ACC 421 Entire Course
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ACC 421 Week 5 WileyPLUS Assignment Week Five - www.onlinehomework.guru

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Resource: WileyPLUS

Access WileyPLUS using the link on the student website.

Complete the five exercises in WileyPLUS:

1. Lyle O’Keefe invests $44,200 at 8% annual interest, leaving the money invested without withdrawing any of the interest for 8 years. At the end of the 8 years, Lyle withdrew the accumulated amount of money.

2. Using the appropriate interest table, compute the present values of the periodic amounts, due at the end of the designated periods.

3. Presented below are three unrelated situations.

(a) Ron Stein Company recently signed a lease for a new office building, for a lease period of 11 years. Under the lease agreement, a security deposit of $14,880 is made, with the deposit to be returned at the expiration of the lease, with interest compounded at 10% per year. What amount will the company receive at the time the lease expires?

(b) Kate Greenway Corporation, having recently issued a $20,156,000, 15-year bond issue, is committed to make annual sinking fund deposits of $624,900. The deposits are made on the last day of each year and yield a return of 10%. Will the fund at the end of 15 years be sufficient to retire the bonds?

If not, what will the deficiency be?

(c) Under the terms of his salary agreement, president Juan Rivera has an option of receiving either an immediate bonus of $52,000, or a deferred bonus of $97,500 payable in 10 years. Ignoring tax considerations, and assuming a relevant interest rate of 8%, which form of settlement should Rivera accept?

4. Stephen Bosworth, a super salesman contemplating retirement on his fifty-fifth birthday, decides to create a fund on an 8% basis that will enable him to withdraw $27,300 per year on June 30, beginning in 2016 and continuing through 2019. To develop this fund, Stephen intends to make equal contributions on June 30 of each of the years 2012–2015.

5. Consider the following independent situations.
(a) Mark Yoders wishes to become a millionaire. His money market fund has a balance of $403,884 and has a guaranteed interest rate of 12%. How many years must Mark leave that balance in the fund in order to get his desired $1,000,000?

(b) Assume that Elvira Lehman desires to accumulate $1 million in 15 years using her money market fund balance of $209,004. At what interest rate must Elvira’s investment compound annually?

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ACC 421 Week 5 Learning Team Assignment Statement of Cash Flows Paper - www.onlinehomework.guru

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ACC 421 Week 5 Learning Team Assignment Statement of Cash Flows Paper

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ACC 421 Week 4 Learning Team Assignment Textbook Assignments - www.onlinehomework.guru

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Baldridgdfemarmstron's insight:

Write responses to following in Intermediate Accounting:

Problem P5-3 in Ch. 5 and

“Concepts for Analysis” CA24-2 in Ch. 24 of Intermediate Accounting. – the first 3 items only.

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ACC 421 Week 3 WileyPLUS Assignment Week Three - www.onlinehomework.guru

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Baldridgdfemarmstron's insight:

Resource: WileyPLUS

Access WileyPLUS using the link on the student website.

Complete the five exercises in WileyPLUS:

1. Bruno Company has decided to expand its operations. The bookkeeper recently completed the balance sheet presented below in order to obtain additional funds for expansion.

2. Presented below is the trial balance of Vivaldi Corporation at December 31, 2012. Calculate ending retained earnings and prepare a balance sheet at December 31, 2012, for Vivaldi Corporation. Ignore income taxes.

3. Presented below is a condensed version of the comparative balance sheets for Sondergaard Corporation for the last two years at December 31. Additional information:

Investments were sold at a loss (not extraordinary) of $9,569; no equipment was sold; cash dividends paid were $68,350; and net income was $218,720.

(a) Prepare a statement of cash flows for 2012 for Sondergaard Corporation.

4. For each of the following subsequent (post-balance-sheet) events, indicate whether a company should (a) adjust the financial statements, (b) disclose in notes to the financial statements, or (c) neither adjust nor disclose.

5. As loan analyst for Madison Bank, you have been presented the following information. Each of these companies has requested a loan of $50,520 for 6 months with no collateral offered. In as much as your bank has reached its quota for loans of this type, only one of these requests is to be granted.

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ACC 421 Week 2 WileyPLUS Assignment Week Two - www.onlinehomework.guru

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Baldridgdfemarmstron's insight:

Resource: WileyPLUS

Access WileyPLUS using the link on the student website.

Complete the five exercises in WileyPLUS:

1. The accountant of Weatherspoon Shoe Co. has compiled the following information from the company’s records as a basis for an income statement for the year ended December 31, 2012.

2. The accountant of Weatherspoon Shoe Co. has compiled the following information from the company’s records as a basis for an income statement for the year ended December 31, 2012.

3. The following information was taken from the records of Gibson Inc. for the year 2012: income tax applicable to income from continuing operations $124,000; income tax applicable to loss on discontinued operations $32,100; income tax applicable to extraordinary gain $33,592; income tax applicable to extraordinary loss $23,188; and unrealized holding gain on available-for-sale securities $19,300.

4. During 2012, Nilsen Company started a construction job with a contract price of $1,767,000. The job was completed in 2014. The following information is available.

5. In 2012, Steinrotter Construction Corp. began construction work under a 3-year contract. The contract price was $943,500. Steinrotter uses the percentage-of-completion method for financial accounting purposes. The income to be recognized each year is based on the proportion of cost incurred to total estimated costs for completing the contract. The financial statement presentations relating to this contract at December 31, 2012, are shown below.

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ACC 421 Week 1 WileyPLUS Assignment Week One - www.onlinehomework.guru

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Baldridgdfemarmstron's insight:

Resource: WileyPLUS

Access WileyPLUS using the link on the student website.

Complete the following in WileyPLUS:

 

Exercise 2-4Exercise 2-6Exercise 2-9 (Essay)Exercise 3-5 Resource: WileyPLUS
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ACC 421 Final Exam - www.onlinehomework.guru

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Question 1

Transactions for Mehta Company for the month of May are presented below.

Question 2

On July 1, 2012, Crowe Co. pays $18,475 to Zubin Insurance Co. for a 3-year insurance contract. Both companies have fiscal years ending December 31. For Crowe Co. journalize the entry on July 1 and the adjusting entry on December 31

Question 3

Dresser Company’s weekly payroll, paid on Fridays, totals $11,000. Employees work a 5-day week. Prepare Dresser’s adjusting entry on Wednesday, December 31, and the journal entry to record the $11,000 cash payment on Friday, January 2

Question 4

Side Kicks has year-end account balances of Sales $905,610; Interest Revenue $15,980; Cost of Goods Sold $560,340; Operating Expenses $202,750; Income Tax Expense $36,890; and Dividends $20,275. Prepare the year-end closing entries

Question 5

Financial information exhibits the characteristic of consistency when

Question 6

What is the relationship between the Securities and Exchange Commission and accounting standard setting in the United States

Question 7

Starr Co. had sales revenue of $592,700 in 2012. Other items recorded during the year were

Question 8

Portman Corporation has retained earnings of $742,900 at January 1, 2012. Net income during 2012 was $1,803,740, and cash dividends declared and paid during 2012 totaled $83,090. Prepare a retained earnings statement for the year ended December 31, 2012. Assume an error was discovered: land costing $86,440 (net of tax) was charged to repairs expense in 2009

Question 9

On January 1, 2012, Richards Inc. had cash and common stock of $67,650. At that date the company had no other asset, liability or equity balances. On January 2, 2012, it purchased for cash $21,600 of equity securities that it classified as available-for-sale. It received cash dividends of $4,200 net of tax during the year on these securities. In addition, it has an unrealized holding gain on these securities of $5,460 net of tax. Determine the following amounts for 2012: (a) net income; (b) comprehensive income; (c) other comprehensive income; and (d) accumulated other comprehensive income (end of 2012).

Question 10

(Comprehensive Income)

Armstrong Corporation reported the following for 2012: net sales $1,200,800; cost of goods sold $759,300; selling and administrative expenses $323,000; and an unrealized holding gain on available-for-sale securities $17,000.

Prepare a statement of comprehensive income, using the two-income statement format. Ignore income taxes and earnings per share

Question 11

Guillen, Inc. began work on a $7,127,900 contract in 2012 to construct an office building. Guillen uses the completed-contract method. At December 31, 2012, the balances in certain accounts were construction in process $1,722,700; accounts receivable $248,200; and billings on construction in process $1,139,300. Indicate how these accounts would be reported in Guillen’s December 31, 2012, balance sheet

Question 12

Lazaro, Inc. sells goods on the installment basis and uses the installment-sales method. Due to a customer default, Lazaro repossessed merchandise that was originally sold for $830, resulting in a gross profit rate of 40%. At the time of repossession, the uncollected balance is $660, and the fair value of the repossessed merchandise is $283. Prepare Lazaro’s entry to record the repossession

Question 13

Harding Corporation has the following accounts included in its December 31, 2012, trial balance: Accounts Receivable $118,550; Inventories $295,750; Allowance for Doubtful Accounts $9,400; Patents $79,800; Prepaid Insurance $9,560; Accounts Payable $84,870; Cash $32,220. Prepare the current assets section of the balance sheet listing the accounts in proper sequence

Question 14

Patrick Corporation’s adjusted trial balance contained the following asset accounts at December 31, 2012: Prepaid Rent $17,020; Goodwill $58,130; Franchise Fees Receivable $3,560; Franchises $48,660; Patents $33,100; Trademarks $11,960. Prepare the intangible assets section of the balance sheet

Question 15

Hawthorn Corporation’s adjusted trial balance contained the following accounts at December 31, 2012: Retained Earnings $123,000; Common Stock $706,830; Bonds Payable $107,030; Additional Paid-in Capital $207,620; Goodwill $59,530; Accumulated Other Comprehensive Loss $151,170. Prepare the stockholders’ equity section of the balance sheet

Question 16

Keyser Beverage Company reported the following items in the most recent year

Question 17

Linden Corporation is preparing its December 31, 2012, financial statements. Two events that occurred between December 31, 2012, and March 10, 2013, when the statements were issued, are described below

Question 18

Roder Corporation has seven industry segments with total revenues as follows

Question 19

Operating profits and losses for the seven industry segments of Roder Corporation are

Question 20

Which of the following events will appear in the cash flows from financing activities section of the statement of cash flows

Question 21

Heartland Company’s budgeted sales and budgeted cost of goods sold for the coming year are $140,470,000 and $35,604,000 respectively. Short-term interest rates are expected to average 10%. If Heartland can increase inventory turnover from its present level of 9 times a year to a level of 12 times per year, compute its expected cost savings for the coming year

Question 22

The financial statement which summarizes operating, investing, and financing activities of an entity for a period of time is the

Question 23

Ames Company reported 2012 net income of $152,940. During 2012, accounts receivable increased by $17,370 and accounts payable increased by $9,760. Depreciation expense was $47,650. Prepare the cash flows from operating activities section of the statement of cash flows

Question 24

Martinez Corporation engaged in the following cash transactions during 2012

Question 25

Martinez Corporation engaged in the following cash transactions during 2012

Question 26

(Preparation of a Statement of Cash Flows)

A comparative balance sheet for Orozco Corporation is presented below

Question 27

Chris Spear invested $11,166 today in a fund that earns 10% compounded annually. To what amount will the investment grow in 3 years? To what amount would the investment grow in 3 years if the fund earns 10% annual interest compounded semiannually

Question 28

Amy Monroe wants to create a fund today that will enable her to withdraw $31,970 per year for 8 years, with the first withdrawal to take place 5 years from today. If the fund earns 11% interest, how much must Amy invest today

Question 29

Zach Taylor is settling a $30,000 loan due today by making 6 equal annual payments of $7,091.29.

What payments must Zach Taylor make to settle the loan at the interest rate of 11%, but with the 6 payments beginning on the day the loan is signed

Question 30

(Simple and Compound Interest Computations)

Lyle O ‘Keefe invests $34,200 at 8% annual interest, leaving the money invested without withdrawing any of the interest for 9 years. At the end of the 9 years, Lyle withdrew the accumulated amount of money.

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ACC 421 Week 5 Learning Team Assignment Textbook Assignments

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Baldridgdfemarmstron's insight:

P23-7 (SCF – Direct and Indirect Methods from Comparative Financial Statements)

P6-7 (Time Value Concepts Applied to Solve Business Problems)

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ACC 421 Week 4 WileyPLUS Assignment Week Four - www.onlinehomework.guru

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Baldridgdfemarmstron's insight:

Resource: WileyPLUS

Access WileyPLUS using the link on the student website.

Complete the five exercises in WileyPLUS:

1. Springsteen Co. had the following activity in its most recent year of operations.
Classify the items as (1) operating—add to net income; (2) operating—deduct from net income; (3) investing; (4) financing; or (5) significant noncash investing and financing activities. Use the indirect method.

2. The income statement of Rodriquez Company is shown below. Prepare the operating activities section of the statement of cash flows using the direct method.

3. Presented below are two independent situations.

Situation A:
Chenowith Co. reports revenues of $197,610 and operating expenses of $108,240 in its first year of operations, 2012. Accounts receivable and accounts payable at year-end were $79,280 and $38,830, respectively. Assume that the accounts payable related to operating expenses. Ignore income taxes.

Using the direct method, compute net cash provided (used) by operating activities

Situation B:
The income statement for Edgebrook Company shows cost of goods sold $305,120 and operating expenses (exclusive of depreciation) $229,690. The comparative balance sheet for the year shows that inventory increased $22,760, prepaid expenses decreased $8,130, accounts payable (related to merchandise) decreased $16,850, and accrued expenses payable increased $13,520.

Compute (a) cash payments to suppliers and (b) cash payments for operating expenses.

4. Condensed financial data of Fairchild Company for 2012 and 2011 are presented below. During the year, $63 of common stock was issued in exchange for plant assets. No plant assets were sold in 2012. Cash dividends were $268.

Prepare a statement of cash flows using the indirect method

5. Condensed financial data of Fairchild Company for 2012 and 2011 are presented below. During the year, $64 of common stock was issued in exchange for plant assets. No plant assets were sold in 2012. Cash dividends were $265.

Prepare a statement of cash flows using the direct method.

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ACC 421 Week 4 Learning Team Assignment Full Disclosure Paper - www.onlinehomework.guru

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Baldridgdfemarmstron's insight:

Resource: Intermediate Accounting

Distilling the learning from the LT reflection point in week 3, Write a 700-word paper (APA should be followed) addressing the following:

Answer Question 2 in Ch. 24.Explain the need for full disclosure in financial reporting.Identify possible consequences of failing to properly disclose certain items in financial statements.
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ACC 421 Week 3 Learning Team Assignment Textbook Assignments - www.onlinehomework.guru

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Baldridgdfemarmstron's insight:

Write responses to the following problems in Intermediate Accounting:

Exercise 18-15
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ACC 421 Week 2 Learning Team Assignment Textbook Assignments - www.onlinehomework.guru

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Baldridgdfemarmstron's insight:

Write responses Problems P3-5 (part a only) and P3-10 in Ch. 3 inIntermediate Accounting.

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ACC 421 Week 1 Individual Assignment Accounting Cycle Paper - www.onlinehomework.guru

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Baldridgdfemarmstron's insight:

Prepare a 700- to 1,050-word paper explaining the overall accounting cycle at your organization.
Include a description of the people, processes, and systems that are integral to the cycle. Please note: this assignment should not be considered as a personal essay but an example of academic writing. See Model Paper in Course Materials folder as an example.

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