...CHAPTER 5 THE ACCOUNTING CYCLE: REPORTING FINANCIAL RESULTS OVERVIEW OF BRIEF EXERCISES, EXERCISES, PROBLEMS AND CRITICAL THINKING CASES Brief Exercises B. Ex. 5.1 B. Ex. 5.2 B. Ex. 5.3 B. Ex. 5.4 B. Ex. 5.5 B. Ex. 5.6 B. Ex. 5.7 B. Ex. 5.8 B. Ex. 5.9 B. Ex. *5.10 Topic Balancing the accounting equation Financial statement relationships Classifying balance sheet accounts Closing temporary accounts Closing entries of profitable firms Closing entries of unprofitable firms After-closing trial balance Profitability and liquidity Measuring interim revenue The worksheet Learning Objectives 1, 2 1, 2 1, 2 4 4 4 5 6 7 8 Learning Objectives 1-7 1, 2, 6 1, 2, 6 2, 4, 5 2, 4, 5 3 2, 4 2, 4 2, 4 6 6 1, 2, 7 1, 2, 7 2, 3 3, 6 Skills Analysis Analysis Analysis Analysis Analysis Analysis Analysis Analysis Analysis Judgment, communication, analysis Skills Analysis Analysis Analysis Analysis, communication Analysis, communication Analysis, communication Analysis Analysis Analysis, communication Analysis Analysis Analysis Analysis Analysis Communication, analysis Exercises 5.1 5.2 5.3 5.4 5.5 5.6 5.7 5.8 5.9 5.10 5.11 5.12 5.13 5.14 5.15 Topic Accounting terminology Financial statement preparation Financial statement preparation Closing and after-closing trial balance Closing and after-closing trial balance Real World: Circuit City Adequate Disclosure Closing entries of profitable firms Closing entries of unprofitable firms Adjusting versus closing entries Profitability and liquidity measures...
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...|Milestone 1, 2, 3, 4_Week 3 Assignment | | | | | |Class Project: CSC - Coastline Systems Consulting | |Sunset Blvd, Los Angeles, CA | | | | | |IS581_Systems Analysis, Planning, and Control - 7th Edition | | | |Keller Graduate School (DeVry University) | |9/19/2010...
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...Case 7 1: Stern Corporation (B)* Note: This case is updated from the Twelfth Edition. Approach This is a straightforward problem, designed for use in connection with study of the text. I find it useful to put T-accounts on the board or on a Vugraph and post entries to them as they are given. The account titles given in the balance sheet should be used. The case assumes individual unit depreciation. It may be desirable to ask at some point what the entries would be if composite or group depreciation were used. Comments on Questions Question 1 1. Cash 3,866 Accumulated Depreciation, Factory Machinery 27,367 Factory Machinery 31,233 2. Tools Used (Expense) 7,850 Tools 7,850 (Note the contrast between depreciation and a direct write-off.) 3. (a) Depreciation Expense 278 Accumulated Depreciation, Automotive Equipment 278 (The additional depreciation is 1/6 x .20 x $8,354. Note that the half-year convention is not used. Note that if the depreciation incurred in 2006 is disregarded, the loss will be overstated.) (b) Cash 2,336 Accumulated Depreciation, Automotive Equipment 5,458 Loss on Sale of Other Assets 560 Automotive Equipment 8,354 (There can be a discussion of the proper showing of the loss on the income statement.) 4. Patent Amortization Expense 11,250 Patent 11,250 5. Cash 75 Accumulated Depreciation, Office Machines 1,027 Gain on Sale of Other Assets 75 Office Machines 1,027 ...
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...Attendance is counted from the first regular class regardless of the time of enrollment. 5. A student will be marked absent if he/she leaves the PE class without asking permission from the teacher concerned. 6. A student who incurs 2 absences will be reported to the Guidance Office. 7. Students will not be given any probable make-up for the activities missed due to unexcused absence. 8. For prolonged absence, a student shall present a medical certificate signed by a medical doctor and/ or a letter of excuse from the parents or guardian and a certificate of excuse of absence issued by the Discipline Office to the teacher concerned. 9. Special consideration may be given to students for valid reasons such as certified prolonged illness upon approval by the Dean. B. ON UNIFORM 1. Students shall be in complete PE uniform during PE class. 2. A student will not be allowed to attend PE class if not in complete PE uniform. C. ON TARDINESS and Absences 1. All students are expected to be in their respective PE areas promptly. 2. A student who arrives 15 minutes after the scheduled time is considered late. This includes but not limited to, over sleeping, car problems or any other personal reason. 3. Two instances of tardiness without justifiable reason is equivalent to one absence. 4. A student who incurs 2 tardy will be reported to the guidance...
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...Chapter 2 Solutions Review Questions 1. What term refers to the physical layout of a network’s computers, cables, and other resources? topology, diagram, layout, or map 2. Joining the computers in a network at a central point creates a star topology. Which of the following statements is true of a star topology network? (Choose all that apply.) c. It requires much more cabling than a bus network. d. Its centralized nature makes network management easier. 3. A physical bus topology network requires terminators. True or False? True 4. Which of the following statements is true of a ring topology network? b. It provides equal access to all computers on the network. 5. Which of the following physical topologies is the most fault tolerant? c. mesh 6. What are two advantages of a star topology network? inexpensive easy to troubleshoot and configure 7. Which physical topology does switching use? star or extended star 8. A cable break in a bus network does not affect network communications. True or False? False 9. In a bus network, if the ends of the cable aren’t terminated, what occurs? signal bounce 10. Connecting computers to form a straight line creates a _______ topology network. physical bus or bus 11. How do switches...
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...marketing assistant for a consumer electronics company and are in charge of setting up your company’s booth at trade shows. Weeks before a show, you meet with the marketing managers and determine what displays and equipment they want to display. Then, you identify each of the components that need to be shipped and schedule a shipper to deliver them to the trade show site. You then supervise trade show personnel as they set up the booths and equipment. After the show, you supervise packing the booth and all the equipment as well as schedule its shipment back to your home office. When the equipment arrives, you check it into your warehouse to ensure that all pieces of the booth and all the equipment are returned. If there are any problems due to shipping damage or loss, you handle those problems. Your job is important; at a typical show you are responsible for more than a quarter-million dollars of equipment. In order to keep up with the booth components, equipment and shippers, there is information that must be kept up with. The first thing that needs to be done is an inventory should be taken. The components of the booth setup, and all of the equipment should be tagged, as well as the serial numbers of the equipment being shipped, the condition of the equipment as well as the components of the booth should be examined to insure that it is returned in that same condition. After all of the things to be shipped have been inventoried the...
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...CHAPTER 4 THE ACCOUNTING CYCLE: ACCRUALS AND DEFERRALS OVERVIEW OF BRIEF EXERCISES, EXERCISES, PROBLEMS, AND CRITICAL THINKING CASES Brief Exercises B. Ex. 4.1 B. Ex. 4.2 B. Ex. 4.3 B. Ex. 4.4 B. Ex. 4.5 B. Ex. 4.6 B. Ex. 4.7 B. Ex. 4.8 B. Ex. 4.9 B. Ex. 4.10 Learning Objectives 3, 4 3, 4 3 3 6 4 5 5 5 8 Topic Deferred expenses and revenue Deferred expenses and revenue Accounting for supplies Accounting for depreciation Accrued revenue Unearned revenue Accrued salaries Accrued interest Accrued taxes Concept of materiality Skills Analysis Analysis Analysis Analysis Analysis Analysis Analysis Analysis Analysis Judgment, communication, analysis Exercises 4.1 4.2 4.3 4.4 4.5 4.6 4.7 4.8 4.9 4.10 4.11 4.12 4.13 4.14 4.15 Topic Accounting terminology Effects of adjusting entries Deferred expenses and revenue Deferred expenses and revenue Accrued revenue Real World: American Airlines Deferred revenue Accruals and deferrals Notes payable and interest Interpreting business transactions Adjustments and the balance sheet Real World: Various firms Deferred revenue Analyzing the adjusted trial balance Effects of adjusting entries Accounting principles Real World: Home Depot an annual report Using Learning Objectives 1–9 1–6, 9 1-7 1-7 1-7 1, 2, 4 1-6, 9 1, 2, 5 1–7, 9 1, 3–5, 7 1, 4, 7 1–7, 9 1–6 1–8 1, 2 Skills Analysis Analysis Analysis Analysis Analysis Analysis Analysis Analysis Analysis, judgment Communication, analysis Analysis, judgment Analysis Analysis Communication...
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...consumer demand for the keg beer, resulting in customer dissatisfaction. Use open systems theory to explain what occurred at Napanee Beer Co. Begin with a brief description of open systems theory. Use your own words (paraphrase) and remember to cite all sources using APA style. Open systems theory is a theory that states that organizations take resources from the environment and use those resources to affect that same environment through the organizations output (McShane & Steen, 2009). In regards to the case of Napanee Beer Co., the marketing group did not inform the production department that there was a new marketing campaign, therefore, they were not prepared to produce higher priced specialty beer for the high demand. This relates back to the organizational efficiency, where the amount of output is directly related to the number of inputs (McShane & Steen, 2009). Inputs are basically raw materials, human resources, information, financial resources, and equipment. The input that was lacking in...
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...1. Home » 2. Business & Economy » 3. Case Studies Read full document Full access is free for premium users. Jack Nelson's Problem By maudalene | March 2011 * Zoom In * Zoom Out Page 1 of 6 Assignment 1: Case Study, Jack Nelson’s Problem 1. a) What do you think is causing some of the problems in the bank’s home office? 1. Ruth Johnson who has been working at the bank’s head office for last two months did not know what the machine she is using is called or what is does. That shows that the bank did not give her sufficient training to familiarize herself with the name and the function of the machine. However, she did know how the machine works, but this doesn’t mean that she has been trained properly. A huge problem in the bank’s home office is the lack of a proper Training program. It can be an in-house training program especially designed for the new employees at the bank or a practical on-the-job training program. This will give new employees the change to practice, observe others, ask questions, learn from mistakes and familiarize themselves with the equipment that they are using. It is very important for the bank to utilize its available resources. In this case the supervisor could have given her proper, on-the-job training and informed and familiarized her with the name and function of the machine that she operates. 2. There is also mayor lack of communication in the bank’s home office. Ruth has been working there for almost two months and nobody has briefed...
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...Walter Charbonneau, manager of the university registrar’s office. Heather was surprised to learn from Glen that Walter had just bought a new piece of equipment for his department without following standard university purchasing policies. Glen asked Heather to look into the situation and get back to him with recommendation. Purchasing Department Southeastern University was one of the largest universities in the state, with total enrolment of more than 25,000 graduate and undergraduate students and approximately 3,500 staff. There were 12 faculties at the university, over 20 continuing education diploma and certificate programs and three affiliated colleges. Purchasing was centralized, and the purchasing director, Blake Hyatt, reported to the university’s vice president of administration. The purchasing department was responsible for negotiating with suppliers, signing contracts with suppliers, and supervising the execution of contracts. Small-value purchases those less than $100 could be handled out of petty cash. The purchase department had also recently introduced a purchasing card, which could be used to acquire legible goods and services with a value of less than $1000. The purchasing process began when a purchase request was submitted to the purchasing department. A clerk would stamp the requisition with the date and time received and checked it for proper signing authority. In some cases, it was necessary to forward the requisition to the research...
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... ❖ Ensuring than, when, necessary, procedures for disciplining employees are carried out in a fair and correct manner. ❖ Ensuring that the employee is placed in a appropriate part of the organization so that his or her skills are used to the best advantage of the organization. . Correspondence Letter 94 Biscayne drive, Mount Clair, May Pen P.O, Clarendon. January 14, 2012 The Human Resource Manager, Courts Jamaica Ltd, 50 Main Street, May Pen, Clarendon. Dear Sir/Madam, I am a fifth form student of the Ebony Grove High School who will be sitting the Caribbean Examination Council Exam (CSEC) in Office Administration this year. It is a requirement of CSEC that all students sitting Office administration should carry out a research project at a business entity. I am...
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...Typical business-case topics include: •Executive Summary •Business Opportunity •Alternatives •Benefits •Costs •Financial Analysis •Assumptions •Constraints •Market Analysis •Organizational Considerations •Sensitivity Analysis •Project Description •Implementation Plan •Recommendations The executive summary highlights the key points in the business case. These include important benefits and the return on investment. The business opportunity describes the motivation for the project that the business case will propose. The business opportunity includes a definition, a statement of scope, and a discussion of objectives that the project will help the organization achieve. A business case analyzes the alternatives to a proposed project. For example, an online learning business case might compare the benefits and costs of classroom learning. All business cases involve at least two alternatives: doing or not doing a project. Benefits and costs are discussed in the next tip. Financial analysis compares benefits to costs (tip 2) and analyzes the value of a project as an investment (tip 3). The analysis may include a cash flow statement, return on investment, net present value, internal rate of return, and payback period. Assumptions are events that a business case assumes will happen. For example, a business case might assume approval from a regulatory agency. Critical assumptions must occur for a project to succeed. Constraints are schedule...
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...601 Assignment 1 – Problems (7) Problem 1 Accounting concepts—identification. State the accounting assumption, principle, information characteristic, or constraint that is most applicable in the following cases. 1. All payments less than $25 are expensed as incurred. (Do not use conservatism.) 2. The company employs the same inventory valuation method from period to period. 3. A patent is capitalized and amortized over the periods benefited. 4. Assuming that dollars today will buy as much as ten years ago. 5. Rent paid in advance is recorded as prepaid rent. 6. Financial statements are prepared each year. 7. All significant post-balance sheet events are reported. 8. Personal transactions of the proprietor are distinguished from business transactions. Problem 2 Accounting concepts—identification. Presented below are a number of accounting procedures and practices in Ramirez Corp. For each of these items, list the assumption, principle, information characteristic, or modifying convention that is violated. 1. Because the company's income is low this year, a switch from accelerated depreciation to straight-line depreciation is made this year. 2. The president of Ramirez Corp. believes it is foolish to report financial information on a yearly basis. Instead, the president believes that financial information should be disclosed only when significant new information is available related to the company's operations. 3. Ramirez Corp. decides to establish a large loss and related liability...
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...given the right conditions in a workplace environment. It can travel through homes and offices by way of combustion which takes place by burning of gasoline, diesel, wood or any carbon based material. Combustion of carbon based materials releases carbon monoxide in the air. Any work environment containing a variety of appliances can be at risk of having high concentration of this gas in the air. The presence of high concentration of carbon monoxide in a work place can be very dangerous especially in places with poor ventilation. Work areas in locations with activities nearby (physical or mechanical) that involve combustion,...
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...PROEJCT MANAGEMENT AIR-EURO – RELOCATION OF HEAD OFFICE 1. Reviewing the Project Scope It has been decided that relocation of the Head Office must be in the Zaanstad area which is about 29 kilometers away from the Schiphol Airport. Since building rents and leasing costs are lower in Zaanstad, it is much more attractive to the company. The following requirements were outlined in the project scope. 1.1. Project Statement Relocation of Air-Euro Head Office at Zaanstad; Location: At or near Zaanstad Area; Accommodation for: 300 persons; Number of Square Meters (Floor area): 500; must be tiled; Car park: For 400 vehicles; Rent: Around US$ 25,000 per month; Lease period: 5 years (subject to renewal on mutual agreement) and Amenities & Provisions: All important amenities must be available including running water supply, hot and cold water facility, electricity, centrally air-conditioned building, central heating, overhead water tank with sufficient capacity, a conference hall, a spacious room for board meetings, appropriately partitioned, well-fitted bathrooms and toilets and well renovated if it is necessary (Itrelo.net, 2014). 1.2. Preferences Preferences: A shady grove or a location of boulevards is preferred. Access roads must be open 24 hours a day. Schools, churches and other such public places like parks are better avoided. Busy intersections and streets of high intensity traffic must also be avoided. The building ought to be fairly new and well...
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