ACC 421

ACC 421 Week 5 Team Assignment P6-7 And P23-7
ACC 421 Week 5 Team Assignment P6-7 and P23-7
Resource: Intermediate Accounting
Write responses to Problems P6-7 in Ch. 6 and P23-7 in Ch. 23 of Intermediate
Accounting.
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ACC 421 Week 5 Summary
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ACC 421 Week 4 Team Assignment P5-3 And CA24-2 Solution
Resource:Intermediate Accounting
Writeresponses to Problem P5-3 in Ch. 5 and Concepts for Analysis CA24-2 in Ch.
24 of Intermediate Accounting.
Writeresponses to Problem P5-3 in Ch. 5 and Concepts for Analysis CA24-2 in Ch.
24 of Intermediate Accounting.
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ACC 421 Week 4 Individual Assignment P1,P2,P3 And P4 Solution
Problem 1:
Grading: This problem is worth a total of 18.75 points. There are 22grading
elements each worth 18.75 x 2/3 / 22= 0.5682 points. There are 18.75 x 1/3 = 6.25
points available for effort.
The FJF Company does not employ a full-time accountant. However they do
employ a bookkeeper that records entries and attempts to prepare drafts of

financial statements. You have been retained by the company to review the
bookkeeper’s work and prepare correct financial statements for 2014. You have
completed your review of the bookkeeper’s work and, based upon your review, the
bookkeeper has prepared the following draft balance sheet for your review.
FJF Company
Balance sheet
For the year ended December 31, 2014
Stockholders’ s equity
Common stock, $9 par, authorized 70,000
shares, Issued 48,000 shares $432,000
Additional paid-in capital 237,000
Retained earnings
Intangible assets
Goodwill 118,000
Prepaid expenses 18,000
Cash surrender value of life insurance 133,000
Trading securities at cost (fair value $177,000) 207,000
Property, plant, and equipment
Land held for future use 259,000
Building (net) 843,000
Office equipment (net) 237,000
Current assets
Cash 340,000
Accounts receivable (net) 503,000
Inventories at lower of average cost or market 593,000
Current liabilities
Accounts payable 200,000
Notes payable (due next year) 185,000
Pension obligation 121,000
Rent payable 72,000
Premium on bonds payable 78,000
Long-term liabilities
Bonds payable 739,000
Additional information:
The company ends its fiscal accounting year on December 31.
The accumulated depreciation on the building totals $237,000.
The accumulated depreciation on the office equipment totals $155,000.
The allowance for doubtful accounts has a balance of $25,000.

The pension obligation is considered a long-term liability.
The bookkeeper did not know how to compute retained earnings.
Instructions:
Prepare a correct balance sheet is good form.
Problem 2:
Grading: This problem is worth a total of 18.75 points. There are 24grading
elements each worth 18.75 x 2/3 / 24 = 0.5208 points. There are 18.75 x 1/3 = 6.25
points available for effort.
The WLO Company has prepared the following trial balance as of the end of its
fiscal accounting year on December 31, 2013.
Debits Credits
Accounts Payable $539,000
Accounts Receivable $516,000
Accrued Liabilities 114,000
Accumulated Depreciation – Buildings 180,000
Accumulated Depreciation –Equipment 71,000
Additional Paid-in Capital 95,000
Administrative Expenses 1,067,000
Allowance for Doubtful Accounts 30,000
Bonds Payable 1,185,000
Buildings 1,233,000
Cash 233,000
Common Stock ($1 par) 1,185,000
Cost of Goods Sold 5,689,000
Dividends Payable 161,000
Equipment 711,000
Extraordinary Gain 95,000
Franchise 190,000
Interest Expense 250,000
Inventories 708,000
Investment Revenue 75,000
Land 308,000
Long-term Investments in Bonds 354,000
Long-term Investments in Stocks 328,000
Long-term Notes Payable 1,067,000
Patent 231,000
Retained Earnings 91,000
Sales 9,600,000

Selling Expenses 2,370,000
Short-term Notes Payable 107,000
Trading Securities 181,000
Treasury Stock 226,000
$14,595,000 $14,595,000
Instructions:
Ignoring income taxes, prepare a balance sheet in good form as of December 31,
2013.
Problem 3:
Grading: This problem is worth a total of 18.75 points. There are 11grading
elements each worth 18.75 x 2/3 / 11 = 1.1364 points. There are 18.75 x 1/3 = 6.25
points available for effort.
Consider each of the following independent post –balance-sheet events
(subsequent events) related to the ILJ Company.
1. The ILJ Company was sued by a competitor in a prior year for trademark
infringement. The suit is now settled.
2. A large customer of the ILJ Company, representing 10% of ILJ Company’s
annual revenues, cancelled their contract with the ILJ Company.
3. The ILJ Company was in litigation with the Internal Revenue Service
concerning a tax matter related to a previous year’s income tax return. The matter
was settled at a cost significantly in excess of the amount expected at year-end.
4. The ILJ Company sold one of its factories representing approximately 30% of
its total assets.
5. The ILJ Company merged with the NYP Company. Both companies were
approximately the same size prior to the merger.
6. A large customer of the ILJ Company filed for bankruptcy resulting in a
significant loss on the year-end accounts receivables.
7. The ILJ Company launched a new product line.
8. The ILJ Company experienced an extended strike by its employees.
9. The ILJ Company hired a new president to replace the prior president that
retired.
10. The ILJ Company experienced a fire at an administrative office. The building
was a total loss.
11. The ILJ Company issued 100,000 shares of common stock increasing the total
number of shares outstanding to 250,000.
Instructions:
Each of the events occurred after the date of the balance sheet but before the
financial statements were issued.

For each of the above events, indicate the action ILJ Company should take to
report the event to their shareholders and other users of their financial statements.
Should ILJ Company:
A: Adjust the financial statements to be issued.
B: Disclose the event in the notes to the financial statements to be issued.
C: Neither adjust nor disclose the event in the financial statements to be issued.
Problem 4:
Grading: This problem is worth a total of 18.75 points. There are 7grading
elements each worth 18.75 x 2/3 / 7 = 1.7857 points. There are 18.75 x 1/3 = 6.25
points available for effort.
Consider the following balance sheets from two companies, the GYF Company
and the AIT Company.
GYF Company AIT Company
Assets
Cash $96,000 $256,000
Receivables 176,000 241,000
Inventories 457,000 414,000
Total current assets $729,000 $911,000
Other assets 401,000 489,000
Total assets $1,130,000 $1,400,000
Liabilities and Stockholders’ Equity
Current liabilities $244,000 $280,000
Long-term liabilities 321,000 400,000
Capital stock and retained earnings 565,000 720,000
Total liabilities and stockholders’ equity $1,130,000 $1,400,000
Annual sales $745,000 $1,199,000
Rate of gross profit on sales 30.00% 40.00%
Instructions:
As a bank loan officer, it is your responsibility to evaluate loan application. Both
companies are applying for a short-term loan. Using the above information and
applicable ratio analysis, determine which company is the better credit risk and
why.
Include the computations of the appropriate ratios used in your analysis.
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ACC 421 Week 3 Individual Assignments Key Answer
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ACC 421 Week 5 Individual Assignment P1,P2,P3 and P4
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ACC 421 Week 5 DQ 2
When would we use present value calculations? When would we use future value
calculations? Which is more likely to be used in accounting? Why?
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ACC 421 Week 5 DQ 1
What does the time value of money mean? Why is this concept important in
accounting? Under what circumstances would we use the time value of money
calculations?
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ACC 421 Week 4 Summary
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ACC 421 Week 4 Learning Team Assignments From the Text
Resource: Intermediate Accounting
Write responses to Problem P5-3 in Ch. 5 and Concepts for Analysis CA24-2 in
Ch. 24 of Intermediate Accounting
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ACC 421 Week 4 DQ 3
What are the differences between the direct and indirect method of presenting a
statement of cash flows?
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What are the differences between the direct and indirect method of presenting a
statement of cash flows?
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ACC 421 Week 4 DQ 2
What is included in each section of the statement of cash flows?
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ACC 421 Week 4 DQ 1
What does the statement of cash flows tell you about a company?
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ACC 421 Week 3 Team Assignment P4-3,E18-15 And P18-7
Resources: Intermediate Accounting
Write responses to Problems P4-3 in Ch. 4 and Problems P18-7 & E18-15 in Ch.
18 of Intermediate Accounting.
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ACC 421 Week 3 Summary
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ACC 421 Week 3 Individual Assignments
P1,P2,P3 and P4
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ACC 421 Week 3 DQ 3
What does full disclosure mean? How does full disclosure affect financial
reporting?
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ACC 421 Week 3 DQ 2
What does full disclosure mean? How does full disclosure affect financial
reporting?
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ACC 421 Week 3 DQ 1
What are the limitations of using ratios for financial statement analysis? What are
the benefits?
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ACC 421 Week 2 Team Assignment P3-5 And P3-9 Solution
Resource: Intermediate Accounting
Write responses to Problems P3-5 and P3-9 in Ch.3 of Intermediate Accounting.
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ACC 421 Week 2 Summary
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ACC 421 Week 2 Individual Assignment P1, P2, P3 and P4
P1, P2, P3, P4
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ACC 421 Week 2 DQ 3
What is included in other comprehensive income?
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ACC 421 Week 2 DQ 2
What are the differences between regular and irregular items on an income
statement?
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ACC 421 Week 2 DQ 1
What are the different criteria for recognizing revenue?

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ACC 421 Week 1 Summary
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ACC 421 Week 1 Individual Assignments From the Text
Resource: Intermediate Accounting
Write responses to Concepts for Analysis CA1-11 & CA1-12 in Ch. 1 of
Intermediate Accounting.
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ACC 421 Week 1 Individual Assignment Accounting Cycle Paper
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.
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ACC 421 Complete Course
ACC 421 Week 1 DQ 1
ACC 421 Week 1 DQ 2
ACC 421 Week 1 DQ 3
ACC 421 Week 1 Individual Assignment Accounting Cycle Paper
ACC 421 Week 1 Individual Assignments From the Text
ACC 421 Week 1 Summary
ACC 421 Week 2 DQ 1
ACC 421 Week 2 DQ 2
ACC 421 Week 2 DQ 3
ACC 421 Week 2 Individual Assignment P1, P2, P3 and P4
ACC 421 Week 2 Summary

ACC 421 Week 2 Team Assignment P3-5 And P3-9 Solution
ACC 421 Week 3 DQ 1
ACC 421 Week 3 DQ 2
ACC 421 Week 3 DQ 3
ACC 421 Week 3 Individual Assignment
ACC 421 Week 3 Individual Assignments Key Answer
ACC 421 Week 3 Summary
ACC 421 Week 3 Team Assignment P4-3,E18-15 And P18-7
ACC 421 Week 4 DQ 1
ACC 421 Week 4 DQ 2
ACC 421 Week 4 DQ 3
ACC 421 Week 4 Individual Assignment P1,P2,P3 And P4 Solution
ACC 421 Week 4 Learning Team Assignments From the Text
ACC 421 Week 4 Summary
ACC 421 Week 4 Team Assignment P5-3 And CA24-2 Solution
ACC 421 Week 5 DQ 1
ACC 421 Week 5 DQ 2
ACC 421 Week 5 Individual Assignment P1,P2,P3 and P4
ACC 421 Week 5 Team Assignment P6-7 and P23-7
ACC 421 Week 5 Summary
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ACC 421 Week 1 DQ 3
What organizations are responsible for governing financial reporting and what are
their roles?
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ACC 421 Week 1 DQ 2
What is the purpose of GAAP and the accounting cycle?
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ACC 421 Week 1 DQ 1
What are the major objectives of financial reporting?
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