...Chapter 02 - Investing and Financing Decisions and the Accounting System HANDOUT 2 – 1 SOLUTION, continued ANALYZING TRANSACTIONS Analyze each of the following transactions of World Wide Webster by performing each of the following. Then, use the chart on the following page to keep track of the amount in each account: (a) Stockholder invests $10,000 into the business in exchange for 10,000 shares of $1 par value common stock. 1. Decide if a transaction took place. 2. Identify the accounts affected. 3. Classify each account affected. 4. Identify direction and amount. 5. Ensure the accounting equation is in balance. Yes – received cash and gave stock. Cash and Common Stock Cash is an Asset (A) and Common Stock is Stockholders’ Equity (SE) Cash (A) + $10,000 = Common Stock (SE) + $10,000. Yes – see below. (b) Borrow $15,000 signing a note payable to the bank that is due in three months. 1. Decide if a transaction took place. 2. Identify the accounts affected. 3. Classify each account affected. 4. Identify direction and amount. 5. Ensure the accounting equation is in balance. Yes – received cash and gave a note payable. Cash and Notes Payable Cash is an Asset (A) and Notes Payable is a Liability (L) Cash (A) + $15,000 = Notes payable + $15,000. Yes – see below. (c) Acquire a $15,000 truck and $5,000 worth of equipment. 1. 2. 3. 4. 5. Decide if a transaction took place. Identify the accounts affected. Classify each account affected. Identify direction and amount. Ensure the accounting...
Words: 1831 - Pages: 8
...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: ...
Words: 1163 - Pages: 5
...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: ...
Words: 1188 - Pages: 5
...ACCA Paper F3 (INT) Financial accounting The Essential Text British library cataloguinginpublication data A catalogue record for this book is available from the British Library. Published by: Kaplan Publishing UK Unit 2 The Business Centre Molly Millars Lane Wokingham Berkshire RG41 2QZ ISBN 978 1 84710 537 0 © Kaplan Financial Limited, 2008 Printed and bound in Great Britain Acknowledgements We are grateful to the Association of Chartered Certified Accountants and the Chartered Institute of Management Accountants for permission to reproduce past examination questions. The answers have been prepared by Kaplan Publishing. All rights reserved. No part of this publication may be reproduced,stored in a retrieval system, or transmitted, in any form or by any means, electronic, mechanical, photocopying, recording or otherwise, without the prior written permission of Kaplan Publishing. ii KAPLAN PUBLISHING Contents Page Chapter 1 Chapter 2 Chapter 3 Chapter 4 Chapter 5 Chapter 6 Chapter 7 Chapter 8 Chapter 9 Chapter 10 Chapter 11 Chapter 12 Chapter 13 Chapter 14 Chapter 15 Chapter 16 Chapter 17 Chapter 18 Chapter 19 Chapter 20 Introduction to accounting Statement of financial position and income statement Double entry bookkeeping Inventory Sales tax Accruals and prepayments Irrecoverable debts and allowances for receivables Noncurrent assets From trial balance to financial statements Books of prime entry and control accounts...
Words: 17300 - Pages: 70
...UNIVERSITY OF ILLINOIS Department of Business Administration Business Administration 300 Syllabus Spring 2014 Professor Mark E. Roszkowski 394 Wohlers Hall 333-0886 (Office) 333-4240 (Department Office) Office Hours 1:15-3:00 Tu, W Mailbox: 350A Wohlers Hall Texts: Legal Environment of Business from Business Law: Principles, Cases, and Policy (Seventh Edition 2011) by Mark E. Roszkowski (Selected Chapters, Custom Edition, Stipes Publishing L.L.C.) Business Administration 300 – Legal Environment of Business – Lecture Outlines (2013-2014) by Mark E. Roszkowski, Stipes Publishing L.L.C. COVERAGE DATE Tu Th Tu Th Tu Th Tu Th Tu Th Tu Th Tu Th Tu Th Tu Th Tu Th Tu Th TOPIC INTRODUCTION INTRODUCTION INTRODUCTION INTRODUCTION INTRODUCTION INTRODUCTION INTRODUCTION INTRODUCTION INTRODUCTION INTRODUCTION INTRODUCTION INTRODUCTION TORT LAW FIRST EXAM TORT LAW TORT LAW TORT LAW PRODUCTS LIABILITY PRODUCTS LIABILITY PRODUCTS LIABILITY PRODUCTS LIABILITY SECOND EXAM ASSIGNED READING Jan. Feb. Mar. Apr. 21 23 28 30 4 6 11 13 18 20 25 27 4 6 11 13 18 20 1 3 8 10 Chapters 1-2, Chapter 3 (58) Chapter 5 (91-92, 98-110) Chapter 19 (361-364, 365-367, 372-373) Chapter 20 Copyright 2014 Mark E. Roszkowski, all rights reserved. 2 DATE Tu Th Tu Th Tu Th Tu TOPIC 15 17 22 24 29 1 6 AGENCY AGENCY AGENCY AGENCY AGENCY AGENCY THIRD EXAM ASSIGNED READING Apr. Chapter 40 (729-743, 749-750) Chapter 41 May GRADING 1. The grading system is as follows. All examinations...
Words: 982 - Pages: 4
...Chapter 3 Accrual Accounting and the Financial Statements Questions 1. Under accrual accounting, the accountant recognizes the impact of a business transaction on an entity when the transaction occurs, whether or not cash is received or paid. Revenues are recognized when they are earned, and expenses are recognized when they are incurred—not necessarily when the cash changes hands. The cash basis of accounting recognizes revenues only when cash is received and expenses only when cash is paid. 2. The revenue principle provides guidance on (a) when to record revenue. (b) the amount of revenue to record. 3. The matching principle directs the accounting for expenses. Accountants identify all the expenses incurred during the period, measure those expenses, and match them against the revenue earned during the period. Matching expenses against revenues means to subtract the expenses from the revenues to compute net income or net loss for the period. Chapter 3 Accrual Accounting and the Financial Statements 153 4. Five categories of adjusting entries, with examples, are: a. Prepaid expenses — prepaid rent, prepaid insurance, and supplies b. Amortization — amortization of buildings, furniture, and equipment c. Accrued expenses — accrued salary expense and accrued interest expense d. Accrued revenues — accrued service revenue and accrued interest revenue e. Unearned revenues — unearned service revenue and unearned subscription revenue 5. Yes, all adjusting entries affect...
Words: 12546 - Pages: 51
...Chapter 2 Transaction Analysis Short Exercises (5 min.) S 2-1 The transaction had a financial impact on the business and should be recorded. The payment for the computer was not an expense. The payment related to the purchase of an asset, “Equipment,” because the computer is an economic resource of the business. The computer will provide benefit over more than one fiscal period. (5 min.) S 2-2 a. $12,000 (Cash $10,000–$5,000; Supplies $2,000, Computer $5,000) b. $2,000 Accounts Payable Chapter 2 Transaction Analysis Copyright © 2012 Pearson Canada Inc. 65 (5-10 min.) Cash 25,000 2,000 23,000 Supplies 9,000 S 2-3 4,000 Accounts Receivable 6,000 Bal. Accounts Payable 9,000 Rent 4,000 Service Revenue 8,000 Common Shares 25,000 (5 min.) S 2-4 Increased total assets: May 1 (Cash) May 1 (Medical supplies) May 3 (Cash, Accounts receivable) Decreased total assets: May 2 (Cash) 66 Financial Accounting Fourth Canadian Edition Instructor’s Solutions Manual Copyright © 2012 Pearson Canada Inc. (10 min.) S 2-5 CREDIT Journal DATE ACCOUNT TITLES AND EXPLANATION DEBIT June 15 Cash ................................................. Note Payable ............................... Borrowed money from the bank. 25,000 25,000 22 Accounts Receivable ...................... 9,000 Service Revenue ......................... Delivered portrait to be paid on account. 28 Cash .................................................
Words: 5295 - Pages: 22
...Chapter 7 MerChandising Corporation assessment Questions as-1 ( 1 ) What is a merchandising business? A merchandising business can be defined as any business that buys and sells product for the ______________________________________________________________________________ purpose of making a profit. ______________________________________________________________________________ ______________________________________________________________________________ as-2 ( 1 ) What do common shares in a corporation represent? Common shares represent money invested directly in a company by its owners, who received ______________________________________________________________________________ shares of the company in return. ______________________________________________________________________________ ______________________________________________________________________________ as-3 ( 2 ) What does retained earnings in a corporation represent? Retained earnings represents all the profits that the business has retained (i.e. not paid to the ______________________________________________________________________________ owners). ______________________________________________________________________________ ______________________________________________________________________________ as-4 ( 3 ) In a perpetual inventory system, how often are inventory levels updated? A perpetual inventory system updates inventory levels after every purchase and sale. ______________________________________________________________________________...
Words: 4549 - Pages: 19
...HRM 300 Final Paper Human Resources Management Click below link for Answer http://workbank247.com/q/hrm-300-final-paper-human-resources-management/3370 http://workbank247.com/q/hrm-300-final-paper-human-resources-management/3370 HRm 300, Human Resources Management: Final Paper Instructions This final paper is intended to demonstrate your knowledge of two main goals: • Your knowledge of the primary concepts presented in the course • How you interpret and then initiate that knowledge and understanding in a fictional business situation The requirements of this paper are common to the basic tasks of H.R. Professionals and/or Operations Managers. Whether your career is in H.R. or as a Manager, the tasks below are very common to both careers. Your final paper will be evaluated on a number of criteria including your demonstrated knowledge of text book concepts regarding each HRM and then, your planned and specific actions based upon your knowledge and understanding of your chosen business to address and solve that specific problem. The Scenario: You: Are the newly hired Human Resources Manager (HRM) of the company you’ll choose below and you report to Mr. Johnson. You’ve been hired to address issues existing within your company and that require your immediate attention. Your Company: You decide which business you work for. In the Additional Learning Resources of Unit 1, you'll find the Sample Business Plans link. Once at the Center for Business Planning/MOOT...
Words: 1083 - Pages: 5
...This archive ACC 300 Entire Course includes following files: ACC 300 Week 1 - Individual Assignment - Chapter Two - Brief Exercises.doc ACC 300 Week 2 - Learning Team Assignment.xlsx ACC 300 week 2 dqs.doc ACC 300 Week 2 Individual Assignment Accounting Equation paper.docx ACC 300 Week 2 Individual Problem Set P1-3A and P3-5A.doc ACC 300 Week 3 - Individual Assignment Part I.xlsx ACC 300 Week 3 - Individual Assignment Part III.xlsx ACC 300 Week 3 - Individual Assignment Part IV.doc ACC 300 Week 3 - Individual Assignment Part V.xlsx ACC 300 Week 3 - Learning Team Assignment - Landrys.doc ACC 300 week 3 dqs.doc ACC 300 Week 3 Learning Team Assignment Working With Financial Statements.docx ACC 300 Week 3 Team Assignment problem 4-2A.doc ACC 300 Week 3- Individual Assignment Part II.xlsx ACC 300 Week 4 - Individual Assignment - Financial Statement Analysis Landrys.xlsx ACC 300 Week 4 - Learning Team Assignment - Managerial and Financial Accounting Paper.doc ACC 300 week 4 dqs.doc ACC 300 Week 4 Individual Problem Set II P2-6A and P13-2A Correct.doc ACC 300 Week 4 Individual Problem Set II P2-6A and P13-2A.doc ACC 300 Week 5 Individual Assignment - Chapter Six.doc ACC 300 Week 5 - Individual Assignment - Four Accounting Regulatory Bodies.doc ACC 300 Week 5 - Learning Team Assignment - Accounting Reporting Criteria Paper.doc ACC 300 Week 5 Final Exam Guide.pdf ACC 300 Week 5 Team Assignment Global Environments...
Words: 373 - Pages: 2
...ITM 309—Business Information Systems and Technology Michigan State University - Spring 2014 Instructor Information: Name: Dr. Frederick A. Rodammer Office: N236 North Business Complex Office Hours: Monday: 10:15-11:30 Wednesday: 10:15-11:30 By appointment Office Phone: 355-0309 Office Fax: 432-1101 E-mail: Course: Faculty Through ANGEL Direct to Dr. Rodammer: rodammer@broad.msu.edu Required Textbook: 1) ITM 309 - Business Driven Systems and Technology, 4th Edition, 2014 Copyright; MSU Custom Green Textbook - (Required) 2) Course Content in Angel. We will use everyday in class. Web page: http://angel.msu.edu Statement on Academic Integrity and Honor Code: It is assumed that all work done for credit will be the result of the individual’s or authorized group’s unaided effort. Your signature or personal submittal on any piece of submitted work will provide assurance that you have neither given nor received any unauthorized help in its preparation. Anyone who either gives or receives unauthorized assistance in the preparation of work at home or during exams in class will be subject to disciplinary action under the provisions and policies set forth by Michigan State University. The instructor will file an academic dishonesty report for each student who commits an academic integrity violation. Honor Code: A committee representing undergraduates has authored...
Words: 1977 - Pages: 8
...STRAYER UNIVERSITY THE SHELL OIL COMPANY: FUEL OIL CARGO TRANSPORTATION COST MINIMIZATION A TERM PAPER SUBMITTED TO PROFESSOR FARAMARZ FATHNEZHAD, PH.D. QUANTITATIVE METHODS FOR BUSINESS MAT540 007016 WINTER 2006 BY ALPHARD VICTOR T. ROMERO ALEXANDRIA, VIRGINIA MARCH 2006 Contents Chapter 1. Introduction…………………..…...…………..……………………..………..2 2. The Case Of Shell Oil Company……………………………….…...……..….3 3. The Case Figures And Calculations.……….…………………….….......….…5 4. Conclusions……………………….…….…………………………..…………9 Bibliography…..………………………………….…………….………………………..10 -1- CHAPTER 1 - Introduction In today’s competitive global business environment, more and more business organizations have realized that the creativity and ingenuity needed to develop new products, provide better services, grow market share, and maintain a competitive advantage can best come through an effective practice of management science (Strohmeier n.d.). One of the known and established firms who have practiced and maximize the use of the management science application is the Shell Oil Company. The Shell Oil Company is an affiliate company of the petroleum-chemical giant firm Shell Group, a global firm that operates in more than 140 countries and territories worldwide and spans its operations in different subsidiaries and divisions. The Shell Oil Company, with its corporate office headquartered in Houston, Texas, is one of the leading oil and gas producer...
Words: 1918 - Pages: 8
...http://homeworktimes.com/downloads/acc-202-complete-course-acc-202-entire-course/ http://homeworktimes.com/downloads/acc-206-entire-course-new/ http://homeworktimes.com/downloads/acc-206-new-week-1-assignment-chapter-one-problems/ http://homeworktimes.com/downloads/acc-206-new-week-2-assignment-chapter-two-three-problems/ http://homeworktimes.com/downloads/acc-206-new-week-2-journal-institute-management-accounting/ http://homeworktimes.com/downloads/acc-206-new-week-3-assignment-chapter-four-five-problems/ http://homeworktimes.com/downloads/acc-206-new-week-3-journal-hershey-company/ http://homeworktimes.com/downloads/acc-206-new-week-4-assignment-chapter-six-seven-problems/ http://homeworktimes.com/downloads/acc-206-new-week-5-assignment-chapter-eight-problems/ http://homeworktimes.com/downloads/acc-206-new-week-5-assignment-final-paper/ http://homeworktimes.com/downloads/acc-212-financial-accounting/ http://homeworktimes.com/downloads/acc-250-complete-course-acc-205-entire-course/ http://homeworktimes.com/downloads/acc-290-complete-course-acc-290-entire-course/ http://homeworktimes.com/downloads/acc-291-complete-course-acc-290-entire-course/ http://homeworktimes.com/downloads/acc-340-entire-course-acc-340-complete-course/ http://homeworktimes.com/downloads/acc-400-complete-course-acc-400-entire-course/ http://homeworktimes.com/downloads/acc-407-entire-course/ http://homeworktimes.com/downloads/acc-455-complete-course/ http://homeworktimes.com/downl...
Words: 3197 - Pages: 13
...CHAPTER TWO DESCRIPTIVE STATISTICS: TABULAR AND GRAPHICAL METHODS CHAPTER OUTLINE AND REVIEW In Chapter 1, you were introduced to the concept of statistics and in exercise *6 of that chapter you were given a frequency distribution of the ages of 180 students at a local college, but you were not told how this frequency distribution was formulated. In Chapter 2 of your text, you were informed how such frequency distributions could be formulated and were introduced to several tabular and graphical procedures for summarizing data. Furthermore, you were shown how crosstabulations and scatter diagrams can be used to summarize data for two variables simultaneously. The terms that you should have learned from this chapter include: A. Qualitative Data: Data that are measured by either nominal or ordinal scales of measurement. Each value serves as a name or label for identifying an item. B. Quantitative Data: Data that are measured by interval or ratio scales of measurement. Quantitative data are numerical values on which mathematical operations can be performed. C. Bar Graph: A graphical method of presenting qualitative data that have been summarized in a frequency distribution or a relative frequency distribution. D. Pie Chart: A graphical device for presenting qualitative data by subdividing a circle into sectors that correspond to the relative frequency of each class. 23 24 Chapter Two E. Frequency Distribution: ...
Words: 6692 - Pages: 27
...Resources: Ch. 1, 2, & 7 of Financial Accounting Chapter 1: Exercise E1-1 Urlacher Company performs the following accounting tasks during the year. ___C___ Analyzing and interpreting information. ___R___ Classifying economic events. ___C___ Explaining uses, meaning, and limitations of data. ___R___ Keeping a systematic chronological diary of events. ___R___ Measuring events in dollars and cents. ___C___ Preparing accounting reports. ___C __ Reporting information in a standard format. ___I__ Selecting economic activities relevant to the company. ___R__ summarizing economic events. Exercise E1-5 Meredith Cleaners has the following balance sheet items. Accounts payable Incorrect Liabilities Accounts receivable Correct Assets Cash Correct Assets Notes payable Incorrect Liabilities Cleaning equipment Incorrect Asset Salaries payable Incorrect Liabilities Cleaning supplies Correct Assets Common stock Incorrect Stockholders equity Exercise E1-12 Income Statement Advertising expense $ 1,800 Rent expense 10,400 Utilities expense 3,100 Salaries expense 30,000 Service revenue 62,500 Retained Earnings Statement Retained earnings, January 1, 2008 $ 48,000 Dividends during 2008 6,000 Exercise E1-13 Mendez Company Balance Sheet December 31, 2008 Assets Liabilities Cash $15,000 Accounts payable $20,000 Supplies 8,000 Common stock 50,000 Accounts receivable (8,500) Retained...
Words: 734 - Pages: 3