AC1220 ACCOUNTING I
Lab 3.2
AC1220 Lab 3.2
Introduction
As a merchandising operation, Jake’s Computer Sales and Repair must properly account for inventory. The business purchases and sells inventory as part of its ordinary operations, and so Jake must select an appropriate inventory costing method. Several costing methods are acceptable under Generally Accepted Accounting Principles (GAAP); Jake has narrowed down the choices to two methods— first-in, first-out (FIFO) and last-in, first-out (LIFO).
In analyzing the effect of each of these methods, Jake applies the FIFO method and the LIFO method, in turn, to the inventory purchase and sale transactions that occurred during the month of May, 20x1.
The inventory transactions are as follows:
a. May 1, 20x1. The business reports a beginning inventory balance of $13,744.
b. May 3, 20x1. Sold 55 units of inventory to customers for $200 each.
c. May 3, 20x1. Purchased 70 A-line tablet computers at a cost of $190 per unit.
d. May 8, 20x1. Sold 45 units to customers at $200 each.
e. May 25, 20x1. Purchased 20 units at a price of $194.
f. May 27, 20x1. Sold 58 units at $200 each.
Refer to these transactions as you work through the following requirements.
Requirement 1
[60 Minutes]
a. Complete the following perpetual inventory record for the month of May 20x1, using the FIFOmethod.
Purchases
Cost of Goods Sold
Inventory Available for Sale
Date
Quantity
Unit Cost
Total
Quantity
Unit Cost
FIFO Total
Quantity
Unit Cost
Total
May 1
79
$174
$13,744
3
3
8
25
27
Total
b. Make the appropriate journal entries for the transactions given earlier. Assume that all transactions were for cash. Annotations are not necessary.
5/3/x1
5/3/x1
5/8/x1
5/25/x1
5/27/x1
c. Now complete the perpetual inventory record for the month of May 20x1, using the LIFO method. Use the inventory transactions described earlier.
Purchases
Cost of Goods Sold
Inventory Available for Sale
Date
Quantity
Unit Cost
Total
Quantity
Unit Cost
LIFO Total
Quantity
Unit Cost
Total
May 1
79
$174
$13,744
3
3
8
25
27
Total
d. Refer to the perpetual inventory records that you prepared in Requirements a and c above. Jake would like to maximize reported gross income by selecting an inventory-costing method that yields a lower cost of goods sold. Will Jake select the FIFO method or the LIFO method to account for inventory?
e. Assume that inventory originally costing the business $35,000 is damaged and has an estimated market value of around $7,000. Jake is unsure of how to report this inventory on the balance sheet. Explain how Jake should report the inventory in accordance with GAAP. Refer to at least one specific accounting rule or principle in your explanation.
4
AC1220 ACCOUNTING I
Lab .
Week 3 DQsLIFO vs. FIFOThe controller of Sagehen Enterprises.docxmelbruce90096
Week 3 DQs
LIFO vs. FIFO
The controller of Sagehen Enterprises believes that the company should switch from the LIFO method to the FIFO method. The controller’s bonus is based on the next income. It is the controller’s belief that the switch in inventory methods would increase the net income of the company. What are the differences between the LIFO and FIFO methods?
Depreciation
A variety of depreciation methods are used to allocate the cost of an asset to all of the accounting periods benefited by the use of the asset. Your client has just purchased a piece of equipment for $100,000. Explain the concept of depreciation. Which of the following depreciation methods would you recommend: straight-line depreciation, double declining balance method, or an alternative method?
Assignment
1. Specific identification method. Boston Galleries uses the specific identification method for inventory valuation. Inventory information for several oil paintings follows.
Painting
Cost
1/2 Beginning inventory
Woods
$21,000
4/19 Purchase
Sunset
21,800
6/7 Purchase
Earth
31,200
12/16 Purchase
Moon
4,000
Woods and Moon were sold during the year for a total of $35,000. Determine the firm’s
a. cost of goods sold.
b. gross profit.
c. ending inventory.
2. Inventory valuation methods: basic computations. The January beginning inventory of the White Company consisted of 300 units costing $40 each. During the first quarter, the company purchased two batches of goods: 700 Units at $44 on February 21 and 800 units at $50 on March 28. Sales during the first quarter were 1,400 units at $75 per unit. The White Company uses a periodic inventory system. Using the White Company data, fill in the following chart to compare the results obtained under the FIFO, LIFO, and weighted-average inventory methods.
FIFO
LIFO
Weighted Average
Goods available for sale
$
$
$
Ending inventory, March 31
Cost of goods sold
3. Perpetual inventory system: journal entries. At the beginning of 20X3, Beehler Company implemented a computerized perpetual inventory system. The first transactions that occurred during 20X3 follow:
· 1/2/20X3 Purchases on account: 500 units @ $6 = $3,000
· 1/15/20X3 Sales on account: 300 units @ $8.50 = $2,550
· 1/20/20X3 Purchases on Account: 200 units @ 5 = $1,000
· 1/25/20X3 Sales on Account: 300 units @ $8.50 = $2,550
The company president examined the computer-generated journal entries for these transactions and was confused by the absence of a Purchases account.
a. Duplicate the journal entries that would have appeared on the computer printout under FIFO & LIFO
b. Calculate the balance in the firm’s Inventory account under each method.
c. Briefly explain the absence of the Purchases account to the company president.
4. Inventory valuation methods: computations and concepts.
Wild Riders Surfboard Company began business on January 1 of the current y.
ACC 206 Week 1 Assignment Chapter One Problems Please complet.docxannetnash8266
ACC 206 Week 1 Assignment: Chapter One Problems
Please complete the following 5 exercises below in either Excel or a word document (but must be single document). You must show your work where appropriate (leaving the calculations within Excel cells is acceptable). Save the document, and submit it in the appropriate week using the Assignment Submission button.
Ch 1 Critical Thinking Question 5:
Answer the following questions:
Why are noncash transactions, such as the exchange of common stock for a building for example, included on a statement of cash flows? How are these noncash transactions disclosed?
Chapter 1 Exercise 1:
1. Classification of activitiesClassify each of the following transactions as arising from an operating (O), investing (I), financing (F), or noncash investing/financing (N) activity.
1. ________ Received $80,000 from the sale of land.
1. ________ Received $3,200 from cash sales.
1. ________ Paid a $5,000 dividend.
1. ________ Purchased $8,800 of merchandise for cash.
1. ________ Received $100,000 from the issuance of common stock.
1. ________ Paid $1,200 of interest on a note payable.
1. ________ Acquired a new laser printer by paying $650.
1. ________ Acquired a $400,000 building by signing a $400,000 mortgage note.
Chapter 1 Exercise 4:
4. Overview of direct and indirect methods
Evaluate the comments that follow as being True or False. If the comment is false, briefly explain why.
1. Both the direct and indirect methods will produce the same cash flow from operating activities.
1. Depreciation expense is added back to net income when the indirect method is used.
1. One of the advantages of using the direct method rather than the indirect method is that larger cash flows from financing activities will be reported.
1. The cash paid to suppliers is normally disclosed on the statement of cash flows when the indirect method of statement preparation is employed.
1. The dollar change in the Merchandise Inventory account appears on the statement of cash flows only when the direct method of statement preparation is used.
Chapter 1 Exercise 6:
6. Equipment transaction and cash flow reporting
Dec. 31, 20X4
Dec. 31, 20X3
Property, Plant & Equipment:
Land
$94,000
$94,000
Equipment
652,000
527,000
Less: Accumulated depreciation
-316,000
-341,000
New equipment purchased during 20x4 totaled $280,000. The 20x4 income statement disclosed equipment depreciation expense of $41,000 and a $9,000 loss on the sale of equipment.
1. Determine the cost and accumulated depreciation of the equipment sold during 20X4.
1. Determine the selling price of the equipment sold.
1. Show how the sale of equipment would appear on a statement of cash flows prepared by using the indirect method.
Chapter 1 Problem 3:
3. Cash flow information: Direct and indirect methodsThe comparative year-end balance sheets of Sign Graphics, Inc., revealed the following activity in the company's current accounts:
20X5
20X4
Increase / Decre.
Exercises1. Classification of activitiesClassify each of the.docxSANSKAR20
Exercises
1. Classification of activities
Classify each of the following transactions as arising from an operating (O), investing (I), financing (F), or noncash investing/financing (N) activity:
________
a. Received $80,000 from the sale of land
________
b. Received $3,200 from cash sales
________
c. Paid a $5,000 dividend
________
d. Purchased $8,800 of merchandise for cash
________
e. Received $100,000 from the issuance of common stock
________
f. Paid $1,200 of interest on a note payable
________
g. Acquired a new laser printer by paying $650
________
h. Acquired a $400,000 building by signing a $400,000 mortgage note
2. Indirect calculation of operating cash flows
Video Corporation's balance sheet revealed the following account balance information:
Account
Dec. 31, 20X6
Dec. 31, 20X5
Accounts receivable
$52,000
$57,000
Merchandise inventory
75,000
68,000
Accounts payable
21,000
19,500
The accrual-basis net income was $107,000. In computing net income, the company recorded $12,600 of depreciation expense; there were no gains or losses from investing and financing activities.
On the basis of the preceding information, calculate Video's cash flows from operating activities by using the indirect method.
3. Indirect calculation of operating cash flows
Specialty Services Inc. reported a net income of $110,000 for the year just ended, which includes an $18,000 gain on the sale of long-term investments. The following data were obtained from comparative balance sheets:
Oct. 31, 20X2
Oct. 31, 20X1
Trade accounts receivable
$245,000
$203,000
Merchandise inventory
230,000
308,000
Accumulated depreciation: equipment
120,000
65,000
Accounts payable
190,000
124,000
Accrued liabilities
38,000
73,000
There were no purchases or disposals of equipment during the year. The long-term investment had a carrying (book) value of $77,000 and was sold for cash on June 15.
On the basis of the preceding information, determine the cash provided by operating activities from November 1, 20X1 through October 31, 20X2. The firm uses the indirect method of statement preparation.
4. Overview of direct and indirect methods
Evaluate the comments that follow as being true or false. If the comment is false, briefly explain why.
a. Both the direct method and the indirect method will produce the same cash flow from operating activities.
b. Depreciation expense is added back to net income when the indirect method is used.
c. One of the advantages of using the direct method rather than the indirect method is that larger cash flows from financing activities will be reported.
d. The cash paid to suppliers is normally disclosed on the statement of cash flows when the indirect method of statement preparation is employed.
e. The dollar change in the Merchandise Inventory account appears on the statement of cash flows only when the direct method of statement preparation is used.
5. Statement preparation: Direct method
The comparative balance sheets of Village Company follow:
VILLAGE COM ...
AACC 206 Week Assignment Please complete the following 5 e.docxannetnash8266
A
ACC 206 Week Assignment
Please complete the following 5 exercises below in either Excel or a word document (but must be single document). You must show your work where appropriate (leaving the calculations within Excel cells is acceptable). Save the document, and submit it in the appropriate week using the Assignment Submission button.
1. Critical Thinking Question:
Answer the following questions:
Why are noncash transactions, such as the exchange of common stock for a building for example, included on a statement of cash flows? How are these noncash transactions disclosed?
2. Classification of activitiesClassify each of the following transactions as arising from an operating (O), investing (I), financing (F), or noncash investing/financing (N) activity.
a. ________ Received $80,000 from the sale of land.
b. ________ Received $3,200 from cash sales.
c. ________ Paid a $5,000 dividend.
d. ________ Purchased $8,800 of merchandise for cash.
e. ________ Received $100,000 from the issuance of common stock.
f. ________ Paid $1,200 of interest on a note payable.
g. ________ Acquired a new laser printer by paying $650.
h. _______ Acquired a $400,000 building by signing a $400,000 mortgage note.
3. Overview of direct and indirect methods
Evaluate the comments that follow as being True or False. If the comment is false, briefly explain why.
a. Both the direct and indirect methods will produce the same cash flow from operating activities.
b. Depreciation expense is added back to net income when the indirect method is used.
c. One of the advantages of using the direct method rather than the indirect method is that larger cash flows from financing activities will be reported.
d. The cash paid to suppliers is normally disclosed on the statement of cash flows when the indirect method of statement preparation is employed.
e. The dollar change in the Merchandise Inventory account appears on the statement of cash flows only when the direct method of statement preparation is used.
4. Equipment transaction and cash flow reporting
Dec. 31, 20X4
Dec. 31, 20X3
Property, Plant & Equipment:
Land
$94,000
$94,000
Equipment
652,000
527,000
Less: Accumulated depreciation
-316,000
-341,000
New equipment purchased during 20x4 totaled $280,000. The 20x4 income statement disclosed equipment depreciation expense of $41,000 and a $9,000 loss on the sale of equipment.
a. Determine the cost and accumulated depreciation of the equipment sold during 20X4.
Cost of equipment sold = 527000 + 280000 - 652000 = $155000
Accumulated depreciation of equipment = 341000 - 316000 - 41000 = $66000
b. Determine the selling price of the equipment sold.
Since there is a loss on sale of equipment, the selling price must be
(155000 - 66000) - 9000 = $80000
c. Show how the sale of equipment would appear on a statement of cash flows prepared by using the indirect method.
Cash flow from operating activities
Add: loss on disposal $9000
Cash flow from fi.
ACC205 Discussion QuestionsAccounting Equation As you hav.docxannetnash8266
ACC205 Discussion Questions:
Accounting Equation
As you have learned in this week’s readings the Accounting Equation is Assets = Liabilities + Owners’ Equity. Is the accounting equation true in all instances? Provide sample transactions from your own experiences to demonstrate the validity of the Accounting Equation.
Accounts
What does the term account mean? What are the different classifications of accounts? How do the rules for debits and credits impact accounts? Please provide an example of how debits and credits impact accounts.
Accounting Cycle
Financial statements are a product of the accounting cycle. Think about two different companies: a manufacturing company, and a retail company. Why would different companies have different accounting cycles? Would you expect the steps of the accounting cycle to be the same for each company? Why or why not?
Bank Reconciliation
What is the purpose of a bank reconciliation? What are the reasons for differences between the cash reported in the accounting records and the cash balance in the bank statements?
LIFO vs. FIFO
The controller of Sagehen Enterprises believes that the company should switch from the LIFO method to the FIFO method. The controller’s bonus is based on the next income. It is the controller’s belief that the switch in inventory methods would increase the net income of the company. What are the differences between the LIFO and FIFO methods?
Depreciation
A variety of depreciation methods are used to allocate the cost of an asset to all of the accounting periods benefited by the use of the asset. Your client has just purchased a piece of equipment for $100,000. Explain the concept of depreciation. Which of the following depreciation methods would you recommend: straight-line depreciation, double declining balance method, or an alternative method?
Ratios
Ratios provide the users of financial statements with a great deal of information about the entity. Do ratios tell the whole story? How could liquidity ratios be used by investors to determine whether or not to invest in a company?
Profit Margin
Year Ending December 2012
Year Ending December 2011
Year Ending December 2010
Revenues
40,000
35,000
33,000
Operating Expenses
Salaries
15,000
10,000
9,000
Maintenance and Repairs
6,000
9,000
10,000
Rental Expense
2,500
2,500
2,500
Depreciation
2,000
2,000
2,000
Fuel
4,000
3,500
2,500
Total Operating Expenses
29,500
27,000
26,000
Operating Income
10,500
8,000
7,000
Sales and Administrative Expenses
6,000
4,000
3,000
Interest Expense
2,500
2,000
1,000
Net Income
2,000
2,000
3,000
Above is a comparative income statement for Cecil, Inc. for the years 2010, 2011, and 2012. Calculate the profit margin for each of these years. Comment on the profit margin trend.
BWeek Five Exercise Assignment
Financial Ratios
1. Liquidity ratios. Edison, Stagg, and Thornton have the following financial information at the close of business on July 10:
Edi.
Week 3 DQsLIFO vs. FIFOThe controller of Sagehen Enterprises.docxmelbruce90096
Week 3 DQs
LIFO vs. FIFO
The controller of Sagehen Enterprises believes that the company should switch from the LIFO method to the FIFO method. The controller’s bonus is based on the next income. It is the controller’s belief that the switch in inventory methods would increase the net income of the company. What are the differences between the LIFO and FIFO methods?
Depreciation
A variety of depreciation methods are used to allocate the cost of an asset to all of the accounting periods benefited by the use of the asset. Your client has just purchased a piece of equipment for $100,000. Explain the concept of depreciation. Which of the following depreciation methods would you recommend: straight-line depreciation, double declining balance method, or an alternative method?
Assignment
1. Specific identification method. Boston Galleries uses the specific identification method for inventory valuation. Inventory information for several oil paintings follows.
Painting
Cost
1/2 Beginning inventory
Woods
$21,000
4/19 Purchase
Sunset
21,800
6/7 Purchase
Earth
31,200
12/16 Purchase
Moon
4,000
Woods and Moon were sold during the year for a total of $35,000. Determine the firm’s
a. cost of goods sold.
b. gross profit.
c. ending inventory.
2. Inventory valuation methods: basic computations. The January beginning inventory of the White Company consisted of 300 units costing $40 each. During the first quarter, the company purchased two batches of goods: 700 Units at $44 on February 21 and 800 units at $50 on March 28. Sales during the first quarter were 1,400 units at $75 per unit. The White Company uses a periodic inventory system. Using the White Company data, fill in the following chart to compare the results obtained under the FIFO, LIFO, and weighted-average inventory methods.
FIFO
LIFO
Weighted Average
Goods available for sale
$
$
$
Ending inventory, March 31
Cost of goods sold
3. Perpetual inventory system: journal entries. At the beginning of 20X3, Beehler Company implemented a computerized perpetual inventory system. The first transactions that occurred during 20X3 follow:
· 1/2/20X3 Purchases on account: 500 units @ $6 = $3,000
· 1/15/20X3 Sales on account: 300 units @ $8.50 = $2,550
· 1/20/20X3 Purchases on Account: 200 units @ 5 = $1,000
· 1/25/20X3 Sales on Account: 300 units @ $8.50 = $2,550
The company president examined the computer-generated journal entries for these transactions and was confused by the absence of a Purchases account.
a. Duplicate the journal entries that would have appeared on the computer printout under FIFO & LIFO
b. Calculate the balance in the firm’s Inventory account under each method.
c. Briefly explain the absence of the Purchases account to the company president.
4. Inventory valuation methods: computations and concepts.
Wild Riders Surfboard Company began business on January 1 of the current y.
ACC 206 Week 1 Assignment Chapter One Problems Please complet.docxannetnash8266
ACC 206 Week 1 Assignment: Chapter One Problems
Please complete the following 5 exercises below in either Excel or a word document (but must be single document). You must show your work where appropriate (leaving the calculations within Excel cells is acceptable). Save the document, and submit it in the appropriate week using the Assignment Submission button.
Ch 1 Critical Thinking Question 5:
Answer the following questions:
Why are noncash transactions, such as the exchange of common stock for a building for example, included on a statement of cash flows? How are these noncash transactions disclosed?
Chapter 1 Exercise 1:
1. Classification of activitiesClassify each of the following transactions as arising from an operating (O), investing (I), financing (F), or noncash investing/financing (N) activity.
1. ________ Received $80,000 from the sale of land.
1. ________ Received $3,200 from cash sales.
1. ________ Paid a $5,000 dividend.
1. ________ Purchased $8,800 of merchandise for cash.
1. ________ Received $100,000 from the issuance of common stock.
1. ________ Paid $1,200 of interest on a note payable.
1. ________ Acquired a new laser printer by paying $650.
1. ________ Acquired a $400,000 building by signing a $400,000 mortgage note.
Chapter 1 Exercise 4:
4. Overview of direct and indirect methods
Evaluate the comments that follow as being True or False. If the comment is false, briefly explain why.
1. Both the direct and indirect methods will produce the same cash flow from operating activities.
1. Depreciation expense is added back to net income when the indirect method is used.
1. One of the advantages of using the direct method rather than the indirect method is that larger cash flows from financing activities will be reported.
1. The cash paid to suppliers is normally disclosed on the statement of cash flows when the indirect method of statement preparation is employed.
1. The dollar change in the Merchandise Inventory account appears on the statement of cash flows only when the direct method of statement preparation is used.
Chapter 1 Exercise 6:
6. Equipment transaction and cash flow reporting
Dec. 31, 20X4
Dec. 31, 20X3
Property, Plant & Equipment:
Land
$94,000
$94,000
Equipment
652,000
527,000
Less: Accumulated depreciation
-316,000
-341,000
New equipment purchased during 20x4 totaled $280,000. The 20x4 income statement disclosed equipment depreciation expense of $41,000 and a $9,000 loss on the sale of equipment.
1. Determine the cost and accumulated depreciation of the equipment sold during 20X4.
1. Determine the selling price of the equipment sold.
1. Show how the sale of equipment would appear on a statement of cash flows prepared by using the indirect method.
Chapter 1 Problem 3:
3. Cash flow information: Direct and indirect methodsThe comparative year-end balance sheets of Sign Graphics, Inc., revealed the following activity in the company's current accounts:
20X5
20X4
Increase / Decre.
Exercises1. Classification of activitiesClassify each of the.docxSANSKAR20
Exercises
1. Classification of activities
Classify each of the following transactions as arising from an operating (O), investing (I), financing (F), or noncash investing/financing (N) activity:
________
a. Received $80,000 from the sale of land
________
b. Received $3,200 from cash sales
________
c. Paid a $5,000 dividend
________
d. Purchased $8,800 of merchandise for cash
________
e. Received $100,000 from the issuance of common stock
________
f. Paid $1,200 of interest on a note payable
________
g. Acquired a new laser printer by paying $650
________
h. Acquired a $400,000 building by signing a $400,000 mortgage note
2. Indirect calculation of operating cash flows
Video Corporation's balance sheet revealed the following account balance information:
Account
Dec. 31, 20X6
Dec. 31, 20X5
Accounts receivable
$52,000
$57,000
Merchandise inventory
75,000
68,000
Accounts payable
21,000
19,500
The accrual-basis net income was $107,000. In computing net income, the company recorded $12,600 of depreciation expense; there were no gains or losses from investing and financing activities.
On the basis of the preceding information, calculate Video's cash flows from operating activities by using the indirect method.
3. Indirect calculation of operating cash flows
Specialty Services Inc. reported a net income of $110,000 for the year just ended, which includes an $18,000 gain on the sale of long-term investments. The following data were obtained from comparative balance sheets:
Oct. 31, 20X2
Oct. 31, 20X1
Trade accounts receivable
$245,000
$203,000
Merchandise inventory
230,000
308,000
Accumulated depreciation: equipment
120,000
65,000
Accounts payable
190,000
124,000
Accrued liabilities
38,000
73,000
There were no purchases or disposals of equipment during the year. The long-term investment had a carrying (book) value of $77,000 and was sold for cash on June 15.
On the basis of the preceding information, determine the cash provided by operating activities from November 1, 20X1 through October 31, 20X2. The firm uses the indirect method of statement preparation.
4. Overview of direct and indirect methods
Evaluate the comments that follow as being true or false. If the comment is false, briefly explain why.
a. Both the direct method and the indirect method will produce the same cash flow from operating activities.
b. Depreciation expense is added back to net income when the indirect method is used.
c. One of the advantages of using the direct method rather than the indirect method is that larger cash flows from financing activities will be reported.
d. The cash paid to suppliers is normally disclosed on the statement of cash flows when the indirect method of statement preparation is employed.
e. The dollar change in the Merchandise Inventory account appears on the statement of cash flows only when the direct method of statement preparation is used.
5. Statement preparation: Direct method
The comparative balance sheets of Village Company follow:
VILLAGE COM ...
AACC 206 Week Assignment Please complete the following 5 e.docxannetnash8266
A
ACC 206 Week Assignment
Please complete the following 5 exercises below in either Excel or a word document (but must be single document). You must show your work where appropriate (leaving the calculations within Excel cells is acceptable). Save the document, and submit it in the appropriate week using the Assignment Submission button.
1. Critical Thinking Question:
Answer the following questions:
Why are noncash transactions, such as the exchange of common stock for a building for example, included on a statement of cash flows? How are these noncash transactions disclosed?
2. Classification of activitiesClassify each of the following transactions as arising from an operating (O), investing (I), financing (F), or noncash investing/financing (N) activity.
a. ________ Received $80,000 from the sale of land.
b. ________ Received $3,200 from cash sales.
c. ________ Paid a $5,000 dividend.
d. ________ Purchased $8,800 of merchandise for cash.
e. ________ Received $100,000 from the issuance of common stock.
f. ________ Paid $1,200 of interest on a note payable.
g. ________ Acquired a new laser printer by paying $650.
h. _______ Acquired a $400,000 building by signing a $400,000 mortgage note.
3. Overview of direct and indirect methods
Evaluate the comments that follow as being True or False. If the comment is false, briefly explain why.
a. Both the direct and indirect methods will produce the same cash flow from operating activities.
b. Depreciation expense is added back to net income when the indirect method is used.
c. One of the advantages of using the direct method rather than the indirect method is that larger cash flows from financing activities will be reported.
d. The cash paid to suppliers is normally disclosed on the statement of cash flows when the indirect method of statement preparation is employed.
e. The dollar change in the Merchandise Inventory account appears on the statement of cash flows only when the direct method of statement preparation is used.
4. Equipment transaction and cash flow reporting
Dec. 31, 20X4
Dec. 31, 20X3
Property, Plant & Equipment:
Land
$94,000
$94,000
Equipment
652,000
527,000
Less: Accumulated depreciation
-316,000
-341,000
New equipment purchased during 20x4 totaled $280,000. The 20x4 income statement disclosed equipment depreciation expense of $41,000 and a $9,000 loss on the sale of equipment.
a. Determine the cost and accumulated depreciation of the equipment sold during 20X4.
Cost of equipment sold = 527000 + 280000 - 652000 = $155000
Accumulated depreciation of equipment = 341000 - 316000 - 41000 = $66000
b. Determine the selling price of the equipment sold.
Since there is a loss on sale of equipment, the selling price must be
(155000 - 66000) - 9000 = $80000
c. Show how the sale of equipment would appear on a statement of cash flows prepared by using the indirect method.
Cash flow from operating activities
Add: loss on disposal $9000
Cash flow from fi.
ACC205 Discussion QuestionsAccounting Equation As you hav.docxannetnash8266
ACC205 Discussion Questions:
Accounting Equation
As you have learned in this week’s readings the Accounting Equation is Assets = Liabilities + Owners’ Equity. Is the accounting equation true in all instances? Provide sample transactions from your own experiences to demonstrate the validity of the Accounting Equation.
Accounts
What does the term account mean? What are the different classifications of accounts? How do the rules for debits and credits impact accounts? Please provide an example of how debits and credits impact accounts.
Accounting Cycle
Financial statements are a product of the accounting cycle. Think about two different companies: a manufacturing company, and a retail company. Why would different companies have different accounting cycles? Would you expect the steps of the accounting cycle to be the same for each company? Why or why not?
Bank Reconciliation
What is the purpose of a bank reconciliation? What are the reasons for differences between the cash reported in the accounting records and the cash balance in the bank statements?
LIFO vs. FIFO
The controller of Sagehen Enterprises believes that the company should switch from the LIFO method to the FIFO method. The controller’s bonus is based on the next income. It is the controller’s belief that the switch in inventory methods would increase the net income of the company. What are the differences between the LIFO and FIFO methods?
Depreciation
A variety of depreciation methods are used to allocate the cost of an asset to all of the accounting periods benefited by the use of the asset. Your client has just purchased a piece of equipment for $100,000. Explain the concept of depreciation. Which of the following depreciation methods would you recommend: straight-line depreciation, double declining balance method, or an alternative method?
Ratios
Ratios provide the users of financial statements with a great deal of information about the entity. Do ratios tell the whole story? How could liquidity ratios be used by investors to determine whether or not to invest in a company?
Profit Margin
Year Ending December 2012
Year Ending December 2011
Year Ending December 2010
Revenues
40,000
35,000
33,000
Operating Expenses
Salaries
15,000
10,000
9,000
Maintenance and Repairs
6,000
9,000
10,000
Rental Expense
2,500
2,500
2,500
Depreciation
2,000
2,000
2,000
Fuel
4,000
3,500
2,500
Total Operating Expenses
29,500
27,000
26,000
Operating Income
10,500
8,000
7,000
Sales and Administrative Expenses
6,000
4,000
3,000
Interest Expense
2,500
2,000
1,000
Net Income
2,000
2,000
3,000
Above is a comparative income statement for Cecil, Inc. for the years 2010, 2011, and 2012. Calculate the profit margin for each of these years. Comment on the profit margin trend.
BWeek Five Exercise Assignment
Financial Ratios
1. Liquidity ratios. Edison, Stagg, and Thornton have the following financial information at the close of business on July 10:
Edi.
Ch 1 Critical Thinking Question 5Answer the following questio.docxsleeperharwell
Ch 1 Critical Thinking Question 5:
Answer the following questions:
Why are noncash transactions, such as the exchange of common stock a building, included on a statement of cash flows? How are these noncash transactions disclosed?
Chapter 1 Exercise 1:
1.
Classification of activities
Classify each of the following transactions as arising from an operating (O), investing (I), financing (F), or noncash investing/financing (N) activity.
a.
______I__ Received $80,000 from the sale of land.
b.
_____O___ Received $3,200 from cash sales.
c.
___F_____ Paid a $5,000 dividend.
d.
___O_____ Purchased $8,800 of merchandise for cash.
e.
___F_____ Received $100,000 from the issuance of common stock.
f.
____O____ Paid $1,200 of interest on a note payable.
g.
_____I___ Acquired a new laser printer by paying $650.
h.
___N_____ Acquired a $400,000 building by signing a $400,000 mortgage note.
Chapter 1 Exercise 4:
4.
Overview of direct and indirect methods
Evaluate the comments that follow as being True or False. If the comment is false, briefly explain why.
a.
Both the direct and indirect methods will produce the same cash flow from operating activities.
b.
Depreciation expense is added back to net income when the indirect method is used.
c.
One of the advantages of using the direct method rather than the indirect method is that larger cash flows from financing activities will be reported.
d.
The cash paid to suppliers is normally disclosed on the statement of cash flows when the indirect method of statement preparation is employed.
e.
The dollar change in the Merchandise Inventory account appears on the statement of cash flows only when the direct method of statement preparation is used.
Chapter 1 Exercise 6:
6.
Equipment transaction and cash flow reporting
Property, plant, & equipment
Dec. 31, 20X4
Dec. 31, 20X3
Land
$94,000
$94,000
Equipment
652,000
527,000
Less: Accumulated depreciation
-316,000
-341,000
New equipment purchased during 20x4 totaled $280,000. The 20x4 income statement disclosed equipment depreciation expense of $41,000 and a $9,000 loss on the sale of equipment.
a.
Determine the cost and accumulated depreciation of the equipment sold during 20X4.
b.
Determine the selling price of the equipment sold.
c.
Show how the sale of equipment would appear on a statement of cash flows prepared by using the indirect method.
Chapter 1 Problem 3:
3.
Cash flow information: Direct and indirect methods
The comparative year-end balance sheets of Sign Graphics, Inc., revealed the following activity in the company's current accounts:
20X5
20X4
Increase / Decrease)
Current assets
Cash
$55,400
$35,200
$20,200
Accounts receivable (net)
83,800
88,000
-4,200
Inventory
243,400
233,800
9,600
Prepaid expenses
25,400
24,200
1,200
Current liabilities
Accounts payable
$123,600
$140,600
.
Question 1The following information applied to Frack Inc. fo.docxJUST36
Question 1
The following information applied to Frack Inc. for year 2:
Merchandise purchased for resale $400,000
Freight-in 10,000
Freight-out 5,000
Purchase returns 2,000
Frack's year 2 inventoriable cost was
a. $408,000
b. $404,000
c. $413,000
d. $400,000
Question 2
On December 28, year 2, Frack ManufacturingCo. purchased goods costing $50,000. The terms were FOB destination. Some of the costs incurred in connection with the sale
and delivery of the goods were as follows:
Packaging for shipment $1,000
Shipping 1,500
Special handling charges 2,000
These goods were received on December 31, year 2. In Frack's December 31, year 2 balance sheet, what amount of cost for these goods should be included in
inventory?
a. $53,500
b. $54,500
c. $52,000
d. $50,000
Question 3
The following information was taken fromFrack Co.'s accounting records for the year ended December 31, year 2:
Decrease in raw materials
inventory
$
15,000
Increase in finished goods
inventory
35,000
Raw material purchased 430,000
Direct labor payroll 200,000
Factory overhead 300,000
Freight-out 45,000
There was no work in process inventory at the beginning or end of the year. Frack's year 2 cost of goods sold is
a. $950,000
b. $895,000
c. $955,000
d. $910,000
Question 4
How should the following costs affect a retailer's inventory?
a. Freight-in Interest on inventory loan
No effect Increase
b. Freight-in Interest on inventory loan
No effect No effect
c. Freight-in Interest on inventory loan
Increase No effect
d. Freight-in Interest on inventory loan
Increase Increase
Question 5
When allocating costs to inventory produced for the period, fixed overhead should be based upon
a. The actual amounts of goods produced during the period.
b. The highest production levels in the last three periods.
c. The lowest production level in the last three periods.
d. The normal capacity of production facilities.
Question 6
Flip Co. recorded the following inventory information during the month of January:
Units Unit cost Total cost Units on hand
Balance on 1/1 2,000 $1 $2,000 2,000
Purchased on 1/8 1,200 3 3,600 3,200
Sold on 1/23 1,800 1,400
Purchased on 1/28 800 5 4,000 2,200
Flip uses the LIFOmethod to cost inventory.What amount should Flip report as inventory on January 31 under each of the following methods of recording inventory?
A. Perpetual Periodic
$2,600 $2,600
b. Perpetual Periodic
$2,600 $5,400
c. Perpetual Periodic
$5,400 $2,600
d. Perpetual Periodic
$5,400 $5,400
Question 7
The weighted-average for the year inventory cost flow method is applicable to which of the following inventory systems?
a. Periodic Perpetual
No No
b. Periodic Perpetual
Yes Yes
c. Periodic Perpetual
No Yes
d. Periodic Perpetual
Yes No
Question 8
During January year 2, Flip Co., whic ...
Directions Answer the following questions on a separate Microsoft.docxtenoelrx
Directions: Answer the following questions on a separate
Microsoft Word or Excel
document. Explain how you reached the answer or show your work if a mathematical calculation is needed, or both. Submit your assignment using the assignment link
in Blackboard
.
Exercises
E
4
-
7
.
Kay Magill Company had the following adjusted trial balance.
Instructions
a)
Prepare closing entries at June 30, 2015.
b)
Prepare a post-closing trial balance.
E
4
-
13
.
Keenan Company has an inexperienced accountant. During the first 2 weeks on the job, the accountant made the following errors in journalizing transactions. All entries were posted as made.
1.
A payment on account of $840 to a creditor was debited to Accounts Payable $480 and credited to Cash $480.
2.
The purchase of supplies on account for $560 was debited to Equipment $56 and credited to Accounts Payable $56.
3.
A $500 cash dividend was debited to Salaries and Wages Expense $500 and credited to Cash $500.
Instructions
Prepare the correcting entries.
E
5-4
.
On June 10,
Tuzun
Company purchased $8,000 of merchandise from Epps Company, FOB shipping point, terms
2/10
,
n
/30.
Tuzun
pays the freight costs of $400 on June 11. Damaged goods totaling $300 are returned to Epps for credit on June 12. The fair value of these goods is $70. On June 19,
Tuzun
pays Epps Company in full, less the purchase discount. Both companies use a perpetual inventory system.
Instructions
a)
Prepare separate entries for each transaction on the books of
Tuzun
Company.
b)
Prepare separate entries for each transaction for Epps Company. The merchandise purchased by
Tuzun
on June 10 had cost Epps $4,800.
E
5
-7.
Juan Morales Company had the following account balances at year-end: Cost of Goods Sold $60,000, Inventory $15,000, Operating
Expenses $29,000, Sales Revenue $115,000, Sales Discounts
$
1,200,
and Sales Returns and Allowances $1,700. A physical count of inventory determines that
m
erchandise inventory on hand is $13,900.
Instructions
a)
Prepare the adjusting entry necessary as a result of the physical count.
b)
Prepare closing entries.
E
6-
1
.
Tri-State Bank and Trust is considering giving Josef Company a loan. Before doing so, management decides that further discussions with Josef’s accountant may be desirable. One area of particular concern is the inventory account, which has a year-end balance of $297,000. Discussions with the accountant reveal the following.
1.
Josef sold goods costing $38,000 to
Sorci
Company, FOB shipping point,
on December 28.
The goods are not expected to arrive at
Sorci
until January 12.
The goods were not included in the physical inventory because they were not in the warehouse.
2.
The physical count of the inventory did not include goods costing $95,000 that were shipped to Josef FOB destination
on December 27
and were still in transit at year-end.
3.
Josef received goods costing $22,000
on January 2.
The goods were shipped FOB shipping poin.
Week Two Exercise AssignmentRevenue and Expenses1. Recognition.docxalanfhall8953
Week Two Exercise Assignment
Revenue and Expenses
1. Recognition of concepts. Ron Carroll operates a small company that books entertainers for theaters, parties, conventions, and so forth. The company’s fiscal year ends on June 30. Consider the following items and classify each as either (1) prepaid expense, (2) unearned revenue, (3) accrued expense, (4) accrued revenue, or (5) none of the foregoing.
a. Amounts paid on June 30 for a 1-year insurance policy
b. Professional fees earned but not billed as of June 30
c. Repairs to the firm’s copy machine, incurred and paid in June
d. An advance payment from a client for a performance next month at a convention
e. The payment in part (d) from the client’s point of view
f. Interest owed on the company’s bank loan, to be paid in early July
g. The bank loan payable in part (f)
h. Office supplies on hand at year-end
2. Analysis of prepaid account balance. The following information relates to Action Sign Company for 20X2:
Insurance expense
$4,350
Prepaid insurance, December 31, 20X2
1,900
Cash outlays for insurance during 20X2
6,200
Compute the balance in the Prepaid Insurance account on January 1, 20X2.
3. Understanding the closing process. Examine the following list of accounts:
Interest Payable
Accumulated Depreciation: Equipment
Alex Kenzy, Drawing
Accounts Payable
Service Revenue
Cash
Accounts Receivable
Supplies Expense
Interest Expense
Which of the preceding accounts
a. appear on a post-closing trial balance?
b. are commonly known as temporary, or nominal, accounts?
c. generate a debit to Income Summary in the closing process?
d. are closed to the capital account in the closing process?
4. Adjusting entries and financial statements. The following information pertains to Fixation Enterprises:
· The company previously collected $1,500 as an advance payment for services to be rendered in the future. By the end of December, one third of this amount had been earned.
· Fixation provided $2,500 of services to Artech Corporation; no billing had been made by December 31.
· Salaries owed to employees at year-end amounted to $1,650.
· The Supplies account revealed a balance of $8,800, yet only $3,300 of supplies were actually on hand at the end of the period.
· The company paid $18,000 on October 1 of the current year to Vantage Property Management. The payment was for 6 months’ rent of Fixation’s headquarters, beginning on November 1.
Fixation’s accounting year ends on December 31.
Instructions
Analyze the five preceding cases individually and determine the following:
a. The type of adjusting entry needed at year-end (Use the following codes: A, adjustment of a prepaid expense; B, adjustment of an unearned revenue; C, adjustment to record an accrued expense; or D, adjustment to record an accrued revenue.)
b. The year-end journal entry to adjust the accounts
c. The income statement impact of each adjustment (e.g., increases total revenues by $500)
5. Adjus.
Exercises1. Horizontal analysis. Mary Lynn Corporation has been .docxSANSKAR20
Exercises
1. Horizontal analysis. Mary Lynn Corporation has been operating for several years. Selected data from the 20X1 and 20X2 financial statements follow.
20X2
20X1
Current Assets
$ 76,000
$ 80,000
Property, Plant, and Equipment (net)
99,000
90,000
Intangibles
25,000
50,000
Current Liabilities
40,800
48,000
Long-Term Liabilities
143,000
160,000
Stockholders' Equity
16,200
12,000
Net Sales
500,000
500,000
Cost of Goods Sold
332,500
350,000
Operating Expenses
93,500
85,000
2. Prepare a horizontal analysis for 20X1 and 20X2. Briefly comment on the results of your work.
3. Vertical analysis. Study the data pertaining to Mary Lynn Corporation that appear in Exercise 1. Prepare a vertical analysis for 20X1 and 20X2 and briefly evaluate the results of your work.
4. Liquidity ratios. Edison, Stagg, and Thornton have the following financial information at the close of business on July 10:
Edison
Stagg
Thornton
Cash
$4,000
$2,500
$1,000
Short-Term Investments
3,000
2,500
2,000
Accounts Receivable
2,000
2,500
3,000
Inventory
1,000
2,500
4,000
Prepaid Expenses
800
800
800
Accounts Payable
200
200
200
Notes Payable: Short-Term
3,100
3,100
3,100
Accrued Payables
300
300
300
Long-Term Liabilities
3,800
3,800
3,800
a. Compute the current and quick ratios for each of the three companies. (Round calculations to two decimal places.) Which firm is the most liquid? Why?
b. Suppose Thornton is using FIFO for inventory valuation and Edison is using LIFO. Comment on the comparability of information between these two companies.
c. If all short-term notes payable are due on July 11 at 8 a.m., comment on each company's ability to settle its obligation in a timely manner.
5. Computation and evaluation of activity ratios. The following data relate to Alaska Products Inc.:
20X5
20X4
Net Credit Sales
$832,000
$760,000
Cost of Goods Sold
440,000
350,000
Cash, Dec. 31
125,000
110,000
Accounts Receivable, Dec. 31
180,000
140,000
Inventory, Dec. 31
70,000
50,000
Accounts Payable, Dec. 31
115,000
108,000
6. The company is planning to borrow $300,000 via a 90-day bank loan to cover short-term operating needs.
a. Compute the accounts-receivable and inventory-turnover ratios for 20X5. Alaska rounds all calculations to two decimal places.
b. Study the ratios from part (a) and comment on the company's ability to repay a bank loan in 90 days.
c. Suppose that Alaska's major line of business involves the processing and distribution of fresh and frozen fish throughout the United States. Do you have any concerns about the company's inventory-turnover ratio? Briefly discuss.
7. Profitability ratios, trading on the equity. Digital Relay has both preferred and common stock outstanding. The company reported the following information for 20X7:
Net sales
$1,500,000
Interest Expense
120,000
Income Tax Expense
80,000
Preferred Dividends
25,000
Net Income
130,000
Average Assets
1,100,000
Average Common Stockholders' Equity
400,000
a. Compute the net-profit-margin ratio and the rates of re ...
University of Maryland University CollegeFinal Examination.docxdickonsondorris
University of Maryland University College
Final Examination
Acct220: Principles of Accounting I
For this exam, omit all general journal entry explanations.
Question 1: Suggested time 20 minutes: 15% points:
The account balances appearing on the trial balance (below) were taken from the general ledger of Flip's Copy Shop at June 30, 2012.
Additional information for the month of June which has not yet been recorded in the accounts is as follows:
(a)
A physical count of supplies indicates $300 on hand at June 30.
(b)
The amount of insurance that expired in the month of June was $200.
(c)
Depreciation on equipment for June was $400.
(d)
Rent owed on the copy shop for the month of June was $600 but will not be paid until July.
Flip’s Copy Shop
Trial Balance
For the Month Ended June 30, 2012
Account Titles
Debit
Credit
Cash
$1,000
Supplies
1,100
Prepaid Insurance
2,200
Equipment
24,000
Accum. Depreciation— Equipment
$4,500
Accounts Payable
2,400
Notes Payable
4,000
Flip’s Capital
15,300
Flip’s Drawings
2,400
Service Revenue
4,900
Utilities Expense
400
Totals
$31,100
$31,100
Instructions: Prepare in journal form, without explanations, the end of month adjusting entries & closing entries for Flip's Copy Shop for the month of June.
Acct220a
Page 1 of 9
Question 2: Suggested time 15 minutes: 15% points:
The following items were taken from the post adjusted trial balance of Flip Company. (All balances are normal.)
Mortgage payable
$ 1,443
Accumulated depreciation
3,655
Prepaid expenses
880
Accounts payable
1,444
Equipment
11,000
Notes payable after 2015
1,200
Long-term investments
1,100
Flip’s capital
13,480
Short-term investments
3,690
Accounts receivable
1,696
Notes payable in 2014
1,000
Inventories
1,756
Cash
2,100
Instructions: Prepare a classified balance sheet in good form as of December 31, 2013.
Question 3: Suggested time 15 minutes: 15% points:
The following information is available for Flip Company:
Beginning inventory
600 units at $4
First purchase
900 units at $6
Second purchase
500 units at $7.20
Assume that Flip uses a periodic inventory system and that there are 700 units left at the end of the month.
Instructions: Compute the cost of ending inventory and Cost of Good Sold under the
(a)
LIFO method.
(b)
FIFO method.
(c)
Average-cost method
Acct220a
Page 2 of 9
Question 4: Suggested time 15 minutes: 10% points:
Prepare journal entries to record the following transactions entered into by Flip Company:
2012
June
1
Accepted a $10,000, 12%, 1-year note from Flop as full payment on her account.
Nov.
1
Sold merchandise on account to Flap, Inc. for $12,000, terms 2/10, n/30.
Nov.
5
Flap, Inc. returned merchandise worth $500.
Nov.
9
Received payment in full from Flap, Inc.
Dec.
31
Accrued interest on Flop's note.
2013
June
1
Flop honored her promissory note by sending the face amount plus interest. No interest has been accrued in 2013
Question 5: Suggested time 20 minutes ...
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Writea minimum 300 word reflection in which you compare and.docxannetnash8266
Write
a minimum 300 word reflection in which you compare and
contrast the Chinese Spiritual Worldview with the Indian Spiritual
Worldview based on the textbook readings.
Describe the early Daoist teachers.
Explain basic Daoist teachings.
Characterize the ideal society according to Confucius.
Illustrate the influence of the natural world on Shinto belief and practice
.
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Ch 1 Critical Thinking Question 5Answer the following questio.docxsleeperharwell
Ch 1 Critical Thinking Question 5:
Answer the following questions:
Why are noncash transactions, such as the exchange of common stock a building, included on a statement of cash flows? How are these noncash transactions disclosed?
Chapter 1 Exercise 1:
1.
Classification of activities
Classify each of the following transactions as arising from an operating (O), investing (I), financing (F), or noncash investing/financing (N) activity.
a.
______I__ Received $80,000 from the sale of land.
b.
_____O___ Received $3,200 from cash sales.
c.
___F_____ Paid a $5,000 dividend.
d.
___O_____ Purchased $8,800 of merchandise for cash.
e.
___F_____ Received $100,000 from the issuance of common stock.
f.
____O____ Paid $1,200 of interest on a note payable.
g.
_____I___ Acquired a new laser printer by paying $650.
h.
___N_____ Acquired a $400,000 building by signing a $400,000 mortgage note.
Chapter 1 Exercise 4:
4.
Overview of direct and indirect methods
Evaluate the comments that follow as being True or False. If the comment is false, briefly explain why.
a.
Both the direct and indirect methods will produce the same cash flow from operating activities.
b.
Depreciation expense is added back to net income when the indirect method is used.
c.
One of the advantages of using the direct method rather than the indirect method is that larger cash flows from financing activities will be reported.
d.
The cash paid to suppliers is normally disclosed on the statement of cash flows when the indirect method of statement preparation is employed.
e.
The dollar change in the Merchandise Inventory account appears on the statement of cash flows only when the direct method of statement preparation is used.
Chapter 1 Exercise 6:
6.
Equipment transaction and cash flow reporting
Property, plant, & equipment
Dec. 31, 20X4
Dec. 31, 20X3
Land
$94,000
$94,000
Equipment
652,000
527,000
Less: Accumulated depreciation
-316,000
-341,000
New equipment purchased during 20x4 totaled $280,000. The 20x4 income statement disclosed equipment depreciation expense of $41,000 and a $9,000 loss on the sale of equipment.
a.
Determine the cost and accumulated depreciation of the equipment sold during 20X4.
b.
Determine the selling price of the equipment sold.
c.
Show how the sale of equipment would appear on a statement of cash flows prepared by using the indirect method.
Chapter 1 Problem 3:
3.
Cash flow information: Direct and indirect methods
The comparative year-end balance sheets of Sign Graphics, Inc., revealed the following activity in the company's current accounts:
20X5
20X4
Increase / Decrease)
Current assets
Cash
$55,400
$35,200
$20,200
Accounts receivable (net)
83,800
88,000
-4,200
Inventory
243,400
233,800
9,600
Prepaid expenses
25,400
24,200
1,200
Current liabilities
Accounts payable
$123,600
$140,600
.
Question 1The following information applied to Frack Inc. fo.docxJUST36
Question 1
The following information applied to Frack Inc. for year 2:
Merchandise purchased for resale $400,000
Freight-in 10,000
Freight-out 5,000
Purchase returns 2,000
Frack's year 2 inventoriable cost was
a. $408,000
b. $404,000
c. $413,000
d. $400,000
Question 2
On December 28, year 2, Frack ManufacturingCo. purchased goods costing $50,000. The terms were FOB destination. Some of the costs incurred in connection with the sale
and delivery of the goods were as follows:
Packaging for shipment $1,000
Shipping 1,500
Special handling charges 2,000
These goods were received on December 31, year 2. In Frack's December 31, year 2 balance sheet, what amount of cost for these goods should be included in
inventory?
a. $53,500
b. $54,500
c. $52,000
d. $50,000
Question 3
The following information was taken fromFrack Co.'s accounting records for the year ended December 31, year 2:
Decrease in raw materials
inventory
$
15,000
Increase in finished goods
inventory
35,000
Raw material purchased 430,000
Direct labor payroll 200,000
Factory overhead 300,000
Freight-out 45,000
There was no work in process inventory at the beginning or end of the year. Frack's year 2 cost of goods sold is
a. $950,000
b. $895,000
c. $955,000
d. $910,000
Question 4
How should the following costs affect a retailer's inventory?
a. Freight-in Interest on inventory loan
No effect Increase
b. Freight-in Interest on inventory loan
No effect No effect
c. Freight-in Interest on inventory loan
Increase No effect
d. Freight-in Interest on inventory loan
Increase Increase
Question 5
When allocating costs to inventory produced for the period, fixed overhead should be based upon
a. The actual amounts of goods produced during the period.
b. The highest production levels in the last three periods.
c. The lowest production level in the last three periods.
d. The normal capacity of production facilities.
Question 6
Flip Co. recorded the following inventory information during the month of January:
Units Unit cost Total cost Units on hand
Balance on 1/1 2,000 $1 $2,000 2,000
Purchased on 1/8 1,200 3 3,600 3,200
Sold on 1/23 1,800 1,400
Purchased on 1/28 800 5 4,000 2,200
Flip uses the LIFOmethod to cost inventory.What amount should Flip report as inventory on January 31 under each of the following methods of recording inventory?
A. Perpetual Periodic
$2,600 $2,600
b. Perpetual Periodic
$2,600 $5,400
c. Perpetual Periodic
$5,400 $2,600
d. Perpetual Periodic
$5,400 $5,400
Question 7
The weighted-average for the year inventory cost flow method is applicable to which of the following inventory systems?
a. Periodic Perpetual
No No
b. Periodic Perpetual
Yes Yes
c. Periodic Perpetual
No Yes
d. Periodic Perpetual
Yes No
Question 8
During January year 2, Flip Co., whic ...
Directions Answer the following questions on a separate Microsoft.docxtenoelrx
Directions: Answer the following questions on a separate
Microsoft Word or Excel
document. Explain how you reached the answer or show your work if a mathematical calculation is needed, or both. Submit your assignment using the assignment link
in Blackboard
.
Exercises
E
4
-
7
.
Kay Magill Company had the following adjusted trial balance.
Instructions
a)
Prepare closing entries at June 30, 2015.
b)
Prepare a post-closing trial balance.
E
4
-
13
.
Keenan Company has an inexperienced accountant. During the first 2 weeks on the job, the accountant made the following errors in journalizing transactions. All entries were posted as made.
1.
A payment on account of $840 to a creditor was debited to Accounts Payable $480 and credited to Cash $480.
2.
The purchase of supplies on account for $560 was debited to Equipment $56 and credited to Accounts Payable $56.
3.
A $500 cash dividend was debited to Salaries and Wages Expense $500 and credited to Cash $500.
Instructions
Prepare the correcting entries.
E
5-4
.
On June 10,
Tuzun
Company purchased $8,000 of merchandise from Epps Company, FOB shipping point, terms
2/10
,
n
/30.
Tuzun
pays the freight costs of $400 on June 11. Damaged goods totaling $300 are returned to Epps for credit on June 12. The fair value of these goods is $70. On June 19,
Tuzun
pays Epps Company in full, less the purchase discount. Both companies use a perpetual inventory system.
Instructions
a)
Prepare separate entries for each transaction on the books of
Tuzun
Company.
b)
Prepare separate entries for each transaction for Epps Company. The merchandise purchased by
Tuzun
on June 10 had cost Epps $4,800.
E
5
-7.
Juan Morales Company had the following account balances at year-end: Cost of Goods Sold $60,000, Inventory $15,000, Operating
Expenses $29,000, Sales Revenue $115,000, Sales Discounts
$
1,200,
and Sales Returns and Allowances $1,700. A physical count of inventory determines that
m
erchandise inventory on hand is $13,900.
Instructions
a)
Prepare the adjusting entry necessary as a result of the physical count.
b)
Prepare closing entries.
E
6-
1
.
Tri-State Bank and Trust is considering giving Josef Company a loan. Before doing so, management decides that further discussions with Josef’s accountant may be desirable. One area of particular concern is the inventory account, which has a year-end balance of $297,000. Discussions with the accountant reveal the following.
1.
Josef sold goods costing $38,000 to
Sorci
Company, FOB shipping point,
on December 28.
The goods are not expected to arrive at
Sorci
until January 12.
The goods were not included in the physical inventory because they were not in the warehouse.
2.
The physical count of the inventory did not include goods costing $95,000 that were shipped to Josef FOB destination
on December 27
and were still in transit at year-end.
3.
Josef received goods costing $22,000
on January 2.
The goods were shipped FOB shipping poin.
Week Two Exercise AssignmentRevenue and Expenses1. Recognition.docxalanfhall8953
Week Two Exercise Assignment
Revenue and Expenses
1. Recognition of concepts. Ron Carroll operates a small company that books entertainers for theaters, parties, conventions, and so forth. The company’s fiscal year ends on June 30. Consider the following items and classify each as either (1) prepaid expense, (2) unearned revenue, (3) accrued expense, (4) accrued revenue, or (5) none of the foregoing.
a. Amounts paid on June 30 for a 1-year insurance policy
b. Professional fees earned but not billed as of June 30
c. Repairs to the firm’s copy machine, incurred and paid in June
d. An advance payment from a client for a performance next month at a convention
e. The payment in part (d) from the client’s point of view
f. Interest owed on the company’s bank loan, to be paid in early July
g. The bank loan payable in part (f)
h. Office supplies on hand at year-end
2. Analysis of prepaid account balance. The following information relates to Action Sign Company for 20X2:
Insurance expense
$4,350
Prepaid insurance, December 31, 20X2
1,900
Cash outlays for insurance during 20X2
6,200
Compute the balance in the Prepaid Insurance account on January 1, 20X2.
3. Understanding the closing process. Examine the following list of accounts:
Interest Payable
Accumulated Depreciation: Equipment
Alex Kenzy, Drawing
Accounts Payable
Service Revenue
Cash
Accounts Receivable
Supplies Expense
Interest Expense
Which of the preceding accounts
a. appear on a post-closing trial balance?
b. are commonly known as temporary, or nominal, accounts?
c. generate a debit to Income Summary in the closing process?
d. are closed to the capital account in the closing process?
4. Adjusting entries and financial statements. The following information pertains to Fixation Enterprises:
· The company previously collected $1,500 as an advance payment for services to be rendered in the future. By the end of December, one third of this amount had been earned.
· Fixation provided $2,500 of services to Artech Corporation; no billing had been made by December 31.
· Salaries owed to employees at year-end amounted to $1,650.
· The Supplies account revealed a balance of $8,800, yet only $3,300 of supplies were actually on hand at the end of the period.
· The company paid $18,000 on October 1 of the current year to Vantage Property Management. The payment was for 6 months’ rent of Fixation’s headquarters, beginning on November 1.
Fixation’s accounting year ends on December 31.
Instructions
Analyze the five preceding cases individually and determine the following:
a. The type of adjusting entry needed at year-end (Use the following codes: A, adjustment of a prepaid expense; B, adjustment of an unearned revenue; C, adjustment to record an accrued expense; or D, adjustment to record an accrued revenue.)
b. The year-end journal entry to adjust the accounts
c. The income statement impact of each adjustment (e.g., increases total revenues by $500)
5. Adjus.
Exercises1. Horizontal analysis. Mary Lynn Corporation has been .docxSANSKAR20
Exercises
1. Horizontal analysis. Mary Lynn Corporation has been operating for several years. Selected data from the 20X1 and 20X2 financial statements follow.
20X2
20X1
Current Assets
$ 76,000
$ 80,000
Property, Plant, and Equipment (net)
99,000
90,000
Intangibles
25,000
50,000
Current Liabilities
40,800
48,000
Long-Term Liabilities
143,000
160,000
Stockholders' Equity
16,200
12,000
Net Sales
500,000
500,000
Cost of Goods Sold
332,500
350,000
Operating Expenses
93,500
85,000
2. Prepare a horizontal analysis for 20X1 and 20X2. Briefly comment on the results of your work.
3. Vertical analysis. Study the data pertaining to Mary Lynn Corporation that appear in Exercise 1. Prepare a vertical analysis for 20X1 and 20X2 and briefly evaluate the results of your work.
4. Liquidity ratios. Edison, Stagg, and Thornton have the following financial information at the close of business on July 10:
Edison
Stagg
Thornton
Cash
$4,000
$2,500
$1,000
Short-Term Investments
3,000
2,500
2,000
Accounts Receivable
2,000
2,500
3,000
Inventory
1,000
2,500
4,000
Prepaid Expenses
800
800
800
Accounts Payable
200
200
200
Notes Payable: Short-Term
3,100
3,100
3,100
Accrued Payables
300
300
300
Long-Term Liabilities
3,800
3,800
3,800
a. Compute the current and quick ratios for each of the three companies. (Round calculations to two decimal places.) Which firm is the most liquid? Why?
b. Suppose Thornton is using FIFO for inventory valuation and Edison is using LIFO. Comment on the comparability of information between these two companies.
c. If all short-term notes payable are due on July 11 at 8 a.m., comment on each company's ability to settle its obligation in a timely manner.
5. Computation and evaluation of activity ratios. The following data relate to Alaska Products Inc.:
20X5
20X4
Net Credit Sales
$832,000
$760,000
Cost of Goods Sold
440,000
350,000
Cash, Dec. 31
125,000
110,000
Accounts Receivable, Dec. 31
180,000
140,000
Inventory, Dec. 31
70,000
50,000
Accounts Payable, Dec. 31
115,000
108,000
6. The company is planning to borrow $300,000 via a 90-day bank loan to cover short-term operating needs.
a. Compute the accounts-receivable and inventory-turnover ratios for 20X5. Alaska rounds all calculations to two decimal places.
b. Study the ratios from part (a) and comment on the company's ability to repay a bank loan in 90 days.
c. Suppose that Alaska's major line of business involves the processing and distribution of fresh and frozen fish throughout the United States. Do you have any concerns about the company's inventory-turnover ratio? Briefly discuss.
7. Profitability ratios, trading on the equity. Digital Relay has both preferred and common stock outstanding. The company reported the following information for 20X7:
Net sales
$1,500,000
Interest Expense
120,000
Income Tax Expense
80,000
Preferred Dividends
25,000
Net Income
130,000
Average Assets
1,100,000
Average Common Stockholders' Equity
400,000
a. Compute the net-profit-margin ratio and the rates of re ...
University of Maryland University CollegeFinal Examination.docxdickonsondorris
University of Maryland University College
Final Examination
Acct220: Principles of Accounting I
For this exam, omit all general journal entry explanations.
Question 1: Suggested time 20 minutes: 15% points:
The account balances appearing on the trial balance (below) were taken from the general ledger of Flip's Copy Shop at June 30, 2012.
Additional information for the month of June which has not yet been recorded in the accounts is as follows:
(a)
A physical count of supplies indicates $300 on hand at June 30.
(b)
The amount of insurance that expired in the month of June was $200.
(c)
Depreciation on equipment for June was $400.
(d)
Rent owed on the copy shop for the month of June was $600 but will not be paid until July.
Flip’s Copy Shop
Trial Balance
For the Month Ended June 30, 2012
Account Titles
Debit
Credit
Cash
$1,000
Supplies
1,100
Prepaid Insurance
2,200
Equipment
24,000
Accum. Depreciation— Equipment
$4,500
Accounts Payable
2,400
Notes Payable
4,000
Flip’s Capital
15,300
Flip’s Drawings
2,400
Service Revenue
4,900
Utilities Expense
400
Totals
$31,100
$31,100
Instructions: Prepare in journal form, without explanations, the end of month adjusting entries & closing entries for Flip's Copy Shop for the month of June.
Acct220a
Page 1 of 9
Question 2: Suggested time 15 minutes: 15% points:
The following items were taken from the post adjusted trial balance of Flip Company. (All balances are normal.)
Mortgage payable
$ 1,443
Accumulated depreciation
3,655
Prepaid expenses
880
Accounts payable
1,444
Equipment
11,000
Notes payable after 2015
1,200
Long-term investments
1,100
Flip’s capital
13,480
Short-term investments
3,690
Accounts receivable
1,696
Notes payable in 2014
1,000
Inventories
1,756
Cash
2,100
Instructions: Prepare a classified balance sheet in good form as of December 31, 2013.
Question 3: Suggested time 15 minutes: 15% points:
The following information is available for Flip Company:
Beginning inventory
600 units at $4
First purchase
900 units at $6
Second purchase
500 units at $7.20
Assume that Flip uses a periodic inventory system and that there are 700 units left at the end of the month.
Instructions: Compute the cost of ending inventory and Cost of Good Sold under the
(a)
LIFO method.
(b)
FIFO method.
(c)
Average-cost method
Acct220a
Page 2 of 9
Question 4: Suggested time 15 minutes: 10% points:
Prepare journal entries to record the following transactions entered into by Flip Company:
2012
June
1
Accepted a $10,000, 12%, 1-year note from Flop as full payment on her account.
Nov.
1
Sold merchandise on account to Flap, Inc. for $12,000, terms 2/10, n/30.
Nov.
5
Flap, Inc. returned merchandise worth $500.
Nov.
9
Received payment in full from Flap, Inc.
Dec.
31
Accrued interest on Flop's note.
2013
June
1
Flop honored her promissory note by sending the face amount plus interest. No interest has been accrued in 2013
Question 5: Suggested time 20 minutes ...
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Write
a minimum 300 word reflection in which you compare and
contrast the Chinese Spiritual Worldview with the Indian Spiritual
Worldview based on the textbook readings.
Describe the early Daoist teachers.
Explain basic Daoist teachings.
Characterize the ideal society according to Confucius.
Illustrate the influence of the natural world on Shinto belief and practice
.
Writea draft of the paper on case tools and include the followin.docxannetnash8266
Write
a draft of the paper on case tools and include the following:
·
Define the term
case tools
and provide at least three examples.
·
Describe how case tools are used in the design of a database.
·
Explain how three different case tools are used in database design, including their advantages and disadvantages.
Format
your paper consistent with APA guidelines.
.
Write To complete the assignment, open the OUTLINE ATTACHMENT fi.docxannetnash8266
Write:
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and FIND two more sources being a (webpage and online magazine ONLY) on the topic “The Affordable Care Act 2010”, into your outline to showcase how these resources support your ideas. Provide a full APA references list with a minimum of six sources. Please be sure to utilize outline format and to support all statements with scholarly research. All references should be listed in full APA format and cited appropriately.
Source 1-
Burkhauser, R. V., Larrimore, J., & Simon, K. (2013). Measuring the impact of valuing health insurance on levels and trends in inequality and how the Affordable Care Act of 2010 could affect them.
Contemporary Economic Policy
,
31
(4), 779-794.
Source 2-
Cooper, R. W., & Gardner, L. A. (2016). Extensive Changes and Major Challenges Encountered in Health Insurance Markets under the Affordable Care Act.
Journal of Financial Service Professionals
,
70
(5).
Source 3-
Hester, R. D. (2017). The successful innovations of the affordable care act of 2010.
Journal of Innovation and Entrepreneurship
,
6
(1), 18
Source 4-
Martin, E. J. (2015). Healthcare policy legislation and administration: Patient Protection and Affordable Care Act of 2010.
Journal of health and human services administration
, 407-411.
Source 5-
Sparer, M. S. (2011). Federalism and the Patient Protection and Affordable Care Act of 2010: The founding fathers would not be surprised.
Journal of health politics, policy and law
,
36
(3), 461-468.
.
Write your proposal based on the criterias listed below Pr.docxannetnash8266
Write your proposal based on the criteria's listed below
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Write a 350- to no more than 700-word paper using APA format.D.docxannetnash8266
Write
a 350- to no more than 700-word paper using APA format.
Describe
the flow of information in your company, or in a company at which you have been employed. In your paper, discuss the following:
The intrapersonal, interpersonal, group, organizational, and intercultural levels of communication within your company
How information travels up, down, and across your organization, and how it relates to the basic communications model
The functions of the Y hierarchy of managerial communications. Does it apply to your organization's communication hierarchy?
A comparison of at least three managerial communication approaches you have observed in your organization
At least three potential barriers to effective communications that exist in your company
A minimum of one reference and one in-text citation is required.
First person is acceptable.
.
Write a 350- to 700-word paper in which you investigate the interr.docxannetnash8266
Write
a 350- to 700-word paper in which you investigate the interrelationship between culture and visual entertainment media, such as television and film. Include answers to the following questions:
·
In what ways have various forms of visual entertainment media shaped American culture and its values?
·
Are the social influences of visual entertainment media mostly positive or negative? Explain.
Illustrate
your answers with specific examples.
Conclude
your paper by summarizing how visual media either reflect or influence social behavior and attitudes.
Format
your paper consistent with APA guidelines.
.
Write a 350 word analysis about juvenile attitudes toward poli.docxannetnash8266
Write
a 350 word analysis about juvenile attitudes toward police. Consider recent cases in the media regarding juvenile interactions with police departments. Analyze the attitudes today's youth have toward police. Address the following:
Summary of current media piece you are analyzing
Evaluation of attitudes and factors influencing attitudes
Is remediation of these attitudes necessary?
.
Write a 350- to 700-word paper in which you do the followingExp.docxannetnash8266
Write
a 350- to 700-word paper in which you do the following:
Explain what database systems are and how they are used.
Define database architecture. Consider Microsoft
®
Access
®
, Microsoft
®
SQL Server
®
, Oracle
®
, and IBM DB2
®
software as possible examples.
Summarize your paper by describing the database systems in your workplace, identifying which database systems and architecture they fall under.
Include
2 to 4 references.
Format
your paper consistent with APA guidelines.
.
Write a 350- to 700- word response to the following questionsHo.docxannetnash8266
Write
a 350- to 700- word response to the following questions:
How did psychology evolve into a science?
What are some psychological perspectives that explain human behavior?
A long-standing debate in the field of psychology is the degree to which nature and nurture shape human behaviors and traits. How would you describe the interaction between genetic potential, environmental influences, and personal choice?
Format
your response consistent with APA guidelines.
Click
the Assignment Files tab to submit your assignment.
AND
Write
a 500- to 1000-word essay contrasting the roles of the temporal and frontal lobes on behavior. Include the types of behaviors for which each lobe is responsible, as well as the effects of heredity on the development of these behaviors. Additionally, include what may happen if there is damage to these lobes, including Broca's and Wernicke's aphasias.
Format
your essay consistent with APA guidelines.
Click
the Assignment Files tab to submit your assignment.
.
Write a 1,400- to 1,750 word APA format paper regarding a so.docxannetnash8266
Write
a 1,400- to 1,750 word
APA format paper
regarding a social networking interview.
Identify
whom you interviewed, their title, and years of working experience in the area of Operations Management.
Provide
insights into your subject's role and why Operations Management is vital to his/her organization.
Provide
the reason for selecting the individual you chose to interview.
List
the questions you asked.
Include
a summary of the organization.
Give
a summary of what you learned as a result of this interview.
Provide
a reflection of what is important about this assignment.
Discuss
any follow-up activities the person you interviewed suggested.
Provide
at least two peer reviewed academic references. Make sure that the in-text citations matched the reference list.
Format
your paper consistent with APA guidelines.
IMPORTANT:
Make sure to review your assignment submission for content similarity on Safe Assign before submission. Assignment is preferred to have no more than 10% content similarity.
.
Write a 350- to 500-word summary in which you answer the following.docxannetnash8266
Write
a 350- to 500-word summary in which you answer the following questions:
What were the major developments in the evolution of mass media during the last century?
How did each development influence American culture?
What is meant by the term
media convergence
, and how has it affected everyday life?
700 word max.
.
Write a 300- to 350-word response to the followingWhen thinki.docxannetnash8266
Write
a 300- to 350-word response to the following:
When thinking about all the types of diversity that can exist within a group, what is the most important thing for group members to keep in mind when interacting with each other? Explain.
APA format
Include 2 references
.
WRITE A 2-page paper on the following questions. Your answers must.docxannetnash8266
WRITE
A 2-page paper on the following questions. Your answers must be written in paragraph style after each question.
1. What personal interests do you have in regard to the field of social work?
2. What are your personal values? List three or more
3. How do your identified values influence what you believe about how people should be served?
4. What do you think you will be doing in 7 years?
5. What are the values/interests/beliefs of your selected state representative or state senator (name them and cite their website) and how are they reflected in the policies of your state? Give concrete examples of your state policy.
.
Write a 1- to 2-page report for the Director of IT describing .docxannetnash8266
Write
a 1- to 2-page report for the Director of IT describing the requirements you are considering as your team implements the wireless network. Include the following:
Design requirements that must be addressed
Justification to use different frequencies, channels, and antennae in the installation
Regulatory requirements to consider in implementation
Security requirements
Create
a 1/2- to 1-page table for your team. In the table, summarize possible frequency choices, including an explanation of the strength and weakness of each.
No plagiarism please use attached files for the scenario!!!!
.
Write a 1,400- to 2,100-word paper in which you assess criminal ju.docxannetnash8266
Write
a 1,400- to 2,100-word paper in which you assess criminal justice from a global perspective. In your paper be sure to analyze the following:
Assess the impact of globalization on the U.S. criminal justice system.
Compare and contrast international criminal justice systems (Civil Law, Common law, and Islamic Law and Socialist Law traditions).
Discuss the impact that cyber crime and technology have had on worldwide justice systems.
Differentiate the policing systems on a worldwide scale.
Identify major crimes and criminal issues that have a global impact on justice systems and processes (e.g., Somalia, Rwanda, Bosnia, Darfur, Congo, etc.).
Include
at least four peer reviewed references.
Format
your paper according to APA guidelines.
Submit
your assignment.
.
Write a 1,750-word paper that includes the following(UNITED.docxannetnash8266
Write
a 1,750-word paper that includes the following:
(UNITED STATES COAST GUARD)
The organizational overview.
Prioritized assessment of the strengths, weaknesses, threats and vulnerabilities of your selected organization's security system(s), including facilities, people, information systems, and other appropriate assets.
The influence of crime and criminology in your assessment, as well as applicable national and global issues.
Format
your assignment consistent with APA guidelines.
ATTACH TURN IT IN REPORT
.
Write a 1.400 to 1,700 word essay that summarizes your Week 4 .docxannetnash8266
Write
a 1.400 to 1,700 word essay that summarizes your Week 4 presentation and additionally includes the following:
Summary of each of the following from your Week 4 presentation:
What are cultural groups?
How can you work toward more effective intercultural communication?
How is globalization challenging traditional hierarchies of culture?
What are co-cultural groups?
What are the five belief domains and how do they influence intercultural communication? (Refer to Ch. 9)
Summary of the following Week 5 concepts:
Positive and negative examples of how the media acts as a cultural socialization agent
Discussion of one media theory as it relates to how you interact with mass media
How to develop media literacy
How technology has fostered global intercultural communication
The challenges and opportunities within intercultural communication for women and minority success in the future
.
Write a 1,400- to 1,750-word paper highlighting considerations for.docxannetnash8266
Write
a 1,400- to 1,750-word paper highlighting considerations for creating a security budget.
Include
the following:
Identify the key player involved in creating the budget.
Discuss liabilities a budget can create for an organization.
Consider how these liabilities can be addressed.
Determine the need for executive protection using a cost-benefit analysis.
Also Include
a
Created Tree Graph outlining the steps that make up the budgeting process.
Format
your assignment consistent with APA guidelines.
.
Write a 1,050-word minimum strategic implementation plan in wh.docxannetnash8266
Write
a 1,050-word minimum strategic implementation plan in which you include the following:
Create an implementation plan including:
Objectives
Functional tactics
Action items
Milestones and deadlines
Tasks and task ownership
Resource allocation
Recommend any organizational change management strategies that may enhance successful implementation.
Develop key success factors, budget, and forecasted financials, including a break-even chart.
Create a risk management plan including contingency plans for the identified risks.
Format
your paper according to APA guidelines.
.
We all have good and bad thoughts from time to time and situation to situation. We are bombarded daily with spiraling thoughts(both negative and positive) creating all-consuming feel , making us difficult to manage with associated suffering. Good thoughts are like our Mob Signal (Positive thought) amidst noise(negative thought) in the atmosphere. Negative thoughts like noise outweigh positive thoughts. These thoughts often create unwanted confusion, trouble, stress and frustration in our mind as well as chaos in our physical world. Negative thoughts are also known as “distorted thinking”.
How to Split Bills in the Odoo 17 POS ModuleCeline George
Bills have a main role in point of sale procedure. It will help to track sales, handling payments and giving receipts to customers. Bill splitting also has an important role in POS. For example, If some friends come together for dinner and if they want to divide the bill then it is possible by POS bill splitting. This slide will show how to split bills in odoo 17 POS.
Instructions for Submissions thorugh G- Classroom.pptxJheel Barad
This presentation provides a briefing on how to upload submissions and documents in Google Classroom. It was prepared as part of an orientation for new Sainik School in-service teacher trainees. As a training officer, my goal is to ensure that you are comfortable and proficient with this essential tool for managing assignments and fostering student engagement.
Students, digital devices and success - Andreas Schleicher - 27 May 2024..pptxEduSkills OECD
Andreas Schleicher presents at the OECD webinar ‘Digital devices in schools: detrimental distraction or secret to success?’ on 27 May 2024. The presentation was based on findings from PISA 2022 results and the webinar helped launch the PISA in Focus ‘Managing screen time: How to protect and equip students against distraction’ https://www.oecd-ilibrary.org/education/managing-screen-time_7c225af4-en and the OECD Education Policy Perspective ‘Students, digital devices and success’ can be found here - https://oe.cd/il/5yV
The Roman Empire A Historical Colossus.pdfkaushalkr1407
The Roman Empire, a vast and enduring power, stands as one of history's most remarkable civilizations, leaving an indelible imprint on the world. It emerged from the Roman Republic, transitioning into an imperial powerhouse under the leadership of Augustus Caesar in 27 BCE. This transformation marked the beginning of an era defined by unprecedented territorial expansion, architectural marvels, and profound cultural influence.
The empire's roots lie in the city of Rome, founded, according to legend, by Romulus in 753 BCE. Over centuries, Rome evolved from a small settlement to a formidable republic, characterized by a complex political system with elected officials and checks on power. However, internal strife, class conflicts, and military ambitions paved the way for the end of the Republic. Julius Caesar’s dictatorship and subsequent assassination in 44 BCE created a power vacuum, leading to a civil war. Octavian, later Augustus, emerged victorious, heralding the Roman Empire’s birth.
Under Augustus, the empire experienced the Pax Romana, a 200-year period of relative peace and stability. Augustus reformed the military, established efficient administrative systems, and initiated grand construction projects. The empire's borders expanded, encompassing territories from Britain to Egypt and from Spain to the Euphrates. Roman legions, renowned for their discipline and engineering prowess, secured and maintained these vast territories, building roads, fortifications, and cities that facilitated control and integration.
The Roman Empire’s society was hierarchical, with a rigid class system. At the top were the patricians, wealthy elites who held significant political power. Below them were the plebeians, free citizens with limited political influence, and the vast numbers of slaves who formed the backbone of the economy. The family unit was central, governed by the paterfamilias, the male head who held absolute authority.
Culturally, the Romans were eclectic, absorbing and adapting elements from the civilizations they encountered, particularly the Greeks. Roman art, literature, and philosophy reflected this synthesis, creating a rich cultural tapestry. Latin, the Roman language, became the lingua franca of the Western world, influencing numerous modern languages.
Roman architecture and engineering achievements were monumental. They perfected the arch, vault, and dome, constructing enduring structures like the Colosseum, Pantheon, and aqueducts. These engineering marvels not only showcased Roman ingenuity but also served practical purposes, from public entertainment to water supply.
2024.06.01 Introducing a competency framework for languag learning materials ...Sandy Millin
http://sandymillin.wordpress.com/iateflwebinar2024
Published classroom materials form the basis of syllabuses, drive teacher professional development, and have a potentially huge influence on learners, teachers and education systems. All teachers also create their own materials, whether a few sentences on a blackboard, a highly-structured fully-realised online course, or anything in between. Despite this, the knowledge and skills needed to create effective language learning materials are rarely part of teacher training, and are mostly learnt by trial and error.
Knowledge and skills frameworks, generally called competency frameworks, for ELT teachers, trainers and managers have existed for a few years now. However, until I created one for my MA dissertation, there wasn’t one drawing together what we need to know and do to be able to effectively produce language learning materials.
This webinar will introduce you to my framework, highlighting the key competencies I identified from my research. It will also show how anybody involved in language teaching (any language, not just English!), teacher training, managing schools or developing language learning materials can benefit from using the framework.
How to Make a Field invisible in Odoo 17Celine George
It is possible to hide or invisible some fields in odoo. Commonly using “invisible” attribute in the field definition to invisible the fields. This slide will show how to make a field invisible in odoo 17.
Synthetic Fiber Construction in lab .pptxPavel ( NSTU)
Synthetic fiber production is a fascinating and complex field that blends chemistry, engineering, and environmental science. By understanding these aspects, students can gain a comprehensive view of synthetic fiber production, its impact on society and the environment, and the potential for future innovations. Synthetic fibers play a crucial role in modern society, impacting various aspects of daily life, industry, and the environment. ynthetic fibers are integral to modern life, offering a range of benefits from cost-effectiveness and versatility to innovative applications and performance characteristics. While they pose environmental challenges, ongoing research and development aim to create more sustainable and eco-friendly alternatives. Understanding the importance of synthetic fibers helps in appreciating their role in the economy, industry, and daily life, while also emphasizing the need for sustainable practices and innovation.
Unit 8 - Information and Communication Technology (Paper I).pdfThiyagu K
This slides describes the basic concepts of ICT, basics of Email, Emerging Technology and Digital Initiatives in Education. This presentations aligns with the UGC Paper I syllabus.
The Art Pastor's Guide to Sabbath | Steve ThomasonSteve Thomason
What is the purpose of the Sabbath Law in the Torah. It is interesting to compare how the context of the law shifts from Exodus to Deuteronomy. Who gets to rest, and why?
1. AC1220 ACCOUNTING I
Lab 3.2
AC1220 Lab 3.2
Introduction
As a merchandising operation, Jake’s Computer Sales and
Repair must properly account for inventory. The business
purchases and sells inventory as part of its ordinary operations,
and so Jake must select an appropriate inventory costing
method. Several costing methods are acceptable under Generally
Accepted Accounting Principles (GAAP); Jake has narrowed
down the choices to two methods— first-in, first-out (FIFO) and
last-in, first-out (LIFO).
In analyzing the effect of each of these methods, Jake applies
the FIFO method and the LIFO method, in turn, to the inventory
purchase and sale transactions that occurred during the month of
May, 20x1.
The inventory transactions are as follows:
2. a. May 1, 20x1. The business reports a beginning inventory
balance of $13,744.
b. May 3, 20x1. Sold 55 units of inventory to customers for
$200 each.
c. May 3, 20x1. Purchased 70 A-line tablet computers at a cost
of $190 per unit.
d. May 8, 20x1. Sold 45 units to customers at $200 each.
e. May 25, 20x1. Purchased 20 units at a price of $194.
f. May 27, 20x1. Sold 58 units at $200 each.
Refer to these transactions as you work through the following
requirements.
Requirement 1
[60 Minutes]
a. Complete the following perpetual inventory record for the
month of May 20x1, using the FIFOmethod.
3. Purchases
Cost of Goods Sold
Inventory Available for Sale
Date
Quantity
Unit Cost
Total
Quantity
Unit Cost
FIFO Total
Quantity
Unit Cost
Total
May 1
79
$174
$13,744
3
3
5. Total
b. Make the appropriate journal entries for the transactions
given earlier. Assume that all transactions were for cash.
Annotations are not necessary.
5/3/x1
7. 5/25/x1
5/27/x1
c. Now complete the perpetual inventory record for the month
of May 20x1, using the LIFO method. Use the inventory
8. transactions described earlier.
Purchases
Cost of Goods Sold
Inventory Available for Sale
Date
Quantity
Unit Cost
Total
Quantity
Unit Cost
LIFO Total
Quantity
Unit Cost
Total
May 1
79
$174
$13,744
3
10. Total
d. Refer to the perpetual inventory records that you prepared in
Requirements a and c above. Jake would like to maximize
reported gross income by selecting an inventory-costing method
that yields a lower cost of goods sold. Will Jake select the
FIFO method or the LIFO method to account for inventory?
e. Assume that inventory originally costing the business
$35,000 is damaged and has an estimated market value of
around $7,000. Jake is unsure of how to report this inventory
on the balance sheet. Explain how Jake should report the
inventory in accordance with GAAP. Refer to at least one
specific accounting rule or principle in your explanation.
4
11. AC1220 ACCOUNTING I
Lab 3.1
AC1220 Lab 3.1
Introduction
In each of the first three months of operation, Jake’s Computer
Repair Service generates a small profit. Jones decides to sell
computers in addition to providing repair services and renames
the proprietorship Jake’s Computer Sales and Repair to reflect
this change. On April 1, 20x1, Jones enters into a purchase
agreement with a computer equipment supplier and places an
order for A-line tablet computers, a promising and affordable
new product that the business will offer to the public.
The following transactions occur during April 20x1:
a. April 2, 20x1. Jake deposits an additional $35,000 into the
business bank account in exchange for capital.
b. April 8, 20x1. The inventory shipment arrives at Jake’s
Computer Sales and Repair, and the invoice totals $28,000. The
12. total includes shipping costs amounting to $200. Jake pays for
the shipping costs upon delivery of the inventory. Shipping
terms are 2/10 net 30.
c. April 15, 20x1. Inventory costing $18,000 is sold to
customers for $20,700 (cash).
d. April 16, 20x1. Jake’s Computer Sales and Repair makes cash
payment in full settlement of inventory purchase on April 8; see
transaction b above—take credit terms into account.
e. April 18, 20x1. Another shipment of inventory arrives at
Jake’s Computer Sales and Repair, accompanied by the
following invoice:
PC Supplier, Inc.
5555 N Drive
Ganesville, ID
INVOICE NO.:109
April 18, 20x1
Ship to: Jake’s Computer Repair Service
7101 Summer Ln, Wembly, KA
Terms: 2/10 net 30
Quantity
Item Description
Unit Price
13. Total
150
A-line computer
$205.00
$30,750
TOTAL
$30,750
f. April 19, 20x1. Cash sales of inventory, $30,475 (cost:
$26,500).
g. April 20, 20x1. Sold inventory to customer on account
$10,810 (cost: $9,400). Credit terms on sales are: 3/15 net 30.
h. April 25, 20x1. Sales returns amounted to $1,265 (cost:
$1,100). Refunded returns with cash.
i. April 25, 20x1. Customer makes payment $5,000 on account
(see credit terms, April 20).
j. April 30, 20x1. Selling expenses amount to $1,980, and
general expenses total an additional $1,560 (cash).
k. April 30, 20x1. Purchased store furniture, $31,000 (cash).
l. April 30, 20x1. Jake makes a cash withdrawal of $1,500.
m. Service revenues total $2,400 for April 20x1 (all cash).
14. Requirement 1
Jake’s Computer Sales and Repair uses a perpetual inventory
system. Journal entries have been made for transactions a, b,
and c.
Journalize the remaining inventory transactions for April 20x1
in the space provided below:
DATE
REF
DEBIT
CREDIT
April 2
Cash
a
$35,000
Capital, Jones
a
$35,000
To record capital contribution
23. 30
m
m
Requirement 2
Jake prepares the following trial balance as of April 30, 20x1:
Account
Balance
Debit
Credit
Cash
$40,640
Accounts Receivable
$6,520
Supplies
$100
25. Cost of Goods Sold
$52,800
Selling Expenses
$1,980
General Expenses
$1,560
Total
$149,905
$149,905
a. Prepare a Multistep Income Statement for Jake’s Computer
Sales and Repair for the month ended April 30, 20x1. Fill in the
shaded cells in the following template, using the appropriate
revenue and expense amounts obtained from the trial balance
provided before:
Jake’s Computer Sales and Repair
INCOME STATEMENT
For the Month Ended April 30, 20x1
Sales Revenue
Less:
Net Sales Revenue
26. Gross Profit
Less:
Operating Income
Net Income
b. Compute the gross profit percentage for Jake’s Computer
Sales and Repair for the month ended April 30, 20x1, using the
appropriate amounts from the income statement prepared above.
The gross profit percentages for the main competitors of Jake’s
Computer Sales and Repair range from 0.05 to around 0.09. On
the basis of the gross profit percentage you compute, comment
briefly on the profitability of Jake’s Computer Sales and Repair
in relation to its competitors.
27. c. Compute the capital balance at Jake’s Computer Sales and
Repair as of April 30, 20x1, using data provided in the trial
balance and the appropriate items from the income statement
prepared earlier. Hint: recall the computation of ending capital
in the statement of owner’s equity.
6