This document provides information for the complete UMUC ACCT 220 course, including all discussions, quizzes, homework assignments, and the final exam from February 2016. It discusses selecting a publicly traded company to study, posting the company name and details in discussion forums, and analyzing the company's financial statements. The homework assignments guide the student through analyzing various sections of the company's 10-K report, including the income statement, balance sheet, statement of cash flows, and notes. The document is intended to provide all the materials to complete the course without having to purchase them separately.
Cmc often allows customers to finance the purchase of their products through ...year2k44
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CM Corporation (CMC) was founded in 2011 by Eric Conner and Phil Martin. The company designs, installs, and
services security systems for high-tech companies. The founders, who describe themselves as "entrepreneurial
geeks," met in a computer lab when they were teenagers and found they had common interests in working on
security systems for critical industries
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Final Paper
Focus of the Final Paper
Write a five to seven page financial statement analysis of a public company, and formatted according to APA style as outlined in the Ashford Writing Center. In this analysis you will discuss the financial health of this company with the ultimate goal of making a recommendation to other investors. Your paper should consist of the following sections: introduction, company overview, horizontal analysis, ratio analysis, final recommendation, and conclusions.
Here is a breakdown of the sections within the body of the assignment:
Company Overview
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Final Paper
Focus of the Final Paper
Write a five to seven page financial statement analysis of a public company, and formatted according to APA style as outlined in the Ashford Writing Center. In this analysis you will discuss the financial health of this company with the ultimate goal of making a recommendation to other investors. Your paper should consist of the following sections: introduction, company overview, horizontal analysis, ratio analysis, final recommendation, and conclusions.
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Final Paper
Focus of the Final Paper
Write a five to seven page financial statement analysis of a public company, and formatted according to APA style as outlined in the Ashford Writing Center. In this analysis
FOR MORE CLASSES VISIT
www.acc205outlet.com
Final Paper
Focus of the Final Paper
Write a five to seven page financial statement analysis of a public company, and formatted according to APA style as outlined in the Ashford Writing Center.
ACC 205 OUTLET Become Exceptional--acc205outlet.comkopiko119
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Final Paper
Focus of the Final Paper
Write a five to seven page financial statement analysis of a public company, and formatted according to APA style as outlined in the Ashford Writing Center. In this analysis
Cmc often allows customers to finance the purchase of their products through ...year2k44
FOR MORE CLASSES VISIT
www.tutorialoutlet.com
CM Corporation (CMC) was founded in 2011 by Eric Conner and Phil Martin. The company designs, installs, and
services security systems for high-tech companies. The founders, who describe themselves as "entrepreneurial
geeks," met in a computer lab when they were teenagers and found they had common interests in working on
security systems for critical industries
FOR MORE CLASSES VISIT
www.acc205outlet.com
Final Paper
Focus of the Final Paper
Write a five to seven page financial statement analysis of a public company, and formatted according to APA style as outlined in the Ashford Writing Center. In this analysis you will discuss the financial health of this company with the ultimate goal of making a recommendation to other investors. Your paper should consist of the following sections: introduction, company overview, horizontal analysis, ratio analysis, final recommendation, and conclusions.
Here is a breakdown of the sections within the body of the assignment:
Company Overview
FOR MORE CLASSES VISIT
www.acc205outlet.com
Final Paper
Focus of the Final Paper
Write a five to seven page financial statement analysis of a public company, and formatted according to APA style as outlined in the Ashford Writing Center. In this analysis you will discuss the financial health of this company with the ultimate goal of making a recommendation to other investors. Your paper should consist of the following sections: introduction, company overview, horizontal analysis, ratio analysis, final recommendation, and conclusions.
ACC 205 OUTLET Education for Service--acc205outlet.comkopiko55
FOR MORE CLASSES VISIT
www.acc205outlet.com
Final Paper
Focus of the Final Paper
Write a five to seven page financial statement analysis of a public company, and formatted according to APA style as outlined in the Ashford Writing Center. In this analysis
FOR MORE CLASSES VISIT
www.acc205outlet.com
Final Paper
Focus of the Final Paper
Write a five to seven page financial statement analysis of a public company, and formatted according to APA style as outlined in the Ashford Writing Center.
ACC 205 OUTLET Become Exceptional--acc205outlet.comkopiko119
FOR MORE CLASSES VISIT
www.acc205outlet.com
Final Paper
Focus of the Final Paper
Write a five to seven page financial statement analysis of a public company, and formatted according to APA style as outlined in the Ashford Writing Center. In this analysis
ACCT 504 MART Education for Service--acct504mart.comkopiko58
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Case Study 1 (Part A)Analyze the impact of business transactions on accounts; record (journalize and post) transactions in the books; construct and use a trial balance)
ACCT 504 MART Knowledge Specialist--acct504mart.comchrysanthemu80
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Case Study 1 (Part A)Analyze the impact of business transactions on accounts; record (journalize and post) transactions in the books; construct and use a trial balance) During the first month of operation of Gordon Construction, Inc., completed the following transactions:June2Gordon received $55,000 cash and issued common stock to the
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Case Study 1 (Part A)Analyze the impact of business transactions on accounts; record (journalize and post) transactions in the books; construct and use a trial balance)
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Case Study 1 (Part A)Analyze the impact of business transactions on accounts; record (journalize and post) transactions in the books; construct and use a trial balance) During
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Case Study 1 (Part A)Analyze the impact of business transactions on accounts; record (journalize and post) transactions in the books; construct and use a trial balance) During the first month of operation of Gordon Construction, Inc., completed the following transactions:June2Gordon received $55,000 cash
ACCT 504 MART Education Planning--acct504mart.comRahulchaud23
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Case Study 1 (Part A)Analyze the impact of business transactions on accounts; record (journalize and post) transactions in the books; construct and use a trial balance) During the first month of operation of Gordon Construction, Inc., completed the following transactions:June2Gordon received $55,000 cash and issued common stock to the stockholders.3 Purchased supplies, $3,000, and equipment, $5,200, on account.4 Performed services for a client and received cash, $6,300.7 Paid cash to acquire land, $37,000.11 Performed services for a customer and billed
ACC644 Financial Statement Analysis
Comprehensive Project
OBJECTIVE
Financial Statement Analysis project involves a team of students analyzing financial statements of two (2) companies from the same industry and prepare a written analysis as well as recommendations.
ADDITIONAL RESOURCES
In addition to these guidelines, additional information is provided on the company’s Web site, library databases and the textbook including: formulas and guidelines for calculations, information about the two (2) companies being analyzed, and any special considerations related to the specific companies or current economic conditions.
DESCRIPTION
The team will be analyzing each company’s annual report (10-K filing), which serves as a “résumé” of a corporation. The Generally Accepted Accounting Principles (GAAP) and the Securities and Exchange Commission (SEC) provide much of the information in corporate annual reports and in the 10-K. Specifically, GAAP requires annual reports to disclose four financial statements: a Balance Sheet, a Statement of Cash Flows, an Income Statement and a Statement of Retained Earnings.
FINANCIAL STATEMENT ANALYSIS PROJECT
Spring 2015
FORMAT FOR PROJECT:
TITLE PAGE
The first page of the project is the title page, which lists the following:
• FINANCIAL STATEMENT ANALYSIS PROJECT
• Analysts’ (Participants’) Names
• Date
The body of the project must consist of the following six (6) sections - clearly marked.
SECTION 1: EXECUTIVE SUMMARY
In this section provide a brief overview of each of the two corporations. Participants are not limited but, at a minimum, should provide the following information for both companies:
• Official name of the corporation
• Location of the corporate headquarters
• The state in which the company is incorporated
• Company Internet address
• Stock symbol of the corporation and the exchange on which it is traded
• Fiscal year-end of the corporation
• Date of the 10-K filing according to the financial statements provided
• The company’s independent accountant/auditor
• The primary products(s) and/or services (s) of the corporation
SECTION 2: BALANCE SHEET ANALYSIS
1. Using elements listed on your company’s balance sheet, prepare a common size balance sheet using the following format. (Vertical Analysis Chapter 5)
COMPANY #1
Account
Current Year
%
Prior Year
‘ %
COMPANY #2
Account
Current Year
%
Prior Year
‘ %
2. Using elements listed on your company’s balance sheet calculate the increase or decrease in dollars and percent between the years using the following format. (Year to Year Change Analysis Chapter 5)
COMPANY #1
Account
Current Year
Prior Year
+/- $
%
COMPANY #2
Account
Current Year
Prior Year
+/- $
%
3. Using elements listed on your company’s balance sheet calculate the ratios and amounts using two years prior as the base year (100%) using the following format. Your answers should all be in percentages (Horizontal Analysis Chapter 5).
.
Acct 503 Social Responsibility / tutorialrank.comPrescottLunt432
For more course tutorials visit
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Case Study 1 (Part A)
Analyze the impact of business transactions on accounts; record (journalize and post) transactions in the books; construct and use a trial balance) During the first month of operation of Gordon Construction, Inc., completed the following transactions:
June
2
For more course tutorials visit
www.newtonhelp.com
Case Study 1 (Part A)
Analyze the impact of business transactions on accounts; record (journalize and post) transactions in the books; construct and use a trial balance) During the first month of operation of Gordon Construction, Inc., completed the following transactions:
June
For more course tutorials visit
www.newtonhelp.com
Case Study 1 (Part A)
Analyze the impact of business transactions on accounts; record (journalize and post) transactions in the books;
For more course tutorials visit
www.tutorialrank.com
Case Study 1 (Part A)
Analyze the impact of business transactions on accounts; record (journalize and post) transactions in the books; construct and use a trial balance) During the first month of operation of Gordon Construction, Inc., completed the following transactions:
June
For more course tutorials visit
www.acct504.com
Case Study 1 (Part A)
Analyze the impact of business transactions on accounts; record (journalize and post) transactions in the books; construct and use a trial balance) During the first
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Case Study 1 (Part A)Analyze the impact of business transactions on accounts; record (journalize and post) transactions in the books; construct and use a trial balance)
ACCT 504 MART Knowledge Specialist--acct504mart.comchrysanthemu80
FOR MORE CLASSES VISIT
www.acct504mart.com
Case Study 1 (Part A)Analyze the impact of business transactions on accounts; record (journalize and post) transactions in the books; construct and use a trial balance) During the first month of operation of Gordon Construction, Inc., completed the following transactions:June2Gordon received $55,000 cash and issued common stock to the
ACCT 504 MART Redefined Education--acct504mart.comkopiko168
FOR MORE CLASSES VISIT
www.acct504mart.com
Case Study 1 (Part A)Analyze the impact of business transactions on accounts; record (journalize and post) transactions in the books; construct and use a trial balance)
ACCT 504 MART Become Exceptional--acct504mart.comkopiko122
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Case Study 1 (Part A)Analyze the impact of business transactions on accounts; record (journalize and post) transactions in the books; construct and use a trial balance) During
ACCT 504 MART Remember Education--acct504mart.comchrysanthemu8
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Case Study 1 (Part A)Analyze the impact of business transactions on accounts; record (journalize and post) transactions in the books; construct and use a trial balance) During the first month of operation of Gordon Construction, Inc., completed the following transactions:June2Gordon received $55,000 cash
ACCT 504 MART Education Planning--acct504mart.comRahulchaud23
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Case Study 1 (Part A)Analyze the impact of business transactions on accounts; record (journalize and post) transactions in the books; construct and use a trial balance) During the first month of operation of Gordon Construction, Inc., completed the following transactions:June2Gordon received $55,000 cash and issued common stock to the stockholders.3 Purchased supplies, $3,000, and equipment, $5,200, on account.4 Performed services for a client and received cash, $6,300.7 Paid cash to acquire land, $37,000.11 Performed services for a customer and billed
ACC644 Financial Statement Analysis
Comprehensive Project
OBJECTIVE
Financial Statement Analysis project involves a team of students analyzing financial statements of two (2) companies from the same industry and prepare a written analysis as well as recommendations.
ADDITIONAL RESOURCES
In addition to these guidelines, additional information is provided on the company’s Web site, library databases and the textbook including: formulas and guidelines for calculations, information about the two (2) companies being analyzed, and any special considerations related to the specific companies or current economic conditions.
DESCRIPTION
The team will be analyzing each company’s annual report (10-K filing), which serves as a “résumé” of a corporation. The Generally Accepted Accounting Principles (GAAP) and the Securities and Exchange Commission (SEC) provide much of the information in corporate annual reports and in the 10-K. Specifically, GAAP requires annual reports to disclose four financial statements: a Balance Sheet, a Statement of Cash Flows, an Income Statement and a Statement of Retained Earnings.
FINANCIAL STATEMENT ANALYSIS PROJECT
Spring 2015
FORMAT FOR PROJECT:
TITLE PAGE
The first page of the project is the title page, which lists the following:
• FINANCIAL STATEMENT ANALYSIS PROJECT
• Analysts’ (Participants’) Names
• Date
The body of the project must consist of the following six (6) sections - clearly marked.
SECTION 1: EXECUTIVE SUMMARY
In this section provide a brief overview of each of the two corporations. Participants are not limited but, at a minimum, should provide the following information for both companies:
• Official name of the corporation
• Location of the corporate headquarters
• The state in which the company is incorporated
• Company Internet address
• Stock symbol of the corporation and the exchange on which it is traded
• Fiscal year-end of the corporation
• Date of the 10-K filing according to the financial statements provided
• The company’s independent accountant/auditor
• The primary products(s) and/or services (s) of the corporation
SECTION 2: BALANCE SHEET ANALYSIS
1. Using elements listed on your company’s balance sheet, prepare a common size balance sheet using the following format. (Vertical Analysis Chapter 5)
COMPANY #1
Account
Current Year
%
Prior Year
‘ %
COMPANY #2
Account
Current Year
%
Prior Year
‘ %
2. Using elements listed on your company’s balance sheet calculate the increase or decrease in dollars and percent between the years using the following format. (Year to Year Change Analysis Chapter 5)
COMPANY #1
Account
Current Year
Prior Year
+/- $
%
COMPANY #2
Account
Current Year
Prior Year
+/- $
%
3. Using elements listed on your company’s balance sheet calculate the ratios and amounts using two years prior as the base year (100%) using the following format. Your answers should all be in percentages (Horizontal Analysis Chapter 5).
.
Acct 503 Social Responsibility / tutorialrank.comPrescottLunt432
For more course tutorials visit
www.tutorialrank.com
Case Study 1 (Part A)
Analyze the impact of business transactions on accounts; record (journalize and post) transactions in the books; construct and use a trial balance) During the first month of operation of Gordon Construction, Inc., completed the following transactions:
June
2
For more course tutorials visit
www.newtonhelp.com
Case Study 1 (Part A)
Analyze the impact of business transactions on accounts; record (journalize and post) transactions in the books; construct and use a trial balance) During the first month of operation of Gordon Construction, Inc., completed the following transactions:
June
For more course tutorials visit
www.newtonhelp.com
Case Study 1 (Part A)
Analyze the impact of business transactions on accounts; record (journalize and post) transactions in the books;
For more course tutorials visit
www.tutorialrank.com
Case Study 1 (Part A)
Analyze the impact of business transactions on accounts; record (journalize and post) transactions in the books; construct and use a trial balance) During the first month of operation of Gordon Construction, Inc., completed the following transactions:
June
For more course tutorials visit
www.acct504.com
Case Study 1 (Part A)
Analyze the impact of business transactions on accounts; record (journalize and post) transactions in the books; construct and use a trial balance) During the first
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(All Discussion All Quizes All Homework And Final)
Question
discussion
week1
Select a publicly traded U.S. corporation you would like to study this semester and ask the professor for permission by
posting a response here. You may search for the name of your company and Investor Relations and look for SEC Filings
Your corporation must meet the following criteria:
1. It must have an SEC 10-K report for the current or most recent prior year.
2. It must have an Accounts Receivable and Inventory account.
Your corporation may NOT
1. be the same corporation you used for SEC projects in other courses
2. be the same corporation a classmate selected
3. be a bank or any other type of financial institution
Discussion Requirements
1. Write the name of the corporation, the stock market where it is traded, and its ticker symbol in the Subject line when you
respond to this posting and all other postings related to this project.
For example:
Under Armour; NYSE: UA
Apple; NASDAQ: APPL
Exxon Mobile; NYSE: XOM
2. State why you want to study and prepare a financial analysis of your corporation.
Provide a direct link to your corporation's SEC 10-K report for the most recent year. A direct link is a hyperlink that takes
you directly to a website where the SEC 10-K report is located. For example, this is the direct link to the 2015 SEC 10-K
report for Apple, Inc.:https://www.sec.gov/Archives/edgar/data/320193/000119312515356351/d17062d10k.htm
The most direct route to finding the direct link is to use the SEC EDGAR System and search by Company name. The
following link is a good place to start your search:
http://www.sec.gov/edgar/searchedgar/companysearch.html
3. State your corporation's position on the Fortune 500 List for the current year.
4. Provide page numbers for all four required financial statements:
Income Statement (Hint: It could be listed as the Consolidated Statements of Income.)
Balance Sheet (Hint: It could be listed as the Consolidated Balance Sheet or Statement of Financial Position.)
Statement of Stockholders Equity (Hint: It could be listed as the Consolidated Statements of Stockholder's Equity or
Consolidated Statements of Stockholder's Deficit.)
Statement of Cash Flows
week 2
Read the prompt below and click the title above to respond.
1. Locate the Income Statement (may have a different heading such as Statement of Consolidated Operations). Hint: First
line should relate to Revenue.
** What is the Description and Dollar Value of the first line on the Income Statement (it may be net sales)?
2. Locate the Balance Sheet (it may have a different heading, such as the Statement of Financial Position).
** What are the names of the assets and their values (if more than five line items, report only the first five line items and
dollar values).
3. Take care with the concept of $ dollars. Many financial statements are expressed in millions of $. You would report $895
million for the value $895,000,000. Be a very careful reader.
4. Statement of Owners' Equity: Post the line items and dollar values in the Equity
5. section of the balance sheet. You will likely find line items including Common Stock, Retained Earnings (or Deficit),
and Treasury Stock.
6. Always include the name of your SEC 10-K company in the subject line and the link to your SEC 10-K financial
statement when posting.
7. What is the Net Income (or Net Loss) for your SEC 10-K company?
3. week 3
Read the Notes to the Financial Statements (FS) for your SEC 10-K company. These notes are displayed after the financial
statements.
1. Note 1 includes accounting information. What is the fiscal year for your SEC 10-K Company? This may be June 30 each
year, or it may be the Sunday closest to the last day of January, or some other description.
2. Inventory: How is Inventory described for your SEC 10-K company? LIFO, FIFO, and/or average cost? Relate your
answer to topics in our course.
3. Income Statement: Is it a single-step or multi-step income statement?
4. Calculate the Gross Profit and Gross Profit Percentage for this year and last year, creating a small table, such as the
following:
This Year
Last Year
Net Sales
$1,200
$1,400
Cost of Goods Sold
800
1,200
Gross Profit
400
200
Gross Profit Percentage
33%
14%
In the example above, sales decreased, gross profit increased, and the gross profit percentage increased. Therefore, sales
are more profitable. We made 33 cents of gross profit on every dollar of sales this year, but only 14 cents of gross profit on
every dollar of sales last year. Sales decreased, but sales are actually generating more profit overall, both as an absolute
dollar value and as a percentage.
Your description may be different, but these are comments you might make for this posting and in your SEC 10-K paper
and project.
week 5
Read the prompt below and click the title above to respond.
Using the SEC 10-K for your company, answer the following questions:
1. Reading the notes to the financial statements, as well as the balance sheet, post information about the Accounts
Receivable for your company. Who owes the company money?
2. Search for the phrase Bad Debts or Allowance (for collectible accounts). When you read the balance sheet, you may see
that the receivables are listed as a net of $x,xxx to show the Allowance for Bad Debts. Comment about the changes in
Accounts Receivable and the Allowance for Bad Debts. Are they increasing or decreasing? How does this relate to sales
(are sales increasing or decreasing)?
3. Property, Plants, and Equipment / PPE (Capital Assets; Fixed Assets): Comment about PPE and accumulated
depreciation. How are these values changing from year to year: PPE, Accumulated Depreciation, and Net PPE?
week 6
Read the guidelines below for peer review and click the title to respond.
Participating in the Peer Review process serves four purposes:
1) Each student has an opportunity to learn about another corporation.
2) Providing detailed and constructive feedback results in higher grades for all students.
3) Seeing how other students approached the project may provide insight for your to improve your project.
4) At your discretion, you have an opportunity to edit your project before submitting it for a grade.
To participate in the SEC 10K Peer Review process, post a draft of one or both documents as a response to this discussion
topic.
4. Ask for and volunteer to provide detailed and constructive to one or more of your classmates.
week 1
There are two problems on this assignment. Page down further after you complete problem 1.
Problem 1
Record the following journal entries below. The first two are done for you as examples.
Date Event
02-01-2016 Amanda Smith invested $20,000 cash in capital stock of newly formed corporation
04-01-2016 Purchased equipment on account for $15,000. Note that when you see on account it means the customer will
pay later.
12-01-2016 Received $30,000 from customers for services rendered. This was not previously billed to customer.
15-01-2016 Received a bill for construction supplies used in the amount of $4,000.
18-01-2016 Provided $6,400 of services on account.
20-01-2016 Paid employees $4,600 for wages earned.
22-01-2016 Collected the amount due for work provided on January 18.
23-01-2016 Paid the amount due on equipment purchased on January 4.
25-01-2016 Purchased (and used immediately) construction supplies for cash in the amount of $1,200.
31-01-2016 The company paid Amanda Smith a $3,000 dividend
GENERAL JOURNAL
DATE ACCOUNT DEBIT CREDIT
02-01-2016 Cash 20,000
Capital Stock 20,000
Issued stock to Amanda Smith for cash
04-01-2016 Equipment 15,000
Accounts Payable 15,000
Purchased equipment on account
week 2
Review the unadjusted trial balance below and prepare adjusting journal entries to record the various described items
below. Record in the space provided at the bottom of this spreadsheet. After completing journal entries, complete the
adjusted trial balance below. Lastly complete the income statement, balance sheet and statement of retained earnings.
The balance sheet must balance. The accounting equation is Assets = Liabilities + Equity.
Baltimore Corporation
Unadjusted Trial Balance
January 31, 2016
Debits Credits
Cash $37,500 $-
Accounts receivable 12,410 -
Prepaid insurance 2,400 -
Supplies inventory 7,113 -
Equipment 35,000 -
Accumulated depreciation - 10,000
Accounts payable - 7,569
Salaries payable - -
Interest payable - -
Unearned revenue - 8,500
Loan payable - 11,500
Capital stock - 25,000
Retained earnings, Jan. 1 - 15,457
Revenues - 43,995
Depreciation expense - -
Interest expense - -
Insurance expense - -
Office expense 2,500 -
Rent expense 13,000 -
Salary expense 12,098 -
Supplies expense - -
Utilities expense - -
5. $1,22,021 $1,22,021
1 Belair Corporation's equipment had an original life of 140 months, and the straight-line depreciation method is used.
As of January 1, the equipment was 40 months old. The equipment will be worthless at the end of its useful life.
2 As of the end of the month, Belair Corporation has provided services to customers for which the earnings process is
complete.
Formal billings are normally sent out on the first day of each month for the prior month's work. January's unbilled work is
$25,000.
3 Utilities used during January, for which bills will soon be forthcoming from providers, are estimated at $1,500.
4 A review of supplies on hand at the end of the month revealed items costing $3,500.
5 The $2,400 balance in prepaid insurance was for a 6-month policy running from January 1 to June 30.
6 The unearned revenue was collected in December of 2014. 60% of that amount was actually earned in January, with the
remainder to be earned in February.
7 The loan accrues interest at 1% per month. No interest was paid in January.
8 At month end, salaries of $2,120 have been earned but not paid.
JE # ACCOUNT DEBIT CREDIT
1
2
3
4
5
6
7
8
Baltimore Corporation
Adjusted Trial Balance
January 31, 2016
Debits Credits
Cash
Accounts receivable
Prepaid insurance
Supplies inventory
Equipment
Accumulated depreciation
Accounts payable
Salaries payable
Interest payable
6. Unearned revenue
Loan payable
Capital stock
Retained earnings, Jan. 1
Revenues
Depreciation expense
Insurance expense
Interest expense
Office expense
Rent expense
Salary expense
Supplies expense
Utilities expense
$- $-
Baltimore Corporation
Income Statement
For the month ended January 31, 2016
Baltimore Corporation
Balance Sheet
January 31, 2016
Baltimore Corporation
Statement of Retained Earnings
As of January 31, 2015
week 3
There are two homework problems this week. The first is below and the second one is on the second tab at the bottom left
of the screen
Below you will see an unadjusted trial balance run at year end followed by information needed to make adjusting entries.
Baltimore Glass Company
Trial Balance
December 31, 2015
Acct.
No. Account Title Debit Credit
101 Cash 88,450
110 Accounts Receivable 1,95,613
120 Merchandise Inventory 2,56,250
125 Supplies on Hand 3,252
130 Prepaid Insurance 3,500
131 Prepaid Rent 7,500
150 Equipment 1,75,285
160 Accumulated Depreciation 24,260
202 Accounts Payable 72,555
210 Wages Payable -
301 Capital Stock 2,20,000
302 Retained Earnings, January 1 2,11,144
401 Sales 9,98,250
405 Sales Returns and Allowances 5,145
410 Interest Income 1,500
500 Purchases 5,60,880
501 Purchases Discounts 4,080
502 Purchases Returns and Allowances 1,200
505 Freight In 4,580
520 Advertising Expense 1,000
530 Sales Salaries Expense 88,600
532 Supplies Expense -
540 Office Salaries Expense 1,24,500
550 Utilities Expense 8,594
555 Insurance Expense -
560 Professional Fees Expense 3,000
570 Depreciation Expense -
580 Interest Expense 6,840
7. 15,32,989 15,32,989
Adjusting items:
1. The remaining prepaid insurance at year end is $3,000
2. A physical inventory shows supplies on hand of $2,000 at year end
3. The prepaid rent of $7,500 covers January 2015 rent
4. Depreciation on equipment is $12,000 for the year
5. At year end sales salaries of $3,000 were earned but unpaid
6. At year end office salaries of $4,000 were earned but unpaid
7. Inventory items with a cost of $35,400 were received on the last day of the year but no invoice was received yet.
8. A physical count of inventory shows a value of $219,100. The periodic inventory method is used.
Do the following requirements below. Create proper headings for each statement.
1. Record adjusting journal entries from information above. It is possible that an item may not require an entry
2. Prepare an adjusted trial balance including the adjusting entries made
3. Prepare a classified income statement. Supplies is a sales expense. January 1 inventory was $219,115.
4. Prepare a statement of retained earnings
5. Prepare a classified balance sheet
6. Prepare closing journal entries
Account # Account Title debit credit
`Baltimore Glass Company
Trial Balance
42369
Acct.
No. Account Title Debit Credit
101 Cash
110 Accounts Receivable
120 Merchandise Inventory
125 Supplies on Hand
130 Prepaid Insurance
131 Prepaid Rent
150 Equipment
160 Accumulated Depreciation
202 Accounts Payable
210 Wages Payable
301 Capital Stock
302 Retained Earnings, January 1
401 Sales
405 Sales Returns and Allowances
410 Interest Income
500 Purchases
501 Purchases Discounts
502 Purchases Returns and Allowances
505 Freight In
520 Advertising Expense
530 Sales Salaries Expense
532 Supplies Expense
540 Office Salaries Expense
550 Utilities Expense
555 Insurance Expense
560 Professional Fees Expense
570 Depreciation Expense
580 Interest Expense
0 0
Baltimore Glass Company
Income Statement
For the Year Ended 12/31/2015
Note on utilities, insurance, professional fees - I did not indicate where these expenses belonged so you may have put
some in selling expense also.
Note on depreciation - I did note indicate where this went so some of it could have gone to selling expense or even to cost
8. of goods sold
You would have needed more information to determine that
Note on interest - you could have combined as I did or shown them as separate items.
Baltimore Glass Company
Statement of Retained Earnings
For the Year Ended 12/31/2014
You could have skipped the line for dividends and had just three lines on the statement since it was zero.
Baltimore Glass Company
Balance Sheet
42369
Closing Entries zero out income statement accounts for new year
There are two problems this week. Click on the tab at the bottom of the spreadsheet to see problem 2.
Compute the ending inventory using the FIFO and the weighted average method below. These are the same transactions
used in week 3 homework:
units price
01-Jan Beginning inventory 3,500 $3.00
14-Jan Bought 1,500 $3.15
05-Feb Sold 1,000
22-Feb Bought 2,000 $3.20
07-Mar Sold 1,500
15-Mar Sold 2,000
05-Apr Bought 1,000 $3.25
10-Apr Sold 800
12-Apr Sold 800
22-Apr Sold 500
04-May Sold 600
10-May Bought 2,000 $3.30
25-May Sold 500
FIFO method (scroll down for Weighted Average entry area)
Purchased Sold Balance
Date units cost total units cost total units cost total
01-Jan 3500 $3.00 $10,500.00
Weighted Average Method
Purchased Sold Balance
Date units cost total units cost total units cost total
01-Jan 3500 $3.000 $10,500.00
week 4
There are two problems this week. Click on the tab at the bottom of the spreadsheet to see problem 2.
Compute the ending inventory using the FIFO and the weighted average method below. These are the same transactions
used in week 3 homework:
units price
01-Jan Beginning inventory 3,500 $3.00
14-Jan Bought 1,500 $3.15
05-Feb Sold 1,000
22-Feb Bought 2,000 $3.20
07-Mar Sold 1,500
15-Mar Sold 2,000
05-Apr Bought 1,000 $3.25
10-Apr Sold 800
12-Apr Sold 800
22-Apr Sold 500
04-May Sold 600
10-May Bought 2,000 $3.30
25-May Sold 500
FIFO method (scroll down for Weighted Average entry area)
Purchased Sold Balance
9. Date units cost total units cost total units cost total
01-Jan 3500 $3.00 $10,500.00
Weighted Average Method
Purchased Sold Balance
Date units cost total units cost total units cost total
01-Jan 3500 $3.000 $10,500.00
There are two problems this week. Click on the tab at the bottom of the spreadsheet to see problem 2.
Compute the ending inventory using the FIFO and the weighted average method below. These are the same transactions
used in week 3 homework:
units price
01-Jan Beginning inventory 3,500 $3.00
14-Jan Bought 1,500 $3.15
05-Feb Sold 1,000
22-Feb Bought 2,000 $3.20
07-Mar Sold 1,500
15-Mar Sold 2,000
05-Apr Bought 1,000 $3.25
10-Apr Sold 800
12-Apr Sold 800
22-Apr Sold 500
04-May Sold 600
10-May Bought 2,000 $3.30
25-May Sold 500
FIFO method (scroll down for Weighted Average entry area)
Purchased Sold Balance
Date units cost total units cost total units cost total
01-Jan 3500 $3.00 $10,500.00
Weighted Average Method
Purchased Sold Balance
Date units cost total units cost total units cost total
01-Jan 3500 $3.000 $10,500.00
week 5
There are two problems this week. Click on the tab at the bottom of the spreadsheet to see problem 2.
Compute the ending inventory using the FIFO and the weighted average method below. These are the same transactions
used in week 3 homework:
units price
01-Jan Beginning inventory 3,500 $3.00
14-Jan Bought 1,500 $3.15
05-Feb Sold 1,000
22-Feb Bought 2,000 $3.20
07-Mar Sold 1,500
15-Mar Sold 2,000
05-Apr Bought 1,000 $3.25
10-Apr Sold 800
12-Apr Sold 800
22-Apr Sold 500
04-May Sold 600
10-May Bought 2,000 $3.30
25-May Sold 500
FIFO method (scroll down for Weighted Average entry area)
Purchased Sold Balance
Date units cost total units cost total units cost total
01-Jan 3500 $3.00 $10,500.00
Weighted Average Method
10. Purchased Sold Balance
Date units cost total units cost total units cost total
01-Jan 3500 $3.000 $10,500.00
For each of the items below, state if the lease is an operating lease or a capital lease
Reminder: Lessor is the party that owns the item, Lessee is the party using the item
The lessee reports the leased asset on its balance sheet
Payments are reported fully as rent expense
Ownership of the property passes to the lessee by the end of the lease term
The lease term is at least 75% of the remaining life of the property
Interest expense is measured and reported by the lessee
Depreciation of the leased asset is not reported by the lessee
At the inception of the lease, the lessee records both an asset and liability
The lessee reports a liability for the present value of all future payments anticipated under the lease agreement
The lessor continues to report the tangible asset covered by the lease on its balance sheet
Listed below are nine fixed asset transactions. Record the journal entries. Dates and descriptions are not required. The only
account titles you will need are listed:
Account titles:
Cash
Land
Land Improvements
Building
Equipment
Expense (determine expense account title)
Prepaid account (determine full account title)
Paid $2,500 for one year insurance coverage on equipment
Paid $7,500 for trees and shrubs
Paid $500 attorney's fees for document preparation related to land purchase
Paid $150,000 for land and building. The land was separately valued at $40,000, and the building at $120,000. Hint - the
cash is only $150,000 and the entry must balance.
Paid $1,000 freight costs on purchase of new furniture
Paid $300 for staplers, trash cans, and desktop mats
Ordered new $50,000 truck, to be delivered and paid for in the future
Paid $10,000 of interest costs on loan on active building construction project
Paid $25,000 to expand parking lot paving
Depreciation
Ace Specialties bought a delivery truck for $40,000 cash. The expected useful life is 5 years and the salvage value is
$5,000.
Ace uses a calendar year and the truck was purchased on July 1, 2015.
Calculate the depreciation for each year using the straight line method and the double declining balance method.
Show the journal entry for year one for the double declining balance method.
Straight line method
11. year depreciation remaining book value
2015
2016
2017
2018
2019
2020
2021
Double declining balance method
year depreciation remaining book value
2015
2016
2017
2018
2019
2020
2021
Journal Entry
date account
week 6