Acct 301 Week 1 Homework Problem 2004

Similar Documents

Acct 555 Week 1 Assignment

...Week 1 Assigment – ACCT 555 2-16 a) 1 b) 3 c) 2 d) 1 2-17 a) 1 b) 2 c) 4 d) 3 2-19 a) Leadership responsibilities for quality within the firm b) Monitoring c) Acceptance and continuation of clients and engagements d) Monitoring e) Monitoring f) Engagement performance g) Relevant ethical requirements h) Human resources i) Human resources j) Leadership responsibilities for quality within the firm 2-20 a) The factors to consider are the historical review of the company’s financial statements including the performance and reputation of the previous firm. Another would be the integrity of the officers of the company to determine whether they would give accurate information. b) Other issues related to public companies include the documents that need to be submitted to the SEC on a quarterly and yearly basis. 3-23 a) 4 b) 3 c) 3 3-25 a) 4 b) 4 c) 3 3-26 a) It tries to say that all the information was presented in a fair manner and that there may be some mistakes but they will not affect the materiality of the financial statements. b) That the financial statements and audit were done in accordance with the rules and regulations required. c) That the auditors reviewed it and that they feel the information was fair and accurate. d) Because the auditor is representing the whole firm and not just himself as an individual. e) That the audit was done with the......

Words: 260 - Pages: 2

Acct 205 Week 1 Assignment

...Week One Exercise Assignment 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. Amounts paid to a mall for rent. Expense, Debit b. Amounts to be paid in 10 days to suppliers. Liability, Credit c. A new fax machine purchased for office use. Asset, Debit d. Land held as an investment. Asset, Debit e. Amounts due from customers. Asset, Debit f. Daily sales of merchandise sold. Revenue, Credit g. Promotional costs to publicize a concert. Expense, Debit h. A long-term loan owed to Citizens Bank. Liability, Credit i. The albums, tapes, and CDs held for sale to customers. Asset, Debit 2. Basic journal entries The following transactions pertain to the Jennifer Royall Company: May 1 Jenni¬fer Royall invested cash of $25,000 and land valued at $15,000 into the business. 5 Provided $1,000 of services to Jason Ratchford, a client, on account. 9 Paid $1,250 of salaries to an employee. 14 Acquired a new computer for $4,200, on account. 20 Collected $800 from Jason Ratchford for services provided on May 5. 24 Borrowed $2,500 from BestBanc by securing a six-month loan. Prepare journal entries (and explanations) to record the preceding transactions and......

Words: 2431 - Pages: 10

Acc 564 Week 2 Assignment 1 – Information Needs for the Ais

...ACC 564 Week 2 Assignment 1 – Information Needs for the AIS Click Link Below To Buy: http://hwcampus.com/shop/acc-564/acc-564-week-2-assignment-1-information-needs-for-the-ais/ Or Visit www.hwcampus.com ACC 564 Week 2 Assignment 1 – Information Needs for the AIS In 1967, Russell Ackoff presented a classical analysis of misinformation in management (Ackoff’s Management Misinformation Systems, Case 1-1, pg. 21 of the text). Now, you need to fast-forward to the present. After reading the case, craft your own version of misinformation in management by developing five (5) key incorrect assumptions that management makes about its accounting information systems. For this assignment, research the Internet or Strayer databases for information related to improper assumptions concerning accounting information systems. Write a five to seven (5-7) page paper in which you: Based on your research, assess how corporate leaders may make improper assumptions related to accounting information systems and the related information. Indicate the most negative potential impacts on business operations related to these assumptions. Provide support for your rationale. Suggest three to four (3-4) ways in which organizational performance may be improved when information is properly managed within a business system. Provide support for your rationale. Evaluate the level of system security (i.e., high, medium, low) needed to ensure information integrity within automated business......

Words: 254 - Pages: 2

Acct 564 Week 1 Assignment

...Week 2 Assignment Acct 564- International Accounting and Multinational Enterprises Chapter 3 Exercise 5. On May 19, 2004, the IASB published a single volume of its official pronouncements that will be applicable from January 1, 2005. Required: Access the IASB Web site (www.iasb.org), search for these pronouncements, and prepare a list of them. The IASB published its official pronouncements and the list of them are as follows: * A new standard were introduce such as IFRS 6 Exploration for and Evaluation of Mineral Resources. * five Interpretations-IFRICs 1-5 * Amendments were made related to IAS 19 Employee Benefits, IAS 39 Financial Instruments: Recognition and Measurement and SIC-12 Consolidation-Special Purpose Entities * Amendments were made for other IFRSs resulting from those pronouncements together with editorial corrections. http://www.ifrs.org/Archive/Press-Relases-Archive/2005/Pages/IASB-publishes-complete-standards-for-2005.aspx Chapter 4 Exercise 1 The cost of inventory in the current year is calculated as: Cost of materialsLess: Abnormal WasteAdd: cost of direct laborAdd: Allocation of Variable overhead costsAdd: Allocation of fixed overhead ( based on normal production levels)Cost of Inventory | $100,000$(10,000)$60,000$30,000$2,5000------------------------------------------------- 2,05,000 | Answer: B $2,05,000 Exercise 4 | Cost | Useful LifeYears | | Depreciation | Motor | $20,000 | 5 | $20,000/5 |...

Words: 1158 - Pages: 5

Acct 301 Homework Assignments Week 1 to 7

...ACCT 301 HOMEWORK ASSIGNMENTS WEEK 1 TO 7 To purchase this visit following link: http://www.activitymode.com/product/acct-301-homework-assignments-week-1-to-7/ Contact us at: SUPPORT@ACTIVITYMODE.COM ACCT 301 HOMEWORK ASSIGNMENTS WEEK 1 TO 7 ACCT 301 Homework Assignments Week 1 To 7 ACCT 301 Week 1 Homework (Problems & Solutions) ACCT 301 Week 2 Homework (Problems & Solutions) ACCT 301 Week 3 Homework (Problems & Solutions) ACCT 301 Week 4 Homework (Problems & Solutions) ACCT 301 Week 5 Homework (Problems & Solutions) ACCT 301 Week 6 Homework (Problems & Solutions) ACCT 301 Week 7 Homework (Problems & Solutions) Activity mode aims to provide quality study notes and tutorials to the students of ACCT 301 Homework Assignments Week 1 To 7 in order to ace their studies. ACCT 301 HOMEWORK ASSIGNMENTS WEEK 1 TO 7 To purchase this visit following link: http://www.activitymode.com/product/acct-301-homework-assignments-week-1-to-7/ Contact us at: SUPPORT@ACTIVITYMODE.COM ACCT 301 HOMEWORK ASSIGNMENTS WEEK 1 TO 7 ACCT 301 Homework Assignments Week 1 To 7 ACCT 301 Week 1 Homework (Problems & Solutions) ACCT 301 Week 2 Homework (Problems & Solutions) ACCT 301 Week 3 Homework (Problems & Solutions) ACCT 301 Week 4 Homework (Problems & Solutions) ACCT 301 Week 5 Homework (Problems & Solutions) ACCT 301 Week 6 Homework (Problems & Solutions) ACCT 301 Week 7 Homework (Problems & Solutions) Activity mode aims to provide quality study notes and tutorials to the......

Words: 631 - Pages: 3

Acct 251 Week 1 Peachtree Assignment Devry

...ACCT 251 WEEK 1 PEACHTREE ASSIGNMENT DEVRY To purchase this visit following link http://www.activitymode.com/product/acct-251-week-1-peachtree-assignment-devry/ Contact us at: SUPPORT@ACTIVITYMODE.COM ACCT 251 WEEK 1 PEACHTREE ASSIGNMENT DEVRY ACCT251 Peachtree Assignment You’ll be completing your assignment using Peachtree, accessible in the iLab. Visit the iLab content item under Course Home for instructions on how to access Peachtree. Complete Exercise 1.1 and 1.2. In Exercise 1-2; Step #6 involves generating a report that you convert to Excel. Submit this report as your homework. Submit your assignment to the Dropbox located on the silver tab at the top of this page. For instructions on how to use the Dropbox, read thesestep-by-step instructions or watch this Dropbox Tutorial. See the Syllabus section “Due Dates for Assignments & Exams” for due date information. Activity Mode aims to provide quality study notes and tutorials to the students of ACCT 251 week 1 Peachtree Assignment DeVry in order to ace their studies. ACCT 251 WEEK 1 PEACHTREE ASSIGNMENT DEVRY To purchase this visit following link http://www.activitymode.com/product/acct-251-week-1-peachtree-assignment-devry/ Contact us at: SUPPORT@ACTIVITYMODE.COM ACCT 251 WEEK 1 PEACHTREE ASSIGNMENT DEVRY ACCT251 Peachtree Assignment You’ll be completing your assignment using Peachtree, accessible in the iLab. Visit the iLab content item under Course Home for instructions on how to access Peachtree....

Words: 1191 - Pages: 5

Acct 251 Week 1 Peachtree Assignment Devry

...ACCT 251 WEEK 1 PEACHTREE ASSIGNMENT DEVRY To purchase this visit following link http://www.activitymode.com/product/acct-251-week-1-peachtree-assignment-devry/ Contact us at: SUPPORT@ACTIVITYMODE.COM ACCT 251 WEEK 1 PEACHTREE ASSIGNMENT DEVRY ACCT251 Peachtree Assignment You’ll be completing your assignment using Peachtree, accessible in the iLab. Visit the iLab content item under Course Home for instructions on how to access Peachtree. Complete Exercise 1.1 and 1.2. In Exercise 1-2; Step #6 involves generating a report that you convert to Excel. Submit this report as your homework. Submit your assignment to the Dropbox located on the silver tab at the top of this page. For instructions on how to use the Dropbox, read thesestep-by-step instructions or watch this Dropbox Tutorial. See the Syllabus section “Due Dates for Assignments & Exams” for due date information. Activity Mode aims to provide quality study notes and tutorials to the students of ACCT 251 week 1 Peachtree Assignment DeVry in order to ace their studies. ACCT 251 WEEK 1 PEACHTREE ASSIGNMENT DEVRY To purchase this visit following link http://www.activitymode.com/product/acct-251-week-1-peachtree-assignment-devry/ Contact us at: SUPPORT@ACTIVITYMODE.COM ACCT 251 WEEK 1 PEACHTREE ASSIGNMENT DEVRY ACCT251 Peachtree Assignment You’ll be completing your assignment using Peachtree, accessible in the iLab. Visit the iLab content item under Course Home for instructions on how to access Peachtree....

Words: 1361 - Pages: 6

Acct 550 Full Class Acct 550 Week 1 Homework Assignment

...ACCT 550 Full Class ACCT 550 Week 1 Homework Assignment Click Link Below To Buy: http://hwaid.com/shop/acct-550-full-class/ E3-1 (Transaction Analysis—Service Company) Christine Ewing is a licensed CPA. During the first month of operations of her business (a sole proprietorship), the following events and transactions occurred. April 2 Invested $30,000 cash and equipment valued at $14,000 in the business. 2 Hired a secretary-receptionist at a salary of $290 per week payable monthly. 3 Purchased supplies on account $700. (debit an asset account.) 7 Paid office rent of $600 for the month. 11 Completed a tax assignment and billed client $1,100 for services rendered. (Use Service Revenue account.) 12 Received $3,200 advance on a management consulting engagement. 17 Received cash of $2,300 for services completed for Ferengi Co. 21 Paid insurance expense $110. 30 Paid secretary-receptionist $1,160 for the month. 30 A count of supplies indicated that $120 of supplies had been used. 30 Purchased a new computer for $5,100 with personal funds. (The computer will be used exclusively for business purposes.) E3-5 (Adjusting Entries) The ledger of Chopin Rental Agency on March 31 of the current year includes the following selected accounts before adjusting entries have been prepared. Debit Credit Prepaid Insurance $ 3,600 Supplies 2,800 Equipment 25,000 Accumulated Depreciation—Equipment $ 8,400 Notes Payable 20,000 Unearned Rent......

Words: 5271 - Pages: 22

Acct 550 Week 1 Homework Assignment

...ACCT 550 Week 1 Homework Assignment Click Link Below To Buy: http://hwaid.com/shop/acct-550-week-1-homework-assignment/ E3-1 (Transaction Analysis—Service Company) Christine Ewing is a licensed CPA. During the first month of operations of her business (a sole proprietorship), the following events and transactions occurred. April 2 Invested $30,000 cash and equipment valued at $14,000 in the business. 2 Hired a secretary-receptionist at a salary of $290 per week payable monthly. 3 Purchased supplies on account $700. (debit an asset account.) 7 Paid office rent of $600 for the month. 11 Completed a tax assignment and billed client $1,100 for services rendered. (Use Service Revenue account.) 12 Received $3,200 advance on a management consulting engagement. 17 Received cash of $2,300 for services completed for Ferengi Co. 21 Paid insurance expense $110. 30 Paid secretary-receptionist $1,160 for the month. 30 A count of supplies indicated that $120 of supplies had been used. 30 Purchased a new computer for $5,100 with personal funds. (The computer will be used exclusively for business purposes.) E3-5 (Adjusting Entries) The ledger of Chopin Rental Agency on March 31 of the current year includes the following selected accounts before adjusting entries have been prepared. Debit Credit Prepaid Insurance $ 3,600 Supplies 2,800 Equipment 25,000 Accumulated Depreciation—Equipment $ 8,400 Notes Payable 20,000 Unearned Rent Revenue 6,300 Rent......

Words: 360 - Pages: 2

Acct 346 Weekly Assignment Week 1

...ACCT 346 Weekly Assignment Week 1 https://homeworklance.com/downloads/acct-346-weekly-assignment-week-1/ Directions: For this assignment, assume that we’re analyzing a large factory operation that produces and markets fine baked goods to many supermarket chains. Your assignment this week is to insert all of the answers in the empty cells below, and note that a few items have already been filled in just to get you started on each section. 1. Identify whether each of the items below is a Product Cost or Period Cost: (1/2 point each, total 5 points) Factory insurance Company president’s salary Eggs, salt, water used for baking Depreciation expense on bake ovens Paper wrappers for bread Factory lease Advertising costs Factory supervisor salaries Sales commissions Flour used in baking bread Product 2. Identify whether each of the items below is a Direct Cost or Indirect Cost: (1/2 point each, total 5 points) Factory insurance Baker’s wages Eggs used for baking Depreciation expense on bake ovens Paper wrappers for bread Cleaning materials for bake ovens Utilities used in factory Factory supervisor salaries Lubricant for factory equipment Flour used in baking bread Indirect 3. Identify whether each of the items below is a Fixed Cost or Variable Cost: (1/2 point each, total 5 points) Shipping costs for bread Cost of fuel for delivery truck fleet Factory rent Factory insurance Maintenance on delivery trucks Sales commissions Wages paid to......

Words: 502 - Pages: 3

Acc 564 Week 2 Assignment 1 Information Needs for the Ais

...ACC 564 WEEK 2 ASSIGNMENT 1 INFORMATION NEEDS FOR THE AIS To purchase this tutorial visit here: http://mindsblow.us/question_des/ACC564WEEK2ASSIGNMENT1INFORMATIONNEEDSFORTHEAIS/516 contact us at: help@mindblows.us ACC 564 WEEK 2 ASSIGNMENT 1 INFORMATION NEEDS FOR THE AIS In 1967, Russell Ackoff presented a classical analysis of misinformation in management (Ackoff’s Management Misinformation Systems, Case 1-1, pg. 21 of the text). Now, you need to fast-forward to the present. After reading the case, craft your own version of misinformation in management by developing five (5) key incorrect assumptions that management makes about its accounting information systems. For this assignment, research the Internet or Strayer databases for information related to improper assumptions concerning accounting information systems. Write a five to seven (5-7) page paper in which you: 1. Based on your research, assess how corporate leaders may make improper assumptions related to accounting information systems and the related information. Indicate the most negative potential impacts on business operations related to these assumptions. Provide support for your rationale. 2. Suggest three to four (3-4) ways in which organizational performance may be improved when information is properly managed within a business system. Provide support for your rationale. 3. Evaluate the level of system security (i.e., high, medium, low) needed to ensure information integrity within automated......

Words: 2965 - Pages: 12

Acct 346 Weekly Assignment Week 1

...ACCT 346 Weekly Assignment Week 1 https://homeworklance.com/downloads/acct-346-weekly-assignment-week-1/ Directions: For this assignment, assume that we’re analyzing a large factory operation that produces and markets fine baked goods to many supermarket chains. Your assignment this week is to insert all of the answers in the empty cells below, and note that a few items have already been filled in just to get you started on each section. 1. Identify whether each of the items below is a Product Cost or Period Cost: (1/2 point each, total 5 points) Factory insurance Company president’s salary Eggs, salt, water used for baking Depreciation expense on bake ovens Paper wrappers for bread Factory lease Advertising costs Factory supervisor salaries Sales commissions Flour used in baking bread Product 2. Identify whether each of the items below is a Direct Cost or Indirect Cost: (1/2 point each, total 5 points) Factory insurance Baker’s wages Eggs used for baking Depreciation expense on bake ovens Paper wrappers for bread Cleaning materials for bake ovens Utilities used in factory Factory supervisor salaries Lubricant for factory equipment Flour used in baking bread Indirect 3. Identify whether each of the items below is a Fixed Cost or Variable Cost: (1/2 point each, total 5 points) Shipping costs for bread Cost of fuel for delivery truck fleet Factory rent Factory insurance Maintenance on delivery trucks Sales commissions Wages paid to......

Words: 502 - Pages: 3

Acct 550 Week 1 Homework Assignment

...ACCT 550 Week 1 Homework Assignment To Buy This material Click below link http://www.uoptutors.com/acct-550/acct-550-week-1-homework-assignment E3-1 (Transaction Analysis—Service Company) Christine Ewing is a licensed CPA. During the first month of operations of her business (a sole proprietorship), the following events and transactions occurred. April | 2 | Invested $30,000 cash and equipment valued at $14,000 in the business. | | 2 | Hired a secretary-receptionist at a salary of $290 per week payable monthly. | | 3 | Purchased supplies on account $700. (debit an asset account.) | | 7 | Paid office rent of $600 for the month. | | 11 | Completed a tax assignment and billed client $1,100 for services rendered. (Use Service Revenue account.) | | 12 | Received $3,200 advance on a management consulting engagement. | | 17 | Received cash of $2,300 for services completed for Ferengi Co. | | 21 | Paid insurance expense $110. | | 30 | Paid secretary-receptionist $1,160 for the month. | | 30 | A count of supplies indicated that $120 of supplies had been used. | | 30 | Purchased a new computer for $5,100 with personal funds. (The computer will be used exclusively for business purposes.) | E3-5 (Adjusting Entries) The ledger of Chopin Rental Agency on March 31 of the current year includes the following selected accounts before adjusting entries have been prepared. | Debit | Credit | Prepaid Insurance | $ 3,600 | | Supplies | 2,800 | | ......

Words: 366 - Pages: 2

Acct 550 Week 1 Homework Assignment

...ACCT 550 Week 1 Homework Assignment To Buy This material Click below link http://www.uoptutors.com/acct-550/acct-550-week-1-homework-assignment E3-1 (Transaction Analysis—Service Company) Christine Ewing is a licensed CPA. During the first month of operations of her business (a sole proprietorship), the following events and transactions occurred. April | 2 | Invested $30,000 cash and equipment valued at $14,000 in the business. | | 2 | Hired a secretary-receptionist at a salary of $290 per week payable monthly. | | 3 | Purchased supplies on account $700. (debit an asset account.) | | 7 | Paid office rent of $600 for the month. | | 11 | Completed a tax assignment and billed client $1,100 for services rendered. (Use Service Revenue account.) | | 12 | Received $3,200 advance on a management consulting engagement. | | 17 | Received cash of $2,300 for services completed for Ferengi Co. | | 21 | Paid insurance expense $110. | | 30 | Paid secretary-receptionist $1,160 for the month. | | 30 | A count of supplies indicated that $120 of supplies had been used. | | 30 | Purchased a new computer for $5,100 with personal funds. (The computer will be used exclusively for business purposes.) | E3-5 (Adjusting Entries) The ledger of Chopin Rental Agency on March 31 of the current year includes the following selected accounts before adjusting entries have been prepared. | Debit | Credit | Prepaid Insurance | $ 3,600 | | Supplies | 2,800 | | ......

Words: 366 - Pages: 2

Acct-346 Weekly Assignment Week 1

...ACCT-346 Weekly Assignment Week 1 https://homeworklance.com/downloads/acct-346-weekly-assignment-week-1/ Copy & paste above Link Into your Browser to Buy Tutorial Or Visit: www.homeworklance.com Directions: For this assignment, assume that we’re analyzing a large factory operation that produces and markets fine baked goods to many supermarket chains. Your assignment this week is to insert all of the answers in the empty cells below, and note that a few items have already been filled in just to get you started on each section. 1. Identify whether each of the items below is a Product Cost or Period Cost: (1/2 point each, total 5 points) Factory insurance Company president’s salary Eggs, salt, water used for baking Depreciation expense on bake ovens Paper wrappers for bread Factory lease Advertising costs Factory supervisor salaries Sales commissions Flour used in baking bread Product 2. Identify whether each of the items below is a Direct Cost or Indirect Cost: (1/2 point each, total 5 points) Factory insurance Baker’s wages Eggs used for baking Depreciation expense on bake ovens Paper wrappers for bread Cleaning materials for bake ovens Utilities used in factory Factory supervisor salaries Lubricant for factory equipment Flour used in baking bread Indirect 3. Identify whether each of the items below is a Fixed Cost or Variable Cost: (1/2 point each, total 5 points) Shipping costs for bread Cost of fuel for delivery truck......

Words: 517 - Pages: 3

 

Larson−Wild−Chiappetta: Fundamental Accounting Principles, Seventeenth Edition2. Analyzing and Recording TransactionsText

© The McGraw−Hill Companies, 2004

Explain the steps inprocessing transactions.

C1

The accounting process identifies business transactions and events,analyzes and recordstheir effects,and summarizes and presents information in reports and financial statements.These reports and statements are used for making investing,lending,and other businessdecisions. The steps in the accounting process that focus on

analyzing and recording

trans-actions and events are shown in Exhibit 2.1.Business transactions and events are the starting points. Relying on source documents,trans-actions and events are analyzed using the accounting equation to understand how they af-fect company performance and financial position. These effects are recorded in accountingrecords,informally referred to as the

accounting books,

or simply the

books

. Additionalsteps such as posting and then preparing a trial balance help summarize and classify the ef-fects of transactions and events. Ultimately,the accounting process provides information inuseful reports or financial statements to decision makers.

Chapter Preview

Financial statements report on the financial performance andcondition of an organization.Knowledge of their preparation,organization,and analysis is important.A main goal of thischapter is to illustrate how transactions are recorded,howthey are reflected in financial statements,and how theyimpact analysis of financial statements.Debits and credits areintroduced and identified as a tool in helping understand andprocess transactions.

Analyzing and Recording TransactionsAnalyzing andRecording Process

•Source documents•The account and itsanalysis•Types of accounts

Trial Balance

•Trial balancepreparation•Search for andcorrection of errors•Trial balance use

 Analyzing and Recording Process

Exhibit 2.1

The Analyzing and RecordingProcess

Supplies

Dec.1CashTaylor, CapitalSuppliesDec.2Cash

Journal

Dec.130,00030,000CashTaylor, Capital2,5002,500SuppliesDec.2Cash

Journal

30,00030,0002,5002,500

Record relevanttransactionsand eventsin a journalPost journalinformationto ledgeraccountsPrepare andanalyze thetrial balance Analyze eachtransactionand event fromsource documents

Dec.1Dec.2

0 thoughts on “Acct 301 Week 1 Homework Problem 2004

Leave a Reply

Your email address will not be published. Required fields are marked *