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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)
FOR MORE CLASSES VISIT
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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

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 Connect Practice Connect Assignment
(Score 100%)
Coffee Bean Artisan wines Good to Go Auto Products Superior
Hardware Healthy Eating Foods Company The data below concerns
adjustments to be made at Coffee Bean Importers. Adjustments a.On
November 1, 2019, the firm signed a lease for a warehouse and paid
rent of $21,000 in advance for a six-month period. b. On December

31, 2019, an inventory of supplies showed that items costing $1,940
were on hand. The balance of the Supplies account was $11,880. c.
A depreciation schedule for the firm’s equipment shows that a
total of $10,750 should be charged off as depreciation in 2019. d. On
December 31, 2019, the firm owed salaries of $6,100 that will not be
paid until January 2020. e. On December 31, 2019, the firm owed
the employer’s social security (6.2 percent) and Medicare (1.45
percent) taxes on all accrued salaries. f. On October 1, 2019, the
firm received a five-month, 8 percent note for $6,500 from a
customer with an overdue balance. Required: 1. Record the
adjusting entries in the general journal as of December 31, 2019. 2.
Record reversing entries in the general journal as of January 1,
2020. Analyze: After the adjusting entries have been posted, what is
the balance of the Prepaid Rent account on January 1, 2020? 2 The
Artisan Wines is a retail store selling vintage wines. On December 31,
2019, the firm’s general ledger contained the accounts and balances
below. All account balances are normal. Required: 1. Prepare a
classified income statement for the year ended December 31, 2019.
The company does not classify its operating expenses as selling
expenses and general and administrative expenses. 2. Prepare a
statement of owner’s equity for the year ended December 31, 2019.
No additional investments were made during the year. 3. Prepare
a classified balance sheet as of December 31, 2019. Analyze: What is
the inventory turnover for Artisan Wines? 3 Good to Go Auto
Products distributes automobile parts to service stations and repair
shops. The adjusted trial balance data that follows is from the firm’s
worksheet for the year ended December 31, 2019 Required: 1.
Prepare a classified income statement for the year ended
December 31, 2019. The expense accounts represent warehouse
expenses, selling expenses, and general and administrative expenses.
2. Prepare a statement of owner’s equity for the year ended

December 31, 2019. No additional investments were made during
the period. 3. Prepare a classified balance sheet as of December
31, 2019. The mortgage payable extends for more than one year.
Analyze: What percentage of total operating expenses is attributable
to warehouse expenses? 4 Healthy Eating Foods Company is a
distributor of nutritious snack foods such as granola bars. On
December 31, 2019, the firm’s general ledger contained the accounts
and balances that follow. Required: 1. Record adjusting entries in the
general journal as of December 31, 2019. 2. Record closing entries in
the general journal as of December 31, 2019. 3. Record reversing
entries in the general journal as of January 1, 2020. Analyze:
Assuming that the firm did not record a reversing entry for salaries
payable, what entry is required when salaries of $6,000 are paid on
January 3? 5. Superior Hardwood Company distributes hardwood
products to small furniture manufacturers. The adjusted trial balance
data given below is from the firm’s worksheet for the year ended
December 31, 2019. Required: 1. Prepare a classified income
statement for the year ended December 31, 2019. The expense
accounts represent warehouse expenses, selling expenses, and
general and administrative expenses. 2. Prepare a statement of
owner’s equity for the year ended December 31, 2019. No additional
investments were made during the period. 3. Prepare a classified
balance sheet as of December 31, 2019. The mortgage payable
extends for more than a year. Analyze: What is the current ratio for
this business?
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ACC 291 Week 5 Assignment Financial Reporting Problem II

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 5 Apply Connect Assignment (Score 10/10)
(with Excel File)
This Tutorial contains an Excel File which can be used for any change
in values 1 The Artisan Wines is a retail store selling vintage wines.

On December 31, 2019, the firm’s general ledger contained the
accounts and balances below. All account balances are normal.
Required: 1. Prepare a classified income statement for the year
ended December 31, 2019. The company does not classify its
operating expenses as selling expenses and general and
administrative expenses. 2. Prepare a statement of owner’s equity
for the year ended December 31, 2019. No additional investments
were made during the year. 3. Prepare a classified balance sheet
as of December 31, 2019. Analyze: What is the inventory turnover for
Artisan Wines? 2 Superior Hardwood Company distributes hardwood
products to small furniture manufacturers. The adjusted trial balance
data given below is from the firm’s worksheet for the year ended
December 31, 2019. Required: 1. Prepare a classified income
statement for the year ended December 31, 2019. The expense
accounts represent warehouse expenses, selling expenses, and
general and administrative expenses. 2. Prepare a statement of
owner’s equity for the year ended December 31, 2019. No additional
investments were made during the period. 3. Prepare a classified
balance sheet as of December 31, 2019. The mortgage payable
extends for more than a year. Analyze: What is the current ratio for
this business?
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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)

·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)
Purpose of Assignment 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)
ACC 291 Week 4 Practice Connect Practice Assignment attempt 1 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. 2.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? 3. On
December 31, 2019, Giant Plumbing Supply owed wages of $11,400
to its factory employees, who are paid weekly. 4. 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. 5. 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 1. 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. 2. 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. 3. 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. 4. 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
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)
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 Wileyplus Assignment P9-7A, E10-5, E10-
8, E10-13, E10-22, E10-24, BYP10, P10-9A, P10-13A,
IFRS10-4 (New)

·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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ACC 291 Week 3 Practice Connect Practice Assignment
(100% Score)

ACC 291 Week 3 Practice Connect Practice Assignment 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 #123456-987Date 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 09/22/2019
Check CHECK #1553 (view) $ 240.00 $
20,441.51 09/22/2019 Check CHECK #1551 (view) $
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
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
understand the balance sheet presentation for the liabilities of a
company. Assignment Steps Resources: Financial Accounting: Tools
for Business Decision Making 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.
==============================================
(With Excel File)
in 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: a. An electronic funds transfer
for $13,900 from FoncierRicard, a customer located in France, was
received by the bank on July 31. b. Check 1422 was correctly
written and recorded for $1,200. The bank mistakenly paid the check
for $1,270. c. 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. d. A deposit of $750 made after banking

hours on July 31 did not appear on the July 31 bank statement. e.
The following checks were outstanding: Check 1429 for $1,244,
and Check 1430 for $136. f. 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: 1. Prepare a bank reconciliation for the firm as of
July 31. 2. 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 a. 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. b. 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.) c.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, $ 87 Check 741,$ 129
________________________________________ d. 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: 1. Prepare a
bank reconciliation statement for the firm as of August 31. 2.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,
$1,657. 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?
==============================================
ACC 291 Week 2 Wileyplus Assignment P8-3A, BE9-11,
DI9-5, E9-7, E9-8, BYP9, P9-2A (New)
·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
==============================================
ACC 291 Week 2 Textbook Exercise BE 8-8, E8-4, E8-14,
E9-4
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.
==============================================

(Score 10/10)
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 September 23 on Invoice 528. 27 Purchased ski sweaters
for $3,600 plus a freight charge of $150 from Colorado Ski Shop,
Invoice 6722, terms n/30. 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 Purchased merchandise for $1,680 from BioCenter Inc.,
Invoice 612; 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 Issued Check 104 to purchase merchandise, $3,000. 25
Returned merchandise purchased on June 20 as defective,
receiving a cash refund of $280. 30 Purchased merchandise for
$3,200, plus a freight charge of $85, from 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 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
September 23 on Invoice 528. 27 Purchased ski sweaters for $3,600
plus a freight charge of $150 from Colorado Ski Shop, Invoice 6722,
terms n/30. 30 Issued Check 110 to Colorado Ski Shop in payment of
Invoice 6672, dated September 2, less the return of September 7.
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 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
Corporation, Invoice 1080; terms 2/10, n/30. Required: 1. Post the
transactions in to the appropriate accounts in the general ledger and
the accounts payable subsidiary ledger. 2. Prepare a schedule of
accounts payable at June 30, 2019. GENERAL LEDGER ACCOUNTS 101
Cash, $37,400 Dr. 201Accounts Payable 501Purchases 502

Purchases Returns and Allowances 503 Purchases
Discounts 504 Freight In
________________________________________ ACCOUNTS
PAYABLE LEDGER ACCOUNTS 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
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 Resources:
Financial Accounting: Tools for Business Decision Making 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.
==============================================
(with Excel File)
in values ACC 291 Week 2 Apply Connect Assignment 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 $5,200 plus a freight charge of $250 from
Colorado Ski Shop, Invoice 6672, terms n/30. 3 Purchased skis for
$10,800 from Alaska Supply Company, Invoice 5916; terms 2/10,
n/30. 7 Received Credit Memorandum 165 for $860 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
$3,600 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 $3,360 plus a freight charge of $190 from
Alaska Supply Company, Invoice 5950, terms 3/10, n/30. 23
Purchased ski pants for $1,850 from Swenson Ski Goods, Invoice 528,
terms n/30. 25 Received Credit Memorandum 245 for $260 from
Swenson Ski Goods for return of defective ski pants; the pants were
originally purchased September 23 on Invoice 528. 27 Purchased ski
sweaters for $4,000 plus a freight charge of $170 from Colorado Ski
Shop, Invoice 6722, terms n/30. 30 Issued Check 110 to Colorado Ski
Shop in payment of Invoice 6672, dated September 2, less the return
of September 7. 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.
GENERAL LEDGER ACCOUNTS 101 Cash, $25,000 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. 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
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?
==============================================
ACC 291 Week 2 - Fordyce and Atwater (New)

P10-5A
Fordyce Electronics issues a $400,000, 8%, 10-year mortgage note on
December 31, 2007. The proceeds from the note are to be used in
financing a new research laboratory. The terms of the note provide
for semiannualinstallment payments, exclusive of real estate taxes
and insurance, of $29,433. Payments are due June 30 and December
31.
Complete the installment payments schedule for the first 2 years.
(Round answers to 0 decimal places, e.g. 125. Use rounded amounts
for future calculations.)
Prepare the entries for (1) the loan and (2) the first two installment
payments. (For multiple debit/credit entries, list amounts from
largest to smallest eg 10, 5, 3,
2.) Show how the total mortgage liability should be reported on the
balance sheet at December 31, 2008.
P10-6A
On July 1, 2011, Atwater Corporation issued $2,098,000 face value,
12%, 10-year bonds at $2,507,354. This price resulted in an effective-
interest rate of 9% on the bonds. Atwater uses the effective-interest
method to amortize bond premium or discount. The bonds pay
semiannual interest July 1 and January 1.
Prepare an amortization table through December 31, 2012 (3
interest periods) for this bond issue.

Prepare the journal entry to record the accrual of interest and the
amortization of the premium on December 31, 2011
Prepare the journal entry to record the payment of interest and the
amortization of the premium on July 1, 2012, assuming no accrual of
interest on June 30
==============================================
ACC 291 Week 1 Wileyplus Assignment E8-4, E8-11, BYP8-
1, and BYP8-2 (New)
Wiley Plus Assignment Week 1
·E8-4, E8-11, BYP8-1, and BYP8-2 in MS Excel
Exercise 8-4 Wainwright Company
Exercise 8-11 Fedex Corporation
Broadening your Perspective 8-1 Tootsie Roll
Broadening your Perspective 8-2 Tootsie Roll and Hershey
==============================================

ACC 291 Week 1 Practice Connect Practice Assignment attempt 1 1
Record the following transactions of Lisa’s Fashion Boutique in a
general journal. Lisa’s Fashion Boutique operates in a state with 8%
sales tax. (Round your intermediate calculations and final answers to
2 decimal places): DATE TRANSACTIONS 2019 Feb. 2 Sold
merchandise for cash totaling $3,800 to customers using bank credit
cards. Record the 2 percent discount on credit card sales at time of
sale. 15 Sold merchandise totaling $2,100 to customers using
American Express. 20 Received amount due from American Express,
less their 3 percent discount, for sales made by customers using
American Express on February 15. 2 On April 1, Moloney Meat
Distributors sold merchandise on account to Fronke’s Franks for
$3,500 on Invoice 1001, terms 2/10, n/30. Payment was received in
full from Fronke’s Franks, less discount, on April 10. Required: Record
the transactions on April 1 and April 10. 3 Record the following
transactions of Fashion Park in a general journal. Fashion Park must
charge 8 percent sales tax on all sales. DATE TRANSACTIONS 2019
April 2 Sold merchandise for cash, $2,500 plus sales tax. 3
The customer purchasing merchandise for cash on April 2
returned $250 of the merchandise; provided a cash refund to the
customer. 4 Sold merchandise on credit to Jordan Clark; issued
Sales Slip 908 for $1,050 plus tax, terms n/30. 6 Accepted return of
damaged merchandise from Jordan Clark; issued Credit
Memorandum 302 for $150 plus tax. The original sale was made on
Sales Slip 908 of April 4. 30 Received payment on account from
Jordan Clark in payment of her purchase of April 4, less the return on
April 6. 4 Main Street Distributors, a wholesale firm, made sales
using the following list prices and trade discounts. What amount
should be recorded for each sale? List price of $6,000 and trade

discounts of 40 percent and 15 percent. List price of $7,300 and
trade discounts of 25 percent and 8 percent. List price of $7,100 and
trade discounts of 20 percent and 5 percent. 5 The following
transactions took place at Five Flags Amusement Park during May.
Five Flags Amusement Park must charge 8 percent sales tax on all
sales: DATE TRANSACTIONS 2019 May 1 Sold merchandise
on account to Bill Gomez; issued Sales Slip 1015 for $1,200 plus 8
percent sales tax, terms n/30. 15 Recorded cash sales, $5,800 plus 8
percent sales tax. 31 Received payment on account due from Bill
Gomez for the sale on May 1. attempt 2 1 On April 1, Moloney Meat
Distributors sold merchandise on account to Fronke’s Franks for
$3,500 on Invoice 1001, terms 2/10, n/30. Payment was received in
full from Fronke’s Franks, less discount, on April 10. Required: Record
the transactions on April 1 and April 10. 2 Record the following
transactions of Lisa’s Fashion Boutique in a general journal. Lisa’s
Fashion Boutique operates in a state with 8% sales tax. (Round your
intermediate calculations and final answers to 2 decimal places):
DATETRANSACTIONS 2019 Feb. 2 Sold merchandise for cash
totaling $3,800 to customers using bank credit cards. Record the 2
percent discount on credit card sales at time of sale. 15Sold
merchandise totaling $2,100 to customers using American Express.
20 Received amount due from American Express, less their 3
percent discount, for sales made by customers using American
Express on February 15. 3 The following transactions took place at
Five Flags Amusement Park during May. Five Flags Amusement Park
must charge 8 percent sales tax on all sales: DATETRANSACTIONS
2019 May 1 Sold merchandise on account to Bill Gomez; issued
Sales Slip 1015 for $1,200 plus 8 percent sales tax, terms n/30. 15
Recorded cash sales, $5,800 plus 8 percent sales tax. 31
Received payment on account due from Bill Gomez for the sale
on May 1. 4 Main Street Distributors, a wholesale firm, made sales

using the following list prices and trade discounts. What amount
should be recorded for each sale? List price of $6,000 and trade
discounts of 40 percent and 15 percent. List price of $7,300 and
trade discounts of 25 percent and 8 percent. List price of $7,100 and
trade discounts of 20 percent and 5 percent. 5 Record the following
transactions of Fashion Park in a general journal. Fashion Park must
charge 8 percent sales tax on all sales. DATE TRANSACTIONS 2019
April 2 Sold merchandise for cash, $2,500 plus sales tax. 3
The customer purchasing merchandise for cash on April 2
returned $250 of the merchandise; provided a cash refund to the
customer. 4 Sold merchandise on credit to Jordan Clark; issued
Sales Slip 908 for $1,050 plus tax, terms n/30. 6 Accepted return of
damaged merchandise from Jordan Clark; issued Credit
Memorandum 302 for $150 plus tax. The original sale was made on
Sales Slip 908 of April 4.
==============================================
ACC 291 Week 1 Assignment Comparative Analysis Problem
(2 Papers)
This Tutorial contains Papers+ Excel Sheet Purpose of Assignment
The purpose of this assignment is to help you understand the basics
of financial statement analysis using financial ratios on the assets
section of the balance sheet, data interpretation, and how ratios are
used to gain insight about the management of receivable.
Assignment Steps Resources: Financial Accounting: Tools for Business

Decision Making Develop an 875-word analysis providing conclusions
concerning the management of accounts receivable based on the
financial statements of Columbia Sportswear Company presented in
Appendix B and the financial statements of VF Corporation
presented in Appendix C, including the following: Based on the
information contained in these financial statement, compute the
following 2014 values for each company: What conclusions
concerning the management of accounts receivable can be drawn
from this data? Accounts receivable turnover (For VF, use “Net sales”
and assume all sales were credit sales) Average collection period for
accounts receivable Use the Week 1 Excel® spreadsheet to show
your work and submit with your analysis. Click the Assignment Files
tab to submit your assignment.
==============================================
ACC 291 Week 1 Apply Connect Assignment (Score 1010)
(With Excel File)
in values ACC 291 Week 1 Apply Connect Assignment Exceptional
Electronics began operations September 1, 2019. The firm sells its
merchandise for cash and on open account. Sales are subject to a 7
percent sales tax. During September, Exceptional Electronics
engaged in the following transactions. DATE TRANSACTIONS 2019
Sept. 1 Sold a high-definition television set on credit to
Candy Cho; issued Sales Slip 101 for $3,200 plus sales tax of $224. 3

Sold stereo equipment on credit to Jim Peterson; issued Sales
Slip 102 for $1,000 plus sales tax of $70. 7 Sold a microwave oven
on credit to Bridgette Huffman; issued Sales Slip 103 for $400 plus
sales tax of $28. 12 Accepted return of defective stereo equipment
from Jim Peterson; issued Credit Memorandum 101 for $200 plus
sales tax of $14. The stereo equipment was sold on September 3. 15
Recorded cash sales for the period from September 1 to
September 15 of $9,000 plus sales tax of $630. 16Sold a gas dryer on
credit to Kathy Sundstrand; issued Sales Slip 104 for $700 plus sales
tax of $49. 17 Sold a home entertainment system on credit to
Mark Navalta; issued Sales Slip 105 for $2,200 plus sales tax of $154.
18 Received $780 from Candy Cho on account. 20Received payment
in full from Jim Peterson for the sale of September 3, less the return
of September 12. 25 Gave Mark Navalta an allowance because of
scratches on his home entertainment system sold on September 17,
Sales Slip 105; issued Credit Memorandum 102 for $100 plus sales
tax of $7 27 Received payment in full from Bridgette Huffman for
the sale of September 7 29 Sold a dishwasher on credit to Mark
Navalta; issued Sales Slip 106 for $500 plus sales tax of $35. 30
Recorded cash sales for the period from September 16 to
September 30 of $11,900 plus sales tax of $833. GENERAL LEDGER
ACCOUNTS 101 Cash 401 Sales 111 Accounts Receivable 421
Sales Returns and Allowances 221 Sales Tax Payable
ACCOUNTS RECEIVABLE LEDGER ACCOUNTS Candy ChoJim
Peterson Bridgette Huffman Kathy Sundstrand Mark Navalta
Required: Post the entries from the general journal into the
appropriate accounts in the general ledger and in the accounts
receivable ledger. Prepare a schedule of accounts receivable.
Analyze: What is the amount of sales tax owed at September 30,
2019? Question 2 The Appliance Store began operations March 1,
2019. The firm sells its merchandise for cash and on open account.

Sales are subject to a 6 percent sales tax. During March, The
Appliance Store engaged in the following transactions:
TRANSACTIONS 1-Mar Sold merchandise on credit to Dave
Allen; issued Sales Slip 101 for $600 plus sales tax of $36. 4-Mar
Sold merchandise on credit to Castor Phan; issued Sales Slip
102 for $950 plus sales tax of $57. 12-Mar Sold merchandise on
credit to Chris Hughes; issued Sales Slip 103 for $1,100 plus sales tax
of $66. 15-Mar Recorded cash sales for the period from March 1 to
March 15 of $5,700 plus sales tax of $342. 25-Mar Sold
merchandise on credit to Brian Cooley; issued Sales Slip 104 for $900
plus sales tax of $54. 28-Mar Received a check from Castor Phan
of $310 to apply toward his account. 31-Mar Recorded cash
sales for the period from March 16 to March 31 of $2,600 plus sales
tax of $156. 31-Mar Received payment in full from Dave Allen for
the sale of March 1. Required: 1. Record the transactions in a
general journal. 2. Post the entries from the general journal to the
appropriate general ledger accounts. GENERAL LEDGER ACCOUNTS
101 Cash 221 Sales Tax Payable 111 Accounts Receivable
401 Sales Analyze: What were the total cash receipts during
March?
==============================================
ACC 291 Final Exam Guide (New, 2019, 100% Score)
1. The term “receivables” refers to cash to be paid to debtors.
merchandise to be collected from individuals or companies. cash to

be paid to creditors. amounts due from individuals or companies. 2.
Three accounting issues associated with accounts receivable are
depreciating, valuing, and collecting. depreciating, returns, and
valuing. accrual, bad debts, and accelerating collections. recognizing,
valuing, and accelerating collections. 3. When the allowance method
is used to account for uncollectible accounts Bad Debts Expense is
debited when: management estimates the amount of uncollectibles.
a customer’s account becomes past due. an account becomes bad
and is written off. a sale is made. 4. Which one of the following is not
a principle of sound accounts receivable management? Determine a
payment period. Determine to whom to extend credit. Delay cash
receipts from receivables if necessary. Monitor collections. 5. The
accounts receivable turnover is used to analyze profitability. long-
term solvency. liquidity. risk. 6. The following information is provided
for Sunland Company and Marigold Corp.: 7. What is Marigold’s
return on assets (rounded) for 2017? 3% 2% 3% 9% 8. Which of the
following is not properly classified as property, plant and equipment?
A truck held for resale by an automobile dealership. Land
improvement, such as parking lots and fences. Building used as a
factory. Land used in ordinary business operations. 9. A characteristic
of a plant asset is that it is held for sale in the ordinary course of the
business. used in the operations of a business. not currently used in
the business but held for future use. intangible 10. A current liability
is a debt that can reasonably be expected to be paid out of cash
currently on hand. within one year, or the operating cycle, whichever
is longer. out of currently recognized revenues. between 6 months
and 18 months. 11. A current liability is a debt that can reasonably be
expected to be paid out of cash currently on hand. within one year,
or the operating cycle, whichever is longer. out of currently
recognized revenues. between 6 months and 18 months. 12. The
2017 financial statements of Blossom Company contain the following

selected data (in millions). 13. The debt to assets ratio (rounded) is
40%. 7.1 times. 44.4%. 2.25%. 14. In a recent year Monty Corp. had
net income of $152000, interest expense of $28700, and income tax
expense of $41500. What was Monty Corp.’s times interest earned
(rounded) for the year? 7.74 6.30 6.74 5.30 15. If bonds are issued at
a discount, it means that the bondholder will receive effectively less
interest than the contractual rate of interest. market interest rate is
lower than the contractual interest rate. financial strength of the
issuer is suspect. market interest rate is higher than the contractual
interest rate. 16. If bonds are issued at a premium, the stated
interest rate is higher than the market rate of interest. too low to
attract investors. lower than the market rate of interest. adjusted to
a higher rate of interest. 17. The chief accounting officer in a
company is known as the treasurer. controller. vice-president.
president. 18. Which one of the following would not be considered
an advantage of the corporate form of organization? Separate legal
existence. Continuous life. Limited liability of stockholders.
Government regulation. 19. Which of the following would not be
true of a privately held corporation? It is usually smaller than a
publicly held company. It is sometimes called a closely held
corporation. Its shares are regularly traded on the New York Stock
Exchange. It does not offer its shares for sale to the general public.
20. The following information pertains to Sheffield Company.
Assume that all balance sheet amounts represent average balance
figures 21. What is Sheffield’s payout ratio? 11%. 39%. 19%. 26.05%.
22. Ayayai Corp. had net income of $91875 and paid dividends of
$39000 to common stockholders and $16500 to preferred
stockholders in 2017. Ayayai Corp. common stockholders’ equity at
the beginning and end of 2017s was $440000 and $565000,
respectively. Ayayai Corp. return on common stockholders’ equity is
15%. 14%. 10%. 19%. 23. The primary purpose of the statement of

cash flows is to facilitate banking relationships. provide information
about the investing and financing activities during a period. prove
that revenues exceed expenses if there is a net income. provide
information about the cash receipts and cash payments during a
period 24. Which one of the following items is not generally used in
preparing a statement of cash flows? Current income statement.
Additional information. Adjusted trial balance. Comparative balance
sheets. 25. The category that is generally considered to be the best
measure of a company’s ability to continue as a going concern is cash
flows from investing activities. usually different from year to year.
cash flows from financing activities. cash flows from operating
activities. 26. Assume that the Fitzgerald Corporation uses the
indirect method to depict cash flows. Indicate where, if at all, a stock
dividend declared and issued would be classified on the statement of
cash flows. Does not represent a cash flow. Investing activities
section. Financing activities section. Operating activities section. 27.
Free cash flow provides an indication of a company’s ability to
generate cash to invest in capital expenditures. generate cash to pay
dividends. generate cash to invest in capital expenditures and to pay
dividends. generate net income 28. When using the indirect method
to compute cash provided by operating activities increases in
accounts receivable are added to net income. income taxes paid may
be ignored. amortization expense is added to net income. decreases
in inventory are subtracted from net income 29. To determine the
net cash provided (used) by operating activities, it is necessary to
analyze the current year’s income statement. a comparative balance
sheet. additional information. all of these answer choices are correct.
30. Which of these is not a liquidity ratio? Current ratio Accounts
receivable turnover Asset turnover Inventory turnover The current
ratio would be of most interest to long-term creditors. stockholders.
customers. short-term creditors

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