SYLLABUS: Intermediate Accounting I- ACCT 301A (11636) FALL 2015 Department of Accounting Mihaylo College of Business and Economics California State University – Fullerton PART I: COURSE INFORMATION |Class time and location |: |MW 11:30AM-12.45PM, SGMH 2201 | |Instructor |: |Kristin Y. Li
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Case Study 1 Supplied Information Materials Purchased Direct Labor Sales Gross Margin Cost of Goods Available for Sale Prime Costs Manufacturer Overhead Direct Materials Beginning Balances Raw Materials Works in Progress Finished Goods Notes Conversion cost = Manufacturing overhead + direct labor Known: Manufacturing overhead= 65% of conversion Direct labor= Direct = 35% of Conversion costs 220,000= 35% of Conversion 220,000/.35= Conversion cost Conversion cost = Manufacturing overhead + direct
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History: * First tax in 1861 to fund Civil War * Repealed in 1865 * Income tax law passed in 1894 but rejected by Supreme Court * 16th amendment was passed in 1913 * 42% of revenue is raised from individual income tax * 40% from social security, 9% corporate income tax, 9% other Tax Structure: * Progressive tax structure: tax rate increases as the tax base increases * US income tax system is this way * Proportional tax structure (flat tax): tax rate
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CITY OF DAVIDSON MOTOR POOL FUND GENERAL JOURNAL JULY 1, 2006 - JUNE 30, 2007 Debits Credits 1. Cash Long-Term Advance From Enterprise Fund Transfers In 2,500,000 1,000,000 1,500,000 2. Land Buildings Equipment Automobiles Fuel and Supplies Cash 100,000 300,000 150,000 1,600,000 100,000 2,250,000 3. Due From Other Funds Operating Revenues-Charges for Sales and Services (3,800,000 Miles X $.32 Per Mile) 1,216,000 1,216,000 4. Fuel
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Exercise 1: In previous time, reasonable expectation of privacy with respect to shredding before disposing trash by the defendant seemed to be a legal assumption of the federal courts of appeal. Exercise 2: "by reason of illness or there incapacity, or for any other reason", the statue requires the discharge of a juror - invests a trial court with latitude to make a balanced determination affecting the administration of justice based on the facts required to be adduced, recognizing that criminal
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PR 19-4A Big Wave Company manufactures surf boards in a wide variety of sizes and styles. The following incomplete ledger accounts refer to transactions that are summarized for July: Materials July 1 Balance 30,000 July 31 Requisitions (A) 31 Purchases 120,000 Work in Progress July 1 Balance (B) July 31 Completed jobs (F) 31 Materials (C) 31 Direct labor (D) 31 Factory overhead applied (E) Finished Goods July 1 Balance 0 July 31 Cost of goods sold (G) 31 Completed jobs (F) Wages Payable
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DQ4. 9 The basic point is that accounting records and financial statements need not be complex or expensive to be useful. Every manager needs to know how the business is performing and to be able to explain that to bankers and others. This performance goes beyond mere sales records, even if sales are the lifeblood of the firm. The accounting system provides information about profitability, cash flows, debts and other factors important to the business besides sales. Bankers
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Week 1 1. Question : (TCO 2) Penguin Corporation, a C corporation, has two equal shareholders, Bob and Leo. Penguin earned $100,000 net profit during its first year of operations and paid a dividend of $50,000 to each shareholder. Before considering the dividend, Bob is in the 10% marginal tax bracket and Leo is in the 28% marginal tax bracket. Which statement is incorrect? Student Answer: $100,000 will be subject to double taxation. Penguin could have avoided paying corporate
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CHAPTER 9 Budgetary Planning ASSIGNMENT CLASSIFICATION TABLE Brief Exercises A Problems B Problems Study Objectives Question s Do It! Exercises 1. Indicate the benefits of budgeting. 1, 2, 4 1 2. State the essentials of effective budgeting. 3, 5, 6, 7, 8 1 1 3. Identify the budgets that comprise the master budget. 9, 10, 11, 12, 13, 14, 15, 16 1, 2, 3, 4, 5, 6, 7 1, 2, 3 1, 2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13 1A, 2A, 3A 1B, 2B,
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Health care system is multifaceted because the system is characterised by variety of aspects. The system involves monitoring the services for social agencies. This process again involves wide range of services because it allows many social workers to coordinate their efforts. Many argue that the multifaceted nature of health care system takes into account high expenditure or the high cost of providing the health care facilities. Health care is financed in U.S through various programs. Financing
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