ACC 291 New Achievement Education--acc291.com

ACC 291T Assignment Week 5 Practice: Connect®
Knowledge Check
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ACC 291T Week 5 Practice: Connect® Knowledge Check
Complete the Week 5 Knowledge Check in Connect®.
Note: You have unlimited attempts available to complete this practice
assignment. The highest scored attempt will be recorded.
These assignments have earlier due dates, so plan accordingly.
Grades must be transferred manually to eCampus by your instructor.
Don’t worry, this might happen after your due date.
Interest Expense is classified as a(n):
Multiple Choice
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ACC 291T Assignment Week 5 Apply: Connect®
Exercise

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ACC 291T Week 5 Apply: Connect® Exercise
Review the Knowledge Check in preparation for this assignment.
Complete the Week 5 Exercise in Connect®.
Note: You have only one attempt available to complete this assignment.
Don’t worry, this might happen after your due date
The beginning capital balance shown on a statement of owner’s equity is
$80,000. Net income for the period is $35,000. The owner withdrew
$18,000 cash from the business and made no additional investments
during the period. The owner’s capital balance at the end of the period is
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Knowledge Check
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Rose Bush Nursery purchased a delivery truck for $40,000. The truck is
expected to have a useful life of 5 years and a residual value of $2,800.
The company uses the straight-line method of depreciation. If the truck
was purchased on June 1, 2019, what is the amount of
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Exercise
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Identify the statement below that is true regarding the Allowance for
Doubtful Accounts account.
Multiple Choice
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Knowledge Check
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The bank statement did not show a check for $630 that was written and
recorded by the company during the month. The journal entry needed for
this reconciling item includes:
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Exercise
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Which of the following statements is not correct?
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Knowledge Check
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Exercise
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Review the Knowledge Check in preparation for this assignmen
Complete the Week 2 Exercise in Connect®
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Knowledge Check
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assignment. The highest scored attempt will be recorded
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Exercise
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If Lacy’s Department Store charges 8 percent sales tax, the amount of
sales tax collected on a $525 sale would be
Multiple Choice
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ACC 291 Week 5 Wileyplus Assignment E7-3, E12-1,
E12-8, P12-9A, P12-10A, E13-3, E13-4, IFRS13-1,P13-
2A (New)
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· E7-3, E12-1, E12-8, P12-9A, P12-10A, E13-3, E13-4, IFRS13-1, P13-
2A.
Exercise 7-3
Exercise 12-1
Exercise 12-8
Problem 12-9A
Problem 12-10A
Exercise 13-3
Exercise 13-4
International Financial Reporting Standards 13-1
Problem 13-2A
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ACC 291 Week 5 Exercise E12-3, E12-10

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Prepare the operating activities section—indirect method.
E12-3 Sosa Company reported net income of $190,000 for 2017. Sosa
also reported depreciation expense of $35,000 and a loss of $5,000 on
the disposal of plant assets. The comparative balance sheets show an
increase in accounts receivable of $15,000 for the year, a $17,000
increase in accounts payable, and a $4,000 increase in prepaid expenses.
Instructions
Prepare the operating activities section of the statement of cash flows for
2017. Use the indirect method.
Compare free cash flow of two companies.
E12-10 Information for two companies in the same industry, Merrill
Corporation and Wingate Corporation, is presented here.
Merrill Corporation Wingate Corporation
Net cash provided by operating activities $ 80,000 $100,000
Average current liabilities 50,000 100,000
Net income 200,000 200,000
Capital expenditures 40,000 70,000

Dividends paid 5,000 10,000
Instructions
Compute free cash flow for both companies and compare.
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ACC 291 Week 5 Assignment Financial Reporting
Problem II
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Purpose of Assignment
The purpose of this assignment is to expose you to the basic process
involved in the analysis of the cash flow statement.
Assignment Steps
Resources: Appendix A of Financial Accounting: Tools for Business
Decision Making
Note: This is a two part assignment.
Part 1
Answer questions A-F in problem CT12-1 in Financial Accounting (p.
640).
Provide an 875-word analysis of your findings.

Include conclusions concerning the management of the company's cash.
Part 2
Complete a 1,050-word summary of findings and recommendations
from the following questions:
• What is the par or stated value per share of Apple's common stock?
• What percentage of Apple's authorized common stock was issued at
September 27, 2014?
• How many shares of common stock were outstanding at September 28,
2013, and at September 27, 2014?
• Calculate the payout ratio, earnings per share, and return on common
stockholders' equity for 2014.
Use the Week 5 Excel® spreadsheet and submit with your analysis and
summary.
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ACC 291 Week 4 Wileyplus Assignment Do It! 11-1,
E11-5, E11-7, BYP11-1, BYP11-2, P11-5A, P11-8A
(New)
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·Do It! 11-1, E11-5, E11-7, BYP11-1, BYP11-2, P11-5A, P11-8A.
Do It! 11-1
Exercise 11-5 Garcia Corporation
Exercise 11-7 Pele Company
Broadening Your Perspective 11-1 Tootsie Roll
Broadening Your Perspective 11-2 Tootsie Roll & Hershey
Problem 11-5A Pringle Corporation
Problem 11-8A Everett Corporation
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ACC 291 WEEK 4 Stockholders’Equity Section of the
Balance Sheet (Lachlin Corporation Balance Sheet)
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The purpose of this assignment is to help you become familiar with
examining the stockholders' equity section of the balance sheet.
Assignment Steps
Resources: Financial Accounting: Tools for Business Decision Making

Answer the following questions in 1,050 words using the Lachlin
Corporation Balance Sheet (partial) below:
· How many shares of common stock are outstanding?
· Assuming there is a stated value, what is the stated value of the
common stock?
· What is the par value of the preferred stock?
· If the annual dividend on preferred stock is $36,000, what is the
dividend rate on preferred stock?
· If dividends of $72,000 were in arrears on preferred stock, what
would be the balance reported for retained earnings?
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ACC 291 Week 4 Practice Connect Assignment (100%
Score)
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ACC 291 Week 4 Practice Connect Practice Assignment
attempt 1
1

During the year 2019, Sampson Company had net credit sales of
$1,950,000. Past experience shows that 1.5 percent of the firm’s net
credit sales result in uncollectible accounts.
Equipment purchased by Park Consultancy for $38,220 on January 2,
2019, has an estimated useful life of 10 years and an estimated salvage
value of $2,700. What adjustment for depreciation should be recorded
on the firm’s worksheet for the year ended December 31, 2019?
On December 31, 2019, Giant Plumbing Supply owed wages of $11,400
to its factory employees, who are paid weekly.
On December 31, 2019, Giant Plumbing Supply owed the employer’s
social security (6.2 percent) and Medicare (1.45 percent) taxes on the
entire $11,400 of accrued wages for its factory employees.
On December 31, 2019, Giant Plumbing Supply owed federal (0.6
percent) and state (5.4 percent) unemployment taxes on the entire
$11,400 of accrued wages for its factory employees.
2
On December 1, 2019, Jim’s Java Joint borrowed $50,000 from its bank
in order to expand its operations. The firm issued a four-month, 6
percent note for $50,000 to the bank and received $49,000 in cash
because the bank deducted the interest for the entire period in advance.

In general journal form, show the entry that would be made to record
this transaction and the adjustment for prepaid interest that should be
recorded on the firm’s worksheet for the year ended December 31, 2019.
3
On December 31, 2019, the Notes Payableaccount at Northwood
Manufacturing Company had a balance of $16,000. This balance
represented a three-month, 7.5 percent note issued on November 1.
On January 2, 2019, Hitech Computer Consultants purchased flash
drives, paper, and other supplies for $5,230 in cash. On December 31,
2019, an inventory of supplies showed that items costing $1,590 were on
hand. The Suppliesaccount has a balance of $5,230.
On September 1, 2019, North Dakota Manufacturing paid a premium of
$14,640 in cash for a one-year insurance policy. On December 31, 2019,
an examination of the insurance records showed that coverage for a
period of four months had expired.
On May 1, 2019, Headcase Beauty Salon signed a one-year advertising
contract with a local radio station and issued a check for $10,800 to pay
the total amount owed. On December 31, 2019, the Prepaid
Advertisingaccount has a balance of $10,800.
For each of the above independent situations, prepare the adjusting
entries that must be made on the December 31, 2019, worksheet
assuming no previous adjusting entries have been made during the year.

4
The Income Statement section of the Johnson Company worksheet for
the year ended December 31, 2019, has $199,000 recorded in the Debit
column and $215,345 in the Credit column on the line for the Income
Summary account.
What were the beginning and ending balances for Merchandise
Inventory?
5
On December 31, 2019, the Notes Payable account at Vanessa’s
Boutique Shop had a balance of $90,000. This amount represented funds
borrowed on a six-month, 8 percent note from the firm’s bank on
December 1.

Record the journal entry for interest expense on this note that should be
recorded on the firm’s worksheet for the year ended December 31, 2019.
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ACC 291 Week 4 Exercise E11-2, E11-5, E11-7, E11-
13
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Journalize issuance of common stock and preferred stock and purchase
of treasury stock.
E11-2 Sagan Co. had these transactions during the current period.
June 12 Issued 80,000 shares of $1 par value common stock for cash of
$300,000.
July 11 Issued 3,000 shares of $100 par value preferred stock for cash
at $106 per share.
Nov. 28 Purchased 2,000 shares of treasury stock for $9,000.
Prepare correct entries for capital stock transactions.
E11-5 Mesa Corporation recently hired a new accountant with extensive
experience in accounting for partnerships. Because of the pressure of the
new job, the accountant was unable to review what he had learned

earlier about corporation accounting. During the first month, he made
the following entries for the corporation's capital stock.
Compare effects of a stock dividend and a stock split.
E11-7 On October 31, the stockholders' equity section of Manolo
Company's balance sheet consists of common stock $648,000 and
retained earnings $400,000.Manolo is considering the following two
courses of action: (1) declaring a 5% stock dividend on the 81,000 $8
par value shares outstanding or (2) effecting a 2‐for‐1 stock split that
will reduce par value to $4 per share. The current market price is $17 per
share.
Instructions
Prepare a tabular summary of the effects of the alternative actions on the
company's stockholders' equity and outstanding shares. Use these
column headings: Before Action, After Stock Dividend, and After Stock
Split.
Calculate ratios to evaluate profitability and solvency.
E11-13 Kojak Corporation decided to issue common stock and used the
$300,000 proceeds to redeem all of its outstanding bonds on January 1,
2017. The following information is available for the company for 2017
and 2016.
(a) Compute the return on common stockholders' equity for both years.
(b) Explain how it is possible that net income increased but the return on
common stockholders' equity decreased.

(c) Compute the debt to assets ratio for both years, and comment on the
implications of this change in the company's solvency.
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ACC 291 Week 4 Apply Connect Assignment (With
Excel file)
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This Tutorial contains an Excel File which can be used for any change in
values (CONTAINS ALL QUESTIONS, SCROLL DOWN TO
CHECK)
Assignment 1
a.-b. Merchandise Inventory, before adjustment, has a balance of $6,600.
The newly counted inventory balance is $7,100.
1. Unearned Seminar Fees has a balance of $5,100, representing
prepayment by customers for five seminars to be conducted in June,
July, and August 2019. Two seminars had been conducted by June 30,
2019.
2. Prepaid Insurance has a balance of $6,600 for six months’
insurance paid in advance on May 1, 2019.
3. Store equipment costing $12,890 was purchased on March 31,
2019. It has a salvage value of $410 and a useful life of four years.

4. Employees have earned $160 that has not been paid at June 30,
2019.
5. The employer owes the following taxes on wages not paid at June
30, 2019: SUTA, $4.80; FUTA, $0.96; Medicare, $2.32; and social
security, $9.92.
6. Management estimates uncollectible accounts expense at 1 percent
of sales. This year’s sales were $1,100,000.
7. Prepaid Rent has a balance of $5,250 for six months’ rent paid in
advance on March 1, 2019.
8. The Supplies account in the general ledger has a balance of $310.
A count of supplies on hand at June 30, 2019, indicated $105 of supplies
remain.
9. The company borrowed $13,700 from First Bank on June 1, 2019,
and issued a four-month note. The note bears interest at 12 percent.
Required:
Based on the information above, record the adjusting journal entries that
must be made for Sufen Consulting on June 30, 2019. The company has
a June 30 fiscal year-end.
Analyze:
After all adjusting entries have been journalized and posted, what is the
balance of the Prepaid Rent account?

Assignment 1
The Green Thumb Gardener
Merchandise inventory on December 31, 2019, is $11,521.
During 2019, the firm had net credit sales of $27,000; the firm estimates
that 0.6 percent of these sales will result in uncollectible accounts.

On December 31, 2019, an inventory of the supplies showed that items
costing $235 were on hand.
On October 1, 2019, the firm signed a six-month advertising contract for
$960 with a local newspaper and paid the full amount in advance.
On January 2, 2018, the firm purchased store equipment for $7,620. At
that time, the equipment was estimated to have a useful life of five years
and a salvage value of $520.
On January 2, 2018, the firm purchased office equipment for $1,120. At
that time, the equipment was estimated to have a useful life of five years
and a salvage value of $120.

On December 31, 2019, the firm owed salaries of $1,750 that will not be
paid until 2020.
On December 31, 2019, the firm owed the employer’s social security tax
(assume 6.2 percent) and Medicare tax (assume 1.45 percent) on the
entire $1,750 of accrued wages.
On December 31, 2019, the firm owed federal unemployment tax
(assume 0.6 percent) and state unemployment tax (assume 5.4 percent)
on the entire $1,750 of accrued wages.

Assignment 2
TRANSACTIONS
Signed a lease for an office and issued Check 101 for $14,100 to pay the
rent in advance for six months.
Borrowed money from Second National Bank by issuing a four-month,
12 percent note for $32,800; received $31,488 because the bank
deducted the interest in advance.

Signed an agreement with Carter Corp. to provide accounting and tax
services for one year at $6,600 per month; received the entire fee of
$79,200 in advance.
Purchased office equipment for $26,400 from Office Outfitters; issued a
two-month, 6 percent note in payment. The equipment is estimated to
have a useful life of six years and a $1,920 salvage value. The
equipment will be depreciated using the straight-line method.
Purchased a one-year insurance policy and issued Check 102 for $1,692
to pay the entire premium.

Purchased office furniture for $18,400 from Furniture Warehouse;
issued Check 103 for $10,400 and agreed to pay the balance in 60 days.
The equipment has an estimated useful life of five years and a $1,000
salvage value. The office furniture will be depreciated using the straight-
line method.
Purchased office supplies for $1,930 with Check 104. Assume $860 of
supplies are on hand July 31, 2019.
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ACC 291 Week 3 WileyplusAssignment P9-7A, E10-5,
E10-8, E10-13, E10-22, E10-24, BYP10, P10-9A, P10-
13A, IFRS10-4 (New)

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·P9-7A, E10-5, E10-8, E10-13, E10-22, E10-24, BYP10, P10-9A, P10-
13A, IFRS10-4.
Exercise 10-5: Olinger Company
Exercise 10-8: Ortega Company
Exercise 10-13: Romine Company
Exercise 10-22: Cole Corporation
Exercise 10-24: Nance, Co.
Broadening Your Perspective 10-1: Tootsie Roll
Broadening Your Perspective 10-2: Tootsie& Hershey
Problem 9-7A: Farr Company
Problem 10-9A: Wempe, Co.
Problem 10-13A: Grace Herron
IFRS10-4: Ratzlaff
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(100% Score)

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attempt 1
1
Florence Company received a bank statement showing a balance of
$13,550 on November 30, 2019. During the bank reconciliation process,
Florence’s accountant noted the following bank errors:

A check for $265 issued by Florentine, Inc., was mistakenly charged to
Florence Company’s account.
Check 2782 was written for $200 but was paid by the bank as $1,200.
Check 2920 for $85 was paid by the bank twice.
A deposit for $580 on November 22 was credited by the bank for $850.
Assuming outstanding checks total $2,450, prepare the adjusted bank
balance section of the November 30, 2019, bank reconciliation.
2

On January 2, The Public Legal Clinic issued Check 2108 for $450 to
establish a petty cash fund. Indicate how this transaction would be
recorded in a general journal.
3
Di Stefano Office Supply Company received a bank statement showing
a balance of $70,005 as of March 31, 2019. The firm’s records showed a
book balance of $71,487 on March 31. The difference between the two
balances was caused by the following items.

A debit memorandum for $40, which covers the bank’s collection fee for
the note (item 6).
A deposit in transit of $4,700.
A check for $348 issued by another firm that was mistakenly charged to
Di Stefano’s account.
A debit memorandum for an NSF check of $6,145 issued by Wozniak
Construction Company, a credit customer.
Outstanding checks: Check 3782 for $2,200; Check 3840 for $251.
A credit memorandum for a $7,300 noninterest-bearing note receivable
that the bank collected for the firm.

Prepare a bank reconciliation statement for the firm as of March 31.
Prepare the necessary journal entries for March 31, 2019 from the
statement.
4
After returning from a three-day business trip, the accountant for
Southeast Sales, Johanna Estrada, checked bank activity in the
company’s checking account online. The activity for the last three days
follows.

Business Checking Account #123456-987
Date Type Description Additions Payments Balance
09/24/2019 Loan Payment Online Transfer to CM XXXX
$ 3,500.00 $ 15,675.06
09/24/2019 Deposit DEPOSIT ID NUMBER 8888 $
2,269.60 $ 19,175.06
09/23/2019 Check CHECK #1554 (view)
$ 3,500.00 $ 16,905.46
09/23/2019 Bill Payment Online Payment
$ 36.05 $ 20,405.46
$ 240.00 $ 20,441.51

$ 1,750.00 $ 20,681.51
09/22/2019 ACH Credit Edwards UK AP PAYMENT $
8,900.00 $ 22,431.51
09/22/2019 ATM ATM WITHDRAWAL
$ 240.00 $ 13,531.51
After matching these transactions to the company’s Cash account in the
general ledger, Johanna noted the following unrecorded transactions:
The ATM withdrawal on 9/22/2019 was for personal use by the owner,
Robert Savage.

The ACH credit on 9/22/2019 was an electronic funds payment received
on account from Edwards UK, a credit customer located in Great
Britain.
The bill payment made 9/23/2019 was to Waste Control Trash Services
(utilities).
The loan payment on 9/24/2019 was an automatic debit by Central
Motors for the company’s monthly payment on a loan for its
automobiles. The loan does not bear interest.
Prepare the journal entries in a general journal to record the four
transactions above. (Round your answers to 2 decimal places.)

5
Teng Corporation received a bank statement showing a balance of
$15,700 as of October 31, 2019. The firm’s records showed a book
balance of $15,262 on October 31. The difference between the two
balances was caused by the following items.
A debit memorandum for an NSF check from Richard Wolf for $332.
Three outstanding checks: Check 7017 for $124, Check 7098 for $55,
and Check 7107 for $1,560.
A bank service charge of $12.
A deposit in transit of $957.

Prepare the adjusted bank balance section and the adjusted book balance
section of the bank reconciliation statement. Prepare the necessary
journal entries for the year 2019.
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ACC 291 Week 3 Exercise BE 1-2, BE 10-3, BE 10-4,
BE 10-5, BE 10-14
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BE 1-2, BE 10-3, BE 10-4, BE 10-5, BE 10-14
BRIEF EXERCISES
Prepare entries for an interest‐bearing note payable.
BE10-2 Hive Company borrows $90,000 on July 1 from the bank by
signing a $90,000, 7%, 1‐year note payable. Prepare the journal entries
to record (a) the proceeds of the note and (b) accrued interest at
December 31, assuming adjusting entries are made only at the end of the
year.

Compute and record sales taxes payable.
BE10-3 Greenspan Supply does not segregate sales and sales taxes at the
time of sale. The register total for March 16 is $10,388. All sales are
subject to a 6% sales tax. Compute sales taxes payable and make the
entry to record sales taxes payable and sales.
Prepare entries for unearned revenues.
BE10-4 Bramble University sells 3,500 season basketball tickets at $80
each for its 10‐game home schedule. Give the entry to record (a) the sale
of the season tickets and (b) the revenue recognized after playing the
first home game.
Compute gross earnings and net pay.
BE10-5 Betsy Strand's regular hourly wage rate is $16, and she receives
an hourly rate of $24 for work in excess of 40 hours. During a January
pay period, Betsy works 47 hours. Betsy's federal income tax
withholding is $95, and she has no voluntary deductions. Compute Betsy
Strand's gross earnings and net pay for the pay period. Assume that the
FICA tax rate is 7.65%.
Analyze solvency.
BE10-14 Suppose the 2017 Adidas financial statements contain the
following selected data (in millions).
Current assets $4,485 Interest expense $169
Total assets 8,875 Income taxes 113

Current liabilities 2,836 Net income 245
Total liabilities 5,099
Cash 775
Compute the following values and provide a brief interpretation of each.
(a) Working capital.
(b) Current ratio.
(c) Debt to assets ratio.
(d) Times interest earned.
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ACC 291 Week 3 Assignment The Liabilities Section
of O’Brian’s Balance Sheet
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The purpose of this assignment is to help you understand the balance
sheet presentation for the liabilities of a company.
Assignment Steps

Prepare the liabilities section of O’Brian’s balance sheet using the
following information:
· Accounts payable $157,000
· Notes payable (due May 1, 2018) $20,000
· Bonds payable (due 2021) $900,000
· Unearned rent revenue $240,000
· Discount on bonds payable $41,000
· FICA taxes payable $7,800
· Interest payable (due 2019) $80,000
· Income taxes payable $3,500
· Sales taxes payable $1,700
The Liabilities Section of O’Brian’s balance sheet must be 525 words.
Show work on the Week 3 Excel® spreadsheet.
Note: This assignment requires that you only submit an Excel®
Workbook file. There are no written or APA guideline requirements.
Click the Assignment Files tab to submit your assignment.
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ACC 291 Week 3 Apply Connect Assignment (Score
10/10) (With Excel File)
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values
ACC 291 Week 3 Apply Connect Assignment
1.
On August 1, 2019, the accountant for Western Imports downloaded the
company's July 31, 2019, bank statement from the bank's Website. The
balance shown on the bank statement was $28,710. The July 31, 2019,
balance in the Cash account in the general ledger was $14,537.
Jenny Irvine, the accountant for Western Imports, noted the following
differences between the bank's records and the company's Cash account
in the general ledger:

An electronic funds transfer for $13,900 from FoncierRicard, a customer
located in France, was received by the bank on July 31.
Check 1422 was correctly written and recorded for $1,200. The bank
mistakenly paid the check for $1,270.
The accounting records indicate that Check 1425 was issued for $60 to
make a purchase of supplies. However, examination of the check online
showed that the actual amount of the check was for $90.
A deposit of $750 made after banking hours on July 31 did not appear
on the July 31 bank statement.
The following checks were outstanding: Check 1429 for $1,244, and
Check 1430 for $136.
An automatic debit of $257 on July 31 from CentralComm for telephone
service appeared on the bank statement but had not been recorded in the
company's accounting records.
Required:
Prepare a bank reconciliation for the firm as of July 31.
Record general journal entries for the items on the bank reconiliation
that must be journalized.
Analyze:

What effect on total expenses occurred as a result of the general journal
entries recorded?
2.
On August 31, 2019, the balance in the checkbook and the Cash account
of the Dry Creek Bed and Breakfast was $12,362. The balance shown on
the bank statement on the same date was $13,242.
Notes
The firm’s records indicate that a $1,540 deposit dated August 30 and a
$710 deposit dated August 31 do not appear on the bank statement.

A service charge of $8 and a debit memorandum of $365 covering an
NSF check have not yet been entered in the firm’s records. (The check
was issued by Art Corts, a credit customer.)
The following checks were issued but have not yet been paid by the
bank:
Check 712,
$
119
Check 713,
$

134
Check 716,
$
247
Check 736,
$
586
Check 739,

A credit memorandum shows that the bank collected a $2,129 note
receivable and interest of $72 for the firm. These amounts have not yet
been entered in the firm’s records.
Required:
Prepare a bank reconciliation statement for the firm as of August 31.
Record general journal entries for items on the bank reconciliation
statement that must be journalized.
Analyze:
What effect did the journal entries recorded as a result of the bank
reconciliation have on the fundamental accounting equation?

Royal Jewels, a retail business, started business on June 25, 2019. It
keeps a $300 change fund in its cash register. The cash receipts for the
period from June 25 to June 30, 2019 are below.
DATE TRANSACTIONS
June 25 Cash sales per the cash register tape, $1,226.
Cash count, $1,518.
26 Cash sales per the cash register tape, $1,336.

Cash count, $1,629.
Cash count, $1,650.
Cash count, $1,571.
Cash count, $1,428.
Cash count, $1,657.
Required:

Record the cash receipts from June 25 to June 30, 2019, in a general
journal.
Post the amounts for Cash Short or Over in the journal entries to the
general ledger.
Analyze:
How will the balance in Cash Short or Over on June 30 be reported in
the financial statements?
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ACC 291 Week 2 Wileyplus Assignment P8-3A, BE9-
11, DI9-5, E9-7, E9-8, BYP9, P9-2A (New)

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·P8-3A, BE9-11, DI9-5, E9-7, E9-8, BYP9, P9-2A.
Problem 8-3A: Bosworth Company
Brief Exercise 9-11: Nike, Inc.
Do It! 9-5
Exercise 9-7: Wang, Co.
Exercise 9-8: Cleand Company
Broadening Your Perspective 9-1: Tootsie Roll
Broadening Your Perspective 9-2: Tootsie& Hershey
Problem 9-2A: Navaro Corporation
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ACC 291 Week 2 Textbook Exercise BE 8-8, E8-4, E8-
14, E9-4
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ACC 291 Week 2 Textbook Exercise BE 8-8, E8-4, E8-14, E9-4

Chapter 8: BE8-8
Determine maturity dates and compute interest and rates on notes.
E8-4 The ledger of Macarty Company at the end of the current year
shows Accounts Receivable $78,000, Credit Sales $810,000, and Sales
Returns and Allowances $40,000.
Instructions
(a) If Macarty uses the direct write‐off method to account for
uncollectible accounts, journalize the adjusting entry at December 31,
assuming Macarty determines that Matisse's $900 balance is
uncollectible.
(b) If Allowance for Doubtful Accounts has a credit balance of $1,100 in
the trial balance, journalize the adjusting entry at December 31,
assuming bad debts are expected to be 10% of accounts receivable.
(c) If Allowance for Doubtful Accounts has a debit balance of $500 in
the trial balance, journalize the adjusting entry at December 31,
assuming bad debts are expected to be 8% of accounts receivable.
Determine bad debt expense, and prepare the adjusting entry.
Chapter 8: E8-14
Compute ratios to evaluate a company's receivables balance.
(LO 4), AN
E8-14 Suppose the following information was taken from the 2017
financial statements of FedEx Corporation, a major global
transportation/delivery company.

(in millions) 017 2016
Accounts receivable (gross) $ 3,587 $ 4,517
Accounts receivable (net) 3,391 4,359
Allowance for doubtful accounts 196 158
Sales revenue 35,497 37,953
Total current assets 7,116 7,244
Instructions
Answer each of the following questions.
(a) Calculate the accounts receivable turnover and the average collection
period for 2017 for FedEx.
(b) Is accounts receivable a material component of the company's total
current assets?
(c) Evaluate the balance in FedEx's allowance for doubtful accounts.
Chapter 9: E9-4
Understand depreciation concepts.
(LO 2), C
E9-4 Alysha Monet has prepared the following list of statements about
depreciation.
Depreciation is a process of asset valuation, not cost allocation.

Depreciation provides for the proper matching of expenses with
revenues.
The book value of a plant asset should approximate its fair value.
Depreciation applies to three classes of plant assets: land, buildings,
and equipment.
Depreciation does not apply to a building because its usefulness and
revenue‐producing ability generally remain intact over time.
The revenue‐producing ability of a depreciable asset will decline due
to wear and tear and to obsolescence.
Recognizing depreciation on an asset results in an accumulation of
cash for replacement of the asset.
The balance in accumulated depreciation represents the total cost that
has been charged to expense since placing the asset in service.
Depreciation expense and accumulated depreciation are reported on
the income statement.
Three factors affect the computation of depreciation: cost, useful life,
and salvage value.
Instructions
Identify each statement as true or false. If false, indicate how to correct
the statement.
==============================================
ACC 291 Week 2 Practice Connect Practice
Assignment (Score 10/10)

www.acc291.com
Question 1
Big Country Ski Shop is a retail store that sells ski equipment and
clothing. Big Country Ski Shop commenced business on September 1,
2019. The firm purchases merchandise on open account. The firm’s
purchases, purchase returns and allowances, and cash payments on
account during September 2019 follow:
DATE
TRANSACTIONS
2019
Sept.
2
Purchased ski boots for $6,600 plus a freight charge of $310 from
Colorado Ski Shop, Invoice 6672, terms n/30.
3
Purchased skis for $12,200 from Alaska Supply Company, Invoice
5916; terms 3/10, n/30.

7
Received Credit Memorandum 165 for $1,000 from Colorado Ski Shop
for return of damaged ski boots; the boots were originally purchased
September 2 on Invoice 6672.
11
Purchased ski jackets for $5,000 from Cold Mountain Clothing
Company, Invoice 4091, terms n/30.
12
Issued Check 104 to Alaska Supply Company in payment of Invoice
5916, dated September 3, less the cash discount.

22
Purchased ski poles for $4,760 plus a freight charge of $170 from
Alaska Supply Company, Invoice 5950, terms 3/10, n/30.
23
Purchased ski pants for $3,250 from Swenson Ski Goods, Invoice 528,
terms n/30.
25
Received Credit Memorandum 245 for $400 from Swenson Ski Goods
for return of defective ski pants; the pants were originally purchased

27
Purchased ski sweaters for $3,600 plus a freight charge of $150 from
30
Issued Check 110 to Colorado Ski Shop in payment of Invoice 6672,
dated September 2, less the return of September 7.
Required:
Record the transactions in a general journal.
Analyze:
What was the amount of the cash discount on September 12?

Question 2
NewTech Medical Devices is a medical devices wholesaler that
commenced business on June 1, 2019. NewTech Medical Devices
purchases merchandise for cash and on open account. In June 2019,
NewTech Medical Devices engaged in the following purchasing and
cash payment activities:
DATE
TRANSACTIONS
2019
June

1
Issued Check 101 to purchase merchandise, $4,500.
3
Purchased merchandise for $1,700 from BioCenter Inc., Invoice 606;
terms 2/10, n/30.
5
Purchased merchandise for $5,850, plus a freight charge of $110, from
New Concepts Corporation, Invoice 1011, terms 2/10, n/30.

9
Paid amount due to BioCenter Inc. for purchase of June 3, less discount,
Check 102.
10
Received Credit Memorandum 227 from New Concepts Corporation for
damaged merchandise totaling $150 that was returned; the goods were
purchased on Invoice 1011, dated June 5.
11
terms 2/10, n/30.

14
Paid amount due to New Concepts Corporation for Invoice 1011 of June
5, less the return of June 10 and less the cash discount, Check 103.
15
Purchased merchandise with a list price of $9,200 and trade discounts of
20 percent and 15 percent from Park Research, Invoice 1029, terms
n/30.
20
25

Returned merchandise purchased on June 20 as defective, receiving a
cash refund of $280.
30
New Concepts Corporation, Invoice 1080; terms 2/10, n/30.
Required:
Journalize the transactions in a general journal.
Analyze:
What was the amount of trade discounts received on the June 15
purchase from Park Research?

Question 3
DATE
TRANSACTIONS
2019
Sept.

2
3
5916; terms 3/10, n/30.
7
Received Credit Memorandum 165 for $1,000 from Colorado Ski Shop

11
12
22

23
terms n/30.
25
27

30
Required:
Post the entries from the general journal to the appropriate accounts in
the general ledger and in the accounts payable ledger.
Prepare a schedule of accounts payable.
GENERAL LEDGER ACCOUNTS

101
Cash, $27,000 Dr.
201
Accounts Payable
501
Purchases
502
Freight In

503
Purchases Returns and Allowances
504
Purchases Discounts
ACCOUNTS PAYABLE LEDGER ACCOUNTS
Alaska Supply Company
Cold Mountain Clothing Company

Colorado Ski Shop
Swenson Ski Goods
Analyze:
What portion of the purchases in September, before purchases returns
and allowances and before purchases discounts, were for clothing items?
Include ski boots as a clothing item.
Question 4

DATE
TRANSACTIONS
2019
June
1

3
terms 2/10, n/30.
5
9
Check 102.

10
11
terms 2/10, n/30.
14

15
n/30.
20
25

30
Required:
Post the transactions in to the appropriate accounts in the general ledger
and the accounts payable subsidiary ledger.
Prepare a schedule of accounts payable at June 30, 2019.
101

Cash, $37,400 Dr.
201
Accounts Payable
501
Purchases
502
503
Purchases Discounts
504
Freight In

BioCenter Inc.
New Concepts Corporation
Park Research
Analyze:
What was the amount of merchandise returned to vendors by NewTech
Medical Devices in June?
Question 5

Bowden Company (buyer) and Song, Inc. (seller), engaged in the
following transactions during January 2019:
Bowden Company
DATE
TRANSACTIONS
2019
Jan.
8

Issued Check 2101 for $2,940 on account to Song, Inc., in payment of
Invoice 1885 dated December 30, 2018, less cash discount of $60.
10
Purchased merchandise for $3,500 from Song, Inc., Invoice 1920; terms
2/10, n/30.
15
Received Credit Memorandum 320 from Song, Inc., for damaged
merchandise totaling $300 that was returned; the goods were purchased
on Invoice 1920, dated January 10.
19

Paid amount due to Song, Inc., for Invoice 1920 of January 10, less the
return of January 15 and less the cash discount, Check 2130.
30
Purchased merchandise for $4,400 from Song, Inc., Invoice 1950; terms
2/10, n/30.
GENERAL LEDGER ACCOUNTS—BOWDEN COMPANY
201 Accounts Payable, $3,000 Cr.
ACCOUNTS PAYABLE LEDGER ACCOUNT—BOWDEN
COMPANY

Song, Inc., $3,000
Song, Inc.
DATE
TRANSACTIONS
2019
Jan.
8

Received payment of $2,940 on account from Bowden Company in
payment of Invoice 1885 dated December 30, 2018, less cash discount
of $60.
10
Sold merchandise for $3,500 on account to Bowden Company, Invoice
1920, terms 2/10, n/30.
15
Issued Credit Memorandum 320 to Bowden Company for damaged
merchandise totaling $300 that was returned; the goods were purchased
on Invoice 1920, dated January 10.
19

Received payment from Bowden Company for Invoice 1920 of January
10, less the return of January 15 and less the cash discount.
30
Sold merchandise for $4,400 to Bowden Company, Invoice 1950; terms
2/10, n/30.
GENERAL LEDGER ACCOUNTS—SONG, INC.
111 Accounts Receivable, $3,000 Dr.

ACCOUNTS RECEIVABLE LEDGER ACCOUNT—SONG, INC.
Bowden Company, $3,000
Required:
Journalize the transactions above in a general journal for both Bowden
Company and Song, Inc.
Post the transactions to the appropriate accounts in the general ledger
and the accounts payable subsidiary ledger for Bowden Company.
Post the transactions to the appropriate accounts in the general ledger
and the accounts receivable subsidiary ledger for Song, Inc.
Analyze:

What is the balance of the accounts payable for Song, Inc., in the
Bowden Company accounts payable subsidiary ledger? What is the
balance of the accounts receivable for Bowden Company in the Song,
Inc., accounts receivable subsidiary ledger?
==============================================
ACC 291 Week 2 Assignment Financial Reporting
Problem, Apple Inc
www.acc291.com
The purpose of this assignment is to help you understand the basics of
financial statement analysis related to the assets section of the balance
sheet, data interpretation, and how financial information is obtained to
understand how a company accounts for its long-lived assets.
Assignment Steps
Note: The financial statements of Apple, Inc. are presented in Appendix
A of Financial Accounting. Instructions for accessing and using the

company's complete annual report, including the notes to the financial
statements, are also provided in Appendix A.
Complete a 1,050-word summary of findings and recommendations
from the following questions:
· What were the total cost and book value of property, plant, and
equipment at September 27, 2014?
· Using the notes to find financial statements, what method or
methods of depreciation are used by Apple for financial reporting
purposes?
· What was the amount of depreciation and amortization expense
for each of the three years 2012-2014? (Hint: Use the statement of cash
flows).
· Using the statement of cash flows, what are the amounts of
property, plant, and equipment purchased in 2014 and 2013?
· Using the notes to the financial statements, explain in the
summary how Apple accounted for its intangible assets in 2014.
Use the Week 2 Excel® spreadsheet to show your work and submit with
your summary.
Click the Assignment Files tab to submit your assignment.
==============================================
ACC 291 Week 2 Apply Connect Assignment (Score
10/10) (with Excel File)

www.acc291.com
values
ACC 291 Week 2 Apply Connect Assignment
DATE
TRANSACTIONS
2019

Sept.
2
3
5916; terms 2/10, n/30.
7
Received Credit Memorandum 165 for $860 from Colorado Ski Shop

11
12
22

23
terms n/30.
25
27

30
Required:
Open the general ledger accounts and accounts payable ledger accounts
indicated below. Enter the balance of Cash as of September 1, 2019.
Post the entries from the general journal to the appropriate accounts in
the general ledger and in the accounts payable ledger.
Prepare a schedule of accounts payable.

101
Cash, $25,000 Dr.
201
Accounts Payable
501
Purchases
502

Freight In
503
504
Purchases Discounts
Alaska Supply Company
Cold Mountain Clothing Company

Colorado Ski Shop
Swenson Ski Goods
Analyze:
What portion of the purchases in September, before purchases returns
and allowances and before purchases discounts, were for clothing items?
Include ski boots as a clothing item.

DATE
TRANSACTIONS
2019
June
1

3
terms 2/10, n/30.
5
9
Check 102.

10
11
terms 2/10, n/30.
14

15
n/30.
20
25

30
Required:
Journalize the transactions in a general journal.
==============================================

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