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2. UMUC ACCT 220 Complete Course-Latest 2016 Feb
(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. 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.
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 - -

5. 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 - -
$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

6. 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
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

7. 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
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

8. 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 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

9. 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
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

10. 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
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

11. 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
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