ACCT 550 Intermediate Accounting Complete Class
ACCT 550 Intermediate Accounting
Complete Class
ACCT 550 Week 1 Homework
Assignment
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.
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April
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2
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Invested $30,000
cash and equipment valued at $14,000 in the business.
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2
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Hired a
secretary-receptionist at a salary of $290 per week payable monthly.
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3
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Purchased supplies
on account $700. (debit an asset account.)
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7
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Paid office rent of
$600 for the month.
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11
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Completed a tax
assignment and billed client $1,100 for services rendered. (Use Service
Revenue account.)
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12
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Received $3,200
advance on a management consulting engagement.
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17
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Received cash of
$2,300 for services completed for Ferengi Co.
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21
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Paid insurance
expense $110.
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30
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Paid
secretary-receptionist $1,160 for the month.
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30
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A count of supplies
indicated that $120 of supplies had been used.
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30
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Purchased a new
computer for $5,100 with personal funds. (The computer will be used
exclusively for business purposes.)
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E3-5 (Adjusting Entries) The ledger of Chopin Rental Agency on
March 31 of the current year includes the following selected accounts before
adjusting entries have been prepared.
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Debit
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Credit
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Prepaid Insurance
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$ 3,600
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Supplies
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2,800
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Equipment
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25,000
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Accumulated
Depreciation—Equipment
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$ 8,400
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Notes Payable
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20,000
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Unearned Rent
Revenue
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6,300
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Rent Revenue
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60,000
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Interest Expense
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Salaries and Wages
Expense
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14,000
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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.
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Assets
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Distributions to
owners
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Expenses
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Liabilities
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Comprehensive income
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Gains
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Equity
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Revenues
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Losses
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Investments by
owners
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Identify the element
or elements associated with the 12 items below.
CA1-3 (Financial Reporting and
Accounting Standards) Answer the
following multiple-choice questions.
ACCT 550 Week 2 Homework
Assignment
Chapter 4: E4-4
1.
A) Webster Company
Multiple-Step Income
statement
For the Year Ended
December 31, 2012
Sales $96,500
Cost of Goods
Sold 63,570
Gross Profit on Sales
32,930
1.
B) Webster Company
Single-Step Income
Statement
For the Year Ended
December 31, 2012
Revenue
Sales 96,500
Rent Revenue
Chapter 4: E4-12
Net Income:
Income from continuing
operations
Before income tax
21,650,000
Income tax (21,650,000
x 35%) 7,577,500
Income from continuing
operations 14,072,500
Chapter 4: P4-1
Dickinson Company
Income Statement
For the Year Ended
December 31, 2012
ACCT 550 Week 3 Homework
Assignment
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. Instructions (f) Current liabilities. (g) Noncurrent liabilities.
(h) Capital stock. (i) Additional paid-in capital. (j) Retained earnings.
Indicate by letter where each of the following items would be classified.
1.
Preferred stock. 2.
Goodwill. 3. Salaries and wages payable. 4. Accounts payable. 5. Buildings. 6.
Equity investments (trading). 7. Current maturity of long-term debt. 8. Premium
on bonds payable. 9. Allowance for doubtful accounts. 10. Accounts receivable.
11. Cash surrender value of life insurance. 12. Notes payable (due next year).
13. Supplies. 14. Common stock. 15. Land. 16. Bond sinking fund. 17. Inventory.
18. Prepaid insurance. 19. Bonds payable. 20. Income taxes payable
E 5-4, E 5-12, E 5-13,
P 5-2
E5-13
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
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
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of the following
periodic amounts due at the end of the designated periods.
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(a) $30,000
receivable at the end of each period for 8 periods compounded at 12%.
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This is a case of
annuity because the person is receiving the amount at the end of each period.
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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 new 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. Instructions
In which building would you recommend that The Black Knights Inc. locate,
assuming a 12% cost of funds?
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. Dr. Cr. Accounts Receivable$100,000 Allowance for Doubtful
Accounts$2,000 Sales (all on credit) 900,000 Sales Returns and Allowances
50,000
ACCT 550 Week 5 Homework
Assignment
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:
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Purchases
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Sales
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April 1 (bal on
hand)
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100 @ $5.00
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April 5
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300
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April 4
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400 @ 5.10
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April 12
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200
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April 11
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300 @ 5.30
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April 27
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800
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April 18
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200 @ 5.35
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April 28
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150
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April 26
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600 @ 5.60
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April 30
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200 @ 5.80
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(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)
1.
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
ACCT 550 Week 6 Homework
Assignment
Chapter
10 – E10-1, Chapter 10 – E10-3, Chapter 10 – E10-7,Chapter 10 –
P10-8,
ACCT 550 Week 7 Homework
Assignment
Chapter 11: E11-4,
E11-9, E11-11, E11-17
ACCT 550 All Weeks 1-7 Discussions
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
ACCT 550 Week 8 Course Project
Course Project, Inc.
Balance Sheet
Single Step Income
Statement
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