ACC 306 Entire Course New

ASH ACC 306 Week 1 Assignment E13-21, E13-22, P12-1, P12-
7,P12-10, P12-14, P13-6
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ACC 306 Week 1 Assignment E13-21, E13-22, P12-1, P12-7,P12-
10, P12-14, P13-6

ASH ACC 306 Week 1 Discussion 1 Operating Liabilities and
Contingencies NEW
1-discussion-1-operating-liabilities-and-contingencies-new
Read Chapters 13 and 14 in the textbook.
Write: When bonds are issued at other than par value, a discount
or premium is recorded. This discount or premium is amortized
over the life of the bond. However, callable bond may be retired
before the maturity date, which leaves a loss or gain to be
recognized. Read the Income Recognition Rules Related to
Callable Bonds: Changes Coming (Links to an external
site.)Links to an external site. article.
The third paragraph of this article discusses that all premiums on
callable debt securities should be amortized to the earliest call
date and all discounts on callable debt securities should amortize
to the maturity date.
What effect will this have on interest expense if the bonds are
issued at a premium and a discount?
If you issue $10,000,000, 30 year callable bonds at a 5% premium,
with a call feature at 10 years, what effect will this have on
interest expense the first ten years? Provide journal entries and a
comparative table to explain the differences.
If you issue $10,000,000, 30 year callable bonds at a 5% discount,
with a call feature at 10 years, what effect will this have on
interest expense the first ten years? Provide journal entries and a
comparative table to explain the differences.

Guided Response: Respond to at least two other postings. Each
response should be a minimum of 100 words and include an in-
text citation, a quote from the pronouncement.

ASH ACC 306 Week 1 Discussion 2 Financial Liabilities NEW
1-discussion-2-financial-liabilities-new
Write: Make sure your response addressing the following
questions is more than 200 words and you include an in-text
citation, a quote from the pronouncement.
Read the article, Revenue recognition’s effect on gift card
accounting: Are you prepared? (Links to an external site.)Links
to an external site.
Discuss Breakage
Discuss the Reasonably Assured Standard
Discuss the Proportional and Remote Method for breakage
Guided Response: Respond to at least two other posts. Each
response should be a minimum of 100 words and include an in-
text citation, a quote from the pronouncement.

ASH ACC 306 Week 2 Assignment E 14-16, E 14-18, E 15-25,
P14-21, P15-3
2-assignment-e-14-16,e-14-18-e-15-25-p14-21-p15-3
ACC 306 Week 2 Assignment E 14-16, E 14-18, E 15-25, P14-21,
P15-3

ASH ACC 306 Week 2 Discussion 1 Accounting for Stockholders’
Equity NEW
2-discussion-1-accounting-for-stockholders-equity-new
Write: When stock of the company is purchased, treasury stock,
three methods are available to record this transaction: the cost
method, the par value method, and the constructive retirement
method. Read the following articles:
Treasury Stock Accounting – Cost Method and Constructive
Retirement Method (Links to an external site.)Links to an
external site. (Links to an external site.)Links to an external site.
Treasury Stock – Par Value Method (Links to an external
site.)Links to an external site.
Discuss the following:
The difference between the cost, par and constructive retirement
method.
For the cost and par value methods, prepare journal entry
examples of each using the following information:
1000 shares of $5 par stock were sold for $7.
500 shares were repurchased at a price of $6.
The 500 shares were later sold for $3500.
For the constructive retirement method prepare the following
journal entry:
The shares were retired.

ASH ACC 306 Week 2 Discussion 2 Investing Assets NEW
2-discussion-2-investing-assets-new
Write: Make sure your response addressing the questions below is
more than 200 words and you include an in-text citation, a quote
from the pronouncement.
“Accounting standards require entities to measure certain assets
or liabilities at fair value. These rules require accountants to
make subjective assessments in determining when impairment
should be considered “other than temporary,” and if so, to write
down the impaired asset to its fair value with a charge to current-
period earnings. Companies are generally reluctant to take such
impairment charges because once a new cost basis is established
from the write-down, any subsequent appreciation in fair value of
the impaired security may not be recognized until the security is
sold. At the same time, the decision not to recognize impairment is
subject to close scrutiny by analysts and regulators.”
The above paragraph is the introduction to the below article.
Read the article and respond to the following questions:
Explain the two methods available to assess impairment of
securities.
What are the disclosure requirements?
What evidence should be evaluated when determining “other-
than-temporary” impairment?

Where do companies disclose their policy for regarding
recognition of impairment on investment securities?
What guidance has the SEC provided?
http://www.journalofaccountancy.com/issues/2009/mar/weatherin
gotti.html#sthash.NePN29Wl.dpuf (Links to an external site.)

ASH ACC 306 Week 3 Assignment E 16-24, E 16-25, E 17-10, E
17-19, P 16-7, P 17-16
3-assignment-e-16-24-e-16-25-e-17-10-e-17-19-p-16-7-p-17-
16
ACC 306 Week 3 Assignment E 16-24, E 16-25, E 17-10, E 17-19,
P 16-7, P 17-16

ASH ACC 306 Week 3 Discussion 1 Accounting for Income Taxes
NEW
3-discussion-1-accounting-for-income-taxes-new
Read the Temporary and Permanent Differences [Accounting for
Income Tax] (Links to an external site.)Links to an external site.
article and answer the following questions:
Explain the differences between temporary and permanent
differences.
Explain the different categories of temporary and permanent
differences. Do not cut and paste, respond in your words.

ASH ACC 306 Week 3 Discussion 2 Accounting for Leases NEW
3-discussion-2-accounting-for-leases-new
Leases
Develop two lease examples, operating and capital which includes
the lease terms. State the requirements for determining whether a
lease is an operating or capital lease.
Provide journal entries that set up the lease and entries for
payments. Show how the lease would be disclosed, if required on
the balance sheet.
State the reasons why you classified the lease as operating or
capital.

ASH ACC 306 Week 3 Ethics Case 17-6
3-ethics-case-17-6
Ethics Case 17–6 - VXI International - 401(k) plan
contributions ● LO1
You are in your third year as internal auditor with VXI
International, manufacturer of parts and supplies for jet air-
craft. VXI began a defined contribution pension plan three years
ago. The plan is a so-called 401(k) plan (named after the Tax
Code section that specifies the conditions for the favorable tax
treatment of these plans) that permits voluntary contributions by
employees. Employees’ contributions are matched with one dollar of
employer contribution for every two dollars of employee contribution.
Approximately $500,000 of contributions is deducted from employee
paychecks each month for investment in one of three employer-
sponsored mutual funds.
While performing some preliminary audit tests, you happen to notice
that employee contributions to these plans usually do not show up on
mutual fund statements for up to two months following the end of pay
periods from which the deductions are drawn. On further
investigation, you discover that when the plan was first begun,
contributions were invested within one week of receipt of the funds.
When you question the firm’s investment manager about the apparent
change in the timing of investments, you are told, “Last year Mr.
Maxwell (the CFO) directed me to initially deposit the contributions
in the corporate investment account. At the close of each quarter, we

add the employer matching contribution and deposit the combined
amount in specific employee mutual funds.”
Required:
1. What is Mr. Maxwell’s apparent motivation for the change in
the way contributions are handled?
2. Do you perceive an ethical dilemma?

ASH ACC 306 Week 3 Integrating Case 16-5
3-integrating-case-16-5
Integrating Case 16–5 - Williams-Santana, Inc. - Tax effects of
accounting changes and error correction; six situations ● LO1
LO2 LO8
Williams-Santana, Inc. is a manufacturer of high-tech industrial
parts that was started in 1997 by two talented engineers with little
business training. In 2011, the company was acquired by one of its
major customers. As part of an internal audit, the following facts
were discovered. The audit occurred during 2011 before any
adjusting entries or closing entries were prepared. The income tax
rate is 40% for all years.
a.A five-year casualty insurance policy was purchased at the
beginning of 2009 for $35,000. The full amount was debited to
insurance expense at the time.
b.On December 31, 2010, merchandise inventory was overstated
by $25,000 due to a mistake in the physical inventory count using
the periodic inventory system.
c.The company changed inventory cost methods to FIFO from
LIFO at the end of 2011 for both financial statement and income
tax purposes. The change will cause a $960,000 increase in the
beginning inventory at January 1, 2010.

d.At the end of 2010, the company failed to accrue $15,500 of
sales commissions earned by employees during 2010. The expense
was recorded when the commissions were paid in early 2011.
e.At the beginning of 2009, the company purchased a machine at
a cost of $720,000. Its useful life was estimated to be 10 years with
no salvage value. The machine has been depreciated by the double
declining- balance method. Its carrying amount on December 31,
2010, was $460,800. On January 1, 2011, the company changed to
the straight-line method.

ASH ACC 306 Week 4 Assignment E 18-18, E 18-24, E 19-2, E 19-
5, E 19-9, E 19-24, P 18-5
4-assignment-e-18-18-e-18-24-e-19-2--e-19-5-e-19-9--e-19-24-
p-18-5
ACC 306 Week 4 Assignment E 18-18, E 18-24, E 19-2, E 19-5, E
19-9, E 19-24, P 18-5

ASH ACC 306 Week 4 Discussion 1 Accounting for Employee
Compensation and Benefits NEW
4-discussion-1-accounting-for-employee-compensation-and-
benefits-new
Read the Get the Most out of Employee Stock Options (Links to
an external site.)Links to an external site. article and answer the
following questions:
What is an employee stock options?
Explain the difference between a non-qualified stock options
(NSO) and incentive stock options (ISO).
What dates control the employee stock option plan?
Are employee stock option plans taxable?

ASH ACC 306 Week 4 Discussion 2 Earnings Per Share NEW
4-discussion-2-earnings-per-share-new
Read the Investors Beware: There Are Five Types of Earnings
Per Share (Links to an external site.)Links to an external site.
article and answer the following questions:
What is the difference between primary (primary EPS) or fully
diluted (diluted EPS)?
How are diluted shares calculated?
What is the price/earnings ratio?
Summarize and explain the five types of earnings per share.
What factors can distort the earnings per share

4-ethics-case-19-7
Ethics Case 19–7 International Network Solutions ● LO6
International Network Solutions provides products and services
related to remote access networking. The company has grown
rapidly during its first 10 years of operations. As its segment of
the industry has begun to mature, though, the fast growth of
previous years has begun to slow. In fact, this year revenues and
profits are roughly the same as last year.
One morning, nine weeks before the close of the fiscal year, Rob
Mashburn, CFO, and Jessica Lane, controller, were sharing
coffee and ideas in Lane’s office.
Lane: About the Board meeting Thursday. You may be right.
This may be the time to suggest a share buyback program.
Mashburn: To begin this year, you mean?
Lane: Right! I know Barber will be lobbying to use the funds for
our European expansion. She’s probably right about the best use
of our funds, but we can always issue more notes next year. Right
now, we need a quick fix for our EPS numbers.
Mashburn: Our shareholders are accustomed to increases every
year.
Required:
1. How will a buyback of shares provide a “quick fix” for EPS?

2. Is the proposal ethical? 3. Who would be affected if the
proposal is implemented?

ASH ACC 306 Week 4 Communication Case 18-10
4-communication-case-18-10
Communication Case 18–10 Should the present two-category
distinction between liabilities and equity be retained? Group
interaction. ● LO1
The current conceptual distinction between liabilities and equity
defines liabilities independently of assets and equity, with equity
defined as a residual amount. The present proliferation of
financial instruments that combine features of both debt and
equity and the difficulty of drawing a distinction have led many to
conclude that the present two-category distinction between
liabilities and equity should be eliminated. Two opposing
viewpoints are:
View 1: The distinction should be maintained.
View 2: The distinction should be eliminated and financial
instruments should instead be reported in accordance with the
priority of their claims to enterprise assets.
One type of security that often is mentioned in the debate is
convertible bonds. Although stock in many ways, such a security
also obligates the issuer to transfer assets at a specified price and
redemption date. Thus it also has features of debt. In considering
this question, focus on conceptual issues regarding the practicable
and theoretically appropriate treatment, unconstrained by
GAAP.
Required:

1. Which view do you favor? Develop a list of arguments in
support of your view prior to the class session for which the case
is assigned.

ASH ACC 306 Week 5 Assignment E 20-18, P 21-11, P 21-14
5-assignment-e-20-18-p-21-11-p-21-14
ACC 306 Week 5 Assignment E 20-18, P 21-11, P 21-14

ASH ACC 306 Week 5 Discussion 1 Accounting Changes and
Errors NEW
5-discussion-1-accounting-changes-and-errors-new
Accounting Changes
FASB issued Statement no. 154, Accounting Changes and Error
Corrections. Read the Changes in Accounting for Changes (Links
to an external site.)Links to an external site. and the FANG
Stocks and Apple: Cash Flow and Valuation Analysis (Links to an
external site.)Links to an external site. articles and answer the
following:
Explain the retrospective perspective.
How are the cumulative effect of accounting changes reported?
Summarize the seven exhibits.
What implications do accounting changes have on the company
and the auditors?

ASH ACC 306 Week 5 Discussion 2 The Statement of Cash Flows
Revisited NEW
5-discussion-2-the-statement-of-cash-flows-revisited-new
Read the FANG Stocks And Apple: Cash Flows And Valuation
Analysis (Links to an external site.)Links to an external site.
article and answer the following:
Summarize in your words the cash flow of the five companies
reviewed in this article.
Which company cash flow presents a better control of cash?

ASH ACC 306 Week 5 Analysis Case 20-10
5-analysis-case-20-10
Analysis Case 20–10 - DRS Corporation - Various changes ● LO1
through LO4
DRS Corporation changed the way it depreciates its computers
from the sum-of-the-year’s-digits method to the straight-line
method beginning January 1, 2011. DRS also changed its
estimated residual value used in computing depreciation for its
office building. At the end of 2011, DRS changed the specific
subsidiaries constituting the group of companies for which its
consolidated financial statements are prepared.
Required:
1.For each accounting change DRS undertook, indicate the type
of change and how DRS should report the change. Be specific.
2. Why should companies disclose changes in accounting
principles?

5-ethics-case-20-5
Ethics Case 21–7 - Ben Naegle - Where’s the cash? ● LO1 LO3
After graduating near the top of his class, Ben Naegle was hired
by the local office of a Big 4 CPA firm in his hometown. Two
years later, impressed with his technical skills and experience,
Park Electronics, a large regional consumer electronics chain,
hired Ben as assistant controller. This was last week. Now Ben’s
initial excitement has turned to distress.
The cause of Ben’s distress is the set of financial statements he’s
stared at for the last four hours. For some time prior to his
recruitment, he had been aware of the long trend of moderate
profitability of his new employer. The reports on his desk confirm
the slight, but steady, improvements in net income in recent years.
The trend he was just now becoming aware of, though, was the
decline in cash flows from operations.
Ben had sketched out the following comparison ($ in millions):
Profits? Yes. Increasing profits? Yes. The cause of his distress?
The ominous trend in cash flow which is con sistently lower than
net income.
Upon closer review, Ben noticed three events in the last two years
that, unfortunately, seemed related:
a. Park’s credit policy had been loosened; credit terms were
relaxed and payment periods were lengthened.

b. Accounts receivable balances had increased dramatically.
c. Several of the company’s compensation arrangements,
including that of the controller and the company president, were
based on reported net income.
Required:
1. What is so ominous about the combination of events Ben sees?
2. What course of action, if any, should Ben take?

ASH ACC 306 Week 5 Final Paper (Lease)
5-final-paper-lease
ACC 306 Week 5 Final Paper (Lease)

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