...Question 2 | | Correct. | Emil Skoda Company had the following adjusted trial balance. EMIL SKODA COMPANY | Adjusted Trial Balance | June 30, 2008 | | ------------------------------------------------- Adjusted Trial Balance | Account Titles | Debits | | Credits | Cash | $3,712 | | | Accounts Receivable | 3,904 | | | Supplies | 480 | | | Accounts Payable | | | $1,792 | Unearned Revenue | | | 160 | Common Stock | | | 5,000 | Retained Earnings | | | 760 | Dividends | 300 | | | Service Revenue | | | 4,064 | Salaries Expense | 1,344 | | | Miscellaneous Expense | 256 | | | Supplies Expense | 2,228 | | | Salaries Payable | ------------------------------------------------- | | ------------------------------------------------- 448 | | ------------------------------------------------- $12,224 | | ------------------------------------------------- $12,224 | Instructions(a) Prepare closing entries at June 30, 2008. (For multiple debit/credit entries, list amounts from largest to smallest eg 10, 5, 3, 2.) Description/Account | Debit | Credit | Service Revenue | 4064 | | Income Summary | | 4064 | (To close revenue.) | | | Income Summary | 3828 | | Supplies Expense | | 2228 | Salaries Expense | | 1344 | Miscellaneous Expense | | 256 | (To close expenses.) | | | Income Summary | 236 | | Retained...
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...Co-branding involves the presentation of multiple brands and products to the public under a single marketing strategy. For instance, a single advertisement may show a person buying a certain brand of shoes and then also using a specific brand of credit card to do so. Likewise, a single brand may be used on separate products, such as athletic shoes and athletic equipment. Both practices have definite advantages and disadvantages. Ads by Google 4imprint Promotional Item 1000s of New Products. Huge Sale. Free Samples! Order Online or Call. www.4imprint.com Reinforcement One way to create a stronger brand is through the use of reinforcement. The more often a consumer sees a particular brand the more often he has the opportunity to form particular associations related to it. A brand is meant to communicate meaning and identity; by co-branding multiple products a company can create a deeper impression on the public. A wider range of products can do more to reinforce a particular brand image than just one product. Signaling Co-branding is a way of signaling various forms of information to consumers. From association with another product, a consumer may be able to infer a similar level of quality. The mystique or glamor that one product has gained for itself in the market can be extended to others through the use of a brand. If a single product is associated with multiple brands, that signals the two companies have invested their good names in its success. Related Reading: Single...
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...[Type the company name] | Ethical Breaches in the Bank | A Look in the London Whale Scandal | ACC557 Professor Brandy Havens | Kristi Spann | 1/23/2014 | | In recent times, there have been several ethical scandals that, in some cases, destroyed companies. The most infamous scandal was Enron. Enron was an energy company that was formed in 1985. It was the seventh largest energy company in America. According to Forbes.com, the charges related to knowingly manipulating accounting rules and masking the enormous losses and liabilities of the company. Ultimately charges were brought against the company’s high ranking executives including former CEO Jeff Skilling and his successor Kenneth Lay. They were charged with over twenty charges by the SEC (Securities Exchange Commission) and sentence to prison. Unfortunately, Kenneth Lay passed away before he was sentenced. Scandals like as Enron affected many people such as shareholders, employees, customers, and the economy. Shareholders lost their investments, employees lost their jobs, and customers lost their services. With all the losses, the economy was affected. Because of this scandal, Congress passed the Sarbanes-Oxley Act in 2002. Under this law, corporations would be held accountable for their actions. Organizations are required to be transparent. Under the Sarbanes-Oxley Act in section 302, one of the parts that are required by organizations is for the financial reports to reveal any and all internal...
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...Chapter 13 Question 1 | | Corporations invest in other companies for all of the following reasons except to | meet strategic goals. | | increase trading of the other companies' stock. | | generate earnings. | | house excess cash until needed. | A typical investment to house excess cash until needed is | stocks of companies in a related industry. | | low-risk, highly liquid securities. | | stock securities. | | debt securities. | Question 3 | | Pension funds and mutual funds regularly invest in debt and stock securities to | meet strategic goals. | | control the company in which they invest. | | generate earnings. | | house excess cash until needed. | Question 4 | | On January 1, 2008, Turner Company purchased at face value, a $1,000, 7% bond that pays interest on January 1 and July 1. Turner Company has a calendar year end. The entry for the receipt of interest on July 1, 2008, is | d | | a | | c | | b | Question 5 | | If a short-term debt investment is sold, the Investment account is | debited for the cost of the bonds at the sale date. | | credited for the cost of the bonds at the sale date. | | credited for the fair value of the bonds at the sale date. | | credited for the book value of the bonds at the sale date. | Question 6 | | Steven Co. purchased 30, 6% Johnston Company bonds for $30,000 cash plus brokerage fees of $300. Interest is payable...
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...ACC557 week 6 QUIZ Week 6 Quiz Answers http://workbank247.com/q/acc557-week-6-quiz-ch-07-and-08/3344 Click below link for week 6 Homework Answers http://workbank247.com/q/acc-557-week-6-homework-ch-09/3342 ACC557 week 6 QUIZ CH 07 and 08 Multiple Choice Question 107 A bank statement is a credit reference letter written by the depositor's bank. shows the activity which increased or decreased the depositor's account balance. is a bill from the bank for services rendered. lets a depositor know the financial position of the bank as of a certain date. Multiple Choice Question 65 In large companies, the independent internal verification procedure is often assigned to management. computer operators. internal auditors. outside CPAs. Multiple Choice Question 104 All of the following are parties to a check except the Federal Reserve. maker. bank. payee. Multiple Choice Question 43 Internal controls are concerned with preparing income tax returns. safeguarding assets. the extent of government regulations. only manual systems of accounting. Multiple Choice Question 146 If a check correctly written and paid by the bank for $591 is incorrectly recorded on the company’s books for $519, the appropriate treatment on the bank reconciliation would be to deduct $72 from the book’s balance. add $72 to the book’s balance. deduct $72 from the bank’s balance. deduct $591 from...
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...Assignment #1 – Application of Financial Statement Stormy Night Richard Winsmith ACC557 – Accounting I June 22, 2012 Select either the balance sheet or income statement and explain how the use of it may be applied to your everyday life. In order for an individual to be in control of their personal financial future, it is imperative for that individual to understand their current financial health. They need to be able to assess their financial strengths and weaknesses. One way to achieve this is to create a personal balance sheet. A personal balance sheet is a snapshot of their financial situation at any given time. It is best to prepare a personal balance sheet at the end of a financial period, such as the end of a quarter or the year. A goal of most people is to eventually be able to retire from work and enjoy their golden years. In order to be able to achieve this goal, one must set interim goals associated with saving towards retirement. The only way to know if progress is being made toward achieving these goals is to take periodic measurements along the way. A personal balance sheet is very similar to that of a major corporation; it is comprised of assets, liabilities and owner’s equity. The assets would consist of cash, investments, any monies owed by a third party and personal possessions. The liabilities would represent monies owed to other parties such as a home mortgage, automobile or student loans and other debts...
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...Application of Financial Statement Angela Lance Professor Kim Dillman Financial Accounting-ACC557 Assignment # 1 Due Date: February 26, 2012 Application of Financial Statement Today’s working environment displays different cultures throughout an organization. Companies need to be aware of their financial obligations and responsibilities. The opening of a business has many different perspectives that need to be addressed. Once you open a business you want to stay in business and a way you can do this is by maintaining your financial records and not overspending your earnings. Companies have to be aware and accurate of maintaining their records in accordance with Generally Accepted Accounting Principles (GAAP) and or Financial Accounting Standards Board (FASB). Financial accounting provides economics and financial information for investors, creditors, and other external users.1 Select either the balance sheet or income statement and explain how the use of it may be applied to your everyday life. Businesses record their performance in standard formats called financial statements. The most common is the Balance Sheet, the Income Statement, and the Cash Flow Statement. The balance sheet contains information at a moment in time about resources (assets) that are owned or controlled by the firm. Assets have probable future economic value usually through use or sale, are controlled by the firm and are related to a prior transaction...
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...Review of Accounting Ethics Ileana M. Castro Dr. Mohammad Sumadi ACC557-Financial Accounting Establishing principles for ethical behavior frequently starts with a policy on ethics. Businesses acquire a policy on ethics to guide their measures and to set up a general meaning of correct versus incorrect. According to the American Library Association, code of ethics is a handbook for suitable behavior (2012). Given the corporate ethical breaches in recent times, assess whether or not you believe that the current business and regulatory environment is more conducive to ethical behavior. Provide support for your answer Existing businesses and regulatory environment is more conductive behavior because some companies and managers feel as though they can get away with it. The unpredictable increase and collapse of the Enron Company set off a long-burning fire under the American social conscience. From every crevasse and corner, voices rose demanding increased accountability, demanding tighter regulation, and demanding that the unethical be brought to justice. Clearly, in such estimation, those at fault should have been punished. In order for ethical principles to apply to such industries, it must be shown that they are inherently moral or ethically responsible institutions. Secondly, an adequate discussion of what business ethics is just be provided before we can truly investigate why the situation does not...
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...ACC557 – Financial Accounting The following will describe the mobile car wash, the benefits it has, and provide a chart of accounts explaining the need for each item to be purchased. The type of business that I will create is a mobile car wash. A mobile car wash will solve several business problems. The first business issue that a mobile car wash solves is that “mobile car washes often use less water than traditional car washes” (Sinclair, 2012). Mobile car washes can be performed with or without the owner’s presence, which can save a busy vehicle owner valuable time. Lastly, since dirty car owners do not have to travel to their local, fixed car wash location, a savings in gas will be acknowledged. Nomadicar will be a self-sufficient car wash service capable of fully detailing cars, SUV’s, vans, motorcycles, and more. Nomadicar was created to provide a car wash alternative to the vendors that currently exist in the market. The Atlanta market provides an excellent opportunity for a mobile car wash to be relatively lucrative. Nomadicar is built with the premise of satisfying all deliverable criteria for minimal overhead and cost. This will expedite the timeframe of the initial Return on Investment (ROI). A mobile car wash company provides an investment opportunity with minimal upfront risk. In order to start a mobile car wash, initially there are three major deliverables of this project. These three deliverables are a water tank, a pressure washer...
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...ACC 557 week 6 Homework CH 09 CH 10 Click below link for Answers http://workbank247.com/q/acc-557-week-6-homework-ch-09/3342 http://workbank247.com/q/acc-557-week-6-homework-ch-09/3342 Week 6 Quiz Answers http://workbank247.com/q/acc557-week-6-quiz-ch-07-and-08/3344 Exercise 9-9 | | | | Your answer is correct. | | | Presented below are selected transactions at Tomas Company for 2014. Jan. 1 | | Retired a piece of machinery that was purchased on January 1, 2004. The machine cost $58,000 on that date. It had a useful life of 10 years with no salvage value. | June 30 | | Sold a computer that was purchased on January 1, 2011. The computer cost $40,000. It had a useful life of 5 years with no salvage value. The computer was sold for $14,000. | Dec. 31 | | Discarded a delivery truck that was purchased on January 1, 2010. The truck cost $33,000. It was depreciated based on a 6-year useful life with a $3,000 salvage value. | Journalize all entries required on the above dates, including entries to update depreciation, where applicable, on assets disposed of. Tomas Company uses straight-line depreciation. (Assume depreciation is up to date as of December 31, 2013.) (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Exercise 9-11 (Part Level Submission) | | On July 1, 2014, Sutton Inc. invested $720,000 in a mine estimated to have 800,000 tons of ore of uniform grade. During the last 6 months of 2014...
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...You Are an Entrepreneur! Kristina Walters Dr. Chad Greenfield ACC557 – Financial Accounting 8/11/2013 1. EXECUTIVE SUMMARY 1.1 Product Sunshine Bakery is a new bakery specializing in gluten, wheat free products. Due to the rise in celiac disease there has been a significant increase in demand for these bakery products. For many years food allergies went undiagnosed and only recently doctors have started to diagnose food allergies such as gluten. Sunshine Bakery wants to help people affected with these problems through these specialized products. 1.2 Customers Sunshine Bakery will target customers that suffer from Celiac Disease. This disease more commonly known as a gluten allergy affects “An estimated 1 in 133 Americans, or about 1% of the population” and with correct “diagnosis rate may reach 50-60% by 2019, thanks to efforts to raise public awareness of celiac disease” (National Foundation for Celiac Awareness. (2013)). “Persons with celiac disease have an intolerance to certain protein fractions (namely, prolamins) found in wheat, rye, and barley. As a result, they are advised to follow a gluten- free diet and avoid all products containing prolamins from these grains.” (Thompson, Tricia (2000, April 01)) 1.3 What Drives Us The goal of Sunshine Bakery is to produce gluten free products that taste amazing to anyone who walks through our doors. We hope to start up a business that not only makes people happy but also healthier. 2. COMPANY DESCRIPTION ...
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...Internal Control – Letter to Jerry Mays ACC557: Financial Accounting Date: May 7, 2011 Jerry Mays Owner Manhattan Company 25 W 39th Street New York, NY 10018 Dear Mr. Mays: Thank you for being such a great host last week while I was auditing your internal controls related to mail cash receipts. It was a pleasure meeting your entire staff and I am extremely grateful that you freed up your employees during my visit so that I could sit down with them and get a better understanding of your current process. After spending last week reviewing your processes, I would like to identify some weaknesses I found in your internal control processes, as well as recommend some changes that I feel could help strengthen and secure these processes. However, I first want to commend you on having a process in place to promptly endorse all incoming cash receipts with “For Deposit Only” stamp. This internal control helps to ensure that the funds must be deposited into the company’s bank account. The first weakness I found was that the person opening the mail does not prepare a list of the incoming checks. It is very important to have documentation procedures in place so that you can track the checks at any time. My recommendation would be to utilize a simple cash receipts schedule like the one below, so that you can record each payment as it is opened and stamped for deposit. Croix, Marais, and Kale - CPA's | | | | | Cash Receipts | | | | | | 5/7/11 | | | |...
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...Investment Analysis for Pepsi versus Coca Cola ACC557 – Financial Accounting December 13, 2012 Company Synopsis Pepsi Cola | Coca-Cola | The Pepsi Bottling Group, Inc. (PBG) is the world's largest manufacturer, seller, and distributor of Pepsi-Cola beverages. Separated from parent PepsiCo, Inc. in 1999, it accounted that year for 55 percent of Pepsi-Cola beverages sold in the United States and 32 percent worldwide. The company delivers its products directly to stores without using wholesalers or other middlemen. In addition to its extensive production and distribution facilities, PBG leases and operates about 20,000 vehicles and owns more than 1.1 million soft drink dispensing and vending machines. PepsiCo holds a controlling interest in the firm. | The Coca Cola history extends back to 1885, when John Pemberton invented the original recipe for a new cocawine. Pemberton developed Coca-Cola, a non-alcoholic version of his original cocawine, when Fulton County passed prohibition legislation. Carbonated water was added later by accident when Pemberton was mixing drinks for a friend and incidentally included it. His friends loved the new taste, so he altered the original formula to incorporate it. | Pepsi - International Directory of Company Histories, Vol. 40. St. James Press, 2001. (http://www.fundinguniverse.com/company-histories/the-pepsi-bottling-group-inc-history/). Major Suppliers Pepsi Cola | Coca-Cola | PolandEgyptUnited Arab EmiratesCanada | Poland...
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...Review of Accounting Ethics ACC557 Financial Accounting Ethics in Accounting and the Fall of WorldCom In 2002, WorldCom was the second largest telecommunications company in the United States, but because of management failures and an unethical accounting culture it went bankrupt. This paper contains a discussion describing corporate ethics currently used in business; WorldCom's background, and the ethical breach; how WorldCom's ethical issue was discovered, describing how management failed to create an ethical environment; and recommendations. A conclusion summarizes the paper. Corporate Ethics If a company is driven by its responsibility to its Shareholders, then it should base its decisions and actions on the best interests of the owners, and generate more profit. If the company is stake-holder driven then its decisions and actions should be based on what is in the best interest of those impacted by the business (Gruble, 2011). Gruble (2011) further argued that "The most widely accepted definition for business ethics says that it is a set of corporate values and codes of principles, which may be written or unwritten, by which a company evaluates its actions and business-related decisions.” WorldCom was a company driven by its responsibility to its shareholders to the point where it began to behave unethically and this ultimately led to its demise. WorldCom History and the Ethics Breach In 1983, two business men, Murray Waldron and William Rector, created a plan...
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...Assignment 2: You Are an Entrepreneur Student: Peter M. Burke Instructor: Dr. Muhammad Sumadi ACC557: Financial Accounting November 18, 2012 Introduction When I was about two years old, my grandfather took me on my first of many fishing trips to a small lake near his house. When his grandchildren visited, we all went along with him. He gave each of us our own special fishing poles, and he taught us everything about fishing, from how to set up our poles to how to bait our hooks, and eventually how to clean fish. As I grew older, our fishing trips grew from hour-long visits to a local lake to trips to the coast, where we would go on deep-sea fishing expeditions. He found relaxation and peace in the hobby, and it became my favorite way to relax as well. I have decided that there is no reason that I cannot turn this hobby that I love into a profitable business, and have decided to become a deep sea fishing guide. Type of business The business that I intend to start is a charter fishing boat business. The name of the business will be Blue Water Fishing Guides. I will operate the business out of Islamorada, Florida, a small town located in the Florida Keys. I will start the business with two fishing boats with a total passenger capacity of 6 guest fishermen per boat in addition to a captain. One boat will operate on a daily basis as long as there are at least two customers, with the second boat being in use if the first boat’s capacity is exceeded. There are...
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