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1. ACCT 216 Accounting Theory and Applications Entire
Course
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ACCT 216 Accounting Theory and Applications Entire
Course
ACCT 216 Week 1 Homework (v 1)
1.Please write a four-to-six sentence paragraph on the
following question. Good business and accounting
practices require the exercise of good judgment. How
should ethics be incorporated into making accounting
judgments? Why is ethics important?
2.Tammy Shot is a realtor. She organized her business,
called TS Realty, as a corporation on April 1, 2013.
Tammy started the business by depositing $85,000 in

2. cash into the business bank account and issued herself
common stock. Consider the following facts as of April
30, 2013:
a.Tammy had $16,000 in her personal bank account and
$21,000 in the business bank account.
b.Tammy owes $1,000 on a personal charge account
with Kohl’s.
c.Tammy acquired business furniture for $21,000 on
April 21. Of this amount, the business owes $11,000 on
accounts payable at April 10.
d.Office supplies on hand at the real estate office of
$11,000.
e.TS Realty owes $16,000 on a note payable for some
land acquired for a total price of $110,000.
f.Tammy owes $120,000 on a personal mortgage on her
personal residence, which she acquired in 2006 for a
total price of $120,000.
Required:
1.Prepare the balance sheet of TS Realty as of April 30,
2013.
2.Does it appear that the business can pay its debts?
How can you tell?
3.Identify the personal items given in the preceding
facts that should not be reported on the balance sheet of
the business.
ACCT 216 Week 1 Homework (v 2)
1.Please write a four-to-six sentence paragraph on the
following question. Good business and accounting

3. practices require the exercise of good judgment.
How should ethics be incorporated into making
accounting judgments? Why is ethics important?
2.Sharon Kent is a realtor. She organized her business,
called SK Realty, as a corporation on April 1, 2013.
Sharon started the business by depositing $105,000 in
cash into the business bank account and issued herself
common stock. Consider the following facts as of April
30, 2013
ACCT 216 Week 2 Homework
Please write a 4-6 sentence paragraph on the following
question. Describe each of the 4 basic financial
statements. What is the relationship between them?
During the first month of operations (March 2011) Jerry
Enterprises completed the following selected
transactions:
a.The business received $12,000 in cash and a building
valued at $52,000. The corporation issued stock to the
contributors of these.
b.Borrowed $15,800 from the bank and signed a note
payable to them
c.Paid $12,000 for equipment
d.Purchased supplies on account for $200
e.Paid employees’ salaries of $2,100

4. f.Performed services for customer on account, $2,800
g.Paid $100 of the accounts payable in transaction d
above
h.Received a $800 bill for advertising expense that will
be paid in the near future
i.Received cash on account, $1,600
j.Paid rent of $1,200
Required:
Prepare the journal entries for the above transactions
ACCT 216 Week 3 Homework
1.Classify the following items as (a) an addition to the
bank balance, (b) a subtraction from the bank balance,
(c) an addition to the book balance, or (d) a subtraction
from the book balance:
2.During 2013, Jimmy Enterprises completed the
following transactions:
a.Sales revenue on account, $550,000.
b.Collections on account, $325,000
c.Write-offs of uncollectibles, $13,000
d.Uncollectible account expense, 5% of sales revenue
Required:
1.Prepare the journal entries for the above transactions.
ACCT 216 Week 4 Homework
Homework scenario

5. Suppose Robotics, Inc.’s inventory records for a
particular item indicated the following transactions in
September:
September 1 Beginning Inventory 10 units @ $29
September 9 Purchase 18 units @ $32
September 23 Purchase 9 units @ $30
September 28 Purchase 6 units @ 31
Required: The company sold 24 units on September 30.
Compute the ending inventory and cost of goods sold
using each of the following methods:
1.LIFO
2.FIFO
3.Average Cost
Hello fellow students of ACCT 216: This is week 4’s
homework assignment. By now you should be familiar
with the Inventory Costing Methods, and if you’re not, I
recommend you refer to your textbook for more
detailed examples.
This is not as complicated as it appears but it is a bit
tricky, once you understand the methods you will find
they are quite fun. Inventory is one of my
ACCT 216 Week 5 Homework A
Suppose the Atlanta Falcons purchased a new set of goal
posts for $20,000 each. The Falcons expect the goal
posts to have a useful life of five years and a salvage
value of $1,000 each when they sell them to a local high
school.

6. Required:
Compute the first years depreciation using the following
methods:
2.Suppose the team depreciates the asset based on
number of goals scored. The team anticipates goals to be
40 in the first year, 46 in the second year, 38 in the third,
50 in the fourth when they win the Super Bowl, and 45
in the fifth year. Compute their first year depreciation
using the units-of-production method.
3.Which method do you think is the most representative
of accurate depreciation of the goal posts?
ACCT 216 Week 5 Homework B
Suppose the Colorado Avalanche purchased a new
Zamboni machine to scrape the ice off the rink between
periods. The Zamboni cost $100,000 and has a useful life
of three years and a residual value of $5,000 when it is
sold to a minor league hockey team. The Zamboni is
anticipated to drive 352 miles the first year, 375 miles
the second year, and 435 miles the third year when the
team anticipates winning the Stanley Cup.
Required:
1.Compute the first years depreciation using the
following methods:
a.Straight-line
b.Double-declining balance
c.Units-of-production method.
2.Which method do you think is the most representative
of accurate depreciation of the Zamboni?

7. ACCT 216 Week 6 Homework A
During August 2013, DB Inc. completed the following
transactions:
a.8/1/13 – Purchased a new piece of equipment for
$50,000 signing a 6 month, 8% note payable.
b.8/10/13 – Issued 15,000 shares of $2.00 par stock at
$8.00 per share.
c.8/15/13 – Received an invoice for their telephones for
$450.00 that will be paid next month.
d.8/16/13 – Sold $320,000 in product sales and accrued
5% for warranty liability.
e.8/30/13 – Received a summons that the company was
being sued for terminating the office manager last
month. The attorneys have advised the company that
they will be liable to the employee for back pay of
$3,800.
f.8/31/13 – Purchased 200 shares of Treasury stock at
$6.00 per share
g.8/31/13 – Accrued interest on the note signed 8/1/13.
ACCT 216 Week 6 Homework B
During March 2013, JZ Inc. completed the following
transactions:
a.3/1/13 – Purchased a new piece of equipment for
$75,000 signing a 6 month, 7% note payable.
b.3/10/13 – Issued 10,000 shares of $2.00 par stock at
$9.00 per share.

8. c.3/15/13 – Received an invoice for their telephones for
$375.00 that will be paid next month.
d.3/16/13 – Sold $450,000 in product sales and accrued
6% for warranty liability.
e.3/30/13 – Received a summons that the company was
being sued for terminating the office manager last
month. The attorneys have advised the company that
they will be liable to the employee for back pay of
$4,700.
f.3/31/13 – Purchased 400 shares of Treasury stock at
$7.00 per share
g.3/31/13 – Accrued interest on the note signed 3/1/13.
ACCT 216 Week 7 Homework A
Please write a 4-6 sentence paragraph on the following
questions.
a.What is the difference between an exempt and non-
exempt employee?
b.How would you decide whether to hire someone as an
employee or independent contractor?
2.Cindy Lou makes $30,000 per year as an exempt
employee. She worked 15 hours of overtime in the
month of September.
Payday for wages earned in the month of September is
October 7. Ignoring Federal and State income tax
withholdings, how much
would she receive for September net of Social Security
and Medicare taxes? What journal entry would be made

9. on September 30 for wages owed to Cindy?
What journal entry would be made when she is paid on
October 7?
ACCT 216 Week 7 Homework B
Please write a 4-6 sentence paragraph on the following
questions.
a.Describe the three federal filing requirements for a
company at the end of the year.
b.What is the difference between Form 940 and Form
941?
2.Betty Meyer makes $40,000 per year as an exempt
employee. She worked 25 hours of overtime in the
month of March.
Payday for wages earned in the month of March is April
7. Ignoring Federal and State income tax withholdings,
how much would she receive
for September net of Social Security and Medicare taxes?
What journal entry would be made on March 31 for
wages owed to Betty?
What journal entry would be made when she is paid on
April 7?

10. on September 30 for wages owed to Cindy?
What journal entry would be made when she is paid on
October 7?
ACCT 216 Week 7 Homework B
Please write a 4-6 sentence paragraph on the following
questions.
a.Describe the three federal filing requirements for a
company at the end of the year.
b.What is the difference between Form 940 and Form
941?
2.Betty Meyer makes $40,000 per year as an exempt
employee. She worked 25 hours of overtime in the
month of March.
Payday for wages earned in the month of March is April
7. Ignoring Federal and State income tax withholdings,
how much would she receive
for September net of Social Security and Medicare taxes?
What journal entry would be made on March 31 for
wages owed to Betty?
What journal entry would be made when she is paid on
April 7?