Category Archives: ACC 291 (latest)

ACC 291 Week 5 Wileyplus Assignment E12-1, IFRS13-1, P12-9A, P12-10A, P13-2A, E7-3 And BYP 13-2 (latest)

ACC 291 Week 5 Wileyplus Assignment E12-1, IFRS13-1, P12-9A, P12-10A, P13-2A, E7-3 And BYP 13-2 (latest)

Exercise 12-1

International Financial Reporting Standards 13-1

Problem 12-9A

Problem 12-10A

Problem 13-2A

Exercise 7-3

BYP 13-2

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ACC 291 Week 5 Exercise E12-3, E12-10 latest

ACC 291 Week 5 Exercise E12-3, E12-10 latest

Prepare the operating activities section—indirect method.
E12-3 Sosa Company reported net income of $190,000 for 2017. Sosa also reported depreciation expense of $35,000 and a loss of $5,000 on the disposal of plant assets. The comparative balance sheets show an increase in accounts receivable of $15,000 for the year, a $17,000 increase in accounts payable, and a $4,000 increase in prepaid expenses.
Instructions
Prepare the operating activities section of the statement of cash flows for 2017. Use the indirect method.
Compare free cash flow of two companies.

E12-10 Information for two companies in the same industry, Merrill Corporation and Wingate Corporation, is presented here.
Merrill Corporation  Wingate Corporation
Net cash provided by operating activities  $ 80,000  $100,000
Average current liabilities   50,000   100,000
Net income   200,000   200,000
Capital expenditures   40,000   70,000
Dividends paid   5,000   10,000
Instructions
Compute free cash flow for both companies and compare.

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ACC 291 Week 5 Assignment Financial Reporting Problem II latest

ACC 291 Week 5 Assignment Financial Reporting Problem II latest

Purpose of Assignment
The purpose of this assignment is to expose you to the basic process involved in the analysis of the cash flow statement.
Assignment Steps
Resources: Appendix A of Financial Accounting: Tools for Business Decision Making
Note: This is a two part assignment.
Part 1
Answer questions A-F in problem CT12-1 in Financial Accounting (p. 640).
Provide an 875-word analysis of your findings.
Include conclusions concerning the management of the company’s cash.

Part 2
Complete a 1,050-word summary of findings and recommendations from the following questions:
• What is the par or stated value per share of Apple’s common stock?
• What percentage of Apple’s authorized common stock was issued at September 27, 2014?
• How many shares of common stock were outstanding at September 28, 2013, and at September 27, 2014?
• Calculate the payout ratio, earnings per share, and return on common stockholders’ equity for 2014.
Use the Week 5 Excel® spreadsheet and submit with your analysis and summary.

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ACC 291 Week 4 Wileyplus Assignment Do It 11-1, E11-5, E11-7, BYP11-1, BYP11-2, P11-5A, P11-8A (New)

ACC 291 Week 4 Wileyplus Assignment

Do It! 11-1

Exercise 11-5 Garcia Corporation

Exercise 11-7 Pele Company

Broadening Your Perspective 11-1 Tootsie Roll

Broadening Your Perspective 11-2 Tootsie Roll & Hershey

Problem 11-5A Pringle Corporation

Problem 11-8A Everett Corporation

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ACC 291 WEEK 4 Stockholders’ Equity Section of the Balance Sheet (Lachlin Corporation Balance Sheet) latest

ACC 291 WEEK 4 Stockholders’ Equity Section of the Balance Sheet (Lachlin Corporation Balance Sheet) latest

Purpose of Assignment
The purpose of this assignment is to help you become familiar with examining the stockholders’ equity section of the balance sheet.
Assignment Steps

Resources: Financial Accounting: Tools for Business Decision Making
Answer the following questions in 1,050 words using the Lachlin Corporation Balance Sheet (partial) below:
·         How many shares of common stock are outstanding?
·         Assuming there is a stated value, what is the stated value of the common stock?
·         What is the par value of the preferred stock?
·         If the annual dividend on preferred stock is $36,000, what is the dividend rate on preferred stock?
·         If dividends of $72,000 were in arrears on preferred stock, what would be the balance reported for retained earnings?

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ACC 291 Week 4 Exercise E11-2, E11-5, E11-7, E11-13 latest

ACC 291 Week 4 Exercise E11-2, E11-5, E11-7, E11-13 latest

Journalize issuance of common stock and preferred stock and purchase of treasury stock.
E11-2 Sagan Co. had these transactions during the current period.
June 12  Issued 80,000 shares of $1 par value common stock for cash of $300,000.
July 11  Issued 3,000 shares of $100 par value preferred stock for cash at $106 per share.
Nov. 28  Purchased 2,000 shares of treasury stock for $9,000.

Prepare correct entries for capital stock transactions.
E11-5 Mesa Corporation recently hired a latest accountant with extensive experience in accounting for partnerships. Because of the pressure of the latest job, the accountant was unable to review what he had learned earlier about corporation accounting. During the first month, he made the following entries for the corporation’s capital stock.

Compare effects of a stock dividend and a stock split.
E11-7 On October 31, the stockholders’ equity section of Manolo Company’s balance sheet consists of common stock $648,000 and retained earnings $400,000. Manolo is considering the following two courses of action: (1) declaring a 5% stock dividend on the 81,000 $8 par value shares outstanding or (2) effecting a 2‐for‐1 stock split that will reduce par value to $4 per share. The current market price is $17 per share.
Instructions
Prepare a tabular summary of the effects of the alternative actions on the company’s stockholders’ equity and outstanding shares. Use these column headings: Before Action, After Stock Dividend, and After Stock Split.
Calculate ratios to evaluate profitability and solvency.
E11-13 Kojak Corporation decided to issue common stock and used the $300,000 proceeds to redeem all of its outstanding bonds on January 1, 2017. The following information is available for the company for 2017 and 2016.
(a) Compute the return on common stockholders’ equity for both years.
(b) Explain how it is possible that net income increased but the return on common stockholders’ equity decreased.
(c) Compute the debt to assets ratio for both years, and comment on the implications of this change in the company’s solvency.

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ACC 291 Week 3 Wileyplus Assignment E10-5,E10-8,E10-13,E10-22,E10-24,BYP10-1,BYP10-2,P9-7A,P10-9A,P10-13A,IFRS10-4 (latest) – 100% Correct

ACC 291 Week 3 Wileyplus Assignment E10-5,E10-8,E10-13,E10-22,E10-24,BYP10-1,BYP10-2,P9-7A,P10-9A,P10-13A,IFRS10-4 (latest) – 100% Correct

Exercise 10-5: Olinger Company
Exercise 10-8: Ortega Company

Exercise 10-13: Romine Company

Exercise 10-22: Cole Corporation

Exercise 10-24: Nance, Co. 

Broadening Your Perspective 10-1: Tootsie Roll

Broadening Your Perspective 10-2: Tootsie& Hershey

Problem 9-7A: Farr Company

Problem 10-9A: Wempe, Co. 

Problem 10-13A: Grace Herron

IFRS10-4: Ratzlaff

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ACC 291 Week 3 Assignment The Liabilities Section of O’Brian’s Balance Sheet latest

ACC 291 Week 3 Assignment The Liabilities Section of O’Brian’s Balance Sheet latest

Purpose of Assignment

The purpose of this assignment is to help you understand the balance sheet presentation for the liabilities of a company.
Assignment Steps

Resources: Financial Accounting: Tools for Business Decision Making
Prepare the liabilities section of O’Brian’s balance sheet using the following information:
• Accounts payable $157,000
• Notes payable (due May 1, 2018) $20,000
• Bonds payable (due 2021) $900,000
• Unearned rent revenue $240,000
• Discount on bonds payable $41,000
• FICA taxes payable $7,800
• Interest payable (due 2019) $80,000
• Income taxes payable $3,500
• Sales taxes payable $1,700
The Liabilities Section of O’Brian’s balance sheet must be 525 words.
Show work on the Week 3 Excel® spreadsheet.

Note: This assignment requires that you only submit an Excel® Workbook file. There are no written or APA guideline requirements.
Click the Assignment Files tab to submit your assignment.

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ACC 291 Week 2 Wileyplus Assignment BE9-11, DI9-5, E9-7, E9-8, BYP9-1, BYP9-2, P9-2A, P8-3A (New) – 100% Correct

ACC 291 Week 2 Wileyplus Assignment BE9-11, DI9-5, E9-7, E9-8, BYP9-1, BYP9-2,P9-2A,P8-3A (New) – 100% Correct

Brief Exercise 9-11: Nike, Inc.

Do It! 9-5

Exercise 9-7: Wang, Co. 

Exercise 9-8: Cleand Corporation

Broadening Your Perspective 9-1: Tootsie Roll

Broadening Your Perspective 9-2: Tootsie& Hershey

Problem 9-2A: Navaro Corporation

Problem 8-3A: Bosworth Company

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ACC 291 Week 2 Textbook Exercise BE 8-8, E8-4, E8-14, E9-4 latest

ACC 291 Week 2 Textbook Exercise BE 8-8, E8-4, E8-14, E9-4 latest

Chapter 8: BE8-8
Determine maturity dates and compute interest and rates on notes.
E8-4 The ledger of Macarty Company at the end of the current year shows Accounts Receivable $78,000, Credit Sales $810,000, and Sales Returns and Allowances $40,000.
Instructions
(a) If Macarty uses the direct write‐off method to account for uncollectible accounts, journalize the adjusting entry at December 31, assuming Macarty determines that Matisse’s $900 balance is uncollectible.
(b) If Allowance for Doubtful Accounts has a credit balance of $1,100 in the trial balance, journalize the adjusting entry at December 31, assuming bad debts are expected to be 10% of accounts receivable.
(c) If Allowance for Doubtful Accounts has a debit balance of $500 in the trial balance, journalize the adjusting entry at December 31, assuming bad debts are expected to be 8% of accounts receivable.
Determine bad debt expense, and prepare the adjusting entry.

Chapter 8: E8-14
Compute ratios to evaluate a company’s receivables balance.
(LO 4), AN
E8-14 Suppose the following information was taken from the 2017 financial statements of FedEx Corporation, a major global transportation/delivery company.
(in millions)  017  2016
Accounts receivable (gross)  $ 3,587  $ 4,517
Accounts receivable (net)  3,391  4,359
Allowance for doubtful accounts  196  158
Sales revenue  35,497  37,953
Total current assets  7,116  7,244
Instructions
Answer each of the following questions.
(a) Calculate the accounts receivable turnover and the average collection period for 2017 for FedEx.
(b) Is accounts receivable a material component of the company’s total current assets?
(c) Evaluate the balance in FedEx’s allowance for doubtful accounts.

Chapter 9: E9-4
Understand depreciation concepts.
(LO 2), C
E9-4 Alysha Monet has prepared the following list of statements about depreciation.
Depreciation is a process of asset valuation, not cost allocation.
Depreciation provides for the proper matching of expenses with revenues.
The book value of a plant asset should approximate its fair value.
Depreciation applies to three classes of plant assets: land, buildings, and equipment.
Depreciation does not apply to a building because its usefulness and revenue‐producing ability generally remain intact over time.
The revenue‐producing ability of a depreciable asset will decline due to wear and tear and to obsolescence.
Recognizing depreciation on an asset results in an accumulation of cash for replacement of the asset.
The balance in accumulated depreciation represents the total cost that has been charged to expense since placing the asset in service.
Depreciation expense and accumulated depreciation are reported on the income statement.
Three factors affect the computation of depreciation: cost, useful life, and salvage value.
Instructions
Identify each statement as true or false. If false, indicate how to correct the statement.

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