ACC 206 WEEK 8 QUIZ 6 CHAPTER 16

ACC 206 WEEK 8 QUIZ 6 CHAPTER 16

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ACC 206 WEEK 8 QUIZ 6 CHAPTER 16

ACC 206 Week 8 Quiz 6 Chapter 16 – STR NEW

 







ACC 205 WEEK 3 COMPLETE WORK

ACC 205 WEEK 3 COMPLETE WORK

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ACC 205 WEEK 4 COMPLETE WORK

WEEK 4

ACC 205_WEEK FOUR SOLUTION

  1. Payroll accounting:
  2. The entry to record Brookhaven’s February payroll:
  3. The journal entry to record Brookhaven’s payroll tax expense:
  4. Current liabilities:
  5. Journal entries to record the transactions:
  6. Prepare adjusting entries on October 31 to record accrued interest:
  7. The Current Liability section of Red Bank’s balance sheet as of October 31:
  8. Notes payable:
  9. Journal entries to record the transactions:
  10. Prepare adjusting entries on October 31 to record accrued interest:
  11. The Current Liability section of Red Bank’s balance sheet as of October 31:

ACC 205_Week_Four_Exercise_Assignment

Liability

  1.  Payroll accounting.
  2. 2.   2.  Current liabilities: entries and disclosure.
  3. 3.   3. Notes payable.

 

Acc 205 Week 4_DQs and Journal

DQ: 01

What is a current liability?  From the perspective of a user of financial statements, why do you believe current liabilities are separated from long-term liabilities?  Based on your current experience as well as any additional research you may have done provide two examples of situations where businesses collect monies from customers and employees and reports these amounts as a current liability.

DQ: 02

A client comes to you thinking about starting a consulting business.  Your client is specifically interested in what type of entity should be created for this new business.  Based on your readings or any additional research you may have done, discuss the advantages and disadvantages of the following: sole proprietorship, partnership, and corporation.  Based on these advantages and disadvantages provide a clear recommendation to your client.

Journal

The current liability section of the balance sheet lists the liabilities that are due within the next 12 months.  Reflecting on your current financial situation, apply the concept of current liabilities.  What does this analysis tell you about your future obligations?  What did you learn from this experience?

 


ACC 205 WEEK 3 COMPLETE WORK

ACC 205 WEEK 3 COMPLETE WORK

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ACC 205 WEEK 3 COMPLETE WORK

ASSIGNMENT:

ACC 205 Week Three Exercise Solution

  1. Specific identification method:
  2. Inventory valuation methods:
  3. Perpetual inventory system:
  4. Inventory valuation methods:
  5. Depreciation methods:
  6. Depreciation computations:
  7. Depreciation computations:

ACC205_Week_Three_Exercise_Assignment:

Inventory

  1. Specific identification method.
  2. Inventory valuation methods: basic computations.
  3. 3.   3. Perpetual inventory system: journal entries
  4. 4.   4. Inventory valuation methods: computations and concepts
  5. 5.   5. Depreciation methods.
  6. 6.   6. Depreciation computations.
  7. 7.   7. Depreciation computations: change in estimate.

Acc 205 Week 3_DQs and Journal

Week 3 DQ 1

  1. The controller of Sagehen Enterprises believes that the company should switch from the LIFO method to the FIFO method.  The controllers bonus is based on the next income.  It is the controllers belief that the switch in inventory methods would increase the net income of the company.  What are the differences between the LIFO and FIFO methods?

Week 3 DQ 2

  1. A variety of depreciation methods are used to allocate the cost of an asset to all of the accounting periods benefited by the use of the asset.  Your client has just purchased a piece of equipment for $100,000.   Explain the concept of depreciation.  Which of the following depreciation methods would you recommend: straight-line depreciation, double declining balance method, or an alternative method?

Inventory Journal
Reflect for a moment on the LIFO (Last in First Out) and FIFO (First in First Out) inventory methods. If you were starting a small manufacturing company, what inventory method do you believe would provide the most accurate

 


ACC 205 WEEK 2 COMPLETE WORK

ACC 205 WEEK 2 COMPLETE WORK

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WEEK 2

ASSIGNMENT:

Acc 205_Week Two  Exercise Solution

  1. Classification of items for Ron Carroll Company
  2. pre­paid expense
  3. accrued revenue
  4. none of the foregoing
  5. unearned revenue
  6. pre­paid expense
  7. accrued expense
  8. none of the foregoing
  9. none of the foregoing
  10. Computing prepaid account balance of Action Sign Company:
  11. Understanding the closing process:
  12. Interest Payable, Accounts Receivable, Cash, Accounts Payable, Accumulated Depreciation: Equipment
  13. Alex Kenzy, Drawing, Service Revenue, Supplies Expense, Interest Expense
  14. Interest Expense, Supplies Expense
  15. Alex Kenzy, Drawing
  16. Adjusting entries and financial statements for Fixation Enterprises:
  17. Adjusting entries preparation for Kathy’s Day Care Center:
  18. Palmetto Company’s Bank reconciliation and adjustingentries:
  19. Palmetto’s January bank reconciliation:
  20. Necessary journal entries for Palmetto
  21. Direct write-off method:
  22. The journal entry needed to write off Mattingly’s account:
  23. The ability of the direct write-off method to value receivables on the year-end balance sheet:
  24. Allowance method:
  25. Direct write-off and allowance methods:
  26. Allowance method:

ACC 205_Week_Two_Exercise_Assignment

Revenue and Expenses

  1. Recognition of concepts.
  1. 2. Analysis of prepaid account balance.
  1. 3. Understanding the closing process.
  1. 4. Adjusting entries and financial statements.
  1. 5. Adjusting entries.
  1. 6. Bank reconciliation and entries.
  1. 7. Direct write-off method.
  1. 8. Allowance method: estimation and balance sheet disclosure.
  1. 9. Direct write-off and allowance methods: matching approach.
  1. 10. Allowance method: analysis of receivables.

Acc 205 Week 2_DQs and Journal

DQ 1 Accounting Cycle

Financial statements are a product of the accounting cycle. Think about two different companies: a manufacturing company, and a retail company. Why would different companies have different accounting cycles? Would you expect the steps of the accounting cycle to be the same for each company? Why or why not?

DQ 2 Bank Reconciliation

What is the purpose of bank reconciliation? What are the reasons for differences between the cash reported in the accounting records and the cash balance in the bank statements? Analyze several of your peers’ posts. Let at least two of your peers know what happens to the discrepancies between the book balance and the bank balance. Could these differences just be written off?

Week 2 Journal

Income Statement Journal 
The income statement measures the income and expenses of a company over a specific period of time.  Reflecting on your personal financial statement for the past month, can you apply the principles of the income statement?  What did you learn from this experience?

 


ACC 205 WEEK 1 COMPLETE WORK

ACC 205 WEEK 1 COMPLETE WORK

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ACC 205 WEEK 1 COMPLETE WORK

Basic Accounting Equations 1. Recognition of normal balances The following items appeared in the accounting records of Triguero’s, a retail music store that also sponsors concerts. Classify each of the items as an asset, liability, revenue, or expense from the company’s viewpoint. Also indicate the normal account balance of each item. a. The albums, tapes, and CDs held for sale to customers. b. A long-term loan owed to Citizens Bank. c. Promotional costs to publicize a concert. d. Daily sales of merchandise sold, e. Amounts due from customers, f. Land held as an investment, g. A new fax machine purchased for office use. h. Amounts to be paid in 10 days to suppliers, i. Amounts paid to a mall for rent.

1. Recognition of normal balances
Asset Liability revenue expenses
Normal balances debit credit credit debit
a. The albums, tapes, and CDs held for sale to customers. asset
 b. A long-term loan owed to Citizens Bank. liability
. c. Promotional costs to publicize a concert expense
d. Daily sales of merchandise sold revenue
e. Amounts due from customers asset
 f. Land held as an investment asset
g. A new fax machine purchased for office use asset
 h. Amounts to be paid in 10 days to suppliers liability
 i. Amounts paid to a mall for rent. expense

WEEK 1 DQS AND JOURNAL

DQ 1: As you have learned in this week’s readings the Accounting Equation is Assets = Liabilities + Owners’ Equity. Is the accounting equation true in all instances? Provide sample transactions from your own experiences to demonstrate the validity of the Accounting Equation.

DQ2: what does the term account mean? What are the different classifications of accounts? How do the rules for debits and credits impact accounts? Please provide an example of how debits and credits impact accounts.

WEEK 1 JOURNAL

Balance Sheet Journal The balance sheet is a financial snap shot of a company at a particular point in time. The balance sheet lists the assets, liabilities, and equity of the company. Reflect on your personal financial situation, can you apply the concepts of the balance sheet? What did you learn from this reflection?