...Problem Set I ACC 300 Problem Set I Chapter 1 P1-3A Income Statement Service revenue $7500 Expenses: Advertising expense $400 Supplies expense $1000 Maintenance and repairs expense $600 Utilities expense $300 Salaries and wages expense $1400 Total Expenses $3700 Net Income $3800 The total net income was $3800 and expenses totaled $3700. This resulted in a successful profit for the first month. Balance Sheet Assets: Cash $4600 Accounts receivable $4000 Supplies $2400 Equipment $26000 Total Assets $37000 Liabilities: Accounts payable $500 Notes payable $12000 Total Liabilities $12500 Stockholders' Equity Common stock $22100 Retained Earnings $2400 Total Stockholders' Equity $24500 Total Liabilities and Stockholders' Equity $37000 Statement of Retained Earnings Balance July 1 $0 Net Income $3800 Less: Dividends $1400 Balance June 30 $2400 Chapter 3 P3-5A LEDGER ACCOUNT | | | | DATE | ACCOUNT | DEBIT ( + ) | CREDIT ( - ) | 1 | 4/1/2012 | Cash | 18000.00 | | | | Exchanged for Common Stock | | 18000.00 | 2 | 4/1/2012 | Hired Secretary | | | | | $375 per week | | | 3 | 4/2/2012 | Rent | 900.00 | | | | Paid Rent | | | 4 | 4/3/2012 | Spring Green | 1300.00 | | | | Architectural Supplies | | | 5 | 4/10/2012 | Client | 1900.00 | | | | Carport Blueprints | | | 6 | 4/11/2012...
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...Verizon Wireless Corporation Outline Team Paper ACC 300 Verizon Communications Outline Introduction: Verizon Communications Inc., based in New York City and incorporated in Delaware, was formed on June 30, 2000, with the merger of Bell Atlantic Corp. and GTE Corp. The mergers that formed Verizon were among the largest in U.S. business history, culminating in a definitive merger agreement, dated July 27, 1998, between Bell Atlantic, based in New York City, and GTE. Verizon was launched on April 3, 2000, and the wireless venture began operations as Verizon Wireless on April 4. GTE's wireless operations became part of Verizon Wireless; creating the nation's largest wireless company. Verizon today is a global leader in delivering broadband and other wireless and wireline communications services to mass market, business, government and wholesale customers. 1) How are Verizon’s debt securities reported? A. Definition of debt security B. How is utilized on their financial statement? C. What did their financial statement reveal? 2) How are Verizon’s stock investments reported on their financial statement? A. Definition of stock investment B. How is it utilized on their financial statement C. What did their statements reveal about their stock investments 3) Why does Verizon invest in stocks and debt securities? A. To fund network expansion and modernization, repay external financing, pay dividends, repurchase Verizon common stock from...
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...Week 4 Weekly Reflection ACC 300 Team Member 1 For any organization, household, or business it is vital to maintain internal controls on procedures and records. Maintaining control of these principles once put in place permits activities to get the larger picture. Internal control principles include independent internal investigations or surprise inspections that are conducted by an outside source with no hidden agenda to the company. These inspectors follow procedures to reduce fraud and misuse and enhance accounting accuracy by examining documents of transactions received and performed. To balance accounting records bank reconciliation and adjusting entries are a necessary process to aid in identifying errors. The possibility of miscalculations deliberately or inadvertently can be distressing without the skill or the expertise to conduct proper control measures for a household or company. This week’s objectives can be easily understood providing managers apply applicable control types and keep the business accounting principles flowing correctly. Team Member 2 In the first three weeks we have about a lot. How important we are required to follow GAAP instead of IFRS. Also we learn how to prepare certain statements to be accurate with our reports and records of financial statement. What these statement does give you an overall view of how much a company or yourself reporting for the year. Debit on the right, Credit on the left of T accounts. We prepared a few...
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...Working with Financial Statements Team Paper ACC/300 Accounting is the lifeline to any successful business trying keep up with the competition. Accounting is used to record items that over a period of time a business pays for or receives. Accounting provides a tool for businesses to continue thriving and maintain sustainability, without these tools a business will fail and people will out put out of work. Proper accounting record keeping is obtained so management can review data and information regarding business expenses and daily revenue so proper insight can be given on how the direction of the company should move forward. This data is needed to not only inform the employees of the business, but also the investing parties of that business as well. Success in business is equated to being accountable of all aspects of revenue and expenses. To help aid in the understanding of the practice of accounting, Team C will discuss the subjects of revenue and expense recognition principles. We will also discuss the importance of journal adjustments that are prepaid, unearned, and accrued for both revenues and expenses over time. Each section this team will discuss aids in providing and maintaining the integrity for financial statements to become properly completed. Providing information is correctly entered permits businesses to see a clear and precise accounting picture of the efforts to maintain a company. The revenue recognition principle requires the company to only recognize...
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...Accrued Revenues Accrued revenues are used for transactions in which goods and services have been provided, but cash hasn't yet been received (Shanker, 2013). The most common accrued revenue situation is interest that has been earned but not yet received. When the interest is received, the entry is to debit cash, increasing it and adding it to the journal entree. The credit interest receivable will be marked by zeroing it out. The unrecorded revenues due to consumers not yet paying for the good or service accrues interest as time goes on. An example would be if a consumer had a 12% interest on a $25,000 loan. This loan continues to draw interest for as long as the loan has been established. Banks and other financial lenders do not mind if a consumer prolongs the debt because they are continuing to earn a significant amount of revenue just of the interest alone. Accrued revenue is treated as an asset on the balance sheet rather than a liability (Investopedia, 2013). Accrued revenues show up on the accounts receivable area of the financial income statement. When a accounting cycle ends the net income amounts from the income statement will get transferred to the balance sheet ledger. The reflection of this transfer will either show a positive or negative loss of revenue based upon how the company did that year financially. Having too many open unpaid accounts could have a negative effect to the individual or firm that loaned the financial means. Accrued revenue will play a significant...
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...EXERCISE 7-5 (a) Weaknesses | | (b) Suggested Improvement | 1. Checks are not prenumbered. | | Use prenumbered checks. | (Documentation procedures) | | | 2. The purchasing agent signs checks. (Establishment of responsibility) | | Only the treasurer’s department personnel should sign checks. | | | | 3. Unissued checks are stored in unlocked file cabinet. (Physical controls) | | Unissued checks should be stored in a locked file cabinet with access restricted to authorized personnel. | 4. Purchasing agent approves and pays for goods purchased. | | Purchasing should approve bills for payment by the treasurer. | (Segregation of duties) | | | 5. After payment, the invoice is filed. | | The invoice should be stamped PAID. | (Documentation procedures) | | | 6. The purchasing agent records payments in cash disbursements journal. (Segregation of duties) | | Only accounting department personnel should record cash disbursements. | | | | 7. The treasurer records the checks in cash disbursements journal. | | Same as answer to No. 6 above. | (Segregation of duties) | | | 8. The treasurer reconciles the bank statement. (Independent internal verification) | | An internal auditor should reconcile the bank statement. | | | | EXERCISE 7-6 (a) Cash balance per bank statement $3,677.20 Add: Deposits in transit 590.00 4,267.20 Less: Outstanding checks ...
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...Problem Set II ACC300 P2-6A A. Earnings per share. | | Earnings per share = Net income/Average No. of outstanding shares | | 2011-$2.00 = 60,000/30,0002012- $2.12=70,000/33,000 | | B. Working capital. | | Working capital = current assets - current liabilities | | 2011- 85,000 = 155,000-70,0002012- 113,000 = 188,000- 75,000 | | C. Current ratio. | | Current ratio = Current assets/Current liability | | 2011 :2.2 =155,000/70,0002012: 2.5 = 188,000/75,000 | | D. Debt to total assets ratio. | | | | Debt to total asset ratio = Total debt/Total assets | | 2011- 23.4% = 160,000/685,0002012- 20.4% = 155,000/760,000 | | E. Free cash flow. | | Free cash flow = Cash from operating activities-Cash used for cap. Exp.-Dividends | 2011- 3,0002012-17,000 | | F.) Based on the ratios calculated, discuss briefly the improvement or lack thereof in | Financial position and operating results from 2011 to 2012 of Sievert Corporation. | | | There was an increase of net income and earnings per share in which showed the growth of the company. The liquidity showed in the working capital and ratio. The solvency improved the debt of total assets ratio and the free cash flow | | | | | P13-2A A. Earnings per share: Earnings per share = Net income/Average No. of outstanding shares $218,000/59,000 = $3.69 No. of outstanding share for 2012 = 290,000/5: 58000 No. of outstanding share for 2011 = 300,000/5: 60000 Average no. of...
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...Week 3 Media Summary The video this week summarizing what we have learned in class to this point was very entertaining. It took accounting and used it in a fun way by making a game show out of it. It combined some accounting principles, and put it in test questions form for a chance for the contestant to win a million dollars. It paused periodically to summarize each section to enhance the learning experience. I was able to refresh what I have learned to date, and compare the answers with what I knew. I only missed three questions, but unfortunately one of them was the second question which means I would have walked away with only $50. The video refreshed concepts that we learned such as what accounting was used for, which is to collect, record, analyze, and report financial data of a company to help decision makers make key decisions for the company. The video showed us that users of financial statements are anyone who has a stake in the business. It reiterated that today accounting software is used to organize data as opposed to the old hand written ways that used to be popular. We learned that current assets and liabilities are only items that are used short term and not year after. The video showed the accounting equation of assets equal liabilities plus owner’s equity. Concepts that I didn’t know were uncovered such as taxes are not included on profit and loss statements, and making a sale on credit increases profit. Some new items that I never heard of before were...
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...GUIDELINES...............................................................................7 REAR YARD FENCE GUIDELINES ......................................................................................9 PLAY EQUIPMENT GUIDELINES ......................................................................................11 SATELLITE RECEIVER (DISH) GUIDELINES ..................................................................13 GENERAL IMPROVEMENTS, LANDSCAPE & MAINTENANCE GUIDELINES..........14 LIST OF RECOMMENDED PLANT SPECIES ....................................................................19 EXHIBIT A REQUEST FORM 2 CHRISTENBURY MASTER ASSOCIATION, INC. ARCHITECTURAL CONTROL COMMITTEE INTRODUCTION The Architectural Control Committee (ACC) is providing the attached Architectural Design Guidelines (“Guidelines”) in accordance with that Declaration of Covenants, Easements, Conditions and Restrictions (“Declaration”), for purposes of establishing and maintaining exterior design elements throughout Christenbury. This document should be filed with the homeowners’ copy of the Declaration received at closing. It is the responsibility of each homeowner to pass along the Declaration and Guidelines to any future buyer of their home at Christenbury. It is important to note that the Guidelines are applicable to most all future building exterior and property...
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...Jose Cando ENGL-2327 April 26, 2014 Balcones Fiction and Poetry Winners Reading Event: Natalie Diaz’s Reading of When My Brother Was an Aztec Outside the ACC Theater on April 9th, the public was greeted by tables of refreshment including fruits cheeses and crackers which was a nice surprise. Although, I had expected a packed theater, only about forty people were waiting inside. The event started at 6:30 pm when Charlotte Gullick, the chair of the creative a writing department took the stage. After promoting some of creative writing classes at ACC, she described the significance of the Balcones prizes. A teacher from the English department took the stage next to talk a little more about the Balcones prize. He pointed out that Natalie Diaz was the sixteenth winner of this prize. He described Ms. Diaz as a woman with her foot “in three different worlds.” Her childhood was spent on the Mojave reservation in the California Desert. She attended college in Virginia on a basketball scholarship, and from there she played professional basketball in Europe and Asia. After injuring her knee, she left basketball to study poetry in graduate school. Therefore, he claimed, she has a foot in the worlds of the reservation, basketball and poetry. With that, he welcomed Nathalie to the stage. Nathalie jumped into reading her poem, “When My Brother Was an Aztec.” I was shocked to hear the bitterness and resentment in her voice as she describe her brother as a nasty and careless force which...
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...ACC 300 Entire Course To purchase this Tutorial click below link : http://homeworkgallery.com/index.php/product/acc-300-entire-course-2/ ACC 300 Week 1 – Individual Assignment – Chapter Two – Brief Exercises. ACC 300 Week 1 Individual Assignment Chapter 2: Brief Exercises BE2-8, BE2- 9, and BE2-10 ACC 300 Week 2 – Learning Team Assignment. In this excel file ACC 300 Week 2 Learning Team Assignment you will find overview of the following sheets: 1. Demonstration Case 2-1 2. Given Data DC2-1 3. Simplify with Spreadsheets 2-1 4. Given Data SS2-1 5. Coached Problem 2-1 6. Given Data CP2-1 7. Problem A 2-1 8. Given Data PA 2-1 ACC 300 week 2 dqs. What are the different bases of accounting? When would you use the cash basis? Accrual basis? Tax basis? Which one is better? Why? What are the financial statements? What does each one tell you? Which financial statement is more important? Why? How are the financial statements related? Why do these relationships exist? What is the impact of a miscalculation in the income statement on other financial statements? ACC 300 Week 3 – Individual Assignment Part I. In the work ACC 300 Week 3 Individual Assignment Part I you will find overview of the following parts: 1. Cash Basis – Income Statement 2. Accrual Basis – Income Statement ACC 300 Week 3 – Individual Assignment Part II. In this file ACC 300 Week 3 Individual Assignment Part II you will find overview of the following tables: ...
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...ACC 300 Entire Course http://homeworkgallery.com/index.php/product/acc-300-entire-course-2/ http://homeworkgallery.com/index.php/product/acc-300-entire-course-2/ ACC 300 Week 1 – Individual Assignment – Chapter Two – Brief Exercises. ACC 300 Week 1 Individual Assignment Chapter 2: Brief Exercises BE2-8, BE2- 9, and BE2-10 ACC 300 Week 2 – Learning Team Assignment. In this excel file ACC 300 Week 2 Learning Team Assignment you will find overview of the following sheets: Demonstration Case 2-1 Given Data DC2-1 Simplify with Spreadsheets 2-1 Given Data SS2-1 Coached Problem 2-1 Given Data CP2-1 Problem A 2-1 Given Data PA 2-1 ACC 300 week 2 dqs. What are the different bases of accounting? When would you use the cash basis? Accrual basis? Tax basis? Which one is better? Why? What are the financial statements? What does each one tell you? Which financial statement is more important? Why? How are the financial statements related? Why do these relationships exist? What is the impact of a miscalculation in the income statement on other financial statements? ACC 300 Week 3 – Individual Assignment Part I. In the work ACC 300 Week 3 Individual Assignment Part I you will find overview of the following parts: Cash Basis – Income Statement Accrual Basis – Income Statement ACC 300 Week 3 – Individual Assignment Part II. In this file ACC 300 Week 3 Individual Assignment Part II you will find overview of the following tables: ...
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...Midterm Ex #2 Mgmt 443 Study Guide Chapter 4 1. Define the Principles of Supportive Communication (Explain Advising, Deflecting, Probing, Reflecting) Page Ref: 257 1. An advising response provides direction, evaluation, personal opinion, or instructions. Such a response imposes on the communicator the point of view of the listener, and it creates listener control over the topic of conversation. 2. A deflecting response switches the focus from the communicator’s problem to one select by the listener. 3. A probing response asks a question about what the communicator just said or about a topic selected by the listener. 2. What impact does culture have on interpersonal problem solving? Page Ref: 264 3. Idenitfy problems associated with electronic communication?. Page Ref: 239 3 problems 1. People are bombarded with an overabundance of information, often poorly presented, so they are less willing to consume all the messages aimed at them; 2. No one puts all these rapid-fire messages in context, so much of the information lacks significance or meaning. 3. Effective interpretation and use of the information still depends on the relationship the recipient has with the sender 4. Define the benefits of supportive communication? Page Ref: 242-243 5. Define Coaching? What are the key elements? Page Ref: 245 6. Define Counseling – What are the key elements? Page Ref: 244-245 ...
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...Play is of an enormous importance in a young child’s life. Through play the child’s social and motor skills develop greatly. Three forms of social play have been identified as parallel play, associative play, and cooperative play (Belkin & Faw, 1980, p. 340). The child starts out at a young age enjoying their play with themselves rather than people (Gibson, J.T., 1978, p. 300). Toddlers then play house with their dolls and stuffed animals. When the child engages human peers instead of toy objects in play this is the start of social play (Gibson, J.T., 1978, p. 300). Through this development comes aspect of parallel play. Here this child may play alongside a fellow peer, but they may be engaging in two completely different activities (Belkin & Faw, 1980, p. 340). Side by side the children play, observing each other and enjoying the fact that they are present with that peer, while not directly interacting with them. At two years of age a child with participate in parallel play (Gibson, J.T., 1978, p. 300). Associative play proceeds parallel play starting at age three. The children play in groups with the same toys as their peers, but each child uses the materials in very different ways (Belkin & Faw, 1980, p. 340). When asking a child engaged in associative play to describe his activity, he often times describes a totally different activity then the other children (Belkin & Faw, 1980, p. 341). A major part of associative play is imitation. A younger...
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...Accounting Equation ACC 300 April 28, 2014 Accounting Equation The accounting equation is an important part of a financial statement. It gives, at all times, proper information because it gathers the appropriate numbers that explain a company’s assets. A balance sheet portrays the financial situation of a company at any given point. The accounting equation is known as: Assets equals Liabilities plus Owner’s Equity. Assets refer to the resources that the business owns, such as accounts receivable, machinery and equipment, land and buildings, inventory, cash at hand and bank and prepaid insurance. It is evident from the accounting equation that the total amount of assets is obtained by summing liabilities and owner’s equity (McLaney & Atrill, 2007). Liabilities refer to the obligations of the business, which are the amounts that the company owes. Liabilities are mostly accounts payable including loans payable, creditors, salaries and wages payable, interests and income taxes payable. Liabilities can be perceived in two dimensions, which include claims by creditors against the assets of the business, and as a source along with the capital (Warren & Reeve, 2011). Owner’s or stockholders equity, sometimes known as capital, refers to amount left after subtracting liabilities from assets. It usually denotes the amount of investment plus the cumulative net profit of the business that has not been withdrawn by the owner or distributed to the stockholders in the case of...
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