ACCT 550 (Intermediate Accounting) Entire Course

ACCT 550 (Intermediate Accounting) Entire
Course
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ACCT 550 (Intermediate Accounting) Entire Course
ACCT 550 Week 1 Homework Assignment
E3-1 (Transaction Analysis—Service Company) Christine Ewing is a licensed CPA. During
the first month of operations of her business (a sole proprietorship), the following events and
transactions occurred.
April 2
2
3
Invested
$30,000
cash and
equipment
valued at
$14,000 in
the business.
Hired a
secretaryreceptionist
at a salary of
$290 per
week
payable
monthly.
Purchased
supplies on
account
$700. (debit
an asset
account.)

Paid office
rent of $600
7
for the
month.
Completed a
tax
assignment
and billed
client
11 $1,100 for
services
rendered.
(Use Service
Revenue
account.)
Received
$3,200
advance on
12 a
management
consulting
engagement.
Received
cash of
$2,300 for
17 services
completed
for Ferengi
Co.
Paid
insurance
21
expense
$110.
Paid
secretaryreceptionist
30
$1,160 for
the month.
A count of
supplies
indicated
30
that $120 of
supplies had
been used.
30 Purchased a
new

computer
for $5,100
with
personal
funds. (The
computer
will be used
exclusively
for business
purposes.)
E3-5 (Adjusting Entries) The ledger of Chopin Rental Agency on March 31 of the current year
includes the following selected accounts before adjusting entries have been prepared.
Debit Credit
$
3,600
Prepaid
Insurance
Supplies 2,800
Equipment 25,000
Accumulated
Depreciation—
Equipment
$
8,400
Notes Payable 20,000
Unearned Rent
6,300
Revenue
Rent Revenue 60,000
Interest
Expense
Salaries and
Wages
Expense
14,000
An analysis of the accounts shows the following.
The equipment depreciates $250 per month.
One-third of the unearned rent was earned during the quarter.
Interest of $500 is accrued on the notes payable.
Supplies on hand total $650.
Insurance expires at the rate of $300 per month.

most directly related to measuring the performance and financial status of an enterprise are
provided below.
Assets
Distributions to
Expenses
owners
Liabilities
Comprehensive
Gains
income
Equity Revenues Losses
Investments
by owners
Identify the element or elements associated with the 12 items below.
CA1-3 (Financial Reporting and Accounting Standards) Answer the following multiplechoice
questions.
ACCT 550 Week 2 Homework Assignment
Chapter 4: E4-4
1. A) Webster Company
Multiple-Step Income statement
For the Year Ended December 31, 2012
Sales $96,500
Cost of Goods Sold 63,570
Gross Profit on Sales 32,930
1. B) Webster Company
Single-Step Income Statement
For the Year Ended December 31, 2012

Revenue
Sales 96,500
Rent Revenue
Chapter 4: E4-12
Net Income:
Income from continuing operations
Before income tax 21,650,000
Income tax (21,650,000 x 35%) 7,577,500
Income from continuing operations 14,072,500
Chapter 4: P4-1
Dickinson Company
Income Statement
For the Year Ended December 31, 2012
ACCT 550 Week 3 Homework Assignment
E5-2 (Classification of Balance Sheet Accounts) Presented below are the captions of Faulk
Company’s balance sheet
(a) Current assets. (b) Investments. (c) Property, plant, and equipment. (d) Intangible assets. (e)
Other assets. Instructions (f) Current liabilities. (g) Noncurrent liabilities. (h) Capital stock. (i)
Additional paid-in capital. (j) Retained earnings. Indicate by letter where each of the following
items would be classified.
1. Preferred stock. 2. Goodwill. 3. Salaries and wages payable. 4. Accounts payable. 5.
Buildings. 6. Equity investments (trading). 7. Current maturity of long-term debt. 8.

Premium on bonds payable. 9. Allowance for doubtful accounts. 10. Accounts receivable.
11. Cash surrender value of life insurance. 12. Notes payable (due next year). 13.
Supplies. 14. Common stock. 15. Land. 16. Bond sinking fund. 17. Inventory. 18. Prepaid
insurance. 19. Bonds payable. 20. Income taxes payable
E 5-4, E 5-12, E 5-13, P 5-2
E5-13
E5-13 (Statement of Cash Flows—Classifications) The major classifications of activities
reported in the statement of cash flows are operating, investing, and financing. Classify each of
the transactions listed below as:
1. Operating activity—add to net income.
2. Operating activity—deduct from net income.
3. Investing activity.
4. Financing activity.
5. Reported as significant noncash activity
ACCT 550 Week 4 Homework Assignment
E6-5
(Computation
of Present
Value) Using
the
appropriate
interest table,
compute the
present
values
of the
following
periodic

amounts due
at the end of
the
designated
periods.
(a) $30,000
receivable at
the end of
each period
for 8 periods
compounded
at 12%.
This is a case
of annuity
because the
person is
receiving the
amount at the
end of each
period.
E6-12 (Analysis of Alternatives) The Black Knights Inc., a manufacturer of low-sugar, lowsodium,
low-cholesterol TV dinners, would like to increase its market share in the Sunbelt. In
order to do so, Black Knights has decided to locate a new factory in the Panama City area. Black
Knights will either buy or lease a site depending upon which is more advantageous. The site
location committee has narrowed down the available sites to the following three buildings.
Building A: Purchase for a cash price of $600,000, useful life 25 years. Building B: Lease for 25
years with annual lease payments of $69,000 being made at the beginning of the year. Building
C: Purchase for $650,000 cash. This building is larger than needed; however, the excess space
can be sublet for 25 years at a net annual rental of $7,000. Rental payments will be received at
the end of each year. The Black Knights Inc. has no aversion to being a landlord. Instructions In
which building would you recommend that The Black Knights Inc. locate, assuming a 12% cost
of funds?
E7-5 (Recording Sales Gross and Net) On June 3, Arnold Company sold to Chester Company
merchandise having a sale price of $3,000 with terms of 2/10, n/60, f.o.b. shipping point. An
invoice totaling $90, terms n/30, was received by Chester on June 8 from John Booth Transport
Service for the freight cost. On June 12, the company received a check for the balance due from
Chester Company.
Instructions (a) Prepare journal entries on the Arnold Company books to record all the events
noted above under each of the following bases. (1) Sales and receivables are entered at gross
selling price.
(2) Sales and receivables are entered at net of cash discounts. (b) Prepare the journal entry under
basis 2, assuming that Chester Company did not remit payment until July 29

E7-7 (Recording Bad Debts) Duncan Company reports the following financial information
before adjustments. Dr. Cr. Accounts Receivable$100,000 Allowance for Doubtful
Accounts$2,000 Sales (all on credit) 900,000 Sales Returns and Allowances 50,000
ACCT 550 Week 5 Homework Assignment
E8-3 (Inventoriable Costs) Assume that in an annual audit of Harlowe Inc. at December 31,
2014, you find the following transactions near the closing date.
A special machine, fabricated to order for a customer, was finished and specifically segregated in
the back part of the shipping room on December 31, 2014. The customer was billed on that date
and the machine excluded from inventory although it was shipped on January 4, 2015.
Merchandise costing $2,800 was received on January 3, 2015, and the related purchase invoice
recorded January 5. The invoice showed the shipment was made on December 29, 2014, f.o.b.
destination.
A packing case containing a product costing $3,400 was standing in the shipping room when the
physical inventory was taken. It was not included in the inventory because it was marked “Hold
for shipping instructions.” Your investigation revealed that the customer’s order was dated
December 18, 2014, but that the case was shipped and the customer billed on January 10, 2015.
The product was a stock item of your
Merchandise received on January 6, 2015, costing $680 was entered in the purchase journal on
January 7, 2015. The invoice showed shipment was made f.o.b. supplier’s warehouse on
December 31, 2014. Because it was not on hand at December 31, it was not included in
inventory. 5. Merchandise costing $720 was received on December 28, 2014, and the invoice
was not recorded. You located it in the hands of the purchasing agent; it was marked “on
consignment
Merchandise costing $720 was received on December 28, 2014, and the invoice was not
recorded. You located it in the hands of the purchasing agent; it was marked “on consignment
P8-4 Hull Company’s record of transactions concerning part X for the month of April was
as follows:
Purchases Sales
April 100 @ April 300

1 $5.00 5
(bal
on
hand)
April 400 @ April
200
4 5.10 12
April 300 @ April
800
11 5.30 27
April 200 @ April
150
18 5.35 28
April 600 @
26 5.60
April 200 @
30 5.80
(a)Compute the inventory at April 30 on each of the following bases. Assume that perpetual
inventory records are kept in units only. Carry unit costs to the nearest cent.
First-in, first-out (FIFO)
1. b) If the perpetual inventory record is kept in dollars, and costs are computed at the
time of each withdrawal, what amount would be shown as ending inventory in (1),
(2), and (3) above? Carry average unit costs to four decimal places
E9-1 The inventory of Oheto Company on December 31, 2013, consists of the following
ACCT 550 Week 6 Homework Assignment
Chapter 10 – E10-1, Chapter 10 – E10-3, Chapter 10 – E10-7,Chapter 10 – P10-8,

ACCT 550 Week 7 Homework Assignment
Chapter 11: E11-4, E11-9, E11-11, E11-17
ACCT 550 All Weeks 1-7 Discussions
Week 1 DQ 1 Case Discussion
Week 1 DQ 2 General Topic of Information
Week 2 DQ 1 Case Discussion
Week 2 DQ 2 The Income Statement
Week 3 DQ 1 Case Discussion
Week 3 DQ 2 Balance Sheet
Week 4 DQ 1 Problem Discussion
Week 4 DQ 2 Time Value of Money
Week 5 DQ 1 Problem Discussion
Week 5 DQ 2 Inventory Cost
Week 6 DQ 1 Problem Discussion
Week 6 DQ 2 Asset Valuation
Week 7 DQ 1 Case Discussion
Week 7 DQ 2 Asset Valuation
ACCT 550 Week 8 Course Project
Course Project, Inc.
Balance Sheet

Single Step Income Statement