ACCT 550 (Intermediate Accounting) Entire Course
ACCT 550 (Intermediate Accounting) Entire Course
ACCT 550 (Intermediate Accounting) Entire Course
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<strong>ACCT</strong> <strong>550</strong> (<strong>Intermediate</strong> <strong>Accounting</strong>) <strong>Entire</strong><br />
<strong>Course</strong><br />
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<strong>ACCT</strong> <strong>550</strong> (<strong>Intermediate</strong> <strong>Accounting</strong>) <strong>Entire</strong> <strong>Course</strong><br />
<strong>ACCT</strong> <strong>550</strong> Week 1 Homework Assignment<br />
E3-1 (Transaction Analysis—Service Company) Christine Ewing is a licensed CPA. During<br />
the first month of operations of her business (a sole proprietorship), the following events and<br />
transactions occurred.<br />
April 2<br />
2<br />
3<br />
Invested<br />
$30,000<br />
cash and<br />
equipment<br />
valued at<br />
$14,000 in<br />
the business.<br />
Hired a<br />
secretaryreceptionist<br />
at a salary of<br />
$290 per<br />
week<br />
payable<br />
monthly.<br />
Purchased<br />
supplies on<br />
account<br />
$700. (debit<br />
an asset<br />
account.)
Paid office<br />
rent of $600<br />
7<br />
for the<br />
month.<br />
Completed a<br />
tax<br />
assignment<br />
and billed<br />
client<br />
11 $1,100 for<br />
services<br />
rendered.<br />
(Use Service<br />
Revenue<br />
account.)<br />
Received<br />
$3,200<br />
advance on<br />
12 a<br />
management<br />
consulting<br />
engagement.<br />
Received<br />
cash of<br />
$2,300 for<br />
17 services<br />
completed<br />
for Ferengi<br />
Co.<br />
Paid<br />
insurance<br />
21<br />
expense<br />
$110.<br />
Paid<br />
secretaryreceptionist<br />
30<br />
$1,160 for<br />
the month.<br />
A count of<br />
supplies<br />
indicated<br />
30<br />
that $120 of<br />
supplies had<br />
been used.<br />
30 Purchased a<br />
new
computer<br />
for $5,100<br />
with<br />
personal<br />
funds. (The<br />
computer<br />
will be used<br />
exclusively<br />
for business<br />
purposes.)<br />
E3-5 (Adjusting Entries) The ledger of Chopin Rental Agency on March 31 of the current year<br />
includes the following selected accounts before adjusting entries have been prepared.<br />
Debit Credit<br />
$<br />
3,600<br />
Prepaid<br />
Insurance<br />
Supplies 2,800<br />
Equipment 25,000<br />
Accumulated<br />
Depreciation—<br />
Equipment<br />
$<br />
8,400<br />
Notes Payable 20,000<br />
Unearned Rent<br />
6,300<br />
Revenue<br />
Rent Revenue 60,000<br />
Interest<br />
Expense<br />
Salaries and<br />
Wages<br />
Expense<br />
14,000<br />
An analysis of the accounts shows the following.<br />
<br />
<br />
<br />
The equipment depreciates $250 per month.<br />
One-third of the unearned rent was earned during the quarter.<br />
Interest of $500 is accrued on the notes payable.<br />
Supplies on hand total $650.<br />
<br />
Insurance expires at the rate of $300 per month.
most directly related to measuring the performance and financial status of an enterprise are<br />
provided below.<br />
Assets<br />
Distributions to<br />
Expenses<br />
owners<br />
Liabilities<br />
Comprehensive<br />
Gains<br />
income<br />
Equity Revenues Losses<br />
Investments<br />
by owners<br />
Identify the element or elements associated with the 12 items below.<br />
CA1-3 (Financial Reporting and <strong>Accounting</strong> Standards) Answer the following multiplechoice<br />
questions.<br />
<strong>ACCT</strong> <strong>550</strong> Week 2 Homework Assignment<br />
Chapter 4: E4-4<br />
1. A) Webster Company<br />
Multiple-Step Income statement<br />
For the Year Ended December 31, 2012<br />
Sales $96,500<br />
Cost of Goods Sold 63,570<br />
Gross Profit on Sales 32,930<br />
1. B) Webster Company<br />
Single-Step Income Statement<br />
For the Year Ended December 31, 2012
Revenue<br />
Sales 96,500<br />
Rent Revenue<br />
Chapter 4: E4-12<br />
Net Income:<br />
Income from continuing operations<br />
Before income tax 21,650,000<br />
Income tax (21,650,000 x 35%) 7,577,500<br />
Income from continuing operations 14,072,500<br />
Chapter 4: P4-1<br />
Dickinson Company<br />
Income Statement<br />
For the Year Ended December 31, 2012<br />
<strong>ACCT</strong> <strong>550</strong> Week 3 Homework Assignment<br />
E5-2 (Classification of Balance Sheet Accounts) Presented below are the captions of Faulk<br />
Company’s balance sheet<br />
(a) Current assets. (b) Investments. (c) Property, plant, and equipment. (d) Intangible assets. (e)<br />
Other assets. Instructions (f) Current liabilities. (g) Noncurrent liabilities. (h) Capital stock. (i)<br />
Additional paid-in capital. (j) Retained earnings. Indicate by letter where each of the following<br />
items would be classified.<br />
1. Preferred stock. 2. Goodwill. 3. Salaries and wages payable. 4. Accounts payable. 5.<br />
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.<br />
11. Cash surrender value of life insurance. 12. Notes payable (due next year). 13.<br />
Supplies. 14. Common stock. 15. Land. 16. Bond sinking fund. 17. Inventory. 18. Prepaid<br />
insurance. 19. Bonds payable. 20. Income taxes payable<br />
E 5-4, E 5-12, E 5-13, P 5-2<br />
E5-13<br />
E5-13 (Statement of Cash Flows—Classifications) The major classifications of activities<br />
reported in the statement of cash flows are operating, investing, and financing. Classify each of<br />
the transactions listed below as:<br />
1. Operating activity—add to net income.<br />
2. Operating activity—deduct from net income.<br />
3. Investing activity.<br />
4. Financing activity.<br />
5. Reported as significant noncash activity<br />
<strong>ACCT</strong> <strong>550</strong> Week 4 Homework Assignment<br />
E6-5<br />
(Computation<br />
of Present<br />
Value) Using<br />
the<br />
appropriate<br />
interest table,<br />
compute the<br />
present<br />
values<br />
of the<br />
following<br />
periodic
amounts due<br />
at the end of<br />
the<br />
designated<br />
periods.<br />
(a) $30,000<br />
receivable at<br />
the end of<br />
each period<br />
for 8 periods<br />
compounded<br />
at 12%.<br />
This is a case<br />
of annuity<br />
because the<br />
person is<br />
receiving the<br />
amount at the<br />
end of each<br />
period.<br />
E6-12 (Analysis of Alternatives) The Black Knights Inc., a manufacturer of low-sugar, lowsodium,<br />
low-cholesterol TV dinners, would like to increase its market share in the Sunbelt. In<br />
order to do so, Black Knights has decided to locate a new factory in the Panama City area. Black<br />
Knights will either buy or lease a site depending upon which is more advantageous. The site<br />
location committee has narrowed down the available sites to the following three buildings.<br />
Building A: Purchase for a cash price of $600,000, useful life 25 years. Building B: Lease for 25<br />
years with annual lease payments of $69,000 being made at the beginning of the year. Building<br />
C: Purchase for $650,000 cash. This building is larger than needed; however, the excess space<br />
can be sublet for 25 years at a net annual rental of $7,000. Rental payments will be received at<br />
the end of each year. The Black Knights Inc. has no aversion to being a landlord. Instructions In<br />
which building would you recommend that The Black Knights Inc. locate, assuming a 12% cost<br />
of funds?<br />
E7-5 (Recording Sales Gross and Net) On June 3, Arnold Company sold to Chester Company<br />
merchandise having a sale price of $3,000 with terms of 2/10, n/60, f.o.b. shipping point. An<br />
invoice totaling $90, terms n/30, was received by Chester on June 8 from John Booth Transport<br />
Service for the freight cost. On June 12, the company received a check for the balance due from<br />
Chester Company.<br />
Instructions (a) Prepare journal entries on the Arnold Company books to record all the events<br />
noted above under each of the following bases. (1) Sales and receivables are entered at gross<br />
selling price.<br />
(2) Sales and receivables are entered at net of cash discounts. (b) Prepare the journal entry under<br />
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<br />
before adjustments. Dr. Cr. Accounts Receivable$100,000 Allowance for Doubtful<br />
Accounts$2,000 Sales (all on credit) 900,000 Sales Returns and Allowances 50,000<br />
<strong>ACCT</strong> <strong>550</strong> Week 5 Homework Assignment<br />
E8-3 (Inventoriable Costs) Assume that in an annual audit of Harlowe Inc. at December 31,<br />
2014, you find the following transactions near the closing date.<br />
A special machine, fabricated to order for a customer, was finished and specifically segregated in<br />
the back part of the shipping room on December 31, 2014. The customer was billed on that date<br />
and the machine excluded from inventory although it was shipped on January 4, 2015.<br />
Merchandise costing $2,800 was received on January 3, 2015, and the related purchase invoice<br />
recorded January 5. The invoice showed the shipment was made on December 29, 2014, f.o.b.<br />
destination.<br />
A packing case containing a product costing $3,400 was standing in the shipping room when the<br />
physical inventory was taken. It was not included in the inventory because it was marked “Hold<br />
for shipping instructions.” Your investigation revealed that the customer’s order was dated<br />
December 18, 2014, but that the case was shipped and the customer billed on January 10, 2015.<br />
The product was a stock item of your<br />
Merchandise received on January 6, 2015, costing $680 was entered in the purchase journal on<br />
January 7, 2015. The invoice showed shipment was made f.o.b. supplier’s warehouse on<br />
December 31, 2014. Because it was not on hand at December 31, it was not included in<br />
inventory. 5. Merchandise costing $720 was received on December 28, 2014, and the invoice<br />
was not recorded. You located it in the hands of the purchasing agent; it was marked “on<br />
consignment<br />
Merchandise costing $720 was received on December 28, 2014, and the invoice was not<br />
recorded. You located it in the hands of the purchasing agent; it was marked “on consignment<br />
P8-4 Hull Company’s record of transactions concerning part X for the month of April was<br />
as follows:<br />
Purchases Sales<br />
April 100 @ April 300
1 $5.00 5<br />
(bal<br />
on<br />
hand)<br />
April 400 @ April<br />
200<br />
4 5.10 12<br />
April 300 @ April<br />
800<br />
11 5.30 27<br />
April 200 @ April<br />
150<br />
18 5.35 28<br />
April 600 @<br />
26 5.60<br />
April 200 @<br />
30 5.80<br />
(a)Compute the inventory at April 30 on each of the following bases. Assume that perpetual<br />
inventory records are kept in units only. Carry unit costs to the nearest cent.<br />
First-in, first-out (FIFO)<br />
1. b) If the perpetual inventory record is kept in dollars, and costs are computed at the<br />
time of each withdrawal, what amount would be shown as ending inventory in (1),<br />
(2), and (3) above? Carry average unit costs to four decimal places<br />
E9-1 The inventory of Oheto Company on December 31, 2013, consists of the following<br />
<strong>ACCT</strong> <strong>550</strong> Week 6 Homework Assignment<br />
Chapter 10 – E10-1, Chapter 10 – E10-3, Chapter 10 – E10-7,Chapter 10 – P10-8,
<strong>ACCT</strong> <strong>550</strong> Week 7 Homework Assignment<br />
Chapter 11: E11-4, E11-9, E11-11, E11-17<br />
<strong>ACCT</strong> <strong>550</strong> All Weeks 1-7 Discussions<br />
Week 1 DQ 1 Case Discussion<br />
Week 1 DQ 2 General Topic of Information<br />
Week 2 DQ 1 Case Discussion<br />
Week 2 DQ 2 The Income Statement<br />
Week 3 DQ 1 Case Discussion<br />
Week 3 DQ 2 Balance Sheet<br />
Week 4 DQ 1 Problem Discussion<br />
Week 4 DQ 2 Time Value of Money<br />
Week 5 DQ 1 Problem Discussion<br />
Week 5 DQ 2 Inventory Cost<br />
Week 6 DQ 1 Problem Discussion<br />
Week 6 DQ 2 Asset Valuation<br />
Week 7 DQ 1 Case Discussion<br />
Week 7 DQ 2 Asset Valuation<br />
<strong>ACCT</strong> <strong>550</strong> Week 8 <strong>Course</strong> Project<br />
<strong>Course</strong> Project, Inc.<br />
Balance Sheet
Single Step Income Statement