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ACCT 212 Week 7 Course Project 2

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Top managers of McDonough Products, Inc., have asked for your help in comparing the company’s profit performance and financial position with the average for the industry. The accountant has given you the company’s income statement and balance sheet and also the following data for the industry.  The problem is that McDonough is in dollars and the Industry Average is in percentages.  To complete the analysis you will need to convert McDonoughs dollar amounts to percentages

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ACCT 212 Week 4 Midterm | DeVry Online Help

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(TCO 1) The Accounting Equation is used to develop the organization’s financial reports. (1) Describe what assets value would be if Liabilities are $12,000 and Owners’ Equity is $50,000 by showing the Accounting Equation (10 points), and (2) provide an example of two asset accounts that could contain the value. (10 points)

(TCO 1) The financial statements present a company to the public in financial terms. (1) Which financial statement should be prepared first and why (10 points), and (2) explain what information this financial statement provides. (10 points)

(TCO 1) The accounting profession follows a set of guidelines for measurement and disclosure of financial information called the Generally Accepted Accounting Principles (GAAP). (1) Explain what the Stable-Monetary-Unit Assumption is (10 points) and (2) provide an example of its application. (10 points)

(TCO 2) Transaction analysis results in the development of a journal entry. In the start-up of a business, the owner contributes $750,000 of cash. (1) Name the accounts impacted and how to use the format account name/debit or credit/dollar amount (10 points), and (2) explain how the Accounting Equation is impacted. (10 points)

(TCO 3) Adjusting Entries are required at the end of the period to ensure that accrual accounting principles are applied. At the beginning of the month, $1,350 of office supplies were purchased. There was not a beginning balance and the one purchase was the only one for the month. At the end of the month, $500 of supplies remained. Develop the adjusting entry. (1) Name the accounts impacted and how using the format account name/debit or credit/dollar amount (10 points), and (2) explain how the Accounting Equation is impacted. (10 points)

(TCO 5) Internal Controls are required to safeguard assets and to ensure ethical business practices. (1) Identify and explain the reason for any two of the five components of internal control (10 points) and (2) provide examples of how your two selected components of internal control will meet the goal of safeguarding assets and promoting ethical business practices. (15 points)

(TCO 5) The bank account as a control device helps to protect cash. One of the requirements is to conduct periodic bank statement reconciliations. Using the following data, complete the bank statement reconciliation for J & J Flooring, Inc. (Use the format shown on page 251 of your textbook.) (25 points)

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ACCT 212 Week 3 Course Project 1 Part A | DeVry Online Help

ACCT 212 Week 3 Course Project 1 Part A | DeVry Online Help | ACCT 212 ENTIRE COURSE - www.devryonlinehelp.com | Scoop.it

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Course Project #1 consists of two parts, A and B, respectively.  There are 10 Requirements for you to complete in this exercise, Part A has 1-3 and Part B has 4-10.  Part A is due at the end of Week 3. Part B is due at the end of Week 5.  See Syllabus/”Due Dates for Assignments & Exams” for due date information. All of the information you need to complete Course Project #1 is located in this Workbook.

• There are 8 worksheets in the workbook you will need to complete for Parts A & B.

• A list of October transactions

• A Chart of Accounts reference sheet

• A Grading Rubric to help explain what is expected.

• Each worksheet has the Check Figures embedded as a comment.

You’ve just secured a new client in your accounting practice, the Rawls Repair Corporation, (RRC) a brand new small business specializing in bicycle repair.  The owner, Rob Rawls, is a terrific cyclist and bike repair specialist, but definitely not an accountant.  Your job is to help Rob put his affairs in order.  Luckily Rob has only been in operation for a month and things have not gotten too out of hand yet!  Rob has to submit his financial statements to his investors and doesn’t know where to begin.  It’s your job to go through the complete Accounting cycle to prepare the financial statements for the RRC

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ACCT 212 Entire Course Financial Accounting

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Course Project – Week 3 (CP 1A), Week 5 (CP 1B) and 7(CP 2)

Week 4 Midterm

All 7 Weeks Discussions

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ACCT 212 Week 5 Course Project 1 Part B | DeVry Online Help

ACCT 212 Week 5 Course Project 1 Part B | DeVry Online Help | ACCT 212 ENTIRE COURSE - www.devryonlinehelp.com | Scoop.it

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Course Project #1 consists of two parts, A and B, respectively.  There are 10 Requirements for you to complete in this exercise, Part A has 1-3 and Part B has 4-10.  Part A is due at the end of Week 3. Part B is due at the end of Week 5.  See Syllabus/”Due Dates for Assignments & Exams” for due date information. All of the information you need to complete Course Project #1 is located in this Workbook.

• There are 8 worksheets in the workbook you will need to complete for Parts A & B.

• A list of October transactions

• A Chart of Accounts reference sheet

• A Grading Rubric to help explain what is expected.

• Each worksheet has the Check Figures embedded as a comment.

You’ve just secured a new client in your accounting practice, the Rawls Repair Corporation, (RRC) a brand new small business specializing in bicycle repair.  The owner, Rob Rawls, is a terrific cyclist and bike repair specialist, but definitely not an accountant.  Your job is to help Rob put his affairs in order.  Luckily Rob has only been in operation for a month and things have not gotten too out of hand yet!  Rob has to submit his financial statements to his investors and doesn’t know where to begin.  It’s your job to go through the complete Accounting cycle to prepare the financial statements for the RRC.

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ACCT 212 Week 4 Midterm

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(TCO 1) The Accounting Equation is used to develop the organizations financial reports. (1) Describe what owners’ equity values would be if Assets are $100,000 and Liabilities are $27,000 by showing the Accounting Equation (10 points) and (2) provide an explanation of what accounts could be found in owners’ equity. (10 points)(TCO 1) The financial statements present a company to the public in financial terms. (1) Which financial statement identifies where cash was generated and where it was spent during the year (10 points) and (2) identify the three major parts of this statement. (10 points)(TCO 1) The accounting profession follows a set of guidelines for measurement and disclosure of financial information called the Generally Accepted Accounting Principles (GAAP). (1) Explain what the International Financial Reporting Standards (IFRS) are (10 points) and (2) provide an example of its application. (10 points)(TCO 2) Transaction analysis results in the development of a journal entry. Supplies are purchased on account agreeing to pay $500 within 30 days. (1) Name the accounts impacted and how using the format account name/debit or credit/dollar amount (10 points) and (2) explain how the Accounting Equation is impacted. (10 points)(TCO 3) Adjusting Entries are required at the end of the period to ensure that accrual accounting principles are applied. At the beginning of the month $1,350 of office supplies were purchased. There was not a beginning balance and the one purchase was the only one for the month. At the end of the month $500 of supplies remained. Develop the adjusting entry. (1) Name the accounts impacted and how using the format account name/debit or credit/dollar amount (10 points) and (2) explain how the Accounting Equation is impacted. (10 points)(TCO 5) Internal Controls are required to safeguard assets and to ensure ethical business practices. (1) Identify and explain the reason for any two of the seven internal control procedures (10 points) and (2) provide examples of how your two selected internal control procedures will meet the goal of safeguarding assets and promoting ethical business practices. (15 points)(TCO 5) The bank account as a control device helps to protect cash. One of the requirements is to conduct periodic bank statement reconciliations. Using the following data, complete the bank statement reconciliation. (Use the format shown on page 255 of your textbook) (25 points)

Prepare a bank reconciliation using B & B’s Restaurant Supply Inc.’s information for August 31.
· A NSF check from Johnny Jones for $3,164.·Two deposits made on August 31 were not on the bank statement, totaling $2,897.·The bank collected an EFT payment for Rent for $2,600.·August 31 balance in Cash was $2,005.·The owner had written check # 1598 for $500 and recorded this check as $5,000.·The balance on the bank statement as of August 31 was $5,316.·Bank service charge of $28 was shown on the bank statement.·Checks #1572, 1606, 1116, and 1242 for $419, $126, $650, and $1,105, respectively, were not shown on the bank statement, even though the company had sent the checks.

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ACCT 212 Final Exam | DeVry Online Help

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1. (TCO 3) At the end of the period it is necessary to close all temporary accounts. (1) Explain why this process is required (10 points) and (2) provide an example of the closing of an expense account, Salary Expense in the form of a journal entry. (10 points) (Points : 20)

2. (TCO 2) As required to complete Course Project 1, one must follow the cycle that includes 10 steps to complete the accounting cycle. (1) Explain how the debit/credit rules are used when developing journal entries (10 points) and (2) provide an example of the application of the debit/credit rules in the form of a journal entry. (10 points)(Points : 20)

3. (TCO 5) Internal Control Procedures are required to safeguard company assets and to ensure ethical operation of the business. (1) Explain how limited access can satisfy the purpose of internal control (10 points) and (2) provide an example of how this control could be implemented. (10 points) (Points : 20)

4. (TCO 4) Inventory valuation methods determine the cost of goods sold and the inventory balance. (1) Explain how the First in First out (FIFO) method is applied (10 points) and (2) provide an example of the impact that this method of inventory valuation will have on Gross Profit. (10 points) (Points : 20)

5. (TCO 1) To evaluate the financial operation and health of a business ratio analysis is used. (1) Provide the formula for the Current Ratio and explain how it is computed (10 points) and (2) provide an example of how this ratio can be used in decision-making in business. (10 points) (Points : 20)

1. (TCO 6) BagODonuts Company bought a used delivery truck on January 1, 2010, for $19,200. The van was expected to remain in service 4 years (30,000 miles). BagODonuts’ accountant estimated that the truck’s residual value would be $2,400 at the end of its useful life. The truck traveled 8,000 miles the first year, 8,500 miles the second year, 5,500 miles the third year, and 8,000 miles in the fourth year.

1. Calculate depreciation expense for the truck for each year (2010-2013) using the:
a. Straight-line method.
b. Double-declining balance method.
c. Units of Production method.
(For units-of-production and double-declining balance, round to the nearest two decimals after each step of the calculation.)
2. Which method best tracks the wear and tear on the van?
3. Which method would BagODonuts prefer to use for income tax purposes? Explain in detail why BagODonuts prefers this method. (Points : 25)

2. (TCO 7) ABC Inc. was incorporated on 1/15/12. Their corporate charter authorized the following capital stock: Preferred Stock: 7%, par value $100 per share, 100,000 shares. Common Stock: $1 par value, 500,000 shares.

The following transactions occurred during the year:

1/19/12 – Issued 100,000 shares of common stock for $17 cash per share.
1/31/12 – Issued 3,000 shares of preferred stock for $115 cash per share.
11/1/12 – Repurchased 30,000 shares of common stock for $22 cash per share.
12/1/12 – Declared and paid a total dividend of $95,000.

Required:
1. Prepare the journal entry for each transaction listed above.
2. In your own words, explain the main differences between common and preferred stock.
(Points : 25)

3. (TCO 5) Fraud is an intentional misrepresentation of facts, made for the purpose of persuading another party to act in a way that causes injury or damage to that party. In our readings and discussions we have seen several examples of fraud in business. Using that experience (1) provide an example of a common fraudulent practice in business with an explanation of how the practice works and (2) name and describe each of the elements of the Fraud Triangle.

4. (TCO 5) Internal Control Procedures are in place to protect the assets of every business as mentioned in the textbook and our discussions. Of the seven internal control procedures, list five of these controls and describe how each procedure is implemented (Points : 25)

5. (TCO2) Below are the accounts of Super Pool Service, Inc. The accounts have normal balances on June 30, 2012. The accounts are listed in no particular order.

Account Balance
Common stock $5,100
Accounts payable $4,400
Service revenue $17,100
Land $28,800
Note payable $9,500
Cash $5,200
Dividends $6,100
Utilities expense $2,100
Accounts receivable $10,600
Delivery expense $700
Retained earnings $25,600
Salary expense $8,200

Prepare the company’s trial balance as of June 30, 2012, listing accounts in proper sequence, as illustrated in the chapter. For example, Accounts Receivable comes before Land. List the expense with the largest balance first, the expense with the next largest balance second, and so on.

(Points : 25)

6.

(TCO4) Linda’s Lampshades started business on Jan. 1, 2001. They had the following inventory transactions:

Journals – Jan. 2001

Purchases

Supplier Date Received Quantity Unit Cost Amount

Donna 01/10/01 110 12.00 1320.00

Thomas 01/15/01 160 14.00 2240.00

Cindy 01/18/01 150 15.00 2250.00

Sales

Customer Date shipped Quantity Sel. Price Amount

Norilene 01/16/01 200 25.00 5000.00

1. Calculate the ending inventory, using the perpetual inventory method:

A. Using FIFO

B. Using LIFO

C. Using Average Cost

2. Prepare the following statement

Using

FIFO LIFO Average Cost

Sales

Cost of Sales
Gross Profit

(Points : 25)

1. Depreciation is a process to allocate the cost of long-life assets to each period’s income statement and adjusts the value of the asset on the balance sheet. (1) Explain how the Units-of-Production method is computed (10 points) and (2) provide an example of how this method could be used on a new delivery truck purchased for $25,000 to be used for 100,000 miles with a salvage value of $5,000 for year one only (25,000 miles driven in year one)

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ACCT 212 All 7 Weeks Discussions Graded A | DeVry Online Help

ACCT 212 All 7 Weeks Discussions Graded A | DeVry Online Help | ACCT 212 ENTIRE COURSE - www.devryonlinehelp.com | Scoop.it
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w1 dq1 Financial Statements

w2 dq1 Prepaid Expenses vs. Unearned Revenue

w2 dq2 Accrual vs. Cash Accounting

w3 dq1 Ethical Business Decisions

w3 dq2 Trade Credit – Accounts Payable

w4 dq1 Inventory Management

w4 dq2 LIFO

w5 dq1 Non-current Assets and Related Liabilities

w5 dq2 Raising Capital (Cash)

w6 dq1 Stockholders Equity

w6 dq2 Net Income vs. Net Operating Cash

w7 dq1 Financial Statement Analysis

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