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
week-1-discussion-1-operating-liabilities-and-
contingencies-recent
ACC 306 Week 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
week-1-discussion-2-financial-liabilities-recent
ACC 306 Week 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
pronouncement.

ASH ACC 306 Week 2 Assignment E 14-16, E 14-18, E 15-
25, P14-21, P15-3
week-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
week-2-discussion-1-accounting-for-stockholders-
equity-recent
ACC 306 Week 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
week-2-discussion-2-investing-assets-recent
ACC 306 Week 2 Discussion 2 Investing Assets NEW
questions below is more than 200 words and you
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/m
ar/weatheringotti.html#sthash.NePN29Wl.dpuf (Links
to an external site.)

10, E 17-19, P 16-7, P 17-16
week-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

Income Taxes NEW
week-3-discussion-1-accounting-for-income-taxes-
recent
ACC 306 Week 3 Discussion 1 Accounting for Income
Taxes NEW
pronouncement.
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
week-3-discussion-2-accounting-for-leases-recent
ACC 306 Week 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
week-3-ethics-case-17-6
ACC 306 Week 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
week-3-integrating-case-16-5
ACC 306 Week 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.

2, E 19-5, E 19-9, E 19-24, P 18-5
week-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 Communication Case 18-10
week-4-communication-case-18-10
ACC 306 Week 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.

Employee Compensation and Benefits NEW
week-4-discussion-1-accounting-for-employee-
compensation-and-benefits-recent
ACC 306 Week 4 Discussion 1 Accounting for Employee
Compensation and Benefits NEW
pronouncement.
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
week-4-discussion-2-earnings-per-share-recent
ACC 306 Week 4 Discussion 2 Earnings Per Share NEW
pronouncement.
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

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 5 Analysis Case 20-10
week-5-analysis-case-20-10
ACC 306 Week 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?

ASH ACC 306 Week 5 Assignment E 20-18, P 21-11, P 21-
14
week-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
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recent
ACC 306 Week 5 Discussion 1 Accounting Changes and
Errors NEW
pronouncement.
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
week-5-discussion-2-the-statement-of-cash-flows-
revisited-recent
ACC 306 Week 5 Discussion 2 The Statement of Cash
Flows Revisited NEW
pronouncement.
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?

Ethics Case 20–5 Softening the blow ● LO1 LO2 LO3
Late one Thursday afternoon, Joy Martin, a veteran audit
manager with a regional CPA firm, was reviewing
documents for a long-time client of the firm, AMT
Transport. The year-end audit was scheduled to begin
Monday.
For three months, the economy had been in a down cycle
and the transportation industry was particularly hard
hit. As a result, Joy expected AMT’s financial results
would not be pleasant news to shareholders. However,

what Joy saw in the preliminary statements made her
sigh aloud. Results were much worse than she feared.
“Larry (the company president) already is in the
doghouse with shareholders,” Joy thought to herself.
“When they see these numbers, they’ll hang him out to
dry.”
“I wonder if he’s considered some strategic accounting
changes,” she thought, after reflecting on the situation.
“The bad news could be softened quite a bit by changing
inventory methods from LIFO to FIFO or reconsidering
some of the estimates used in other areas.”
Required:
1. How would the actions contemplated contribute
toward “softening” the bad news?
2. Do you perceive an ethical dilemma? What would be
the likely impact of following up on Joy’s thoughts? Who
would benefit? Who would be injured?

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

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