ACCT220 Full course latest all discussion, quizzes , homework and final

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ACCT220 Full course latest all discussion, quizzes , homework and final Click Link Below To Buy: http://hwcampus.com/shop/acct220-full-course-latest-discussion-quizzes-homework-final/ Contact Us: Hwcoursehelp@gmail.com 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: o Under Armour; NYSE: UA o Apple; NASDAQ: APPL o 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: o Income Statement (Hint: It could be listed as the Consolidated Statements of Income.) o Balance Sheet (Hint: It could be listed as the Consolidated Balance Sheet or Statement of Financial Position.) o Statement of Stockholders Equity (Hint: It could be listed as the Consolidated Statements of Stockholder's Equity or Consolidated Statements of Stockholder's Deficit.) o 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" section of the balance sheet. You will likely find line items including Common Stock, Retained Earnings (or Deficit), and Treasury Stock. 5. 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. 6. What is the Net Income (or Net Loss) for your SEC 10-K company? 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. 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 - - $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 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 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 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 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 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 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 debit credit 31-12-2015 week 6 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 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 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 debit credit 31-12-2015 There are two pThere 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 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 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 debit credit 31-12-2015 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 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 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 debit credit 31-12-2015 rowblems this week. Clickweeek 7 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 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 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 debit credit 31-12-2015 week 8 Hide Folder Information Folder Week 8 Homework Assignment Instructions For the Week 8 homework assignment, you will create, save, and submit a Microsoft Word document that covers the topics listed below. Always include your name and a descriptive title in the file name. Essay Topics for You to Prepare 1. Fraud Detection and Deterrence (www.acfe.com) 2. Internal Control (COSA: see www.theiia.org) 3. Certification: CFE, CIA, and CISA (return to www.isaca.org) Following your review of course materials this week, using the websites above, create an essay of at least three pages (one for each of the topics above). Relate these topics to our course material for Principles of Accounting I. Your essay should be single-spaced, with double spacing between paragraphs. Use headers within the document. We are writing business reports, not double-spaced academic papers. Tell a story. Explain the concepts. Use APA style for citations and create a works cited list. Your paper should be adequate. Fewer than three pages is not long enough; seven pages is too long. Consider the question and decide: what would you want to know? Include website references in your essay. This is not a business proposal, but it is not a casual reflective essay. The goal is to research, consider, and report what you know about these topics. The concept of COBIT is related to each topic. ISACA's "A COBIT 5 Overview" (http://www.isaca.org/COBIT/Documents/A-COBIT-5-Overview.pdf) is a key resource for your overall comments and "framing" of the three topics. Why audit? We will either be the auditor or be audited. We must understand internal control and the management of risk. The management of risk is everyone's responsibility. We are building your vocabulary. You can use the above concepts—especially the paragraph on "Why audit?"—without reference. A good item for your works cited list: UMUC ACCT 220 Course Materials. Ask questions. Spell check. Write, read, and edit. Take care with word selection and sentence structure, For all submissions in our class, use your own words. Show what you know! quizes Question 1 4 / 4 points Generally Accepted Accounting Principles (GAAP) allow companies to issue financial statements, using either the cash basis or the accrual basis of accounting, depending on their needs. Question options: True False View Feedback Question 2 4 / 4 points Adjusting entries are done to make sure that expenses and revenues are recorded in the proper accounting period. Question options: True False View Feedback Question 3 0 / 4 points A single journal entry must debit only one account and credit only one account for the same amount so that the entry is in balance. Question options: True False View Feedback Question 4 4 / 4 points The current ratio is cash divided by current liabilities. Question options: True False View Feedback Question 5 4 / 4 points Materiality is subjective. One company may consider $1,000 material and another company may not. Question options: True False View Feedback Multiple Choice Select the best answer for each of the following questions. Question 6 4 / 4 points Revenues are recorded when _______________. Question options: goods or services are delivered to the customer the check has cleared and the money is available for use a check is received from a customer a contract is signed View Feedback Question 7 4 / 4 points Which of the following is NOT a liability? Question options: unearned revenue long-term debt accumulated depreciation accounts payable View Feedback Question 8 4 / 4 points Management failing to reveal a default on a loan agreement will have violated what principle? Question options: cost principle ethics principle matching principle full-disclosure principle View Feedback Question 9 4 / 4 points Expenses are recorded in the same period that related revenue is recorded, according to the _______________. Question options: revenue-recognition principle matching principle accounting equation cost principle View Feedback Question 10 4 / 4 points The percentage-of-completion method recognizes revenue _______________. Question options: at the end of the entire project for a multi-year contract at 10% per month based on an estimate of the portion of work complete when the contracted work has begun View Feedback Question 11 0 / 4 points An asset cost $14,400 and is expected to last 8 years, at which time it will be sold for a scrap value of $2,400. Using straight-line depreciation, the monthly depreciation journal entry would be _______________. Question options: debit depreciation expense and credit accumulated depreciation for $150 debit depreciation expense and credit accumulated depreciation for $125 debit accumulated depreciation and credit depreciation expense for $125 debit accumulated depreciation and credit depreciation expense for $150 View Feedback Question 12 4 / 4 points When money is collected from a customer previously billed, we _______________. Question options: credit cash and debit accounts receivable credit accounts payable and debit cash credit cash and debit accounts payable debit cash and credit accounts receivable View Feedback Question 13 4 / 4 points Which event will have the effect of increasing retained earnings? Question options: a customer pays us for a bill we sent last month revenue is recognized an expense is paid a dividend is declared View Feedback Question 14 0 / 4 points The income summary account is used to _______________. Question options: set aside earned money available to owners zero out expense and revenue accounts at the end of the period record a history of income items calculate net income View Feedback Question 15 4 / 4 points The dividends payable account belongs on which statement? Question options: Balance sheet Income statement Statement of retained earnings Statement of cash flows View Feedback Journal Entries Prepare the following journal entries. Dates and descriptions are not required. Question 16 0 / 4 points Paid $20,000 for stock in a newly formed corporation. Prepare the journal entry to document this transaction. Dates and descriptions are not required View Feedback Question 17 4 / 4 points Purchased photocopier for $5000 on account. Prepare the journal entry to document this transaction. Dates and descriptions are not required. View Feedback Question 18 4 / 4 points Bought office supplies for immediate consumption for $200 cash. Prepare the journal entry to document this transaction. Dates and descriptions are not required. Question 19 4 / 4 points Billed customer $3500 for services performed Prepare the journal entry to document this transaction. Dates and descriptions are not required. Question 20 4 / 4 points Customer paid $2,000 on account. Prepare the journal entry to document this transaction. Dates and descriptions are not required. View Feedback Question 21 4 / 4 points Prepaid insurance account has a $2,400 balance for a twelve-month premium. Month one has ended. Prepare the journal entry to document this transaction. Dates and descriptions are not required. Question 22 4 / 4 points Office supplies on hand account has a balance of $1,955, and a physical count reveals that there are $715 worth of supplies remaining at month end. Prepare the journal entry to document this transaction. Dates and descriptions are not required. Question 23 4 / 4 points A customer had previously paid $500 in advance on an order. The order has now been shipped FOB destination. Prepare the journal entry to document this transaction. Dates and descriptions are not required. Question 24 4 / 4 points Sales tax of $100 is collected from a customer to be remitted to the state at a later date. Prepare the journal entry to document this transaction. Dates and descriptions are not required. Question 25 4 / 4 points At month end, $2,300 of wages are due to employees but not yet paid. Prepare the journal entry to document this transaction. Dates and descriptions are not required. ________________________________________ Question 1 4 / 4 points One advantage to using a perpetual inventory system is that the company never has to physically count the inventory. Question options: True False View Feedback Question 2 4 / 4 points The weighted-average inventory method will likely result in neither the highest nor the lowest ending inventory. Question options: True False View Feedback Question 3 4 / 4 points When calculating accounts receivable turnover, a company would prefer a higher number rather than a lower number (within reason). Question options: True False View Feedback Question 4 0 / 4 points When performing a bank reconciliation, checks outstanding are added back to the bank balance. Question options: True False View Feedback Question 5 4 / 4 points Usually the quick ratio will be a lower number than the current ratio. Question options: True False View Feedback Multiple Choice Select the best answer for each of the following questions. Question 6 4 / 4 points The bad-debt method that uses the accounts receivable aging report is _______________. Question options: the percentage-of-sales method the bad-debt expense method the direct write-off method the percentage-of-receivables method View Feedback Question 7 0 / 4 points When it is determined that too much money has been set aside for uncollectible accounts, we will _______________. Question options: credit reserve for uncollectible accounts debit reserve for uncollectible accounts credit cash debit accounts receivable View Feedback Question 8 4 / 4 points A customer whose account was previously written off unexpectedly pays us. If we are using the allowance method we would _______________. Question options: debit bad-debt expense and credit cash debit cash and credit bad-debt expense debit reserve for uncollectible accounts and credit cash debit accounts receivable and credit allowance for uncollectible accounts AND debit cash and credit accounts receivable View Feedback Question 9 4 / 4 points When a retailer accepts a bank card (VISA or MasterCard), they will make what entry for the day’s receipts? Question options: debit accounts receivable and credit sales debit accounts receivable; credit sales, and credit “credit card expense” debit cash and credit sales debit cash and debit “credit card expense”; credit sales View Feedback Question 10 0 / 4 points The company prepares, but does not yet pay, its first payroll of the new year. Salaries total $10,000 and 7.65% is withheld from paychecks for FICA tax. Ignore all other payroll deductions. The journal entries will be _______________. Question options: debit wage expense $10,000 and credit wages payable 10,000; debit payroll tax expense for $1,530 and credit FICA tax payable $1,530 debit wage expense $10,000 and credit wages payable $10,000; debit payroll tax expense for $765 and credit FICA tax payable $765 debit wage expense $10,000 and debit payroll tax expense $765; credit wages payable $9,235 and credit FICA tax payable $1,530 debit wage expense $10,000; credit wages payable $8,470 and FICA tax payable $1,530 View Feedback Question 11 4 / 4 points A company buys a $10,000 bond at 102 as an investment. The correct entry is _______________. Question options: debit investment in bonds and credit cash for $9,800 credit investment in bonds and debit cash for $10,200 debit investment in bonds and credit cash for $10,200 credit investment in bonds and debit cash for $9,800 View Feedback Question 12 0 / 4 points A company issues bonds having a stated value of $100,000 for $102,500. At maturity, the company will _______________. Question options: debit bonds payable for $100,000 credit bonds payable for $102,500 credit bonds payable for $100,000 debit bonds payable for $102,500 View Feedback Question 13 4 / 4 points A company uses the percentage-of-receivables method for establishing the bad-debt reserve. They want the reserve balance to equal 0.5% of debts 30 days old or less, 2% of debts aged 31 to 60 days, and 4% of debts aged over 60 days. An aging report shows $780,000 relating to the past month, $232,600 relating to the prior month, and $89,200 relating to more than two months ago. The balance in the reserve account before adjustment is $10,175. What is the adjusting journal entry? Question options: debit bad-debt expense, credit allowance for bad debts $1,945 debit bad-debt expense, credit accounts receivable $1,945 debit allowance for bad debts, credit bad-debt expense $1,945 debit bad-debt expense, credit allowance for bad debts $12,120 View Feedback Question 14 4 / 4 points A company is closing out the accounting period. The inventory balance at the beginning of the period was $222,750, and at the end of the period it was $215,600. Purchases of goods for resale during the period equaled $682,500. What was the cost of goods sold total? Question options: $905,250 $682,500 $689,650 $675,350 View Feedback Question 15 4 / 4 points The following transactions during the month of January: 1/5 bought 10 units at $11.00 each; 1/8 bought 15 units at $11.25 each; 1/15 sold 8 units for $16 each; 1/22 bought 10 units at $11.50 each and sold 12 units for $16.50 each. The ending inventory is $693.75. What inventory costing method is the company using? Question options: LIFO – periodic LIFO – perpetual FIFO weighted average View Feedback Short Answer Prepare the following journal entries. Dates and descriptions are not required. Question 16 4 / 4 points What is the difference between the periodic-inventory and perpetual-inventory methods? View Feedback Questio

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ACCT220 Full course latest all discussion, quizzes , homework and final Click Link Below To Buy: http://hwcampus.com/shop/acct220-full-course-latest-discussion-quizzes-homework-final/ Contact Us: Hwcoursehelp@gmail.com 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: o Under Armour; NYSE: UA o Apple; NASDAQ: APPL o 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: o Income Statement (Hint: It could be listed as the Consolidated Statements of Income.) o Balance Sheet (Hint: It could be listed as the Consolidated Balance Sheet or Statement of Financial Position.) o Statement of Stockholders Equity (Hint: It could be listed as the Consolidated Statements of Stockholder's Equity or Consolidated Statements of Stockholder's Deficit.) o 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" section of the balance sheet. You will likely find line items including Common Stock, Retained Earnings (or Deficit), and Treasury Stock. 5. 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. 6. What is the Net Income (or Net Loss) for your SEC 10-K company? 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. 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 - - $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 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 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 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 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 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 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 debit credit 31-12-2015 week 6 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 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 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 debit credit 31-12-2015 There are two pThere 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 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 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 debit credit 31-12-2015 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 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 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 debit credit 31-12-2015 rowblems this week. Clickweeek 7 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 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 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 debit credit 31-12-2015 week 8 Hide Folder Information Folder Week 8 Homework Assignment Instructions For the Week 8 homework assignment, you will create, save, and submit a Microsoft Word document that covers the topics listed below. Always include your name and a descriptive title in the file name. Essay Topics for You to Prepare 1. Fraud Detection and Deterrence (www.acfe.com) 2. Internal Control (COSA: see www.theiia.org) 3. Certification: CFE, CIA, and CISA (return to www.isaca.org) Following your review of course materials this week, using the websites above, create an essay of at least three pages (one for each of the topics above). Relate these topics to our course material for Principles of Accounting I. Your essay should be single-spaced, with double spacing between paragraphs. Use headers within the document. We are writing business reports, not double-spaced academic papers. Tell a story. Explain the concepts. Use APA style for citations and create a works cited list. Your paper should be adequate. Fewer than three pages is not long enough; seven pages is too long. Consider the question and decide: what would you want to know? Include website references in your essay. This is not a business proposal, but it is not a casual reflective essay. The goal is to research, consider, and report what you know about these topics. The concept of COBIT is related to each topic. ISACA's "A COBIT 5 Overview" (http://www.isaca.org/COBIT/Documents/A-COBIT-5-Overview.pdf) is a key resource for your overall comments and "framing" of the three topics. Why audit? We will either be the auditor or be audited. We must understand internal control and the management of risk. The management of risk is everyone's responsibility. We are building your vocabulary. You can use the above concepts—especially the paragraph on "Why audit?"—without reference. A good item for your works cited list: UMUC ACCT 220 Course Materials. Ask questions. Spell check. Write, read, and edit. Take care with word selection and sentence structure, For all submissions in our class, use your own words. Show what you know! quizes Question 1 4 / 4 points Generally Accepted Accounting Principles (GAAP) allow companies to issue financial statements, using either the cash basis or the accrual basis of accounting, depending on their needs. Question options: True False View Feedback Question 2 4 / 4 points Adjusting entries are done to make sure that expenses and revenues are recorded in the proper accounting period. Question options: True False View Feedback Question 3 0 / 4 points A single journal entry must debit only one account and credit only one account for the same amount so that the entry is in balance. Question options: True False View Feedback Question 4 4 / 4 points The current ratio is cash divided by current liabilities. Question options: True False View Feedback Question 5 4 / 4 points Materiality is subjective. One company may consider $1,000 material and another company may not. Question options: True False View Feedback Multiple Choice Select the best answer for each of the following questions. Question 6 4 / 4 points Revenues are recorded when _______________. Question options: goods or services are delivered to the customer the check has cleared and the money is available for use a check is received from a customer a contract is signed View Feedback Question 7 4 / 4 points Which of the following is NOT a liability? Question options: unearned revenue long-term debt accumulated depreciation accounts payable View Feedback Question 8 4 / 4 points Management failing to reveal a default on a loan agreement will have violated what principle? Question options: cost principle ethics principle matching principle full-disclosure principle View Feedback Question 9 4 / 4 points Expenses are recorded in the same period that related revenue is recorded, according to the _______________. Question options: revenue-recognition principle matching principle accounting equation cost principle View Feedback Question 10 4 / 4 points The percentage-of-completion method recognizes revenue _______________. Question options: at the end of the entire project for a multi-year contract at 10% per month based on an estimate of the portion of work complete when the contracted work has begun View Feedback Question 11 0 / 4 points An asset cost $14,400 and is expected to last 8 years, at which time it will be sold for a scrap value of $2,400. Using straight-line depreciation, the monthly depreciation journal entry would be _______________. Question options: debit depreciation expense and credit accumulated depreciation for $150 debit depreciation expense and credit accumulated depreciation for $125 debit accumulated depreciation and credit depreciation expense for $125 debit accumulated depreciation and credit depreciation expense for $150 View Feedback Question 12 4 / 4 points When money is collected from a customer previously billed, we _______________. Question options: credit cash and debit accounts receivable credit accounts payable and debit cash credit cash and debit accounts payable debit cash and credit accounts receivable View Feedback Question 13 4 / 4 points Which event will have the effect of increasing retained earnings? Question options: a customer pays us for a bill we sent last month revenue is recognized an expense is paid a dividend is declared View Feedback Question 14 0 / 4 points The income summary account is used to _______________. Question options: set aside earned money available to owners zero out expense and revenue accounts at the end of the period record a history of income items calculate net income View Feedback Question 15 4 / 4 points The dividends payable account belongs on which statement? Question options: Balance sheet Income statement Statement of retained earnings Statement of cash flows View Feedback Journal Entries Prepare the following journal entries. Dates and descriptions are not required. Question 16 0 / 4 points Paid $20,000 for stock in a newly formed corporation. Prepare the journal entry to document this transaction. Dates and descriptions are not required View Feedback Question 17 4 / 4 points Purchased photocopier for $5000 on account. Prepare the journal entry to document this transaction. Dates and descriptions are not required. View Feedback Question 18 4 / 4 points Bought office supplies for immediate consumption for $200 cash. Prepare the journal entry to document this transaction. Dates and descriptions are not required. Question 19 4 / 4 points Billed customer $3500 for services performed Prepare the journal entry to document this transaction. Dates and descriptions are not required. Question 20 4 / 4 points Customer paid $2,000 on account. Prepare the journal entry to document this transaction. Dates and descriptions are not required. View Feedback Question 21 4 / 4 points Prepaid insurance account has a $2,400 balance for a twelve-month premium. Month one has ended. Prepare the journal entry to document this transaction. Dates and descriptions are not required. Question 22 4 / 4 points Office supplies on hand account has a balance of $1,955, and a physical count reveals that there are $715 worth of supplies remaining at month end. Prepare the journal entry to document this transaction. Dates and descriptions are not required. Question 23 4 / 4 points A customer had previously paid $500 in advance on an order. The order has now been shipped FOB destination. Prepare the journal entry to document this transaction. Dates and descriptions are not required. Question 24 4 / 4 points Sales tax of $100 is collected from a customer to be remitted to the state at a later date. Prepare the journal entry to document this transaction. Dates and descriptions are not required. Question 25 4 / 4 points At month end, $2,300 of wages are due to employees but not yet paid. Prepare the journal entry to document this transaction. Dates and descriptions are not required. ________________________________________ Question 1 4 / 4 points One advantage to using a perpetual inventory system is that the company never has to physically count the inventory. Question options: True False View Feedback Question 2 4 / 4 points The weighted-average inventory method will likely result in neither the highest nor the lowest ending inventory. Question options: True False View Feedback Question 3 4 / 4 points When calculating accounts receivable turnover, a company would prefer a higher number rather than a lower number (within reason). Question options: True False View Feedback Question 4 0 / 4 points When performing a bank reconciliation, checks outstanding are added back to the bank balance. Question options: True False View Feedback Question 5 4 / 4 points Usually the quick ratio will be a lower number than the current ratio. Question options: True False View Feedback Multiple Choice Select the best answer for each of the following questions. Question 6 4 / 4 points The bad-debt method that uses the accounts receivable aging report is _______________. Question options: the percentage-of-sales method the bad-debt expense method the direct write-off method the percentage-of-receivables method View Feedback Question 7 0 / 4 points When it is determined that too much money has been set aside for uncollectible accounts, we will _______________. Question options: credit reserve for uncollectible accounts debit reserve for uncollectible accounts credit cash debit accounts receivable View Feedback Question 8 4 / 4 points A customer whose account was previously written off unexpectedly pays us. If we are using the allowance method we would _______________. Question options: debit bad-debt expense and credit cash debit cash and credit bad-debt expense debit reserve for uncollectible accounts and credit cash debit accounts receivable and credit allowance for uncollectible accounts AND debit cash and credit accounts receivable View Feedback Question 9 4 / 4 points When a retailer accepts a bank card (VISA or MasterCard), they will make what entry for the day’s receipts? Question options: debit accounts receivable and credit sales debit accounts receivable; credit sales, and credit “credit card expense” debit cash and credit sales debit cash and debit “credit card expense”; credit sales View Feedback Question 10 0 / 4 points The company prepares, but does not yet pay, its first payroll of the new year. Salaries total $10,000 and 7.65% is withheld from paychecks for FICA tax. Ignore all other payroll deductions. The journal entries will be _______________. Question options: debit wage expense $10,000 and credit wages payable 10,000; debit payroll tax expense for $1,530 and credit FICA tax payable $1,530 debit wage expense $10,000 and credit wages payable $10,000; debit payroll tax expense for $765 and credit FICA tax payable $765 debit wage expense $10,000 and debit payroll tax expense $765; credit wages payable $9,235 and credit FICA tax payable $1,530 debit wage expense $10,000; credit wages payable $8,470 and FICA tax payable $1,530 View Feedback Question 11 4 / 4 points A company buys a $10,000 bond at 102 as an investment. The correct entry is _______________. Question options: debit investment in bonds and credit cash for $9,800 credit investment in bonds and debit cash for $10,200 debit investment in bonds and credit cash for $10,200 credit investment in bonds and debit cash for $9,800 View Feedback Question 12 0 / 4 points A company issues bonds having a stated value of $100,000 for $102,500. At maturity, the company will _______________. Question options: debit bonds payable for $100,000 credit bonds payable for $102,500 credit bonds payable for $100,000 debit bonds payable for $102,500 View Feedback Question 13 4 / 4 points A company uses the percentage-of-receivables method for establishing the bad-debt reserve. They want the reserve balance to equal 0.5% of debts 30 days old or less, 2% of debts aged 31 to 60 days, and 4% of debts aged over 60 days. An aging report shows $780,000 relating to the past month, $232,600 relating to the prior month, and $89,200 relating to more than two months ago. The balance in the reserve account before adjustment is $10,175. What is the adjusting journal entry? Question options: debit bad-debt expense, credit allowance for bad debts $1,945 debit bad-debt expense, credit accounts receivable $1,945 debit allowance for bad debts, credit bad-debt expense $1,945 debit bad-debt expense, credit allowance for bad debts $12,120 View Feedback Question 14 4 / 4 points A company is closing out the accounting period. The inventory balance at the beginning of the period was $222,750, and at the end of the period it was $215,600. Purchases of goods for resale during the period equaled $682,500. What was the cost of goods sold total? Question options: $905,250 $682,500 $689,650 $675,350 View Feedback Question 15 4 / 4 points The following transactions during the month of January: 1/5 bought 10 units at $11.00 each; 1/8 bought 15 units at $11.25 each; 1/15 sold 8 units for $16 each; 1/22 bought 10 units at $11.50 each and sold 12 units for $16.50 each. The ending inventory is $693.75. What inventory costing method is the company using? Question options: LIFO – periodic LIFO – perpetual FIFO weighted average View Feedback Short Answer Prepare the following journal entries. Dates and descriptions are not required. Question 16 4 / 4 points What is the difference between the periodic-inventory and perpetual-inventory methods? View Feedback Questio

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