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week1
Select
a publicly traded U.S. corporation you would like to study this semester and
ask the professor for permission by posting a response here. You may search for
the name of your company and Investor Relations and look for SEC Filings
Your
corporation must meet the following criteria:
1.
It
must have an SEC 10-K report for the current or most recent prior year.
2.
It
must have an Accounts Receivable and Inventory account.
Your
corporation may NOT
1.
be
the same corporation you used for SEC projects in other courses
2.
be
the same corporation a classmate selected
3.
be
a bank or any other type of financial institution
Discussion Requirements
1.
Write
the name of the corporation, the stock market where it is traded, and its
ticker symbol in the Subject line when you respond to this posting and all
other postings related to this project.
For example:
o
Under
Armour; NYSE: UA
o
Apple;
NASDAQ: APPL
o
Exxon
Mobile; NYSE: XOM
2.
State
why you want to study and prepare a financial analysis of your corporation.
Provide a direct link to your corporation's SEC 10-K
report for the most recent year. A direct link is a hyperlink that takes you
directly to a website where the SEC 10-K report is located. For example, this
is the direct link to the 2015 SEC 10-K report for Apple, Inc.:https://www.sec.gov/Archives/edgar/data/320193/000119312515356351/d17062d10k.htm
The most direct route to finding the direct link is to
use the SEC EDGAR System and search by Company name. The following link is a
good place to start your search:
http://www.sec.gov/edgar/searchedgar/companysearch.html
http://www.sec.gov/edgar/searchedgar/companysearch.html
3.
State
your corporation's position on the Fortune 500 List for the current year.
4.
Provide
page numbers for all four required financial statements:
o
Income
Statement (Hint: It could be listed as the Consolidated Statements of Income.)
o
Balance
Sheet (Hint: It could be listed as the Consolidated Balance Sheet or Statement
of Financial Position.)
o
Statement
of Stockholders Equity (Hint: It could be listed as the Consolidated Statements
of Stockholder's Equity or Consolidated Statements of Stockholder's Deficit.)
o
Statement
of Cash Flows
week 2
Read the prompt below and click the title
above to respond.
1.
Locate
the Income Statement (may have a different heading such as Statement of
Consolidated Operations). Hint: First line should relate to Revenue.
** What is the Description and Dollar Value of the first line on the Income Statement (it may be net sales)?
** What is the Description and Dollar Value of the first line on the Income Statement (it may be net sales)?
2.
Locate
the Balance Sheet (it may have a different heading, such as the Statement of
Financial Position).
** What are the names of the assets and their values (if more than five line items, report only the first five line items and dollar values).
** What are the names of the assets and their values (if more than five line items, report only the first five line items and dollar values).
3.
Take
care with the concept of $ dollars. Many financial statements are expressed in
millions of $. You would report $895 million for the value $895,000,000. Be a
very careful reader.
4.
Statement
of Owners' Equity: Post the line items and dollar values in the
"Equity" section of the balance sheet. You will likely find line
items including Common Stock, Retained Earnings (or Deficit), and Treasury
Stock.
5.
Always
include the name of your SEC 10-K company in the subject line and the link to
your SEC 10-K financial statement when posting.
6.
What
is the Net Income (or Net Loss) for your SEC 10-K company?
week 3
Read
the Notes to the Financial Statements (FS) for your SEC 10-K company. These
"notes" are displayed after the financial statements.
1.
Note
1 includes accounting information. What is the fiscal year for your SEC 10-K
Company? This may be June 30 each year, or it may be the Sunday closest to the
last day of January, or some other description.
2.
Inventory:
How is Inventory described for your SEC 10-K company? LIFO, FIFO, and/or
average cost? Relate your answer to topics in our course.
3.
Income
Statement: Is it a single-step or multi-step income statement?
4.
Calculate
the Gross Profit and Gross Profit Percentage for this year and last year,
creating a small table, such as the following:
|
This Year
|
Last Year
|
|
|
Net
Sales
|
$1,200
|
$1,400
|
|
Cost
of Goods Sold
|
800
|
1,200
|
|
Gross
Profit
|
400
|
200
|
|
Gross
Profit Percentage
|
33%
|
14%
|
In
the example above, sales decreased, gross profit increased, and the gross
profit percentage increased. Therefore, sales are more profitable. We made 33
cents of gross profit on every dollar of sales this year, but only 14 cents of
gross profit on every dollar of sales last year. Sales decreased, but sales are
actually generating more profit overall, both as an absolute dollar value and
as a percentage.
Your
description may be different, but these are comments you might make for this
posting and in your SEC 10-K paper and project.
week
5
Read the prompt
below and click the title above to respond.
Using
the SEC 10-K for your company, answer the following questions:
1.
Reading
the notes to the financial statements, as well as the balance sheet, post
information about the Accounts Receivable for your company. Who owes the
company money?
2.
Search
for the phrase "Bad Debts" or Allowance (for collectible accounts).
When you read the balance sheet, you may see that the receivables are listed as
a net of $x,xxx to show the Allowance for Bad Debts. Comment about the changes
in Accounts Receivable and the Allowance for Bad Debts. Are they increasing or
decreasing? How does this relate to sales (are sales increasing or decreasing)?
3.
Property,
Plants, and Equipment / PPE (Capital Assets; Fixed Assets): Comment about PPE
and accumulated depreciation. How are these values changing from year to year:
PPE, Accumulated Depreciation, and Net PPE?
week 6
Read the guidelines below for peer review
and click the title to respond.
Participating
in the Peer Review process serves four purposes:
1) Each student has an opportunity to learn about another corporation.
2) Providing detailed and constructive feedback results in higher grades for all students.
3) Seeing how other students approached the project may provide insight for your to improve your project.
4) At your discretion, you have an opportunity to edit your project before submitting it for a grade.
To participate in the SEC 10K Peer Review process, post a draft of one or both documents as a response to this discussion topic.
1) Each student has an opportunity to learn about another corporation.
2) Providing detailed and constructive feedback results in higher grades for all students.
3) Seeing how other students approached the project may provide insight for your to improve your project.
4) At your discretion, you have an opportunity to edit your project before submitting it for a grade.
To participate in the SEC 10K Peer Review process, post a draft of one or both documents as a response to this discussion topic.
Ask
for and volunteer to provide detailed and constructive to one or more of your
classmates.
week 1
There
are two problems on this assignment. Page down further after you complete
problem 1.
Problem
1
Record
the following journal entries below. The first two are done for you as
examples.
Date
Event
02-01-2016
Amanda Smith invested $20,000 cash in capital stock of newly formed corporation
04-01-2016
Purchased equipment on account for $15,000. Note that when you see on account
it means the customer will pay later.
12-01-2016
Received $30,000 from customers for services rendered. This was not previously
billed to customer.
15-01-2016
Received a bill for construction supplies used in the amount of $4,000.
18-01-2016
Provided $6,400 of services on account.
20-01-2016
Paid employees $4,600 for wages earned.
22-01-2016
Collected the amount due for work provided on January 18.
23-01-2016
Paid the amount due on equipment purchased on January 4.
25-01-2016
Purchased (and used immediately) construction supplies for cash in the amount
of $1,200.
31-01-2016
The company paid Amanda Smith a $3,000 dividend
GENERAL
JOURNAL
DATE
ACCOUNT DEBIT CREDIT
02-01-2016
Cash 20,000
Capital
Stock 20,000
Issued
stock to Amanda Smith for cash
04-01-2016
Equipment 15,000
Accounts
Payable 15,000
Purchased
equipment on account
week
2
Review the unadjusted trial
balance below and prepare adjusting journal entries to record the various
described items
below.
Record in the space provided at the bottom of this spreadsheet. After
completing journal entries, complete the
adjusted
trial balance below. Lastly complete the income statement, balance sheet and
statement of retained earnings.
The
balance sheet must balance. The accounting equation is Assets = Liabilities +
Equity.
Baltimore
Corporation
Unadjusted
Trial Balance
January
31, 2016
Debits
Credits
Cash
$37,500 $-
Accounts
receivable 12,410 -
Prepaid
insurance 2,400 -
Supplies
inventory 7,113 -
Equipment
35,000 -
Accumulated
depreciation - 10,000
Accounts
payable - 7,569
Salaries
payable - -
Interest
payable - -
Unearned
revenue - 8,500
Loan
payable - 11,500
Capital
stock - 25,000
Retained
earnings, Jan. 1 - 15,457
Revenues
- 43,995
Depreciation
expense - -
Interest
expense - -
Insurance
expense - -
Office
expense 2,500 -
Rent
expense 13,000 -
Salary
expense 12,098 -
Supplies
expense - -
Utilities
expense - -
$1,22,021
$1,22,021
1
"Belair Corporation's equipment had an original life of 140 months, and
the straight-line depreciation method is used.
"
"As
of January 1, the equipment was 40 months old. The equipment will be worthless
at the end of its useful life.
"
2
"As of the end of the month, Belair Corporation has provided services to
customers for which the earnings process is complete.
"
"Formal
billings are normally sent out on the first day of each month for the prior
month's work. January's unbilled work is $25,000.
"
3
"Utilities used during January, for which bills will soon be forthcoming
from providers, are estimated at $1,500.
"
4
"A review of supplies on hand at the end of the month revealed items
costing $3,500.
"
5
"The $2,400 balance in prepaid insurance was for a 6-month policy running
from January 1 to June 30.
"
6
"The unearned revenue was collected in December of 2014. 60% of that
amount was actually earned in January, with the remainder to be earned in
February.
"
7
"The loan accrues interest at 1% per month. No interest was paid in
January.
"
8
At month end, salaries of $2,120 have been earned but not paid.
JE
# ACCOUNT DEBIT CREDIT
1
2
3
4
5
6
7
8
Baltimore
Corporation
Adjusted
Trial Balance
January
31, 2016
Debits
Credits
Cash
Accounts
receivable
Prepaid
insurance
Supplies
inventory
Equipment
Accumulated
depreciation
Accounts
payable
Salaries
payable
Interest
payable
Unearned
revenue
Loan
payable
Capital
stock
Retained
earnings, Jan. 1
Revenues
Depreciation
expense
Insurance
expense
Interest
expense
Office
expense
Rent
expense
Salary
expense
Supplies
expense
Utilities
expense
$-
$-
Baltimore
Corporation
Income
Statement
For
the month ended January 31, 2016
Baltimore
Corporation
Balance
Sheet
January
31, 2016
Baltimore
Corporation
Statement
of Retained Earnings
As
of January 31, 2015
week
3
There are two homework problems
this week. The first is below and the second one is on the second tab at the
bottom left of the screen
Below
you will see an unadjusted trial balance run at year end followed by
information needed to make adjusting entries.
Baltimore
Glass Company
Trial
Balance
December
31, 2015
Acct.
No.
Account Title Debit Credit
101
Cash 88,450
110
Accounts Receivable 1,95,613
120
Merchandise Inventory 2,56,250
125
Supplies on Hand 3,252
130
Prepaid Insurance 3,500
131
Prepaid Rent 7,500
150
Equipment 1,75,285
160
Accumulated Depreciation 24,260
202
Accounts Payable 72,555
210
Wages Payable -
301
Capital Stock 2,20,000
302
Retained Earnings, January 1 2,11,144
401
Sales 9,98,250
405
Sales Returns and Allowances 5,145
410
Interest Income 1,500
500
Purchases 5,60,880
501
Purchases Discounts 4,080
502
Purchases Returns and Allowances 1,200
505
Freight In 4,580
520
Advertising Expense 1,000
530
Sales Salaries Expense 88,600
532
Supplies Expense -
540
Office Salaries Expense 1,24,500
550
Utilities Expense 8,594
555
Insurance Expense -
560
Professional Fees Expense 3,000
570
Depreciation Expense -
580
Interest Expense 6,840
15,32,989
15,32,989
Adjusting
items:
1.
The remaining prepaid insurance at year end is $3,000
2.
A physical inventory shows supplies on hand of $2,000 at year end
3.
The prepaid rent of $7,500 covers January 2015 rent
4.
Depreciation on equipment is $12,000 for the year
5.
At year end sales salaries of $3,000 were earned but unpaid
6.
At year end office salaries of $4,000 were earned but unpaid
7.
Inventory items with a cost of $35,400 were received on the last day of the
year but no invoice was received yet.
8.
A physical count of inventory shows a value of $219,100. The periodic inventory
method is used.
Do
the following requirements below. Create proper headings for each statement.
1.
Record adjusting journal entries from information above. It is possible that an
item may not require an entry
2.
Prepare an adjusted trial balance including the adjusting entries made
3.
Prepare a classified income statement. Supplies is a sales expense. January 1
inventory was $219,115.
4.
Prepare a statement of retained earnings
5.
Prepare a classified balance sheet
6.
Prepare closing journal entries
Account
# Account Title debit credit
`
Baltimore
Glass Company
Trial
Balance
42369
Acct.
No.
Account Title Debit Credit
101
Cash
110
Accounts Receivable
120
Merchandise Inventory
125
Supplies on Hand
130
Prepaid Insurance
131
Prepaid Rent
150
Equipment
160
Accumulated Depreciation
202
Accounts Payable
210
Wages Payable
301
Capital Stock
302
Retained Earnings, January 1
401
Sales
405
Sales Returns and Allowances
410
Interest Income
500
Purchases
501
Purchases Discounts
502
Purchases Returns and Allowances
505
Freight In
520
Advertising Expense
530
Sales Salaries Expense
532
Supplies Expense
540
Office Salaries Expense
550
Utilities Expense
555
Insurance Expense
560
Professional Fees Expense
570
Depreciation Expense
580
Interest Expense
0
0
Baltimore
Glass Company
Income
Statement
For
the Year Ended 12/31/2015
Note
on utilities, insurance, professional fees - I did not indicate where these
expenses belonged so you may have put some in selling expense also.
Note
on depreciation - I did note indicate where this went so some of it could have
gone to selling expense or even to cost of goods sold
You
would have needed more information to determine that
Note
on interest - you could have combined as I did or shown them as separate items.
Baltimore
Glass Company
Statement
of Retained Earnings
For
the Year Ended 12/31/2014
You
could have skipped the line for dividends and had just three lines on the
statement since it was zero.
Baltimore
Glass Company
Balance
Sheet
42369
Closing
Entries zero out income statement accounts for new year
There are two problems this week.
Click on the tab at the bottom of the spreadsheet to see problem 2.
Compute
the ending inventory using the FIFO and the weighted average method below.
These are the same transactions used in week 3 homework:
units
price
01-Jan
Beginning inventory 3,500 $3.00
14-Jan
Bought 1,500 $3.15
05-Feb
Sold 1,000
22-Feb
Bought 2,000 $3.20
07-Mar
Sold 1,500
15-Mar
Sold 2,000
05-Apr
Bought 1,000 $3.25
10-Apr
Sold 800
12-Apr
Sold 800
22-Apr
Sold 500
04-May
Sold 600
10-May
Bought 2,000 $3.30
25-May
Sold 500
FIFO
method (scroll down for Weighted Average entry area)
Purchased
Sold Balance
Date
units cost total units cost total units cost total
01-Jan
3500 $3.00 $10,500.00
Weighted
Average Method
Purchased
Sold Balance
Date
units cost total units cost total units cost total
01-Jan
3500 $3.000 $10,500.00
week
4
There are two problems this week.
Click on the tab at the bottom of the spreadsheet to see problem 2.
Compute
the ending inventory using the FIFO and the weighted average method below.
These are the same transactions used in week 3 homework:
units
price
01-Jan
Beginning inventory 3,500 $3.00
14-Jan
Bought 1,500 $3.15
05-Feb
Sold 1,000
22-Feb
Bought 2,000 $3.20
07-Mar
Sold 1,500
15-Mar
Sold 2,000
05-Apr
Bought 1,000 $3.25
10-Apr
Sold 800
12-Apr
Sold 800
22-Apr
Sold 500
04-May
Sold 600
10-May
Bought 2,000 $3.30
25-May
Sold 500
FIFO
method (scroll down for Weighted Average entry area)
Purchased
Sold Balance
Date
units cost total units cost total units cost total
01-Jan
3500 $3.00 $10,500.00
Weighted
Average Method
Purchased
Sold Balance
Date
units cost total units cost total units cost total
01-Jan
3500 $3.000 $10,500.00
There are two problems this week.
Click on the tab at the bottom of the spreadsheet to see problem 2.
Compute
the ending inventory using the FIFO and the weighted average method below.
These are the same transactions used in week 3 homework:
units
price
01-Jan
Beginning inventory 3,500 $3.00
14-Jan
Bought 1,500 $3.15
05-Feb
Sold 1,000
22-Feb
Bought 2,000 $3.20
07-Mar
Sold 1,500
15-Mar
Sold 2,000
05-Apr
Bought 1,000 $3.25
10-Apr
Sold 800
12-Apr
Sold 800
22-Apr
Sold 500
04-May
Sold 600
10-May
Bought 2,000 $3.30
25-May
Sold 500
FIFO
method (scroll down for Weighted Average entry area)
Purchased
Sold Balance
Date
units cost total units cost total units cost total
01-Jan
3500 $3.00 $10,500.00
Weighted
Average Method
Purchased
Sold Balance
Date
units cost total units cost total units cost total
01-Jan
3500 $3.000 $10,500.00
week
5
There are two problems this week.
Click on the tab at the bottom of the spreadsheet to see problem 2.
Compute
the ending inventory using the FIFO and the weighted average method below.
These are the same transactions used in week 3 homework:
units
price
01-Jan
Beginning inventory 3,500 $3.00
14-Jan
Bought 1,500 $3.15
05-Feb
Sold 1,000
22-Feb
Bought 2,000 $3.20
07-Mar
Sold 1,500
15-Mar
Sold 2,000
05-Apr
Bought 1,000 $3.25
10-Apr
Sold 800
12-Apr
Sold 800
22-Apr
Sold 500
04-May
Sold 600
10-May
Bought 2,000 $3.30
25-May
Sold 500
FIFO
method (scroll down for Weighted Average entry area)
Purchased
Sold Balance
Date
units cost total units cost total units cost total
01-Jan
3500 $3.00 $10,500.00
Weighted
Average Method
Purchased
Sold Balance
Date
units cost total units cost total units cost total
01-Jan
3500 $3.000 $10,500.00
For
each of the items below, state if the lease is an operating lease or a capital
lease
Reminder:
Lessor is the party that owns the item, Lessee is the party using the item
The
lessee reports the leased asset on its balance sheet
Payments
are reported fully as rent expense
Ownership
of the property passes to the lessee by the end of the lease term
The
lease term is at least 75% of the remaining life of the property
Interest
expense is measured and reported by the lessee
Depreciation
of the leased asset is not reported by the lessee
At
the inception of the lease, the lessee records both an asset and liability
The
lessee reports a liability for the present value of all future payments
anticipated under the lease agreement
The
lessor continues to report the tangible asset covered by the lease on its
balance sheet
Listed
below are nine fixed asset transactions. Record the journal entries. Dates and
descriptions are not required. The only account titles you will need are
listed:
Account
titles:
Cash
Land
Land
Improvements
Building
Equipment
Expense
(determine expense account title)
Prepaid
account (determine full account title)
Paid
$2,500 for one year insurance coverage on equipment
Paid
$7,500 for trees and shrubs
Paid
$500 attorney's fees for document preparation related to land purchase
Paid
$150,000 for land and building. The land was separately valued at $40,000, and
the building at $120,000. Hint - the cash is only $150,000 and the entry must
balance.
Paid
$1,000 freight costs on purchase of new furniture
Paid
$300 for staplers, trash cans, and desktop mats
Ordered
new $50,000 truck, to be delivered and paid for in the future
Paid
$10,000 of interest costs on loan on active building construction project
Paid
$25,000 to expand parking lot paving
Depreciation
Ace
Specialties bought a delivery truck for $40,000 cash. The expected useful life
is 5 years and the salvage value is $5,000.
Ace
uses a calendar year and the truck was purchased on July 1, 2015.
Calculate
the depreciation for each year using the straight line method and the double
declining balance method.
Show
the journal entry for year one for the double declining balance method.
Straight
line method
year
depreciation remaining book value
2015
2016
2017
2018
2019
2020
2021
Double
declining balance method
year
depreciation remaining book value
2015
2016
2017
2018
2019
2020
2021
Journal
Entry
date
account debit credit
31-12-2015
week
6
There are two problems this week.
Click on the tab at the bottom of the spreadsheet to see problem 2.
Compute
the ending inventory using the FIFO and the weighted average method below.
These are the same transactions used in week 3 homework:
units
price
01-Jan
Beginning inventory 3,500 $3.00
14-Jan
Bought 1,500 $3.15
05-Feb
Sold 1,000
22-Feb
Bought 2,000 $3.20
07-Mar
Sold 1,500
15-Mar
Sold 2,000
05-Apr
Bought 1,000 $3.25
10-Apr
Sold 800
12-Apr
Sold 800
22-Apr
Sold 500
04-May
Sold 600
10-May
Bought 2,000 $3.30
25-May
Sold 500
FIFO
method (scroll down for Weighted Average entry area)
Purchased
Sold Balance
Date
units cost total units cost total units cost total
01-Jan
3500 $3.00 $10,500.00
Weighted
Average Method
Purchased
Sold Balance
Date
units cost total units cost total units cost total
01-Jan
3500 $3.000 $10,500.00
For
each of the items below, state if the lease is an operating lease or a capital
lease
Reminder:
Lessor is the party that owns the item, Lessee is the party using the item
The
lessee reports the leased asset on its balance sheet
Payments
are reported fully as rent expense
Ownership
of the property passes to the lessee by the end of the lease term
The
lease term is at least 75% of the remaining life of the property
Interest
expense is measured and reported by the lessee
Depreciation
of the leased asset is not reported by the lessee
At
the inception of the lease, the lessee records both an asset and liability
The
lessee reports a liability for the present value of all future payments
anticipated under the lease agreement
The
lessor continues to report the tangible asset covered by the lease on its
balance sheet
Listed
below are nine fixed asset transactions. Record the journal entries. Dates and
descriptions are not required. The only account titles you will need are
listed:
Account
titles:
Cash
Land
Land
Improvements
Building
Equipment
Expense
(determine expense account title)
Prepaid
account (determine full account title)
Paid
$2,500 for one year insurance coverage on equipment
Paid
$7,500 for trees and shrubs
Paid
$500 attorney's fees for document preparation related to land purchase
Paid
$150,000 for land and building. The land was separately valued at $40,000, and
the building at $120,000. Hint - the cash is only $150,000 and the entry must
balance.
Paid
$1,000 freight costs on purchase of new furniture
Paid
$300 for staplers, trash cans, and desktop mats
Ordered
new $50,000 truck, to be delivered and paid for in the future
Paid
$10,000 of interest costs on loan on active building construction project
Paid
$25,000 to expand parking lot paving
Depreciation
Ace
Specialties bought a delivery truck for $40,000 cash. The expected useful life
is 5 years and the salvage value is $5,000.
Ace
uses a calendar year and the truck was purchased on July 1, 2015.
Calculate
the depreciation for each year using the straight line method and the double
declining balance method.
Show
the journal entry for year one for the double declining balance method.
Straight
line method
year
depreciation remaining book value
2015
2016
2017
2018
2019
2020
2021
Double
declining balance method
year
depreciation remaining book value
2015
2016
2017
2018
2019
2020
2021
Journal
Entry
date
account debit credit
31-12-2015
There are two pThere
are two problems this week. Click on the tab at the bottom of the spreadsheet
to see problem 2.
Compute
the ending inventory using the FIFO and the weighted average method below.
These are the same transactions used in week 3 homework:
units
price
01-Jan
Beginning inventory 3,500 $3.00
14-Jan
Bought 1,500 $3.15
05-Feb
Sold 1,000
22-Feb
Bought 2,000 $3.20
07-Mar
Sold 1,500
15-Mar
Sold 2,000
05-Apr
Bought 1,000 $3.25
10-Apr
Sold 800
12-Apr
Sold 800
22-Apr
Sold 500
04-May
Sold 600
10-May
Bought 2,000 $3.30
25-May
Sold 500
FIFO
method (scroll down for Weighted Average entry area)
Purchased
Sold Balance
Date
units cost total units cost total units cost total
01-Jan
3500 $3.00 $10,500.00
Weighted
Average Method
Purchased
Sold Balance
Date
units cost total units cost total units cost total
01-Jan
3500 $3.000 $10,500.00
For
each of the items below, state if the lease is an operating lease or a capital
lease
Reminder:
Lessor is the party that owns the item, Lessee is the party using the item
The
lessee reports the leased asset on its balance sheet
Payments
are reported fully as rent expense
Ownership
of the property passes to the lessee by the end of the lease term
The
lease term is at least 75% of the remaining life of the property
Interest
expense is measured and reported by the lessee
Depreciation
of the leased asset is not reported by the lessee
At
the inception of the lease, the lessee records both an asset and liability
The
lessee reports a liability for the present value of all future payments
anticipated under the lease agreement
The
lessor continues to report the tangible asset covered by the lease on its
balance sheet
Listed
below are nine fixed asset transactions. Record the journal entries. Dates and
descriptions are not required. The only account titles you will need are
listed:
Account
titles:
Cash
Land
Land
Improvements
Building
Equipment
Expense
(determine expense account title)
Prepaid
account (determine full account title)
Paid
$2,500 for one year insurance coverage on equipment
Paid
$7,500 for trees and shrubs
Paid
$500 attorney's fees for document preparation related to land purchase
Paid
$150,000 for land and building. The land was separately valued at $40,000, and
the building at $120,000. Hint - the cash is only $150,000 and the entry must
balance.
Paid
$1,000 freight costs on purchase of new furniture
Paid
$300 for staplers, trash cans, and desktop mats
Ordered
new $50,000 truck, to be delivered and paid for in the future
Paid
$10,000 of interest costs on loan on active building construction project
Paid
$25,000 to expand parking lot paving
Depreciation
Ace
Specialties bought a delivery truck for $40,000 cash. The expected useful life
is 5 years and the salvage value is $5,000.
Ace
uses a calendar year and the truck was purchased on July 1, 2015.
Calculate
the depreciation for each year using the straight line method and the double
declining balance method.
Show
the journal entry for year one for the double declining balance method.
Straight
line method
year
depreciation remaining book value
2015
2016
2017
2018
2019
2020
2021
Double
declining balance method
year
depreciation remaining book value
2015
2016
2017
2018
2019
2020
2021
Journal
Entry
date
account debit credit
31-12-2015
There
are two problems this week. Click on the tab at the bottom of the spreadsheet
to see problem 2.
Compute
the ending inventory using the FIFO and the weighted average method below.
These are the same transactions used in week 3 homework:
units
price
01-Jan
Beginning inventory 3,500 $3.00
14-Jan
Bought 1,500 $3.15
05-Feb
Sold 1,000
22-Feb
Bought 2,000 $3.20
07-Mar
Sold 1,500
15-Mar
Sold 2,000
05-Apr
Bought 1,000 $3.25
10-Apr
Sold 800
12-Apr
Sold 800
22-Apr
Sold 500
04-May
Sold 600
10-May
Bought 2,000 $3.30
25-May
Sold 500
FIFO
method (scroll down for Weighted Average entry area)
Purchased
Sold Balance
Date
units cost total units cost total units cost total
01-Jan
3500 $3.00 $10,500.00
Weighted
Average Method
Purchased
Sold Balance
Date
units cost total units cost total units cost total
01-Jan
3500 $3.000 $10,500.00
For
each of the items below, state if the lease is an operating lease or a capital
lease
Reminder:
Lessor is the party that owns the item, Lessee is the party using the item
The
lessee reports the leased asset on its balance sheet
Payments
are reported fully as rent expense
Ownership
of the property passes to the lessee by the end of the lease term
The
lease term is at least 75% of the remaining life of the property
Interest
expense is measured and reported by the lessee
Depreciation
of the leased asset is not reported by the lessee
At
the inception of the lease, the lessee records both an asset and liability
The
lessee reports a liability for the present value of all future payments
anticipated under the lease agreement
The
lessor continues to report the tangible asset covered by the lease on its
balance sheet
Listed
below are nine fixed asset transactions. Record the journal entries. Dates and
descriptions are not required. The only account titles you will need are
listed:
Account
titles:
Cash
Land
Land
Improvements
Building
Equipment
Expense
(determine expense account title)
Prepaid
account (determine full account title)
Paid
$2,500 for one year insurance coverage on equipment
Paid
$7,500 for trees and shrubs
Paid
$500 attorney's fees for document preparation related to land purchase
Paid
$150,000 for land and building. The land was separately valued at $40,000, and
the building at $120,000. Hint - the cash is only $150,000 and the entry must
balance.
Paid
$1,000 freight costs on purchase of new furniture
Paid
$300 for staplers, trash cans, and desktop mats
Ordered
new $50,000 truck, to be delivered and paid for in the future
Paid
$10,000 of interest costs on loan on active building construction project
Paid
$25,000 to expand parking lot paving
Depreciation
Ace
Specialties bought a delivery truck for $40,000 cash. The expected useful life
is 5 years and the salvage value is $5,000.
Ace
uses a calendar year and the truck was purchased on July 1, 2015.
Calculate
the depreciation for each year using the straight line method and the double
declining balance method.
Show
the journal entry for year one for the double declining balance method.
Straight
line method
year
depreciation remaining book value
2015
2016
2017
2018
2019
2020
2021
Double
declining balance method
year
depreciation remaining book value
2015
2016
2017
2018
2019
2020
2021
Journal
Entry
date
account debit credit
31-12-2015
rowblems this week. Clickweeek 7
on the tab at the bottom of the spreadsheet to see problem 2.
Compute
the ending inventory using the FIFO and the weighted average method below.
These are the same transactions used in week 3 homework:
units
price
01-Jan
Beginning inventory 3,500 $3.00
14-Jan
Bought 1,500 $3.15
05-Feb
Sold 1,000
22-Feb
Bought 2,000 $3.20
07-Mar
Sold 1,500
15-Mar
Sold 2,000
05-Apr
Bought 1,000 $3.25
10-Apr
Sold 800
12-Apr
Sold 800
22-Apr
Sold 500
04-May
Sold 600
10-May
Bought 2,000 $3.30
25-May
Sold 500
FIFO
method (scroll down for Weighted Average entry area)
Purchased
Sold Balance
Date
units cost total units cost total units cost total
01-Jan
3500 $3.00 $10,500.00
Weighted
Average Method
Purchased
Sold Balance
Date
units cost total units cost total units cost total
01-Jan
3500 $3.000 $10,500.00
For
each of the items below, state if the lease is an operating lease or a capital
lease
Reminder:
Lessor is the party that owns the item, Lessee is the party using the item
The
lessee reports the leased asset on its balance sheet
Payments
are reported fully as rent expense
Ownership
of the property passes to the lessee by the end of the lease term
The
lease term is at least 75% of the remaining life of the property
Interest
expense is measured and reported by the lessee
Depreciation
of the leased asset is not reported by the lessee
At
the inception of the lease, the lessee records both an asset and liability
The
lessee reports a liability for the present value of all future payments
anticipated under the lease agreement
The
lessor continues to report the tangible asset covered by the lease on its
balance sheet
Listed
below are nine fixed asset transactions. Record the journal entries. Dates and
descriptions are not required. The only account titles you will need are
listed:
Account
titles:
Cash
Land
Land
Improvements
Building
Equipment
Expense
(determine expense account title)
Prepaid
account (determine full account title)
Paid
$2,500 for one year insurance coverage on equipment
Paid
$7,500 for trees and shrubs
Paid
$500 attorney's fees for document preparation related to land purchase
Paid
$150,000 for land and building. The land was separately valued at $40,000, and
the building at $120,000. Hint - the cash is only $150,000 and the entry must
balance.
Paid
$1,000 freight costs on purchase of new furniture
Paid
$300 for staplers, trash cans, and desktop mats
Ordered
new $50,000 truck, to be delivered and paid for in the future
Paid
$10,000 of interest costs on loan on active building construction project
Paid
$25,000 to expand parking lot paving
Depreciation
Ace
Specialties bought a delivery truck for $40,000 cash. The expected useful life
is 5 years and the salvage value is $5,000.
Ace
uses a calendar year and the truck was purchased on July 1, 2015.
Calculate
the depreciation for each year using the straight line method and the double
declining balance method.
Show
the journal entry for year one for the double declining balance method.
Straight
line method
year
depreciation remaining book value
2015
2016
2017
2018
2019
2020
2021
Double
declining balance method
year
depreciation remaining book value
2015
2016
2017
2018
2019
2020
2021
Journal
Entry
date
account debit credit
31-12-2015
week
8
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Week 8 Homework
Assignment
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Instructions
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For
the Week 8 homework assignment, you will create, save, and submit a Microsoft
Word document that covers the topics listed below. Always include your name
and a descriptive title in the file name.
Essay Topics for You to Prepare
1. Fraud Detection
and Deterrence (www.acfe.com)
Following
your review of course materials this week, using the websites above, create
an essay of at least three pages (one for each of the topics above). Relate
these topics to our course material for Principles
of Accounting I.
Your
essay should be single-spaced, with double spacing between paragraphs. Use
headers within the document. We are writing business reports, not
double-spaced academic papers.
Tell
a story. Explain the concepts. Use APA style for citations and create a works
cited list. Your paper should be adequate. Fewer than three pages is not long
enough; seven pages is too long.
Consider
the question and decide: what would you want to know? Include website
references in your essay. This is not a business proposal, but it is not a
casual reflective essay. The goal is to research, consider, and report what
you know about these topics. The concept of COBIT is related to each topic.
ISACA's
"A COBIT 5 Overview" (http://www.isaca.org/COBIT/Documents/A-COBIT-5-Overview.pdf)
is a key resource for your overall comments and "framing" of the
three topics.
Why
audit? We will either be the auditor or be audited. We must understand
internal control and the management of risk. The management of risk is
everyone's responsibility.
We
are building your vocabulary. You can use the above concepts—especially the
paragraph on "Why audit?"—without reference. A good item for your
works cited list: UMUC ACCT 220 Course Materials.
Ask
questions. Spell check. Write, read, and edit. Take care with word selection
and sentence structure, For all submissions in our class, use your own words.
Show what you know!
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quizes
Question 1 4 / 4 points
Generally
Accepted Accounting Principles (GAAP) allow companies to issue financial
statements, using either the cash basis or the accrual basis of accounting,
depending on their needs.
Question
options:
True
False
View
Feedback
Question
2 4 / 4 points
Adjusting
entries are done to make sure that expenses and revenues are recorded in the
proper accounting period.
Question
options:
True
False
View
Feedback
Question
3 0 / 4 points
A
single journal entry must debit only one account and credit only one account
for the same amount so that the entry is in balance.
Question
options:
True
False
View
Feedback
Question
4 4 / 4 points
The
current ratio is cash divided by current liabilities.
Question
options:
True
False
View
Feedback
Question
5 4 / 4 points
Materiality
is subjective. One company may consider $1,000 material and another company may
not.
Question
options:
True
False
View
Feedback
Multiple
Choice
Select
the best answer for each of the following questions.
Question
6 4 / 4 points
Revenues
are recorded when _______________.
Question
options:
goods
or services are delivered to the customer
the
check has cleared and the money is available for use
a
check is received from a customer
a
contract is signed
View
Feedback
Question
7 4 / 4 points
Which
of the following is NOT a liability?
Question
options:
unearned
revenue
long-term
debt
accumulated
depreciation
accounts
payable
View
Feedback
Question
8 4 / 4 points
Management
failing to reveal a default on a loan agreement will have violated what
principle?
Question
options:
cost
principle
ethics
principle
matching
principle
full-disclosure
principle
View
Feedback
Question
9 4 / 4 points
Expenses
are recorded in the same period that related revenue is recorded, according to
the _______________.
Question
options:
revenue-recognition
principle
matching
principle
accounting
equation
cost
principle
View
Feedback
Question
10 4 / 4 points
The
percentage-of-completion method recognizes revenue _______________.
Question
options:
at
the end of the entire project for a multi-year contract
at
10% per month
based
on an estimate of the portion of work complete
when
the contracted work has begun
View
Feedback
Question
11 0 / 4 points
An
asset cost $14,400 and is expected to last 8 years, at which time it will be
sold for a scrap value of $2,400. Using straight-line depreciation, the monthly
depreciation journal entry would be _______________.
Question
options:
debit
depreciation expense and credit accumulated depreciation for $150
debit
depreciation expense and credit accumulated depreciation for $125
debit
accumulated depreciation and credit depreciation expense for $125
debit
accumulated depreciation and credit depreciation expense for $150
View
Feedback
Question
12 4 / 4 points
When
money is collected from a customer previously billed, we _______________.
Question
options:
credit
cash and debit accounts receivable
credit
accounts payable and debit cash
credit
cash and debit accounts payable
debit
cash and credit accounts receivable
View
Feedback
Question
13 4 / 4 points
Which
event will have the effect of increasing retained earnings?
Question
options:
a
customer pays us for a bill we sent last month
revenue
is recognized
an
expense is paid
a
dividend is declared
View
Feedback
Question
14 0 / 4 points
The
income summary account is used to _______________.
Question
options:
set
aside earned money available to owners
zero
out expense and revenue accounts at the end of the period
record
a history of income items
calculate
net income
View
Feedback
Question
15 4 / 4 points
The
dividends payable account belongs on which statement?
Question
options:
Balance
sheet
Income
statement
Statement
of retained earnings
Statement
of cash flows
View
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Journal
Entries
Prepare
the following journal entries. Dates and descriptions are not required.
Question
16 0 / 4 points
Paid
$20,000 for stock in a newly formed corporation.
Prepare
the journal entry to document this transaction. Dates and descriptions are not
required
View
Feedback
Question
17 4 / 4 points
Purchased
photocopier for $5000 on account.
Prepare
the journal entry to document this transaction. Dates and descriptions are not
required.
View
Feedback
Question
18 4 / 4 points
Bought
office supplies for immediate consumption for $200 cash.
Prepare
the journal entry to document this transaction. Dates and descriptions are not
required.
Question
19 4 / 4 points
Billed
customer $3500 for services performed
Prepare
the journal entry to document this transaction. Dates and descriptions are not
required.
Question
20 4 / 4 points
Customer
paid $2,000 on account.
Prepare
the journal entry to document this transaction. Dates and descriptions are not
required.
View
Feedback
Question
21 4 / 4 points
Prepaid
insurance account has a $2,400 balance for a twelve-month premium. Month one
has ended.
Prepare
the journal entry to document this transaction. Dates and descriptions are not
required.
Question
22 4 / 4 points
Office
supplies on hand account has a balance of $1,955, and a physical count reveals
that there are $715 worth of supplies remaining at month end.
Prepare
the journal entry to document this transaction. Dates and descriptions are not
required.
Question
23 4 / 4 points
A
customer had previously paid $500 in advance on an order. The order has now been
shipped FOB destination.
Prepare
the journal entry to document this transaction. Dates and descriptions are not
required.
Question
24 4 / 4 points
Sales
tax of $100 is collected from a customer to be remitted to the state at a later
date.
Prepare
the journal entry to document this transaction. Dates and descriptions are not
required.
Question
25 4 / 4 points
At
month end, $2,300 of wages are due to employees but not yet paid.
Prepare
the journal entry to document this transaction. Dates and descriptions are not
required.
________________________________________
Question 1 4 / 4 points
One
advantage to using a perpetual inventory system is that the company never has
to physically count the inventory.
Question
options:
True
False
View
Feedback
Question
2 4 / 4 points
The
weighted-average inventory method will likely result in neither the highest nor
the lowest ending inventory.
Question
options:
True
False
View
Feedback
Question
3 4 / 4 points
When
calculating accounts receivable turnover, a company would prefer a higher
number rather than a lower number (within reason).
Question
options:
True
False
View
Feedback
Question
4 0 / 4 points
When
performing a bank reconciliation, checks outstanding are added back to the bank
balance.
Question
options:
True
False
View
Feedback
Question
5 4 / 4 points
Usually
the quick ratio will be a lower number than the current ratio.
Question
options:
True
False
View
Feedback
Multiple
Choice
Select
the best answer for each of the following questions.
Question
6 4 / 4 points
The
bad-debt method that uses the accounts receivable aging report is
_______________.
Question
options:
the
percentage-of-sales method
the
bad-debt expense method
the
direct write-off method
the
percentage-of-receivables method
View
Feedback
Question
7 0 / 4 points
When
it is determined that too much money has been set aside for uncollectible
accounts, we will _______________.
Question
options:
credit
reserve for uncollectible accounts
debit
reserve for uncollectible accounts
credit
cash
debit
accounts receivable
View
Feedback
Question
8 4 / 4 points
A
customer whose account was previously written off unexpectedly pays us. If we
are using the allowance method we would _______________.
Question
options:
debit
bad-debt expense and credit cash
debit
cash and credit bad-debt expense
debit
reserve for uncollectible accounts and credit cash
debit
accounts receivable and credit allowance for uncollectible accounts AND debit
cash and credit accounts receivable
View
Feedback
Question
9 4 / 4 points
When
a retailer accepts a bank card (VISA or MasterCard), they will make what entry
for the day’s receipts?
Question
options:
debit
accounts receivable and credit sales
debit
accounts receivable; credit sales, and credit “credit card expense”
debit
cash and credit sales
debit
cash and debit “credit card expense”; credit sales
View
Feedback
Question
10 0 / 4 points
The
company prepares, but does not yet pay, its first payroll of the new year.
Salaries total $10,000 and 7.65% is withheld from paychecks for FICA tax. Ignore
all other payroll deductions. The journal entries will be _______________.
Question
options:
debit
wage expense $10,000 and credit wages payable 10,000; debit payroll tax expense
for $1,530 and credit FICA tax payable $1,530
debit
wage expense $10,000 and credit wages payable $10,000; debit payroll tax
expense for $765 and credit FICA tax payable $765
debit
wage expense $10,000 and debit payroll tax expense $765; credit wages payable
$9,235 and credit FICA tax payable $1,530
debit
wage expense $10,000; credit wages payable $8,470 and FICA tax payable $1,530
View
Feedback
Question
11 4 / 4 points
A
company buys a $10,000 bond at 102 as an investment. The correct entry is
_______________.
Question
options:
debit
investment in bonds and credit cash for $9,800
credit
investment in bonds and debit cash for $10,200
debit
investment in bonds and credit cash for $10,200
credit
investment in bonds and debit cash for $9,800
View
Feedback
Question
12 0 / 4 points
A
company issues bonds having a stated value of $100,000 for $102,500. At
maturity, the company will _______________.
Question
options:
debit
bonds payable for $100,000
credit
bonds payable for $102,500
credit
bonds payable for $100,000
debit
bonds payable for $102,500
View
Feedback
Question
13 4 / 4 points
A
company uses the percentage-of-receivables method for establishing the bad-debt
reserve. They want the reserve balance to equal 0.5% of debts 30 days old or
less, 2% of debts aged 31 to 60 days, and 4% of debts aged over 60 days. An
aging report shows $780,000 relating to the past month, $232,600 relating to
the prior month, and $89,200 relating to more than two months ago. The balance
in the reserve account before adjustment is $10,175. What is the adjusting
journal entry?
Question
options:
debit
bad-debt expense, credit allowance for bad debts $1,945
debit
bad-debt expense, credit accounts receivable $1,945
debit
allowance for bad debts, credit bad-debt expense $1,945
debit
bad-debt expense, credit allowance for bad debts $12,120
View
Feedback
Question
14 4 / 4 points
A
company is closing out the accounting period. The inventory balance at the
beginning of the period was $222,750, and at the end of the period it was
$215,600. Purchases of goods for resale during the period equaled $682,500.
What was the cost of goods sold total?
Question
options:
$905,250
$682,500
$689,650
$675,350
View
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Question
15 4 / 4 points
The
following transactions during the month of January: 1/5 bought 10 units at
$11.00 each; 1/8 bought 15 units at $11.25 each; 1/15 sold 8 units for $16
each; 1/22 bought 10 units at $11.50 each and sold 12 units for $16.50 each.
The ending inventory is $693.75. What inventory costing method is the company
using?
Question
options:
LIFO
– periodic
LIFO
– perpetual
FIFO
weighted
average
View
Feedback
Short
Answer
Prepare
the following journal entries. Dates and descriptions are not required.
Question
16 4 / 4 points
What
is the difference between the periodic-inventory and perpetual-inventory
methods?
View
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Questio
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