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ACCT 550 Week 1 Homework
For more course tutorials visit
www.newtonhelp.com
CA1-1 (FASB and Standard-Setting)Presented below are four statements
which you are to identify as true or false. If false, explain why the
statement is false.
1. GAAP is the term used to indicate the whole body of FASB
authoritative literature
2. Any company claiming compliance with GAAP must comply with
most standards and interpretations but does not have to follow the
disclosure requirements
3. The primary governmental body that has influence over the FASB is
the SEC.
4. The FASB has a government mandate and therefore does not have to
follow due process in issuing a standard.
CA1-2 (GAAP and Standard-Setting) Presented below are four
statements which you are to identify as true or false. If false, explain
why the statement is false.
1. The objective of financial statements emphasizes a stewardship
approach for reporting financial information
CA1-3 (Financial Reporting and Accounting Standards)Answer the
following multiple-choice questions.
GAAP stands for
Chapter 2 E2-5 (Elements of Financial Statements) Ten interrelated
elements that are most directly related to measuring the performance and
financial status of an enterprise are provided below.
Assets
Distributions to owners
Expenses
Liabilities
Comprehensive income
Gains
Equity
Revenues
Losses
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
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
--------------------------------------
ACCT 550 Week 2 Homework Assignment
For more course tutorials visit
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Chapter 4: E4-4
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
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
For more course tutorials visit
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ACCT 550 Week 3 Homework Assignment
--------------------------------------
ACCT 550 Week 4 Homework Assignment
For more course tutorials visit
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ACCT 550 Week 4 Homework Assignment
--------------------------------------
ACCT 550 Week 5 Homework Assignment
For more course tutorials visit
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E8-3 Assume that in an annual audit of Webber Inc. at December 31,
2012, you find the following transactions near the closing date.
1.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, 2012. The customer was billed on that date and the
machine excluded from inventory although it was shipped on January 4,
2013.
2.Merchandise costing $2,800 was received on January 3, 2013, and the
related purchase invoice recorded January 5. The invoice showed the
shipment was made on December 29, 2012, f.o.b. destination.
3.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, 2012, but that the case was shipped and the
customer billed on January 10, 2013. The product was a stock item of
your client.
4.Merchandise costing $720 was received on December 28, 2012, and
the invoice was not recorded. You located it in the hands of the
purchasing agent; it was marked “on consignment.”
5.Merchandise received on January 6, 2013, costing $680 was entered in
the purchases journal on January 7, 2013. The invoice showed shipment
was made f.o.b. supplier’s warehouse on December 31, 2012. Because it
was not on hand at December 31, it was not included in inventory.
Assuming that each of the amounts is material, state whether the
merchandise should be included in the client’s inventory, and give your
reason for your decision on each item.
P8-4 Hull Company’s record of transactions concerning part X for the
month of April was as follows:
E9-1 The inventory of Oheto Company on December 31, 2013, consists
of the following items.
Part No. 121 is obsolete and has a realizable value of $0.50 each as
scrap.
(a)Determine the inventory by the lower-of-cost-or-market method,
applying the method to the total of the inventory.
(b)Determine the inventory as of December 31, 2013, by the lower-of-
cost-or-market method, applying this method directly to each item.
P9-12 Late in 2009, Joan Seceda and four other investors took the chain
of Becker Department Stores private, and the company has just
completed its third year of operations under the ownership of the
investment group. Andrea Selig, controller of Becker Department Stores,
is in the process of preparing the year-end financial statements. Based on
the preliminary financial statements, Seceda has expressed concern over
inventory shortages, and she has asked Selig to determine whether an
abnormal amount of theft and breakage has occurred. The accounting
records of Becker Department Stores contain the following amounts on
November 30, 2012, the end of the fiscal year.
--------------------------------------
ACCT 550 Week 6 Homework Assignment
For more course tutorials visit
www.newtonhelp.com
Chapter 10 – E10-1,
Chapter 10 – E10-3
Chapter 10 – E10-7
Chapter 10 – P10-8
--------------------------------------
ACCT 550 Week 7 Course Project
For more course tutorials visit
www.newtonhelp.com
acct 550 week 7 course project
--------------------------------------
ACCT 550 Week 7 Homework Assignment
For more course tutorials visit
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Chapter 11 / E11-4 Depreciation Computations—Five Methods
Chapter 11 / E11-9 Composite Depreciation
Chapter 11 / E11-11 Depreciation—Change in Estimate
Chapter 11/ E11-17 Impairment
--------------------------------------
ACCT 550 Week 7 Homework
For more course tutorials visit
www.newtonhelp.com
ACCT 550 INTERMEDIATE ACCOUNTING IHomework Assignment
- Week 7, Chapter 11Exercises from Chapter 11E11-4E11-9E11-11E11-
17
--------------------------------------
ACCT 550 Week 8 Course Project
For more course tutorials visit
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ACCT 550 Week 8 Course Project
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Acct 550 Extraordinary Success/newtonhelp.com

  • 1. ACCT 550 Week 1 Homework For more course tutorials visit www.newtonhelp.com CA1-1 (FASB and Standard-Setting)Presented below are four statements which you are to identify as true or false. If false, explain why the statement is false. 1. GAAP is the term used to indicate the whole body of FASB authoritative literature 2. Any company claiming compliance with GAAP must comply with most standards and interpretations but does not have to follow the disclosure requirements 3. The primary governmental body that has influence over the FASB is the SEC. 4. The FASB has a government mandate and therefore does not have to follow due process in issuing a standard. CA1-2 (GAAP and Standard-Setting) Presented below are four statements which you are to identify as true or false. If false, explain why the statement is false. 1. The objective of financial statements emphasizes a stewardship approach for reporting financial information
  • 2. CA1-3 (Financial Reporting and Accounting Standards)Answer the following multiple-choice questions. GAAP stands for Chapter 2 E2-5 (Elements of Financial Statements) Ten interrelated elements that are most directly related to measuring the performance and financial status of an enterprise are provided below. Assets Distributions to owners Expenses Liabilities Comprehensive income Gains Equity Revenues Losses 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 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
  • 3. -------------------------------------- ACCT 550 Week 2 Homework Assignment For more course tutorials visit www.newtonhelp.com Chapter 4: E4-4 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 B) Webster Company Single-Step Income Statement For the Year Ended December 31, 2012 Revenue
  • 4. 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 For more course tutorials visit www.newtonhelp.com
  • 5. ACCT 550 Week 3 Homework Assignment -------------------------------------- ACCT 550 Week 4 Homework Assignment For more course tutorials visit www.newtonhelp.com ACCT 550 Week 4 Homework Assignment -------------------------------------- ACCT 550 Week 5 Homework Assignment For more course tutorials visit www.newtonhelp.com E8-3 Assume that in an annual audit of Webber Inc. at December 31, 2012, you find the following transactions near the closing date.
  • 6. 1.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, 2012. The customer was billed on that date and the machine excluded from inventory although it was shipped on January 4, 2013. 2.Merchandise costing $2,800 was received on January 3, 2013, and the related purchase invoice recorded January 5. The invoice showed the shipment was made on December 29, 2012, f.o.b. destination. 3.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, 2012, but that the case was shipped and the customer billed on January 10, 2013. The product was a stock item of your client. 4.Merchandise costing $720 was received on December 28, 2012, and the invoice was not recorded. You located it in the hands of the purchasing agent; it was marked “on consignment.” 5.Merchandise received on January 6, 2013, costing $680 was entered in the purchases journal on January 7, 2013. The invoice showed shipment was made f.o.b. supplier’s warehouse on December 31, 2012. Because it was not on hand at December 31, it was not included in inventory. Assuming that each of the amounts is material, state whether the merchandise should be included in the client’s inventory, and give your reason for your decision on each item. P8-4 Hull Company’s record of transactions concerning part X for the month of April was as follows:
  • 7. E9-1 The inventory of Oheto Company on December 31, 2013, consists of the following items. Part No. 121 is obsolete and has a realizable value of $0.50 each as scrap. (a)Determine the inventory by the lower-of-cost-or-market method, applying the method to the total of the inventory. (b)Determine the inventory as of December 31, 2013, by the lower-of- cost-or-market method, applying this method directly to each item. P9-12 Late in 2009, Joan Seceda and four other investors took the chain of Becker Department Stores private, and the company has just completed its third year of operations under the ownership of the investment group. Andrea Selig, controller of Becker Department Stores, is in the process of preparing the year-end financial statements. Based on the preliminary financial statements, Seceda has expressed concern over inventory shortages, and she has asked Selig to determine whether an abnormal amount of theft and breakage has occurred. The accounting records of Becker Department Stores contain the following amounts on November 30, 2012, the end of the fiscal year. -------------------------------------- ACCT 550 Week 6 Homework Assignment
  • 8. For more course tutorials visit www.newtonhelp.com Chapter 10 – E10-1, Chapter 10 – E10-3 Chapter 10 – E10-7 Chapter 10 – P10-8 -------------------------------------- ACCT 550 Week 7 Course Project For more course tutorials visit www.newtonhelp.com acct 550 week 7 course project -------------------------------------- ACCT 550 Week 7 Homework Assignment
  • 9. For more course tutorials visit www.newtonhelp.com Chapter 11 / E11-4 Depreciation Computations—Five Methods Chapter 11 / E11-9 Composite Depreciation Chapter 11 / E11-11 Depreciation—Change in Estimate Chapter 11/ E11-17 Impairment -------------------------------------- ACCT 550 Week 7 Homework For more course tutorials visit www.newtonhelp.com ACCT 550 INTERMEDIATE ACCOUNTING IHomework Assignment - Week 7, Chapter 11Exercises from Chapter 11E11-4E11-9E11-11E11- 17 -------------------------------------- ACCT 550 Week 8 Course Project
  • 10. For more course tutorials visit www.newtonhelp.com ACCT 550 Week 8 Course Project ---------------------------------------------------------------------