AC 5230

https://www.homeworklance.com/downloads/acc-206-entire-course-principles-of-accounting-ii/ ACC 206 Entire Course Principles of Accounting II - Homework Lance Online Homework Help

ACC 206 Entire Course Principles of Accounting II

ACC 206 Entire Course

ACC 206 Entire Course Principles of Accounting II

ACC 206 Week 1 Assignment Chapter One Problems

Why are noncash transactions, such as the exchange of common stock a building, included on a statement of cash flows? How are these noncash transactions disclosed?

Chapter 1 Exercise 1:

1. Classification of activities
Classify each of the following transactions as arising from an operating (O), investing (I), financing (F), or noncash investing/financing (N) activity.

a. ________ Received $80,000 from the sale of land.

b. ________ Received $3,200 from cash sales.

c. ________ Paid a $5,000 dividend.

d. ________ Purchased $8,800 of merchandise for cash.

e. ________ Received $100,000 from the issuance of common stock.

f. ________ Paid $1,200 of interest on a note payable.

g. ________ Acquired a new laser printer by paying $650.

h. ________ Acquired a $400,000 building by signing a $400,000 mortgage note.

Chapter 1 Exercise 4:
4. Overview of direct and indirect methods
Evaluate the comments that follow as being True or False. If the comment is false, briefly explain why.

a. Both the direct and indirect methods will produce the same cash flow from operating activities.

b. Depreciation expense is added back to net income when the indirect method is used.

c. One of the advantages of using the direct method rather than the indirect method is that larger cash flows from financing activities will be reported.

d. The cash paid to suppliers is normally disclosed on the statement of cash flows when the indirect method of statement preparation is employed.

e. The dollar change in the Merchandise Inventory account appears on the statement of cash flows only when the direct method of statement preparation is used.

Chapter 1 Exercise 6:
6. Equipment transaction and cash flow reporting

New equipment purchased during 20×4 totaled $280,000. The 20×4 income statement disclosed equipment depreciation expense of $41,000 and a $9,000 loss on the sale of equipment.

a. Determine the cost and accumulated depreciation of the equipment sold during 20X4.

b. Determine the selling price of the equipment sold.

c. Show how the sale of equipment would appear on a statement of cash flows prepared by using the indirect method.

Chapter 1 Problem 3:

3. Cash flow information: Direct and indirect methods
The comparative year-end balance sheets of Sign Graphics, Inc., revealed the following activity in the company’s current accounts:

Related Tutorials

ACC 206 Week 1 DQ1 Cash Flows Information

What information does the cash flow statement provide that you cannot see in the other financial statements (income statement, balance sheet, owner’s equity)? What elements of the cash flow statement do you think are most important for company management to monitor and why? Is this different for investors?

Guided Response:

Review your peers’ postings. Respond to at least two of classmates, letting them know whether you agree with the use of the cash flow statement and why. Additionally, share elements of the cash flow statement that you see as being the greatest interest to investors (as opposed to internal management) and why.

ACC 206 Week 1 DQ2 Apple’s Cash Flow

Go to http://finance.yahoo.com. Enter in “AAPL” and click on the “get quote” button, and it will bring up information on Apple. On the left hand side you’ll see a section on Financials. Within that section, click on the cash flow. Review the cash flow statement for Apple. How would you summarize Apple’s cash flow position and what does this statement tell you about where the money is coming from and where it’s going? What would you suggest Apple’s do to improve its cash position and why?

Guided Response:

Analyze several of your peers’ postings. Do you agree with the posting? Let at least two of your peers know what you would add.

ACC 206 Week 2 Assignment Chapter Two and Three Problems

Please complete the following 7 exercises below in either Excel or a word document (but must be single document). You must show your work where appropriate (leaving the calculations within Excel cells is acceptable). Save the document, and submit it in the appropriate week using the Assignment Submission button.

Chapter 2 Exercise 1

1. Issuance of stock

Prepare journal entries to record the issuance of 100,000 shares of common stock at $20 per share for each of the following independent cases:

a. Jackson Corporation has common stock with a par value of $1 per share.

b. Royal Corporation has no-par common with a stated value of $5 per share.

c. French Corporation has no-par common; no stated value has been assigned

Chapter 2 Exercise 3

3. Analysis of stockholders’ equity

Star Corporation issued both common and preferred stock during 20X6. The stockholders’ equity sections of the company’s balance sheets at the end of 20X6 and 20X5 follow.

	20X6	20X5
Preferred stock, $100 par value, 10%	$580,000	$500,000
Common stock, $10 par value	2,350,000	1,750,000

Paid-in capital in excess of par value
Preferred	24,000	—
Common	4,620,000	3,600,000
Retained earnings	8,470,000	6,920,000
Total stockholders’ equity	$16,044,000	$12,770,000

a. Compute the number of preferred shares that were issued during 20X6.

b. Calculate the average issue price of the common stock sold in 20X6.

c. By what amount did the company’s paid-in capital increase during 20X6?

d. Did Star’s total legal capital increase or decrease during 20X6? By what amount?

Chapter 2 Problem 1

1. Bond computations: Straight-line amortization

Southlake Corporation issued $900,000 of 8% bonds on March 1, 20X1. The bonds pay interest on March 1 and September 1 and mature in 10 years. Assume the independent cases that follow.

Case A—The bonds are issued at 100.

Case B—The bonds are issued at 96.

Case C—The bonds are issued at 105.

Southlake uses the straight-line method of amortization.

Instructions:

Saturday, 9 April 2016

AC 5230 Problem Set 1 – Five Problems

AC 5230 Problem Set 1 – Five Problems

https://homeworklance.com/downloads/ac-5230-problem-set-1-five-problems/

Instructions:

Create a single Excel document with one worksheet/tab for each problem. Each problem is worth 20 points.

Problem 1

The following accounts appeared on the trial balance of Gaudette Company at December 31, 2008. All accounts have normal balances.

Complete the following table:
	Case A	Case B	Case C
Cash inflow on the issuance date	_______	_______	_______
Total cash outflow through maturity	_______	_______	_______
Total borrowing cost over the life of the bond issue	_______	_______	_______
Interest expense for the year ended December 31, 20X1	_______	_______

Notes Payable	$64,000	Accounts Receivable	$172,800
Accumulated Depreciation – Bldg.	$261,000	Prepaid Expenses	$18,750
Supplies on Hand	$12,600	Customers’ Deposits	$1,250
Accrued Salaries and Wages	$11,400	Common Stock***	$375,000
*Investments in Debt Securities	$93,800
Cash	$56,750	Inventories (average cost)	$526,750
Bonds Payable Due 1/1/12	$400,000	Land at Cost	$155,000
Allowance for Doubtful Accts.	$2,600	Trading Securities****	$24,400
Franchise	$64,300	Accrued Interest on Notes Payable	$650
Notes Receivable	$46,000	Buildings at Cost	$642,000
Income Taxes Payable	$52,000	Accounts Payable	$136,650
Preferred Stock**	$250,000	Additional Paid-in Capital	$54,600
Appropriated Retained Earnings	$98,000
Unappropriated Retained Earnings	???

*The company intends to hold the securities until maturity, which is in ten years.
**8% cumulative; $10 par value; 25,000 shares authorized and outstanding.
***$1 par value; 400,000 shares authorized; 375,000 shares issued and outstanding.
****The company intends to sell the trading securities in the next year.

Directions(20 Points): Prepare a classified balance sheet for Gaudette Company on December 31, 2008 on a separate Excel spreadsheet as directed on the Problem Set 1 directions.

Problem 2

The following balance sheet was prepared by the bookkeeper for Perry Company as of December 31, 2008.

Perry Company

Balance Sheet

as of December 31, 2008

Cash $ 80,000 Accounts payable $ 75,000

Accounts receivable (net) 52,200 Long-term liabilities 100,000

Inventories 57,000 Stockholders’ equity 218,500

Investments 76,300

Equipment (net) 96,000

Patents 32,000

$393,500 $393,500

The following additional information is provided:

1. Cash includes the cash surrender value of a life insurance policy $9,400, and a bank overdraft of $2,500 has been deducted.

2. The net accounts receivable balance includes:

(a) accounts receivable—debit balances $60,000;

(b) accounts receivable—credit balances $4,000;

3. Inventories do not include goods costing $3,000 shipped out on consignment. Receivables of $3,000 were recorded on these goods.

4. Investments include investments in common stock, trading $19,000 and available-for-sale $48,300, and franchises $9,000.

5. Equipment costing $5,000 with accumulated depreciation $4,000 is no longer used and is held for sale. Accumulated depreciation on the other equipment is $40,000.

Directions (20 points)Prepare a balance sheet in good form (stockholders’ equity details can be omitted.)

Problem 3

Presented below is financial information of the Lilley Corporation for 2008

Beginning Retained Earnings, 1/1/08	$950,000
Gain on the Sale of Investments (normal recurring)	$110,000
Sales for the Year	$30,000,000
Loss Due to Flood Damage (unusual & infrequent)	$125,000*
Cost of Goods Sold	$21,000,000
Loss on Disposal of Retail Division	$450,000*
Interest Revenue	$70,000
Loss on Operations of Retail Division	$460,000*
Selling and Administrative Expenses	5,500,000
Dividends Declared on Common Stock	$230,000
Write-Off of Goodwill	$520,000
Dividends Declared on Preferred Stock	$80,000
Federal Income Tax on Operations for 2008	1,600,000

*net of tax

Lilley Corporation decided to discontinue its retail operations and to retain its manufacturing operations. On August 15, Lilley sold the retail operations to Schoen Company. During 2008, there were 250,000 shares of common stock outstanding all year.

Directions(20 Points): Prepare a multiple-step income statement for the year 2008 on a separate Excel spreadsheet as directed in the Problem Set 1 directions.

Problem 4

	December 31
	2009	2008
Cash	$90,000	$27,000
Accounts Receivable	$92,000	$80,000
Allowance for Doubtful Accounts	($4,500)	($3,100)
Inventory	$155,000	$175,000
Prepaid Expenses	$7,500	$6,800
Land	$90,000	$60,000
Buildings	$287,000	$244,000
Accumulated Depreciation	($32,000)	($13,000)
Patents	$20,000	$35,000
	$705,000	$611,700
Accounts Payable	$90,000	$84,000
Accrued Liabilities	$54,000	$63,000
Bonds Payable	$125,000	$60,000
Common Stock	$100,000	$100,000
Retained Earnings – Appropriated	$80,000	$10,000
Retained Earnings – Unappropriated	$271,000	$302,700
Treasury Stock, At Cost	($15,000)	($8,000)
	$705,000	$611,700

For 2009 Year

Net Income	$58,300
Depreciation Expense	$19,000
Amortization of Patents	$5,000
Cash Dividends Declared and Paid	$20,000
Gain Or Loss On Sale of Patents	None

Directions (20 Points):
Given the above information, prepare a statement of cash flows for Doug Corporation for the year 2009 on a separate Excel spreadsheet as directed on the Problem Set 1 directions.

Problem 5

The net changes in the balance sheet accounts of Lenon, Inc. for the year 2008 are shown below:

Account Debit Credit

Cash $ 125,600

Accounts receivable $ 64,000

Allowance for doubtful accounts 14,000

Inventory 217,200

Prepaid expenses 20,000

Long-term investments 144,000

Land 300,000

Buildings 600,000

Machinery 100,000

Office equipment 28,000

Accumulated depreciation:

Buildings 24,000

Machinery 20,000

Office equipment 12,000

Accounts payable 183,200

Accrued liabilities 72,000

Dividends payable 128,000

Premium on bonds 32,000

Bonds payable 800,000

Preferred stock ($50 par) 60,000

Common stock ($10 par) 156,000

Additional paid-in capital—common 223,200

Retained earnings 87,200

$1,705,200 $1,705,200

Additional information:

1. Net income for the year was $140,000.

2. Cash dividends of $128,000 were declared December 15, 2008, payable January 15, 2009. A 5% stock dividend was issued March 31, 2008, when the market value was $22 per share.

3. The long-term investments were sold for $140,000.

4. A building and land which cost $480,000 and had a book value of $300,000 were sold for $400,000. The cost of the land, included in the cost and book value above, was $20,000.

5. The following entry was made to record an exchange of an old machine for a new one:

Machinery ………………………………………………………………………………… 160,000

Accumulated Depreciation—Machinery……………………………….. 40,000

…………………………………………………………………………………. Machinery 60,000

…………………………………………………………………………………………… Cash 140,000

6. A fully depreciated copier machine which cost $28,000 was written off.

7. Preferred stock of $60,000 par value was redeemed for $80,000.

8. The company sold 12,000 shares of its common stock ($10 par) on June 15, 2008 for $25 a share. There were 87,600 shares outstanding on December 31, 2008.

9. Bonds were sold at 104 on December 31, 2008.

Directions (20 points) Prepare a statement of cash flows. Ignore tax effects.

AC 5230

Sunday, 24 February 2019

GCU NUR699 ( Evidence – Based Practice Project ) Entire Course

Latest Products

GCU NUR699 ( Evidence – Based Practice Project ) Entire Course

GCU PCN527 Psychopharmacology and Addictions Entire Course

GCU MGT655 Operations Management Entire Course

GCU ECH135 Child Guidance, Management, and the Environment Entire Course

GCU HRM635 Acquiring, Developing, and Leveraging Human Capital Entire Course

GCU AMP425 Marketing Environment Entire Course

GCU ADM626 Public Budgeting and Financial Management Entire Course

GCU NRS-433V Introduction to Nursing Research Entire Course

GCU ENT 435 Intrapreneurship and Innovation Entire Course

GCU EDU465 Faith in Learning, Leading and Serving Entire Course

GCU CWV-101 all weeks dq and assignments

GCU BUS485 Strategic Management Entire Course

Wednesday, 21 November 2018

Nursing Homework Help

Nursing Homework Help

Why should you choose the online nursing home work experts?

Where can I find the nursing homework help online?

Tuesday, 15 November 2016

Homework Lance Online Homework Help

ACC 206 Entire Course Principles of Accounting II

Saturday, 9 April 2016

AC 5230 Problem Set 1 – Five Problems