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Question 1

ACC 290 Week 5 Learning Team Financial Reporting Problem Part II
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Access the internet to acquire a copy of the most recent annual report for the public traded company used to complete the Financial Reporting Problem, Part 1 assignment due in week Four. Analyze the information contained in the company’s balance sheet and income statement to answer the following questions:

Are the assets included under the company’s current assets listed in the proper order? Explain your answer.
How are the company’s assets classified?
What are cash equivalents?
What are the company’s total current liabilities at the end of its most recent annual reporting period?
What are the company’s total current liabilities at the end of the previous annual reporting period?
Considering all the information you have gathered, why might this information be important to potential creditors, investors, and employees?
Summarize the analysis in a 1,050-1,400 word paper in a Microsoft® Word document. Include a copy of the company’s balance sheet and income statement. Format your paper and presentation consistent with APA guidelines.
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Question 2

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Using examples of weak internal controls in an organization you are familiar with, how would you improve those controls to better safeguard a company’s assets? Would these internal controls differ with a different type of business? How could you improve internal controls over the assets that you own? What is the Sarbanes-Oxley Act of 2002? Why did it come about? How have the new rules in the Sarbanes-Oxley Act of 2002 affected the way accounting departments and companies operate? What are some positive outcomes from these changes?

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What is the control environment? How does the control environment affect a company’s internal controls? What are the negative and positive elements of a control environment? What are two examples of strong and weak internal controls in organizations where you have worked or have first-hand knowledge? How are these different? How would you describe the key internal controls that should be in place to protect cash in a cash rich environment such as a merchandiser? What are the key internal controls that should be in place to protect inventory for a merchandiser that sells highly desirable and very expensive inventory, such as jewelry? Would this be different if the business had a less desirable and less expensive inventory? Explain why or why not.

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Question 4

ACC 290 Week 4 Learning Team Financial Reporting Problem Part I
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Browse the Internet to acquire a copy of the most recent annual report for a publicly traded company. Analyze the information contained in the company’s balance sheet and income statement to answer the following questions:

· What are the company’s total assets at the end of its most recent annual reporting period? Why is this important?

· What are the total assets at the end of the previous annual reporting period?

· How much cash and cash equivalents did the company have at the end of its most recent annual reporting period?

· What amount of accounts payable did the company have at the end of its most recent annual reporting period?

· What amount of accounts payable did the company have at the end of the previous annual reporting period?

· What are the company’s net revenues for the last three annual reporting periods?

· What is the change in dollars in the company’s net income from its most recent annual reporting period to the previous annual reporting period?

· What are the company’s total current assets at the end of its most recent annual reporting period?

· What are the total current assets at the end of the previous annual reporting period?

· What in the information above would be important to a potential investor, employee, and so on?

Summarize the analysis in a 1,050-1,400 word paper in a Microsoft® Word document. Include a copy of the company’s balance sheet and income statement. Format your paper consistent with APA guidelines.

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Problem P4-8A

Linda Blye opened Cardinal Window Washing Inc. on July 1, 2010. During July the following transactions were completed.

July 1 Issued 11,000 shares of common stock for $11,000 cash.
July 1 Purchased used truck for $9,000, paying $2,000 cash and the balance on account.
July 3 Purchased cleaning supplies for $900 on account.
July 5 Paid $1,800 cash on 1-year insurance policy effective July 1.
July 12 Billed customers $3,200 for cleaning services.
July 18 Paid $1,000 cash on amount owed on truck and $500 on amount owed on cleaning supplies.
July 20 Paid $2,000 cash for employee salaries.
July 21 Collected $1,400 cash from customers billed on July 12.
July 25 Billed customers $2,500 for cleaning services.
July 31 Paid $260 for gas and oil used in the truck during month.
July 31 Declared and paid a $600 cash dividend.

1. ) Journalize the July transactions.
2. ) Journalize the following adjustments.
3. Services provided but unbilled and uncollected at July 31 were $1,700.
4. Depreciation on equipment for the month was $250.
5. One-twelfth of the insurance expired.
6. An inventory count shows $360 of cleaning supplies on hand at July 31.
7. Accrued but unpaid employee salaries were $400.
8. ) Post the July transactions to the ledger accounts. (Use T accounts.) Post adjusting entries to the T accounts. Post closing entries and complete the closing process.
9. ) Complete the Trial Balance and Adjusted Trial Balance at July 31.
10. ) Complete the income statement and a retained earnings statement for July and a classified balance sheet at July 31
11. ) Journalize the post closing entries.

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Question 6

ACC 290 Week 4 DQ 2
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What are the three different inventory cost flow assumptions commonly used in commerce today and allowed by generally accepted accounting principles? How does a company determine what cost flow assumption they should use? How does first in, first out cost flow assumption work? When it is most appropriate to use? How does last in, first out cost flow assumption work? When it is most appropriate to use? How does an average cost flow assumption work? When it is most appropriate to use?

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How would you calculate cost of goods sold? What items make up cost of goods sold? How does beginning and ending inventory affect cost of goods sold? What are the journal entries a merchandising organization would use to record the purchase and subsequent sale of merchandise? How would these transactions differ with a periodic versus a perpetual inventory system? Why are perpetual inventory systems so much more popular today than back in the early 1960s and earlier? Why would a company employing a perpetual inventory system still take a physical inventory periodically?

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Exercise BE4-1

Transactions that affect earnings do not necessarily affect cash.

Identify the effect, if any, that each of the following transactions would have upon cash and net income. The first transaction has been completed as an example.

(a) Purchased $100 of supplies for cash.
(b) Recorded an adjusting entry to record use of $40 of the above supplies.
(c) Made sales of $1,300, all on account.
(d) Received $800 from customers in payment of their accounts.
(e) Purchased equipment for cash, $2,500.
(f) Recorded depreciation of building for period used, $600.
Problem P4-2A

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Nick Waege started his own consulting firm, Waegelein Consulting, on June 1, 2010. The trial balance at June 30 is as follows.

WAEGELEIN CONSULTING

Trial Balance

June 30, 2010

Debit

Credit

Cash
$6,850

Accounts Receivable
7,000

Prepaid Insurance
2,640

Supplies
2,000

Office Equipment
15,000

Accounts Payable
$4,540

Unearned Service Revenue
5,200

Common Stock
21,750

Service Revenue
8,000

Salaries Expense
4,000

Rent Expense
2,000

$39,490

$39,490

Other data:

1 Supplies on hand at June 30 total $980.
2. A utility bill for $180 has not been recorded and will not be paid until next month.
3. The insurance policy is for a year.
4. $3,900 of unearned service revenue has been earned at the end of the month.
5. Salaries of $1,250 are accrued at June 30.
6. The office equipment has a 5-year life with no salvage value and is being depreciated at $250 per month for 60 months.
7. Invoices representing $3,500 of services performed during the month have not been recorded as of June 30.
Problem P4-3A

The Olathe Hotel opened for business on May 1, 2010. Here is its trial balance before adjustment on May 31.

OLATHE HOTEL

Trial Balance

May 31, 2010

Debit

Credit

Cash
$2,500

Prepaid Insurance
1,800

Supplies
2,600

Land
15,000

Lodge
70,000

Furniture
16,800

Accounts Payable
$4,700

Unearned Rent Revenue
3,300

Mortgage Payable
36,000

Common Stock
60,000

Rent Revenue
9,000

Salaries Expense
3,000

Utilities Expense
800

Advertising Expense
500

$113,000

$113,000

Other data:

1. Insurance expires at the rate of $300 per month.
2. A count of supplies shows $1,050 of unused supplies on May 31.
3. Annual depreciation is $3,600 on the lodge and $3,000 on furniture.
4. The mortgage interest rate is 7%. (The mortgage was taken out on May 1.)
5. Unearned rent of $2,500 has been earned.
6. Salaries of $750 are accrued and unpaid at May 31.
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Question 9

ACC 290 Week 3 DQ 2
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What are the pros and cons of using reversing entries? Why are reversing entries optional? What is the main purpose of a financial statement worksheet and its benefits? How has automation aided the preparation, accuracy, and use of the financial statement worksheet?

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What are the steps in completing the accounting cycle? How do the different steps affect the financial statements? What is the effect on the financial statements of missing a step when completing the accounting cycle? What are the four closing journal entries? Why are they necessary? What are reversing entries? Why are they used? What are the pros and cons of using reversing entries? Why are reversing entries optional?

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Exercise E3-4

A tabular analysis of the transactions made during August 2010 by Witten Company during its first month of operations is shown below. Each increase and decrease in stockholders’ equity is explained.

Assets

=

Liabilities

+

Stockholders’ Equity

Cash

+

Accounts Receivable

+

Supplies

+

Office Equipment

=

Accounts Payable

+

Common Stock

+

Retained Earnings

Rev.

-

Exp.

-

Div.

1. $20,000

$20,000

Com. Stock

2. • 1,000

$5,000

$4,000

3. • 750

$750

4. 4,400

$5,400

$9,800

Serv. Rev

5. • 1,500

-1,500

6. • 2,000

-2,000

Div.

7. • 800

-800

Rent Exp.
8.
450

-450

9. • 3,000

-3,000

Sal. Exp.
10.
500

-500

Util. Exp.
Determine how much stockholders’ equity increased for the month.

Exercise E3-9

This information relates to Pickert Real Estate Agency.

Oct. 1 Stockholders invested $30,000 in exchange for common stock of the corporation.
Oct. 2 Hires an administrative assistant at an annual salary of $42,000.
Oct. 3 Buys office furniture for $4,600, on account.
Oct. 6 Sells a house and lot for M.E. Petty; commissions due from Petty, $10,800 (not paid by Petty at this time).
Oct. 10 Receives cash of $140 as commission for acting as rental agent renting an apartment.
Oct. 27 Pays $700 on account for the office furniture purchased on October 3.
Oct. 30 Pays the administrative assistant $3,500 in salary for October.
Post the transactions to T-accounts and complete the following trial balance.

Problem 3-5A

Sunflower Architects incorporated as licensed architects on April 1, 2010. During the first month of the operation of the business, these events and transactions occurred:

April 1

Stockholders invested $15,000 cash in exchange for common stock of the corporation.
1

Hired a secretary-receptionist at a salary of $375 per week, payable monthly.
2

Paid office rent for the month $900.
3

Purchased architectural supplies on account from Spring Green Company $1,000.
10

Completed blueprints on a carport and billed client $1,500 for services.
11

Received $500 cash advance from J. Madison to design a new home.
20

Received $2,300 cash for services completed and delivered to M. Svetlana.
30

Paid secretary-receptionist for the month $1,500.
30

Paid $300 to Spring Green Company for accounts payable due.
Problem 3-6A

This is the trial balance of Slocombe Company on September 30.

SLOCOMBE COMPANY

Trial Balance

September 30, 2010

Debit

Credit

Cash
$8,300

Accounts Receivable
2,600

Supplies
2,100

Equipment
8,000

Accounts Payable
$5,100

Unearned Revenue
900

Common Stock
15,000

$21,000

$21,000

The October transactions were as follows.

Oct. 5

Received $1,300 in cash from customers for accounts receivable due.
10

Billed customers for services performed $5,100.
15

Paid employee salaries $1,400.
17

Performed $600 of services for customers who paid in advance in August.
20

Paid $1,500 to creditors for accounts payable due.
29

Paid a $300 cash dividend.
31

Paid utilities $500

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Question 12

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What accounts are subject to adjusting journal entries and why? How would you explain the purpose of the adjusted trial balance?

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What is the revenue recognition principle? What is the expense recognition principle? Why are they important to financial reporting? What are adjusting entries and why are they necessary? What are accruals? Provide examples of accruals. Why do accruals require adjusting entries? What are deferrals? What are some examples of deferrals? Why do deferrals require adjusting entries?

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Question 15

ACC 290 Week 1 Indivudal Financial Statements Paper
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Prepare a 700 -1,050 word paper in which you identify the four basic financial statements. Describe the purpose of each of the four financial statements. Discuss how the financial statements would be useful to internal users, such as to managers and employees. Discuss how the financial statements would be useful to external users, such as investors and creditors.

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Question 16

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What are debits and credits? How are debits and credits used to record business transactions? Why do accountants debit asset accounts to increase them but credit liability accounts to increase them? Why do accountants debit expenses to increase them but credit revenues to increase them?

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What are the four basic financial statements? What is the primary purpose of each of the four basic financial statements? In your opinion, which financial statement is the most important? Explain why. How would the financial statements be useful to managers and employees? How would the financial statements be useful to investors and creditors?

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Question 18

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1) Which financial statement is used to determine cash generated from operations?

A.        Income statement

B.        Statement of operations

C.        Statement of cash flows

D.        Retained earnings statement

2) In terms of sequence, in what order must the four basic financial statements be prepared?

A.        Balance sheet, income statement, statement of cash flows, and capital statement

B.        Income statement, capital statement, statement of cash flows, and balance sheet

C.        Balance sheet, capital statement, statement of cash flows, and income statement

D.        Income statement, capital statement, balance sheet, and statement of cash flows

3) In classifying transactions, which of the following is true in regard to assets?

A.        Normal balances and increases are debits.

B.        Normal balances and decreases are credits.

C.        Normal balances can either be debits or credits for assets.

D.        Normal balances are debits and increases can be debits or credits.

4) An increase in an expense account must be

A.        debited

B.        credited

C.        either debited or credited, depending on the circumstances

D.        capitalized

5) ABC Corporation issues 100 shares of $1 par common stock at $5 per share, which of the following is the correct journal entry?

A.       

Cash $100

Common Stock $100

B.       

Cash $500

Common Stock $500

C.       

Cash $500

Paid-in Capital, Excess of Par $400

Common Stock $100

D.       

Cash $100

Paid-in Capital, Excess of Par $400

Common Stock $500

6) In the first month of operations, the total of the debit entries to the cash account amounted to $1,400 and the total of the credit entries to the cash account amounted to $600. The cash account has a

A.        $600 credit balance

B.        $1,400 debit balance

C.        $800 debit balance

D.        $800 credit balance

7) Which ledger contains control accounts?

A.        Accounts receivable subsidiary ledger

B.        General ledger

C.        Accounts payable subsidiary ledger

D.        General revenue and expense ledger

8) Smith is a customer of ABC Corporation. Smith typically purchases merchandise from ABC on account. Which ledger would ABC use to keep track of the details of Smith’s account?

A.        Accounts receivable subsidiary ledger

B.        Accounts receivable control ledger

C.        General ledger

D.        Accounts payable subsidiary ledger

9) Under the cash basis of accounting,

A.        revenue is recognized when services are performed

B.        expenses are matched with the revenue that is produced

C.        cash must be received before revenue is recognized

D.        a promise to pay is sufficient to recognize revenue

10) Under the accrual basis of accounting,

A.        cash must be received before revenue is recognized

B.        net income is calculated by matching cash outflows against cash inflows

C.        events that change a company’s financial statements are recognized in the period they occur rather than in the period in which the cash is paid or received

D.        the ledger accounts must be adjusted to reflect a cash basis of accounting before financial statements are prepared under generally accepted accounting principles

11) The Vintage Laundry Company purchased $6,500 worth of laundry supplies on June 2 and recorded the purchase as an asset. On June 30, an inventory of the laundry supplies indicated only $2,000 on hand. The adjusting entry that should be made by the company on June 30 is

A.        debit Laundry Expense, $2,000; credit Laundry Expense $2,000

B.        debit Laundry Expense, $4,500; credit Laundry Supplies Expense, $4,500

C.        debit Laundry Supplies, $2,000; credit Laundry Supplies Expense, $2,000

D.        debit Laundry Supplies Expense, $4,500; credit Laundry Supplies, $4,500

12) Greese Company purchased office supplies costing $4,000 and debited Office Supplies for the full amount. At the end of the accounting period, a physical count of office supplies revealed $1,100 still on hand. The appropriate adjusting journal entry to be made at the end of the period would be

A.        debit Office Supplies Expense, $1,100; credit Office Supplies, $1,100

B.        debit Office Supplies, $2,900; credit Office Supplies Expense, $2,900

C.        debit Office Supplies Expense, $2,900; credit Office Supplies, $2,900

D.        debit Office Supplies, $1,100; credit Office Supplies Expense, $1,100

13) Based on the account balance below, what is the total of the debit and credit columns of the adjusted trial balance?

Service revenue $3,300 Equipment $6,400

Cash 1,525 Prepaid insurance 1,225

Unearned revenue 5,320 Depreciation expense 640

Salary 1,050 Accum. depreciation 1,280

Common stock 390 Retained earnings 550

A. $9,150

B.        $10,840

C.        $9,560

D.        $10,430

14) An adjusted trial balance

A.        is prepared after the financial statements are completed

B.        proves the equality of the total debit balances and total credit balances of ledger accounts after all adjustments have been made

C.        is a required financial statement under generally accepted accounting principles

D.        cannot be used to prepare financial statements

15) Given the following adjusted trial balance, net income for the year is:

Debit    Credit

Cash $781

Accounts receivable 1,049

Inventory 1,562

Prepaid rent 43

Property, plant & equipment 150

Accumulated depreciation 26

Accounts payable 41

Unearned revenue 61

Common stock 103

Retained earnings 3,305

Service revenue 134

Interest revenue 28

Salary expense 80

Travel expense 33

Total $3,698 $3,698

A.        $248

B.        $135

C.        $162

D.        $49

16) Given the following adjusted trial balance, what will be the totals for the debit and credit columns of the post-closing trial balance?

Debit    Credit

Cash $1,562

Accounts receivable 2,098

Inventory 3,124

Prepaid rent 86

Property, plant, & equipment 300

Accumulated depreciation $52

Accounts payable 82

Unearned revenue 172

Common stock 206

Retained earnings 6,610

Service revenue 218

Interest revenue 56

Salary expense 160

Travel expense 66

Totals $7,396 $7,396

A.        $7,396

B.        $7,118

C.        $7,334

D.        $7,170

17) Given the following adjusted trial balance:

Debit    Credit

Cash $781

Accounts receivable 1,049

Inventory 1,562

Prepaid rent 43

Property, plant & equipment 150

Accumulated depreciation $26

Accounts payable 41

Unearned revenue 61

Common stock 103

Retained earnings 3,305

Service revenue 134

Interest revenue 28

Salary expense 80

Travel expense 33

Total $3,698 $3,698

After closing entries have been posted, the balance in retained earnings will be

A.        $3,256

B.        $3,170

C.        $3,440

D.        $3,354

18) Net income is recorded on the work sheet under the

A.        debit column of the adjusted trial balance and the credit column of retained earnings

B.        debit column of the income statement and the credit column of the balance sheet

C.        credit column of the adjusted trial balance and the debit column of retained earnings

D.        credit column of the income statement and the debit column of the balance sheet

19) At the beginning of the year, Uptown Athletic had an inventory of $400,000. During the year, the company purchased goods costing $1,500,000. If Uptown Athletic reported ending inventory of $600,000 and sales of $2,000,000, their cost of goods sold and gross profit rate would be

A.        $900,000 and 65%

B.        $1,300,000 and 35%

C.        $900,000 and 35%

D.        $1,300,000 and 65%

20) During the year, Sarah’s Pet Shop’s merchandise inventory decreased by $30,000. If the company’s cost of goods sold for the year was $450,000, purchases would have been

A.        $480,000

B.        $420,000

C.        $390,000

D.        Insufficient data to determine

21) At the beginning of the year, Wildcat Athletic had an inventory of $200,000. During the year, the company purchased goods costing $700,000. If Wildcat Athletic reported ending inventory of $300,000 and sales of $1,000,000, their cost of goods sold and gross profit rate would be

A. $400,000 and 60%

B $600,000 and 40%

C. $400,000 and 40%

D. $600,000 and 60%

22) The entry to record of sale of $900 with terms of 2/10, n/30 will include a

A.        debit to Sales Discount for $18

B.        debit to Sales Revenue for $882

C.        credit to Accounts Receivable for $900

D.        credit to Sales Revenue for $900

23) Dobler Company uses a periodic inventory system. Details for the inventory account for the

Units    Per unit price    Total

Balance, 1/1/2012 200 $5.00 $1,000

Purchase, 1/15/2012 100 5.3 530

Purchase, 1/28/2012 100 5.5 550

An end of the month (1/31/2012), inventory showed that 140 units were on hand. If the company uses LIFO, what is the value of the ending inventory?

A.        $737

B.        $700

C.        $762

D.        $1,380

24) The difference between ending inventory using LIFO and ending inventory using FIFO is referred to as

A.        FIFO reserve

B.        inventory reserve

C.        LIFO reserve

D.        periodic reserve

25) A consistent application of an inventory costing method enhances

A.        conservatism

B.        accuracy

C.        comparability

D.        efficiency

26) The accountant at Patton Company has determined that income before income taxes amounted to $11,000 using the FIFO costing assumption. If the income tax rate is 30% and the amount of income taxes paid would be $300 greater if the LIFO assumption were used, what would be the amount of income before taxes under the LIFO assumption?

A.        $11,300

B.        $12,000

C.        $10,000

D.        $10,700

27) A very small company would have the most difficulty in implementing which of the following internal control activities?

A. Separation of duties

B.        Limited access to assets

C.        Periodic independent verification

D.        Sound personnel procedures

28) A system of internal control

A.        is infallible

B.        can be rendered ineffective by employee collusion

C.        invariably will have costs exceeding benefits

D.        is premised on the concept of absolute assurance

29) The custodian of a company asset should

A.        have access to the accounting record for that asset

B.        be someone outside the company

C.        not have access to the accounting record for that asset

D.        be an accountant

30) The Sarbanes Oxley Act (2002) applies to

A.        U.S. companies but not international companies

B.        international companies but not U.S. companies

C.        U.S. and Canadian companies but not other international companies

D.        U.S. and international companies

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