... | 14 | Freshman Year – 2nd Semester |Course |Title |Hours | |ENGL 1102 |English Composition II | 3 | |MATH 1231 |Intro. to Statistics | 3 | |ECON 2105 |Macroeconomics | 3 | |Area C 2 |Fine Arts, Philosophy or Foreign | 3 | | |Language 2001or 2002 | | |POLS 1101 |American Government | 3 | |TOTAL | | 15 | Sophomore Year – 1st Semester |Course |Title |Hours | |ACCT 2101 |Principles of Financial Acct. | 3 | |Area D1 |Natural Science I | 3 | |Area D1 Lab |Natural Science Lab...
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...Acct 322 chapter 6 1. Manufacturing overhead costs in a budget should not include: a. direct materials costs. b. supervision costs. c. depreciation costs. d. fixed overhead costs. e. variable overhead costs. 2. Wyoming Co. has budgeted sales revenues as follows: July $200,000 August $160,000 September $200,000 October $180,000 November $200,000 December $188,000 Wyoming expects cash collections to be: 60% of sales collected in the month of sale; 25% of sales collected in the month following the sale; 10% of sales collected in the second month following the sale; 5% of sales uncollectible How much in total is the cash collected in the month of September? a. $121,000. b. $182,400 c. $180,000 d. $192,000 e. none 3. Furniture, Inc. manufactures mattresses. The estimated number of mattresses for the first three months is as follows: January’s sales 5,000 units; February’s sales 8,000 units; March’s sales 6,500 units Finished goods inventory at the end of December is 1,500 units. Ending finished goods are equal to 40 percent of next month's sales. April sales are expected to total 8,000 units. What will be the number of mattresses produced in January? a. 6,700 mattresses b.5,600 mattresses c. 6,500 mattresses d. 7,100 mattresses...
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...ACCT 201 Chapter 1 group 1 Exercise 1.2 a. A pension fund is pretty much to be a potential investor in Boeing. They need to know whether the company is financially sound or not, in order to decide whether to invest in it or not. As a pension fund invests other people's money, it is even more important that they make a good decision, so they will need to examine all of the information. b. The airline is actually a current or potential customer of Boeing's. As airplane orders usually take several years to fulfill, it is a very long-term relationship. In addition, you have to train your employees to be able to service Boeing airplanes, for example, send them for training about Boeing parts. As a result, the customer needs to know that Boeing will not only continue to survive in the future, but will continue to develop better and better planes in the future. c. The real estate investor is gambling on the future prosperity of the Seattle area. As Boeing is a major employer, their plans will have a great impact on the area. If they continue to grow, more people will move to Seattle or need nicer houses there. If they decline, people will move out, may become unemployed. Therefore the investor needs to have some idea of what Boeing will do in the future, as this will heavily impact the real estate market there. d. Boeing's management needs to see the information to decide how to improve and move forward. Is it worthwhile to develop a new kind of plane specifically to...
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...Exercise 3-2 2/10/13 8:46 PM Print by: HERNAN LIBERATO Acct. 201, 06 / Chpt 3 Homework *Exercise 3-2 Your answer is correct. Delmont Company entered into these transactions during May 2012. 1. 2. 3. 4. 5. 6. 7. 8. Purchased computers for office use for $30,000 from Dell on account. Paid $4,000 cash for May rent on storage space. Received $12,000 cash from customers for contracts billed in April. Provided computer services to Lawton Construction Company for $5,000 cash. Paid Southern States Power Co. $8,000 cash for energy usage in May. Stockholders invested an additional $40,000 in the business in exchange for common stock of the company Paid Dell for the computers purchased in (1). Incurred advertising expense for May of $1,300 on account. Using the following tabular analysis, show the effect of each transaction on the accounting equation. (If a transaction causes a decrease in Assets, Liabilities or Stockholders' Equity, place a negative sign (or parentheses) in front of the amount entered for the particular Asset, Liability or Equity item that was reduced. See Illustration 3-3 for example.) Assets Accounts Receivable $ = + Equipment = Liabilities Accounts Payable $ 30,000 + + Stockholders’ Equity Common + Retained Earnings Stock Revenues–Expenses $ $ $ -4,000 -12,000 5,000 -8,000 40,000 -30,000 1,300 $ -12,000 $ 30,000 = $ 1,300 $ 40,000 -1,300 $ 5,000 $ -13,300 Cash + (1) (2) (3) (4) (5) (6) (7) (8) $ 15,000 $ -4,000 12,000 5,000 -8,000 40,000 30,000 ...
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...Acct. Questions Exam 1 Which of the following is not an objective of managerial accounting? A. To prepare external reports for investors, creditors, government agencies, and other outside users. B. TO provide information for costing of services, products, and other objects of interest to management C. To provide information for planning, controlling, evaluating and continuous improvement D. To provide information for decision making Total Quality management emphasizes A. Zero effects B. Continuous improvement C. Elimination of waste D. All of these are correct Concam Inc. manufactures television sets. Last month direct materials (electronic components, etc.) costing $500,000 were put into production. Direct Labor of $800,000 was incurred, overhead equaled $450,000, and selling and administrative costs totaled $360,000. The company manufactured 8,000 television sets during the month. Assume that there were no beginning or ending work in process balances. What was the amount of cost of goods manufactured last month? A. 1,750,000 B. 1,250,000 C. 1,300,000 D. 2,110,000 In July, Econo Company purchased materials costing $21,000 and incurred direct labor cost of $18,000. Overhead totaled $32,000 for the month. Information on inventories was as follows: July 1 July 31 Materials $6,200 $7,100 Work In Process $ 700 ...
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...ACCT 2105 Introductory Accounting Assignment - Semester 3, 2012 This assignment is designed to get you to locate the Annual Report for a company and become familiar with its contents, particularly the financial statements and the notes to the financial statements. While we have looked at very basic formats of the financial statements, the financial statements for a company contain more detail and information on some items you may not have been introduced to as yet. Pay particular attention to the information provided in the notes to the financial statements as you will find a lot of useful information in them that may help with some of the questions. REQUIRED: You are required to obtain the 2011 Annual Report for JB HI FI LIMITED (“JBH”) and then answer the questions that follow in Part A ------------------------------------------------- PART A – THE COMPANY (11 marks) Question 1 The directors of a company are responsible for the preparation of the financial report that gives a ………………………..view in accordance with Australian Accounting Standards and the……………………………………………….. (Fill in the missing words which are found in the Annual Report.) (1mark) Question 2 In conducting an audit of JBH and expressing an opinion the auditors must be …………………….. of JBH? (1mark) Question 3 What is the primary role of the JBH Board?.............................................................................................. (1 mark) Question 4 With reference to...
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...ACCT 301 – intermediate Accounting 1 Case Study Due date: December 3, 2015 Objectives of the Case: This case gives students the opportunity to apply the guidance in ASC 350 to determine: • What goodwill impairment indicators should be evaluated. • Whether an interim period step 1 impairment test should be performed Applicable Professional Pronouncements: ASC 350-20, Intangibles — Goodwill and Other: Goodwill (ASC 350-20) ASC 820, Fair Value Measurement (ASC 820) Research Databases: Use the FASB Accounting Standards Codification Database to research the authoritative literature (FASB pronouncements) relevant to the issues in question. The web link and login information of the database is available on D2L. Instructions: a) Your name, class section, and responses must be typed on this document. b) Write your answer right below each question using ARIAL font size 11 unless specified otherwise. c) Your responses must be clear, concise, supported with persuasive arguments, and free from grammatical and spelling errors. d) There is no limit on the length of your response. e) Two submission formats are required: (1) an electronic version must be submitted via designated D2L drop box, and (2) a hard copy version must be submitted at the beginning of the class on the due date. Late submission will not be accepted (no exceptions). f) For hard copy submission, only print the cover page and the pages containing your responses. It must be...
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...P16-2Ae Molding Department | Production Cost Report | For the Month Ended June 30, 2012 | | | Equivalent Units | | | Physical Units | Materials | Conversion Costs | | QUANTITIES | | | | | Units to be accounted for | | | | | Works in process, June 1 | 0 | | | | Started into production | 22000 | | | | Total units | 22000 | | | | Units to be accounted for | | | | | Transferred out | 20000 | 20000 | 20000 | | Works in process, June 30 | 2000 | 2000 | 800 | | Total units | 22000 | 22000 | 20800 | | COSTS | | Materials | Conversion Costs | Total | Unit costs | | | | | Costs in June | (a) | 198000 | 166400 | 364400 | Equivalent units | (b) | 22000 | 20000 | | Unit costs [(a):(b)] | | $9 | $8 | $17 | Costs to be accounted for | | | | | Work in process, June 1 | | | | $0 | Started into production | | | | 364400 | Total costs | | | | $364,400 | Cost Reconciliation Schedule | | | | | Costs accounted for | | | | | Transferred out (20000 X $17) | | | | 340000 | Work in process, June 30 | | | | | Materials (20000 X $9) | | | 18000 | | Conversion costs (800 X $8) | | | 6400 | 24400 | Total costs | | | | $364,400.00 | P16-4Ac Assembly Department | Production Cost Report | For the Month Ended November 30, 2012 | | | Equivalent Units | | | Physical Units | Materials | Conversion Costs | | QUANTITIES | | | | | Units to be accounted...
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...FASB Accounting Standards Codification Written Project (120 points) Due date: May 6 (No late submission is accepted) ------------------------------------------------- Instructions: Answer all three questions listed in the Case 12-3 (Provisions and Contingencies) This assignment is suggested to be a typed double-spaced document between 1 to 4 pages. ------------------------------------------------- Information about FASB Accounting Standards Codification: Analyze the case and provide citations by using the FASB Accounting Standards Codification system. * To access the FASB Accounting Standards Codification (CRS): Website: http://aaahq.org/ascLogin.cfm Username: AAA51393 Password: 2ChgCxk * The citation format (e.g., ASC 230-10-20) is listed by “topic”, “subtopic”, and “section” respectively under the FASB Accounting Standards Codification system. * When providing quotes, you do not need to copy and paste the entire paragraph. Only the citations and brief summary are needed. You need to specify the topic, subtopic, section, and paragraph if applicable. * An example is provided below: According to ASC 230-10-20, the statement of cash flows classifies all transactions affecting cash into one of the following categories: operating, inventing and financing activities * Please note that the Codification only contains SEC content related to matters within the basic financial statements, but it does not contain the entire population of...
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...Solutions to Valuation Questions 1. Assume you expect a company’s net income to remain stable at $1,100 for all future years, and you expect all earnings to be distributed to stockholders at the end of each year, so that common equity also remains stable for all future years (assumes clean surplus). Also, assume the company’s β = 1.5, the market risk premium is 4% and the 20-30 year yield on risk free treasury bonds is 5%. Finally, assume the company has 1,000 shares of common stock outstanding. a. Use the CAPM to estimate the company’s equity cost of capital. • re = RF + β * (RM – RF) = 0.05 + 1.5 * 0.04 = 11% b. Compute the expected net distributions to stockholders for each future year. • D = NI – ΔCE = $1,100 – 0 = $1,100 c. Use the dividend discount (i.e., free cash flow to equity investors) valuation model to estimate the company’s current stock price. • Pe = D / re = $1,100 / 0.11 = $10,000 • price per share = $10,000 / 1,000 = $10 2. Same facts as in (1) above, but assume you expect the company’s income to be $1,100 in the coming year and to grow at the rate of 5% in every subsequent year into infinity. Also, assume that the company’s common equity as of the end of the most recent fiscal year is $8,000, and the investment needed to support the growth in net income causes common equity to increase by 5% each year. Assume the company is an all-equity firm; i.e., all financing comes from stockholders and none comes for debtholders. In this case, the company’s balance sheet...
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...How well did this company perform during the attack? iPremier, like most, performed at a high level during the attack. What I mean by that is that it appears from the reading that the entire company, or those responsible, took the approach of “all hands on deck”. It is in moments like this where people are generally thinking quickly, and sometimes out of the box. This helped to managed a correlated effort to resolve the issues. This is not to say that they didn’t have places for improvement. From the design of the article, there were traces that alluded to the fact that this was something that wasn’t planned on or prepared for. Almost as if security was a second tier concern of the company. For the CIO to be sitting on the ground when the bad news came, sends a message that there was a “surprise” that this type of thing could happen. This “it can’t happen to me” syndrome is the outcome of, either, an unprepared company or one in denial; no pun intended. Overall the outcome was good, so the performance must be measured on the outcome. What should they have done differently, before or during the event? After reviewing the Technical Architecture, it was clear that there was no DMZ established to help with such an attack. Whether this was just missing from the diagram or actually missing isn’t clear, but assuming the diagram to be correct, it is clear that there were very few cautions taken to protect the company/customer information from attacks. To have the firewall...
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...1. (TCO A) Which one of the following is an advantage of corporations relative to partnerships and sole proprietorships? (Points : 5) Reduced legal liability for investors Harder to transfer ownership Lower taxes Most common form of organization 2. (TCO A) When a corporation distributes a dividend, _____. (Points : 5) the most common form of distribution is a cash dividend the Dividends account will be increased with a credit the Retained Earnings account will be directly increased with a debit the Dividends account will be decreased with a debit 3. (TCOs A, B) Below is a partial list of account balances for Cerner Company: Cash $5,000 Prepaid insurance 500 Accounts receivable 2,500 Accounts payable 2,000 Notes payable 3,000 Common stock 1,000 Dividends 500 Revenues 15,000 Expenses 12,500 What did Cerner Company show as total credits? (Points : 5) $21,500 $21,000 $20,500 $22,000 4. (TCOs B, E) Using accrual accounting, expenses are recorded and reported only _____. (Points : 5) when they are incurred, whether or not cash is paid when they are incurred and paid at the same time if they are paid before they are incurred if they are paid after they are incurred 5. (TCO D) Three companies report the same cost of goods available for sale, but each employs a different inventory costing method. If the price of goods has increased during the period, then the company using _____. (Points : 5) LIFO will have the highest ending inventory FIFO will...
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...THEORY OF ACCOUNTS 1. Which is not the characteristic of using IFRS? A. Transparency B. Lowering operational risks C. Comparability D. Financial improvement 2. Which is not the step of developing IFRS in the process? A. The IASB and Staff set an agenda of possible issues to be addressed by IFRS. B. A discussion paper (DP) is prepared only for IASC committee review. C. After considering all comments and additional proposals to its DP, the board may issue an exposure draft (ED) D. IASB may publish a final IFRS to be considered for adoption in the various jurisdictions 3. Which one is incorrect? A B C D Full IFRS Always amortize goodwill and indefinite-life intangibles. Borrowing costs on qualifying assets must be capitalized. Other borrowing costs are expensed. Research costs are expensed. Development costs must be capitalized and amortized if criteria are met. Residual value, useful life and depreciation method are reviewed annually as part of impairment tests. IFRS for SMEs An intangible with an indefinite life shall not be amortized All borrowing costs are expensed when incurred. Research and development costs are expensed when incurred. Residual value, useful life and depreciation method are reviewed only if there is an indication of related asset impairment. 4. Which are two of the conditions that must be met before revenue is to be recognized under IFRS? A. Persuasive evidence of an arrangement exists, Product or service is able to be delivered B. Product...
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...May 29, 2013 IN CLASS Ratios: comparison between * Companies * This year/last year Time series analysis – year by year performance in same company Cross-sectional analysis – comparison with different companies Bench mark analysis – there is a standard to compare to * High, medium, low risk 4 major categories of ratios * Probability * Liquidity * Stability or debt ratio – debt compared with equity * Profitability of growth ------------------------------------------------- Equity ratio – how good you are in paying your short term debts SLIDES PROFITABILITY RATIO – examine the degree of profit – usually a percentage (less than 1) * Very few are times (e.g 1.1 times?) a) Return on assets: measures the overall profits on the assets that the company has used to generate the profits Return on Assets = Net income (revenue-expense) Total Assets = 100,000 . 1,000,000 = 10% Explanation of the percentage * Every dollar of assets will generate 10 cents b) Net Income Margin = Net Income Sales = 100,000 1,200,000 = 8.3% or 0.083 Explanation * 8.3 cents is the amount of income that remains of each dollar of sales after the expenses have been covered c) Asset Turnover = Sales (normally more than assets) Assets = 1,200,000 1,000,000 = 1.2 Times Explanation * Each dollar of assets generate $1.20 dollar of...
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...CHAPTER 5 INTRODUCTION TO BUSINESS EXPENSES ------------------------------------------------- DISCUSSION QUESTIONS 1. All allowable deductions of individual taxpayers are classified as either for adjusted gross income or from adjusted gross income. Why are deductions for adjusted gross income usually more advantageous than deductions from adjusted gross income? Although both types of deductions reduce taxable income, deductions for adjusted gross income are always deductible. Taxpayers who incur allowable deductions from adjusted gross income may not receive the full advantage of the deduction. First, even though an allowable expense may be incurred, if the taxpayer’s total itemized deductions do not exceed the standard deduction amount, then the taxpayer will deduct the standard deduction and receive no benefit from the allowable expenses. Second, many of the deductions are subject to limitations based on the taxpayer’s adjusted gross income. For example, the deduction for medical expenses is reduced by 7 1/2% of the taxpayer’s adjusted gross income. Thus, many of the allowable deductions from adjusted gross income are not deductible in full. In addition, total itemized deductions are subject to a reduction rule when the taxpayer’s adjusted gross income exceeds a specified amount, further lowering the value of such deductions. Lastly, given the reductions based on adjusted gross income, any deductions for adjusted gross income have the effect of making...
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