Complete the income statement and a retained earnings statement for July and a classified balance sheet at July 31
6.) Journalize the post closing entries.
Buy this Material Click below link
For more materials visit:
Subscribe to:
Posts (Atom)