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WEEK 1
ASSIGNMENT: ACC 205 Week One Exercise; Basic Accounting Equations 1. Recognition of normal balances The following items appeared in the accounting records of Triguero's, a retail music store that also sponsors concerts. Classify each of the items as an asset, liability, revenue, or expense from the company's viewpoint. Also indicate the normal account balance of each item. a. The albums, tapes, and CDs held for sale to customers. b. A long-term loan owed to Citizens Bank. c. Promotional costs to publicize a concert. d. Daily sales of merchandise sold, e. Amounts due from customers, f. Land held as an investment, g. A new fax machine purchased for office use. h. Amounts to be paid in 10 days to suppliers, i. Amounts paid to a mall for rent. 1. Recognition of normal balances Asset debit
Normal balances a. The albums, tapes, and CDs held for sale to customers. b. A long-term loan owed to Citizens Bank. . c. Promotional costs to publicize a concert d. Daily sales of merchandise sold e. Amounts due from customers f. Land held as an investment g. A new fax machine purchased for office use h. Amounts to be paid in 10 days to suppliers i. Amounts paid to a mall for rent.
Liability credit
revenue credit
expense debit
asset liability
expense revenue asset asset asset liability
WEEK 1 DQS AND JOURNAL DQ 1: As you have learned in this week’s readings the Accounting Equation is Assets = Liabilities + Owners’ Equity. Is the accounting equation true in all instances? Provide sample transactions from your own experiences to demonstrate the validity of the Accounting Equation.
expense
DQ2: what does the term account mean? What are the different classifications of accounts? How do the rules for debits and credits impact accounts? Please provide an example of how debits and credits impact accounts.
WEEK 1 JOURNAL Balance Sheet Journal The balance sheet is a financial snap shot of a company at a particular point in time. The balance sheet lists the assets, liabilities, and equity of the company. Reflect on your personal financial situation, can you apply the concepts of the balance sheet? What did you learn from this reflection?
WEEK 2
ASSIGNMENT: Acc 205_Week Two Exercise Solution: 1. Classification of items for Ron Carroll Company: A. prepaid expense B. accrued revenue C. none of the foregoing D. unearned revenue E. prepaid expense F. accrued expense G. none of the foregoing H. none of the foregoing
2. Computing prepaid account balance of Action Sign Company: 3. Understanding the closing process: A. Interest Payable, Accounts Receivable, Cash, Accounts Payable, Accumulated Depreciation: Equipment B. Alex Kenzy, Drawing, Service Revenue, Supplies Expense, Interest Expense C. Interest Expense, Supplies Expense
D. Alex Kenzy, Drawing
4. Adjusting entries and financial statements for Fixation Enterprises: 5. Adjusting entries preparation for Kathy’s Day Care Center: 6. Palmetto Company’s Bank reconciliation and adjustingentries: a. Palmetto’s January bank reconciliation: b. Necessary journal entries for Palmetto
7. Direct write-off method: a. The journal entry needed to write off Mattingly’s account: b. The ability of the direct write-off method to value receivables on the year-end balance sheet:
8. Allowance method: 9. Direct write-off and allowance methods: 10. Allowance method:
ACC 205_Week_Two_Exercise_Assignment 1. Recognition of concepts.
Revenue and Expenses
2. 2. Analysis of prepaid account balance. 3. 3. Understanding the closing process. 4. 4. Adjusting entries and financial statements. 5. 5. Adjusting entries. 6. 6. Bank reconciliation and entries. 7. 7. Direct write-off method. 8. 8. Allowance method: estimation and balance sheet disclosure.
9. 9. Direct write-off and allowance methods: matching approach. 10. 10. Allowance method: analysis of receivables.
Acc 205 Week 2_DQs and Journal DQ 1 Accounting Cycle Financial statements are a product of the accounting cycle. Think about two different companies: a manufacturing company, and a retail company. Why would different companies have different accounting cycles? Would you expect the steps of the accounting cycle to be the same for each company? Why or why not? DQ 2 Bank Reconciliation What is the purpose of bank reconciliation? What are the reasons for differences between the cash reported in the accounting records and the cash balance in the bank statements? Analyze several of your peers’ posts. Let at least two of your peers know what happens to the discrepancies between the book balance and the bank balance. Could these differences just be written off?
Week 2 Journal Income Statement Journal The income statement measures the income and expenses of a company over a specific period of time. Reflecting on your personal financial statement for the past month, can you apply the principles of the income statement? What did you learn from this experience?
WEEK 3 ASSIGNMENT: ACC 205 Week Three Exercise Solution 1. Specific identification method: 2. Inventory valuation methods:
3. Perpetual inventory system: 4. Inventory valuation methods: 5. Depreciation methods: 6. Depreciation computations: 7. Depreciation computations:
ACC205_Week_Three_Exercise_Assignment: 1. 2. 3. 4. 5. 6. 7.
Inventory Specific identification method. Inventory valuation methods: basic computations. . 3. Perpetual inventory system: journal entries 4. Inventory valuation methods: computations and concepts 5. Depreciation methods. 6. Depreciation computations. 7. Depreciation computations: change in estimate.
Acc 205 Week 3_DQs and Journal Week 3 DQ 1 1. The controller of Sagehen Enterprises believes that the company should switch from the LIFO method to the FIFO method. The controller’s bonus is based on the next income. It is the controller’s belief that the switch in inventory methods would increase the net income of the company. What are the differences between the LIFO and FIFO methods?
Week 3 DQ 2 2. A variety of depreciation methods are used to allocate the cost of an asset to all of the accounting periods benefited by the use of the asset. Your client has just purchased a piece of equipment for $100,000. Explain the concept of depreciation. Which of the following depreciation methods would you recommend: straight-line depreciation, double declining balance method, or an alternative method?
Inventory Journal Reflect for a moment on the LIFO (Last in First Out) and FIFO (First in First Out) inventory
methods. If you were starting a small manufacturing company, what inventory method do you believe would provide the most accurate financial statements? Why do you believe this is the case?
WEEK 4 ACC 205_Week Four Solution 1. Payroll accounting: a. The entry to record Brookhaven’s February payroll: b. The journal entry to record Brookhaven’s payroll tax expense:
2. Current liabilities: a. Journal entries to record the transactions: b. Prepare adjusting entries on October 31 to record accrued interest: c. The Current Liability section of Red Bank’s balance sheet as of October 31:
3. Notes payable: a. Journal entries to record the transactions: b. Prepare adjusting entries on October 31 to record accrued interest: c. The Current Liability section of Red Bank’s balance sheet as of October 31:
ACC 205_Week_Four_Exercise_Assignment Liability 1. Payroll accounting. 2. 2. Current liabilities: entries and disclosure.
3. 3. Notes payable.
Acc 205 Week 4_DQs and Journal DQ: 01 What is a current liability? From the perspective of a user of financial statements, why do you believe current liabilities are separated from long-term liabilities? Based on your current experience as well as any additional research you may have done provide two examples of situations where businesses collect monies from customers and employees and reports these amounts as a current liability. DQ: 02 A client comes to you thinking about starting a consulting business. Your client is specifically interested in what type of entity should be created for this new business. Based on your readings or any additional research you may have done, discuss the advantages and disadvantages of the following: sole proprietorship, partnership, and corporation. Based on these advantages and disadvantages provide a clear recommendation to your client. Journal The current liability section of the balance sheet lists the liabilities that are due within the next 12 months. Reflecting on your current financial situation, apply the concept of current liabilities. What does this analysis tell you about your future obligations? What did you learn from this experience?
WEEK 5
ACC 205_Week_Five_Solution 1. Liquidity ratios: 2. 2. Activity ratio: 3. 3. Profitability ratios: 4. Horizontal analysis: 5. Vertical analysis: 6. Ratio computation:
ACC205_Week_Five_Exercise_Assignment Financial Ratios
Liquidity ratios. Computation and evaluation of activity ratios Profitability ratios, trading on the equity. Horizontal analysis Vertical analysis Ratio computation.
Acc 205 Week 5_DQs and Journal DQ: 01
Ratios provide the users of financial statements with a great deal of information about the entity. Do ratios tell the whole story? How could liquidity ratios be used by investors to determine whether or not to invest in a company? DQ: 02 Profit Margin Year Ending Revenues Operating Expenses Salaries Maintenance and Repairs Rental Expense Depreciation Fuel Total Operating Expenses Operating Income Sales and Administrative Expenses Interest Expense Net Income
Year Ending
Year Ending
December 2012 40,000
December 2011 35,000
December 2010 33,000
15,000 6,000 2,500 2,000 4,000 29,500 10,500
10,000 9,000 2,500 2,000 3,500 27,000 8,000
9,000 10,000 2,500 2,000 2,500 26,000 7,000
6,000
4,000
3,000
2,500 2,000
2,000 2,000
1,000 3,000
Above is a comparative income statement for Cecil, Inc. for the years 2010, 2011, and 2012. Calculate the profit margin for each of these years. Comment on the profit margin trend.
Most Important Ratio Journal Reflect for a moment on the ratios (working capital, current ratio, quick ratio, debt to asset, debt to equity, times interest earned, gross margin and net margin) presented this week. If you
were considering investing in a company what ratio would be the most important to you? Formulate and argument to defend your position.
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