Category Archives: ACCT 550 Devry

ACCT 550 Week 5 Homework Assignment

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E8-3 (Inventoriable Costs) Assume that in an annual audit of Harlowe Inc. at December 31, 2014, you find the following transactions near the closing date.
A special machine, fabricated to order for a customer, was finished and specifically segregated in the back part of the shipping room on December 31, 2014. The customer was billed on that date and the machine excluded from inventory although it was shipped on January 4, 2015.
Merchandise costing $2,800 was received on January 3, 2015, and the related purchase invoice recorded January 5. The invoice showed the shipment was made on December 29, 2014, f.o.b. destination.
A packing case containing a product costing $3,400 was standing in the shipping room when the physical inventory was taken. It was not included in the inventory because it was marked “Hold for shipping instructions.” Your investigation revealed that the customer’s order was dated December 18, 2014, but that the case was shipped and the customer billed on January 10, 2015. The product was a stock item of your
Merchandise received on January 6, 2015, costing $680 was entered in the purchase journal on January 7, 2015. The invoice showed shipment was made f.o.b. supplier’s warehouse on December 31, 2014. Because it was not on hand at December 31, it was not included in inventory. 5. Merchandise costing $720 was received on December 28, 2014, and the invoice was not recorded. You located it in the hands of the purchasing agent; it was marked “on consignment
Merchandise costing $720 was received on December 28, 2014, and the invoice was not recorded. You located it in the hands of the purchasing agent; it was marked “on consignment
P8-4 Hull Company’s record of transactions concerning part X for the month of April was as follows:
Purchases        Sales
April 1 (bal on hand)    100 @ $5.00    April 5    300
April 4    400 @ 5.10    April 12    200
April 11    300 @ 5.30    April 27    800
April 18    200 @ 5.35    April 28    150
April 26    600 @ 5.60
April 30    200 @ 5.80
(a)Compute the inventory at April 30 on each of the following bases. Assume that perpetual inventory records are kept in units only. Carry unit costs to the nearest cent.
First-in, first-out (FIFO)

b) If the perpetual inventory record is kept in dollars, and costs are computed at the time of each withdrawal, what amount would be shown as ending inventory in (1), (2), and (3) above? Carry average unit costs to four decimal places

E9-1 The inventory of Oheto Company on December 31, 2013, consists of the following

E9-12 (Gross Profit Method)

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ACCT 550 Week 4 Homework Assignment

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E6-5 (Computation of Present Value) 

Using the appropriate interest table, compute the present values of the following periodic amounts due at the end of the designated periods.
(a)    $30,000 receivable at the end of each period for 8 periods compounded at 12%.
(b)     $30,000 payments to be made at the end of each period for 16 periods at 9%.
(c)    $30,000 payable at the end of the seventh, eighth, ninth, and tenth periods at 12%.

E6-12 (Analysis of Alternatives) 
The Black Knights Inc., a manufacturer of low-sugar, low-sodium, low-cholesterol TV dinners, would like to increase its market share in the Sunbelt. In order to do so, Black Knights has decided to locate a recent factory in the Panama City area. Black Knights will either buy or lease a site depending upon which is more advantageous. The site location committee has narrowed down the available sites to the following three buildings. 

Building A: Purchase for a cash price of $600,000, useful life 25 years. 

Building B: Lease for 25 years with annual lease payments of $69,000 being made at the beginning of the year. 

Building C: Purchase for $650,000 cash. This building is larger than needed; however, the excess space can be sublet for 25 years at a net annual rental of $7,000. Rental payments will be received at the end of each year. The Black Knights Inc. has no aversion to being a landlord.
E7-2 (Determining Cash Balance) 
Presented below are a number of independent situations.                  

Instructions For each individual situation, determine the amount that should be reported as cash. If the item(s) is not reported as cash, explain the rationale.
1. Checking account balance $925,000; certificate of deposit $1,400,000; cash advance to subsidiary of $980,000; utility deposit paid to gas company $180.

2. Checking account balance $600,000; an overdraft in special checking account at same bank as normal checking account of $17,000; cash held in a bond sinking fund $200,000; petty cash fund $300; coins and currency on hand $1,350.

3. Checking account balance $590,000; postdated check from customer $11,000; cash restricted due to maintaining compensating balance requirement of $100,000; certified check from customer $9,800; postage stamps on hand $620.

4. Checking account balance at bank $37,000; money market balance at mutual fund (has checking privileges) $48,000; NSF check received from customer $800.

5. Checking account balance $700,000; cash restricted for future plant expansion $500,000; short-term Treasury bills $180,000; cash advance received from customer $900 (not included in checking ac- count balance); cash advance of $7,000 to company executive, payable on demand; refundable de- posit of $26,000 paid to federal government to guarantee performance on construction contract. 
E7-5 (Recording Sales Gross and Net) 
On June 3, Arnold Company sold to Chester Company merchandise having a sale price of     $3,000 with terms of 2/10, n/60, f.o.b. shipping point. An invoice totaling $90, terms n/30, was received by Chester on June 8 from John Booth Transport Service for the freight cost.
On June 12, the company received a check for the balance due from Chester Company.
Instructions
(a) Prepare journal entries on the Arnold Company books to record all the events noted above under each of the following bases. 

(1)    Sales and receivables are entered at gross selling price. 

(2)    Sales and receivables are entered at net of cash discounts.

(b) Prepare the journal entry under basis 2, assuming that Chester Company did not remit payment until July 29

 

E7-7 (Recording Bad Debts)

Duncan Company reports the following financial information before adjustments.

                  Instructions

                                                                              D                               C

Accounts Receivable                                                  $100,000

Allowance for Doubtful Accounts                                                     $2,000

Sales Revenue (all on credit)                                                            900,000

Sales Returns and Allowances                             50,000                                                                                                                                                       

Prepare the journal entry to record Bad Debt Expense assuming Duncan Company estimates bad debts at (a) 1% of net sales and (b) 5% of accounts receivable.

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ACCT 550 Week 3 Homework Assignment

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E5-2 (Classification of Balance Sheet Accounts)

Presented below are the captions of Faulk Company’s balance sheet.

(a) Current assets.

(b) Investments.

(c) Property, plant, and equipment.

(d) Intangible assets.

(e) Other assets.

(f) Current liabilities.

(g) Noncurrent liabilities.

(h) Capital stock.

(i) Additional paid-in capital.

(j) Retained earnings.

E5-4 (Preparation of a Classified Balance Sheet) 

Assume that Denis Savard Inc. has the following accounts at the end of the current year. 1. Common Stock.
2. Discount on Bonds Payable.
3. Treasury Stock (at cost).
4. Notes Payable (short-term).
5. Raw Materials.
6. Preferred Stock Investments (long-term).
7. Unearned Rent Revenue.
8. Work in Process.
9. Copyrights. 10. Buildings.
11. Notes Receivable (short-term).
12. Cash.
13. Salaries and Wages Payable. 14. Accumulated Depreciation—Buildings.
15. Restricted Cash for Plant Expansion.
16. Land Held for Future Plant Site.
17. Allowance for Doubtful Accounts. 18. Retained Earnings.
19. Paid-in Capital in Excess of Par—Common Stock.
20. Unearned Subscriptions Revenue.
21. Receivables—Officers (due in one year).
22. Iventory (finished goods).
23. Accounts Receivable. 24.    Bonds Payable (due in 4 years).
25. Noncontrolling Interest.
Instructions.
Prepare a classified balance sheet in good form. (No monetary amounts are necessary)

E5-12 (Preparation of a Balance Sheet)

Presented below is the trial balance of Scott Butler Corporation at December 31, 2014.

E5-13 (Statement of Cash Flows—Classifications) 

The major classifications of activities reported in the statement of cash flows are operating, investing, and financing. 

Classify each of the transactions listed below as:
1. Operating activity—add to net income.
2. Operating activity—deduct from net income.
3. Investing activity.
4. Financing activity.
5. Reported as significant noncash activity.

P5-2 (Balance Sheet Preparation) for the current year, 2014.

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ACCT 550 Week 2 Homework Assignment

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E4-4 (Multiple-Step and Single-Step) Two accountants for the firm of Allen and Wright are arguing about the merits of presenting an income statement in a multiple-step versus a single-step format. The discussion involves the following 2012 information related to Webster Company ($000 omitted).

Administrative expense
Officers’ salaries $ 4,900
Depreciation of office furniture and equipment 3,960
Cost of goods sold 63,570
Rent revenue 17,230
Selling expense
Transportation-out 2,690
Sales commissions 7,980
Depreciation of sales equipment 6,480
Sales revenue 96,500
Income tax expense 7,580
Interest expense 1,860

Instructions

(a) Prepare an income statement for the year 2012 using the multiple-step form. Common shares outstanding for 2012 total 40,550 (000 omitted).

(b) Prepare an income statement for the year 2012 using the single-step form.

(c) Which one do you prefer? Discuss. 

 

E4-12 (Earnings per Share) At December 31, 2011, Schroeder Corporation had the following stock outstanding.

8% cumulative preferred stock, $100 par, 107,500 shares $10,750,000
Common stock, $5 par, 4,000,000 shares 20,000,000

During 2012, Schroeder did not issue any additional common stock. The following also occurred during 2012.

Income from continuing operations before taxes $21,650,000
Discontinued operations (loss before taxes) 3,225,000
Preferred dividends declared 860,000
Common dividends declared 2,200,000
Effective tax rate 35%

Instructions

Compute earnings per share data as it should appear in the 2012 income statement of Schroeder Corporation. (Round to two decimal places.)

 

P4-1 (Multiple-Step Income, Retained Earnings) Presented below is information related to Dickinson Company for 2012.

Retained earnings balance, January 1, 2012 $ 980,000
Sales revenue 25,000,000
Cost of goods sold 16,000,000
Interest revenue 70,000
Selling and administrative expenses 4,700,000
Write-off of goodwill 820,000
Income taxes for 2012 1,244,000
Gain on the sale of investments (normal recurring) 110,000
Loss due to flood damage—extraordinary item (net of tax) 390,000
Loss on the disposition of the wholesale division (net of tax) 440,000
Loss on operations of the wholesale division (net of tax) 90,000
Dividends declared on common stock 250,000
Dividends declared on preferred stock 80,000

Instructions

Prepare a multiple-step income statement and a retained earnings statement. Dickinson Company decided to discontinue its entire wholesale operations and to retain its manufacturing operations. On September 15, Dickinson sold the wholesale operations to Rogers Company. During 2012, there were 500,000 shares of common stock outstanding all year.

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ACCT 550 Week 1 Homework Assignment

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E3-1 (Transaction Analysis—Service Company) Christine Ewing is a licensed CPA. During the first month of operations of her business (a sole proprietorship), the following events and transactions occurred.

April 2 Invested $30,000 cash and equipment valued at $14,000 in the business.
2 Hired a secretary-receptionist at a salary of $290 per week payable monthly.
3 Purchased supplies on account $700. (debit an asset account.)
7 Paid office rent of $600 for the month.
11 Completed a tax assignment and billed client $1,100 for services rendered. (Use Service Revenue account.)
12 Received $3,200 advance on a management consulting engagement.
17 Received cash of $2,300 for services completed for Ferengi Co.
21 Paid insurance expense $110.
30 Paid secretary-receptionist $1,160 for the month.
30 A count of supplies indicated that $120 of supplies had been used.
30 Purchased a recent computer for $5,100 with personal funds. (The computer will be used exclusively for business purposes.)

E3-5 (Adjusting Entries) The ledger of Chopin Rental Agency on March 31 of the current year includes the following selected accounts before adjusting entries have been prepared.

Debit Credit
Prepaid Insurance $ 3,600
Supplies 2,800
Equipment 25,000
Accumulated Depreciation—Equipment $ 8,400
Notes Payable 20,000
Unearned Rent Revenue 6,300
Rent Revenue 60,000
Interest Expense
Salaries and Wages Expense 14,000

An analysis of the accounts shows the following.

  • The equipment depreciates $250 per month.
  • One-third of the unearned rent was earned during the quarter.
  • Interest of $500 is accrued on the notes payable.
  • Supplies on hand total $650.
  • Insurance expires at the rate of $300 per month.

most directly related to measuring the performance and financial status of an enterprise are provided below.

Assets Distributions to owners Expenses
Liabilities Comprehensive income Gains
Equity Revenues Losses
Investments by owners

Identify the element or elements associated with the 12 items below.

CA1-3 (Financial Reporting and Accounting Standards) Answer the following multiple-choice questions.

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ACCT 550 Midterm 100% Correct

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(TCO A) Financial information demonstrates consistency when

(TCO A) The cash method of accounting

(TCO A) Changing the method of inventory valuation should be reported in the financial statements under what qualitative characteristic of accounting information?

(TCO A) The characteristic that is demonstrated when a high degree of consensus can be secured among independent measurers using the same measurement methods is

(TCO A) Which of the following is not a basic element of financial statements?

(TCO A) Issuance of common stock for cash affects which basic element of financial statements?

(TCO A) Faithful representation has as an enhancing quality for which of the following?

(TCO D) Which of the following is a limitation of the balance sheet?

(TCO D) The amount of time that is expected to elapse until an asset is realized or otherwise converted into cash is referred to as

(TCO A) The quality of information that gives assurance that is reasonably free of error and bias and is complete is

(TCO D) The correct order to present current assets is

(TCO A) Why are some of the major differences between iGAAP and U.S. GAAP? Explain in detail.
(TCO C) Blue Corp. reports operating expenses in two categories: (1) selling and (2) general and administrative. The adjusted trial balance at December 31, 201X, included the following expense accounts.

Accounting and legal fees    $150,000

Advertising    $125,000

Freight-out    $65,000

Interest    $80,000

Loss on sale of long-term    $35,000
investments

Officers’ salaries    $200,000

Rent for office space    $160,000

Sales salaries and commissions    $110,000

One half of the rented premises are occupied by the sales department. How much of the expenses listed above should be included in Perry’s selling expenses for 201X?

 
(TCO C) For the year ended December 31, 201X, King Inc. reported the following.
Net income    $60,000

Preferred dividends declared    $10,000

Common dividend declared    $2,000

Unrealized holding loss, net of tax    $1,000

Retained earnings, beginning    $80,000
balance
Common stock sold during the year    $80,000
Retained earnings, beginning
balance

Common stock    $40,000

Accumulated Other Comprehensive    $5,000 Income, Beginning Balance

What would Transformers report as the ending balance of retained earnings?
(TCO C) Ivy Co. had the following account balances.
Sales            120,000

Cost of goods sold    70,000

Salary expense        15,000

Depreciation expense    20,000

Dividend revenue    5,000

Utilities expense    6,000

Rental revenue        30,000

Interest expense        10,000

Advertising expense     15,000

What would Ivy report as total expenses in a single-step income    statement?                    
(TCO B) Unearned rent at 1/1/1X was $7,300 and at 12/31/1X was $8,100. The records indicate cash receipts from rental sources during 201X amounted to $40,000, all of which was credited to the Unearned
Rent Account. You are to prepare the missing adjusting entry. Please indicate DR (debit) or CR (credit) to the left of the account title, and place a comma between the account title and the amount of the
adjustment.

(TCO B) Unearned rent at 1/1/1X was $5,500 and at 12/31/1X was $10,000. The records indicate cash receipts from rental sources during 201X amounted to $40,000, all of which was credited to the Unearned
Rent Account. You are to prepare the missing adjusting entry. Please indicate DR (debit) or CR (credit) to the left of the account title, and place a comma between the account title and the amount of the
adjustment.

(TCO B) Allowance for doubtful accounts on 1/1/1X was $50,000. The balance in the allowance account on 12/31/1X after making the annual adjusting entry was $65,000, and during 201X, bad debts written off
amounted to $40,000. You are to provide the missing adjusting entry. Please indicate DR (debit) or CR (credit) to the left of the account title,and place a comma between the account title and the amount of the
adjustment.    

(TCO D) Which of the following should be reported for capital stock?

(TCO D) Which item below is not a current liability?

(TCO A) Financial information exhibits the characteristic of consistency when
(TCO D) Hall Corp.’s trial balance reflected the following account balances at December 31, 201X. Accounts receivable (net)

(TCO A) Which of the following statements is not an objective of financial reporting?

(TCO A) The cash method of accounting

(TCO A) Changing the method of inventory valuation should be reported in the financial statements under what qualitative characteristic of accounting information?

(TCO A) The two fundamental qualities for accounting information are

(TCO A) The elements of financial statements include investments by owners. These are increases in an entity’s net assets resulting from owners’

(TCO A) Issuance of common stock for cash affects which basic element of financial statements?

(TCO A) Which basic assumption may not be followed when a firm in bankruptcy reports financial results?

(TCO D) Balance sheet information is useful for all of the following except to

(TCO D) The balance sheet contributes to financial reporting by providing a basis for all of the following except

(TCO A) The quality of information that gives assurance that is reasonably free of error and bias and is complete is

(TCO D) The basis for classifying assets as current or noncurrent is conversion to cash within

(TCO A) What is FASB Codification? Explain in detail.

(TCO C) At Red Company, events and transactions during 20X2 included the following. The tax rate for all items is 30%.
(1) Depreciation for 20X1 was found to be understated by $40,000.
(2) A strike by the employees of a supplier resulted in a loss of $35,000.
(3) The inventory at December 31, 20X1 was overstated by $50,000.
(4) A flood destroyed a building that had a book value of $500,000. Floods are very uncommon in that area.

What would the effect of these events and transactions on 20X2 income from continuing operations net of tax be?

(TCO C) An income statement shows “income before income taxes and extraordinary items” in the amount of $3,000,000. The income taxes payable for the year are $1,500,000, including $260,000 that is applicable to an extraordinary gain. Thus, what is the “income before extraordinary items”?

(TCO C) Dolly Company reported the following information for 201X.

(TCO B) Prepaid rent at 1/1/1X was $70,000. During 201X, rent payments of $120,000 were made and charged to “rent expense.”
The 201X income statement shows as a general expense the item “rent expense” in the amount of $126,000. You are to prepare the missing adjusting entry that must have been made, assuming reversing entries are not made. Please indicate DR (debit) or CR (credit) to the left of the account title, and place a comma between the account title and the amount of the adjustment.

(TCO B) Unearned rent at 1/1/1X was $6,000 and at 12/31/1X was $15,000. The records indicate cash receipts from rental sources during 201X amounted to $40,000, all of which was credited to the Unearned Rent Account. You are to prepare the missing adjusting entry. Please indicate DR (debit) or CR (credit) to the left of the account title, and place a comma between the account title and the amount of the adjustment.

(TCO B) Prepaid rent at 1/1/1X was $25,000. During 201X, rent payments of $123,000 were made and charged to “rent expense.” The 201X income statement shows as a general expense the item “rent expense” in the amount of $122,000. You are to prepare the missing adjusting entry that must have been made, assuming reversing entries are not made. Please indicate DR (debit) or CR (credit) to the left of the account title, and place a comma between the account title and the amount of the adjustment.

(TCO B) Prepaid rent at 1/1/1X was $40,000. During 201X, rent payments of $115,000 were made and charged to “rent expense.” The 201X income statement shows as a general expense the item “rent expense” in the amount of $125,000. You are to prepare the missing adjusting entry that must have been made, assuming reversing entries are not made. Please indicate DR (debit) or CR (credit) to the left of the account title, and place a comma between the account title and the amount of the adjustment

(TCO D) Which of the following is not an acceptable major asset classification?

(TCO D) An example of an item that is not an element of working capital is

(TCO A) Which of the following is not a basic assumption underlying the financial accounting structure?

(TCO D) The current assets section of the balance sheet should include

TCO D) Ahnen Company owns the following investments.
Trading securities (fair value) $70,000
Available-for-sale securities (fair value) 40,000
Held-to-maturity securities (amortized cost) 47,000
What will Ahnen report investments in its current assets section?

 

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ACCT 550 Entire Course With Midterm And Final Exam

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ACCT 550 Week 1 Homework Assignment

ACCT 550 Week 2 Homework Assignment

ACCT 550 Week 3 Homework Assignment

ACCT 550 Week 4 Homework Assignment

ACCT 550 Week 5 Homework Assignment

ACCT 550 Week 6 Homework Assignment

ACCT 550 Week 7 Homework Assignment

ACCT 550 Week 8 Course project

ACCT 550 Midterm

ACCT 550 Final Exam

ACCT 550 All DQ’s Week 1 to Week 7

Week 1 DQ 1 Case Discussion

Week 1 DQ 2 General Topic of Information

Week 2 DQ 1 Case Discussion

Week 2 DQ 2 The Income Statement

Week 3 DQ 1 Case Discussion

Week 3 DQ 2 Balance Sheet

Week 4 DQ 1 Problem Discussion

Week 4 DQ 2 Time Value of Money

Week 5 DQ 1 Problem Discussion

Week 5 DQ 2 Inventory Cost

Week 6 DQ 1 Problem Discussion

Week 6 DQ 2 Asset Valuation

Week 7 DQ 1 Case Discussion

Week 7 DQ 2 Asset Valuation

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