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Stephnie.martin

ACC 206 Entire Course Material

Stephnie.martin

ACC 206 Entire Course Material

 

Follow the link below to purchase

 

 http://www.homeworkarena.com/acc-206-entire-course-material

 

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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.

 

<table width="473"> <tbody><tr> <td>

 

</td> <td>

20X6

</td> <td>

20X5

</td> </tr> <tr> <td>

Preferred stock, $100 par value, 10%

</td> <td>

$580,000

</td> <td>

$500,000

</td> </tr> <tr> <td>

Common stock, $10 par value

</td> <td>

2,350,000

</td> <td>

1,750,000

</td> </tr> <tr> <td>

 

</td> <td>

 

</td> <td>

 

</td> </tr> <tr> <td>

Paid-in capital in excess of par value

</td> <td>

 

</td> <td>

 

</td> </tr> <tr> <td>

Preferred

</td> <td>

24,000

</td> <td>

</td> </tr> <tr> <td>

Common

</td> <td>

4,620,000

</td> <td>

3,600,000

</td> </tr> <tr> <td>

Retained earnings

</td> <td>

8,470,000

</td> <td>

6,920,000

</td> </tr> <tr> <td>

Total stockholders’ equity

</td> <td>

$16,044,000

</td> <td>

$12,770,000

</td> </tr> </tbody></table>

 

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:

<table width="653"> <tbody><tr> <td>

Complete the following table:

</td> <td>

 

</td> <td>

 

</td> <td>

 

</td> </tr> <tr> <td>

 

</td> <td>

Case A

</td> <td>

Case B

</td> <td>

Case C

</td> </tr> <tr> <td>

1.       Cash inflow on the issuance date

</td> <td>

_______

</td> <td>

_______

</td> <td>

_______

</td> </tr> <tr> <td>

2.      Total cash outflow through maturity

</td> <td>

_______

</td> <td>

_______

</td> <td>

_______

</td> </tr> <tr> <td>

3.      Total borrowing cost over the life of the bond issue

</td> <td>

_______

</td> <td>

_______

</td> <td>

_______

</td> </tr> <tr> <td>

4.      Interest expense for the year ended December 31, 20X1

</td> <td>

_______

</td> <td>

_______

</td> <td>

_______

</td> </tr> <tr> <td>

5.      Amortization for the year ended December 31, 20X1

</td> <td>

_______

</td> <td>

_______

</td> <td>

_______

</td> </tr> <tr> <td>

6.      Unamortized premium as of December 31, 20X1

</td> <td>

_______

</td> <td>

_______

</td> <td>

_______

</td> </tr> <tr> <td>

7.      Unamortized discount as of December 31, 20X1

</td> <td>

_______

</td> <td>

_______

</td> <td>

_______

</td> </tr> <tr> <td>

8.      Bond carrying value as of December 31, 20X1

</td> <td>

_______

</td> <td>

_______

</td> <td>

_______

</td> </tr> </tbody></table>

 

 

Chapter 3 Exercise 1

1. Product costs and period costs

The costs that follow were extracted from the accounting records of several different manufacturers:

1.      Weekly wages of an equipment maintenance worker

2.      Marketing costs of a soft drink bottler

3.      Cost of sheet metal in a Honda automobile

4.      Cost of president’s subscription to Fortune magazine

5.      Monthly operating costs of pollution control equipment used in a steel mill

6.      Weekly wages of a seamstress employed by a jeans maker

7.      Cost of compact discs (CDs) for newly recorded releases of Rush, Billy Joel, and Bryan Adams

a.      Determine which of these costs are product costs and which are period costs.

b.      For the product costs only, determine those that are easily traced to the finished product and those that are not.

 

Chapter 3 Exercise 2

2. Definitions of manufacturing concepts
Interstate Manufacturing produces brass fasteners and incurred the following costs for the year just ended:

Materials and supplies used

Brass                                                   $75,000

Repair parts                                         16,000

Machine lubricants                              9,000

Wages and salaries Machine operators           128,000

Production supervisors                                    64,000

Maintenance personnel                                   41,000

Other factory overhead Variable        35,000

Fixed                                                   46,000

Sales commissions                               20,000

 

Compute:

a.      Total direct materials consumed

b.      Total direct labor

c.      Total prime cost

d.      Total conversion cost

 

 

Chapter 3 Exercise 5

5. Schedule of cost of goods manufactured, income stat

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