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ACCT 504 Week 7 Course Project JCP Kohls | DeVry Online Help

ACCT 504 Week 7 Course Project JCP Kohls | DeVry Online Help | ACCT 504 Full Course - DevryOnlineHELP | Scoop.it

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ACCT 504 Week 7 Course Project JCP Kohls

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ACCT-504 Week 5 Course Project Draft Spreadsheet | DeVry Online Help

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ACCT 504 Week 4 Midterm Set 2

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1. (TCO A, B, C) External users want answers to all of the following questions except:

2. (TCO C) Issuing shares of stock in exchange for cash is an example of a(n):

3. (TCO C) Which activities involve putting the resources of the business into action to generate a profit?

4. (TCO A) Resources owned by a business are referred to as:

5. (TCO C) Jamie Company recorded the following cash transactions for the year:
Paid $70,000 for salaries.
Paid $20,000 to purchase office equipment.
Paid $6,000 for utilities.
Paid $7,000 in dividends.
Collected $130,000 from customers.

What was Jamie’s net cash provided by operating activities?

6. (TCO A) On a classified balance sheet, prepaid insurance is classified as:

7. (TCO A) Which of the following should not be classified as a current asset?

8. (TCO A) These are selected account balances on December 31, 2007.
-Land (location of the corporation’s office building) $200,000
-Land (held for future use) 300,000
-Corporate Office Building 1,200,000
-Inventory 400,000
-Equipment 900,000
-Office Furniture 200,000
-Accumulated Depreciation 600,000

What is the total NET amount of property, plant, and equipment that will appear on the balance sheet?.

9. Question : (TCO B) For 2010, Mossland Corporation reported net income of $28,000; net sales $400,000; and average share outstanding 6,000. There were no preferred stock dividends. What was the 2010 earnings per share?

10. (TCO B) At December 31, 2010, Shorts Company had retained earnings of $2,184,000. During 2010 they issued stock for $98,000, and paid dividends of $34,000. Net income for 2010 was $402,000. The retained earnings balance at the beginning of 2010 was:

 

11. (TCO D) On March 1, 2010, Dillon Company hires a new employee who will start the work on March 6. The employee will be paid on the last day of each month. Should a journal entry be made on March 6? Why or why not?

12. (TCO D) Which one of the following is not a part of an account?

13. (TCO D) The classification and normal balance of the dividend account is:

14. (TCO D) A debit is not the normal balance for which account listed below?

15. (TCO D) Which of the following is not always true of the terms debit and credit?

 

1. (TCO E) The time period assumption states that:

2. (TCO E) In a service-type business, revenue is considered earned:

3. (TCO E) Expenses sometimes make their contribution to revenue in a different period than when the expense is paid. When wages are incurred in one period and paid in the next period, this often leads to which account appearing on the balance sheet at the end of the first period?

4. (TCO E) The following is selected information from M Corporation for the fiscal year ending October 31, 2010:
Cash received from customers $300,000
Revenue earned 350,000
Cash paid for expenses 170,000
Expenses incurred 200,000

Based on the accrual basis of accounting, what is M Corporation’s net income for the year ending October 31, 2010?

5. (TCO E) The general term employed to indicate an expense that has not been paid or revenue that has not been received and has not yet been recognized in the accounts is:

6. (TCO A, B) Detailed records of movements in merchandise (each purchase and sale) are not maintained in the inventory account in a:

7. (TCO B) Hunter Company purchased merchandise inventory with an invoice price of $12,000 and credit terms of 2/10, n/30. What is the net cost of the goods if Hunter Company pays within the discount period

8. (TCO A, B) Zach’s Market recorded the following events involving a recent purchase of merchandise:
Received goods for $50,000, terms 2/10, n/30.
Returned $1,000 of the shipment for credit.
Paid $250 freight on the shipment.
Paid the invoice within the discount period.

As a result of these events, the company’s merchandise inventory:

9. (TCO A) The Freight-in account:

10 (TCO A) Which statement is false?

11. (TCO A) Of the following companies, which one would not likely employ the specific identification method for inventory costing?

12. (TCO A) Which of the following statements is correct with respect to inventories?

13. (TCO A) In a period of rising prices, which of the following inventory methods generally results in the lowest net income figure?

14. (TCO B) Which of the following is a true statement about inventory systems?

15. (TCO B) Two categories of expenses in merchandising companies are:

1. (TCO D) An account is an important accounting record where financial information is stored until needed. Briefly explain (1) the nature of an account, (2) the different types of accounts, and (3) the manner in which an account is increased and decreased, and the normal balance of each type of accounts.

 

2. (TCOs B & E) The adjusted trial balance of Gertz Company included the following selected accounts:
Debit Credit
Sales $575,000
Sales Returns and Allowances $ 50,000
Sales Discounts 9,500
Cost of Goods Sold 347,000
Freight-out 2,000
Advertising Expense 15,000
Interest Expense 19,000
Store Salaries Expense 74,000
Utilities Expense 18,000
Depreciation Expense 3,500
Interest Revenue 25,000

Instructions:

Use the above information to prepare a multiple-step income statement for the year ended December 31, 2010. Calculate the profit margin ratio and gross profit rate. To qualify for full credit, you must state the formula you are using, show your computations, and explain your findings

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ACCT 504 Week 3 Case Study 1 Flower Landscaping Corporation | DeVry Online Help

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The Entire Case Study is due Sunday at Midnight Mountain time at the end of Week 3.
This Case Study is worth 100 points or 10% of your final course grade.
This Case Study relates to TCO’s D and E and Chapters 3 and 4.
MAKE SURE TO COMPLETE ALL REQUIREMENTS WHICH ARE LISTED BELOW.
There are 10 Sheets in the Workbook including this one.
All of the Information you need for the Project is located in this Workbook.
Requirements
Requirement 1 – Prepare the Journal Entries in the General Journal
Requirement 2 – Post Journal Entries to the General Ledger
Requirement 3 – Prepare a Trial Balance
Requirement 4 – Prepare the Adjusting Entries
Requirement 5 – Post Adjusting Entries to the General Ledger
Requirement 6 – Prepare an Adjusted Trial Balance
Requirement 7 – Prepare the Financial Statements
Requirement 8 – Prepare the Closing Entries
Requirement 9 – Post Closing Entries to the General Ledger
Requirement 10 – Prepare the Post Closing Trial Balance

Sheet in Workbook
Journal Entries
General Ledger
Trial Balance
Adjusting Entries
General Ledger
Adjusted TB
Financial Statements
Closing Entries
General Ledger
Post Closing TB

Hint for success: review the Week 2 Lecture prior to starting this project.
There are also hints contained within certain cells on some of the worksheet tabs.
You can hover over the red pointer at the top right-hand corner of the cell to read the hint.
Hints are provided for the following balances:
1) The debits for the journal entries on the Journal Entries tab
2) The credits for the journal entries on the Journal Entries tab
3) The cash balance on the General Ledger tab
4) The debits for the trial balance on the Trial Balance tab
5) The credits for the trial balance on the Trial Balance tab
6) The debits for the adjusted trial balance on the Adjusted Trial Balance tab
7) The credits for the adjusted trial balance on the Adjusted Trial Balance tab

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ACCT 504 All 7 Weeks Discussions | DeVry Online Help

ACCT 504 All 7 Weeks Discussions | DeVry Online Help | ACCT 504 Full Course - DevryOnlineHELP | Scoop.it

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w1 dq1 – Financial Reporting Environment and GAAP

w1 dq2 – Details of Financial Statements and Ratios

w2 dq1 – Accounting EquationAccounting Cycle

w2 dq2 – Accrual Accounting and Adjusting Entries

w3 dq1 – Merchandising Operations and Income Statements

w3 dq2 – Inventory Cost-Flow Assumptions

w4 dq1 – Understanding Internal Control and Reporting Cash

w4 dq2 – Accounting for and Reporting Receivables

w5 dq1 – Plant Assets and Intangibles

w5 dq2 – Accounting for Liabilities

w6 dq1 – Accounting for and Reporting Equity

w6 dq2 – Statement of Cash Flows

w7 dq1 – Issues in Income Reporting

w7 dq2 – Different Tools for Financial Analysis

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ACCT 504 Week 6 Case Study 3 – Cash Budgeting – LBJ Company

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The cash budget was covered during Week 4 when we covered TCO D and you read Chapter 7. There is also a practice case study to work on. Your Professor will provide the solution to the practice case study at the end of Week 5. This case study should be uploaded by 11:59PM Mountain time of the Sunday ending Week 6 to the Week 6 Assignment Dropbox. You are encouraged to use the Excel template file provided in Doc Sharing.

The LBJ Company has budgeted sales revenues as follows:

April May June

Credit sales $94,000 $89,500 $75,000

Cash sales 48,000 75,000 57,000

Total sales $142,000 $164,500 $132,000

Past experience indicates that 30% of the credit sales will be collected in the month of sale and the remaining 70% will be collected in the following month.

Purchases of inventory are all on credit and 40% is paid in the month of purchase and 60% in the month following purchase. Budgeted inventory purchases are $195,000 in April, $135,000 in May, and $63,000 in June.

Other budgeted cash receipts: (a) sale of plant assets for $33,000 in May, and (b) sale of new common stock for $50,000 in June. Other budgeted cash disbursements: (a) operating expenses of $15,000 each month, (b) selling and administrative expenses of $10,150 each month, (c) purchase of equipment for $19,000 cash in June, and (d) dividends of $20,000 will be paid in June.

The company has a cash balance of $20,000 at the beginning of May and wishes to maintain a minimum cash balance of $20,000 at the end of each month. An open line of credit is available at the bank and carries an annual interest rate of 10%. Assume that all borrowing is done on the first day of the month in which financing is needed and that all repayments are made on the last day of the month in which excess cash is available. Also assume that there is no outstanding financing as of May 1.

Requirements:

1. Use this information to prepare a Cash Budget for the months of May and June, using the template provided in Doc Sharing.

2. What are the three sections of a Cash Budget, and what is included in each section?

3. Why is a Cash Budget so vital to a company?

4. What are the five basic principles of cash management that a company can follow in order to improve its chances of having adequate cash?

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ACCT 504 Week 5 Case Study 2 Internal Control – LJB Company

ACCT 504 Week 5 Case Study 2 Internal Control – LJB Company

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ACCT 504 Week 5 Case Study 2 Internal Control – LJB Company

 

LJB Company, a local distributor, has asked your accounting firm to evaluate their system of internal controls because they are planning to go public in the future. The President wants to be aware of any new regulations required of his company if they go public so he met with a colleague of yours at a local restaurant. The President of the company explained the current system of internal controls to your colleague. Your colleague has since been promoted to a tax position so she has passed on the information below so you can generate recommendations for the partner at your accounting firm to share with the President of LJB Company.

Since LJB Company is a relatively lean organization, they have a lot of faith in their long-term employees. They have one accountant who serves as Treasurer and Controller which streamlines many of their processes. In this dual role, he purchases all of the supplies and pays for these purchases. He also receives the checks and completes the monthly bank reconciliation. The accountant is so busy that the company handles petty cash a bit differently. All employees have access to the petty cash in a desk drawer and are asked to only place a note if they use any of the cash.

The accountant has recently started using pre-numbered invoices and wants to buy an indelible ink machine to print their checks. The President is waiting to hear from you if this is a necessary purchase before authorizing.

On payday, the checks are picked up by the accountant and left in his office for pick-up. Before he leaves for the weekend, he will move the checks into a safe in his office.

The President is still quite embarrassed because he had to fire one of his employees for viewing pornography on a company computer. He later found out this individual was a convicted felon who served time for molesting children. The company had a hard time getting the employee to admit it was him because the company does not assign individual passwords. The President expressed his frustration because both he and the accountant both interview and approve all of the new hires.

Required:

Based on the above information, prepare a Word document to address the following:

Inform the President of any new internal control requirements if the company decides to go public. (7 points) Advise the President of what the company is doing right (they are doing some things well) and also recommend to the President whether or not they should buy the indelible ink machine. When you advise the President, please be sure to reference the applicable internal control principle that applies. (13 points) Advise the President of what the company is doing wrong (they are definitely doing some things poorly). Please be sure to include the internal control principle that is being violated along with a recommendation for improvement. (20 points)

You must prepare a formal report for the partner to distribute to the President so no abbreviations or short-hand answers. You also must cite your references. At a minimum, your textbook should be cited.

Below is a grading rubric for this assignment.

Category

Points

Description

Understanding

10

Demonstrate a strong grasp of the problem at hand. Demonstrate understanding of how the course concepts apply to the problem.

Analysis

30

Apply original thought to solving the business problem. Apply concepts from the course material correctly toward solving the business problem.

Execution

10

Write your answer clearly and succinctly using strong organization and proper grammar. Use citations correctly.

Total

50

A quality paper will meet or exceed all of the above requirements.

Best Practices

The following are best practices in preparing this paper.

Cover Page: Include whom you prepared the paper for, who prepared it, and the date. Table of Contents: List the main ideas and sections of the paper and the pages where they are located. Illustrations should be included separately. Introduction: Use a header on your paper. This will indicate that you are introducing the paper.

The purpose of an introduction or opening is to introduce the subject and why the subject is important; preview the main ideas and the order in which they will be covered; and establish the tone of the document.

Include in the introduction a reason for the audience to read the paper. Also include an overview of what you will cover and the importance of the material. (This should include or introduce the questions you are asked to answer in each assignment.)

Body of the Report: Use a header with the name of the case study. An example is, “The Development of Hotel X: A World Class Resort.” Proceed to break out the main ideas: State the main ideas, the major points of each idea, and provide evidence. Show some type of division, such as separate, labeled sections; separate groups of paragraphs; or headers. Include the information you found during your research and investigation. Summary and Conclusion: Summarizing is similar to paraphrasing but presents the gist of the material in fewer words than the original. An effective summary identifies the main ideas and the major support points from the body of the report; minor details are left out. Summarize the benefits of the ideas and how they effect the subject. Work Cited: Use the citation format specified in the Syllabus.

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ACCT 504 Week 4 Midterm Set 1

ACCT 504 Week 4 Midterm Set 1

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ACCT 504 Week 4 Midterm Set 1

 

1. (TCO A, B, C) External users want answers to all of the following questions except:

2. (TCO C) Borrowing money is an example of a(n):

3. (TCO C) Buying and selling products are examples of

4. (TCO A) Resources owned by a business are referred to as:

5. (TCO C) Jamie Company recorded the following cash transactions for the year:
Paid $70,000 for salaries.
Paid $20,000 to purchase office equipment.
Paid $6,000 for utilities.
Paid $7,000 in dividends.
Collected $130,000 from customers.

What was Jamie’s net cash provided by operating activities?

6. (TCO A) In a classified balance sheet, assets are usually classified as:

7. (TCO A) An intangible asset:

8. (TCO A) These are selected account balances on December 31, 2010.
-Land (location of the corporation’s office building) $50,000
-Land (held for future use) 75,000
-Corporate Office Building 300,000
-Inventory 100,000
-Equipment 225,000
-Office Furniture 50,000
-Accumulated Depreciation 150,000

What is the total NET amount of property, plant, and equipment that will appear on the balance sheet?

9. (TCO B) For 2010, Ford Corporation reported net income of $15,000; net sales $200,000; and average share outstanding 6,000. There were no preferred stock dividends. What was the 2010 earnings per share?

10. (TCO B) Morten Corporation had beginning retained earnings of $764,000 and ending retained earnings of $833,000. During the year they issued common stock totaling $47,000. There were no dividends issued. What was their net income for the year?

11. (TCO D) Is the purchase of equipment treated as an expense at the time of purchase? Why or why not?

12. (TCO D) The left side of an account is:

13. (TCO D) A credit is not the normal balance for which account listed below?

14. (TCO D) A debit is not the normal balance for which account listed below?

15. (TCO D) Which pair of accounts follows the rules of debit and credit in relation to increases and decreases in the same manner?

1. (TCO E) The time period assumption states that:

2. (TCO E) The matching principle matches:

3. (TCO E) Expenses sometimes make their contribution to revenue in a different period than when the expense is paid. When wages are incurred in one period and paid in the next period, this often leads to which account appearing on the balance sheet at the end of the first period?

4. (TCO E) The following is selected information from J Corporation for the fiscal year ending October 31, 2010.
Cash received from customers $75,000
Revenue earned 87,500
Cash paid for expenses 42,500
Expenses incurred 50,000

Based on the accrual basis of accounting, what is J Corporation’s net income for the year ending October 31, 2007?

5. (TCO E) The general term employed to indicate an expense that has not been paid or revenue that has not been received and has not yet been recognized in the accounts is:

6. (TCO A, B) Which of the following expressions is incorrect?

7. (TCO B) Hunter Company purchased merchandise inventory with an invoice price of $6,000 and credit terms of 2/10, n/30. What is the net cost of the goods if Hunter Company pays within the discount period?

8. (TCO A, B) Jake’s Market recorded the following events involving a recent purchase of merchandise:
Received goods for $20,000, terms 2/10, n/30.
Returned $400 of the shipment for credit.
Paid $100 freight on the shipment.
Paid the invoice within the discount period.

As a result of these events, the company’s merchandise inventory:

9. (TCO A) The Freight-in account:

10. (TCO A) Barnes Company is taking a physical inventory on March 31, the last day of its fiscal year. Which of the following must be included in this inventory count?

11. (TCO A) Of the following companies, which one would not likely employ the specific identification method for inventory costing?

12. (TCO A) Which of the following statements is correct with respect to inventories?

13. (TCO A) In a period of declining prices, which of the following inventory methods generally results in the lowest balance sheet figure for inventory?

14. (TCO B) Which of the following is a true statement about inventory systems?

15. (TCO B) Two categories of expenses in merchandising companies are:

1. (TCO D) A classmate is considering dropping his accounting class because he cannot understand the rules of debits and credits.

Explain the rules of debits and credits in a way that will help him understand them. Cite examples for each of the major sections of the balance sheet (assets, liabilities and stockholders’ equity) and the income statement (revenues and expenses).

2. (TCOs B & E) The Caltor Company gathered the following condensed data for the year ended December 31, 2010:
Cost of goods sold $ 710,000
Net sales 1,279,000
Administrative expenses 239,000
Interest expense 68,000
Dividends paid 38,000
Selling expenses 45,000

Instructions:

Prepare a multiple-step income statement for the year ended December 31, 2010. Compute the profit margin ratio and gross profit rate. Caltor Company s assets at the beginning of the year were $770,000 and were $830,000 at the end of the year. To qualify for full credit, you must state the formula you are using, show your computations and explain your findings.

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ACCT 504 Entire Course Accounting Finance + Final Exam | DeVry Online Help

ACCT 504 Entire Course Accounting Finance + Final Exam | DeVry Online Help | ACCT 504 Full Course - DevryOnlineHELP | Scoop.it

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Week 3 – Case Study 1 – The Complete Accounting Cycle – Flower Landscaping Corporation)

Week 4 Midterm

Week 5 – Case Study 2 (Internal Control – LJB Company)

Week 6 – Case Study 3 (Cash Budgeting – Cambridge Company)

Week 7 – Course Project (A Comparative Analysis of Kohl’sCorporation and J.C. Penney Corporation)

All 7 Weeks Discussions

ACCT-504 Final Exam

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