ACC 205 Entire Course
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ACC 205 Entire Course -Principles of accounting I- New Course DQ 1 Accounting Equation - New Exercise Assignment Basic Accounting Equations - New Journal Balance Sheet Journal - New DQ 1 Accounting Cycle - New...
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ACC 205 Week 1 DQ 1 Accounting Equation - New ACC 205 Week 1 DQ 1 Accounting Equation - New As you have learned in this week’s readings the Accounting Equation is + Owners’ Equity. Is the accounting equation true in all instances? Provide sample transactions from your own experiences to demonstrate the validity of the Accounting Equation. Guided Response: Review several of your peers’ postings and identify some core components that you feel should be included in every transaction. Respond to at least two of your peers and provide recommendations to extend their thinking. Challenge your peers by asking a question that may cause them to reevaluate or add components to their transactions.
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ACC 205 Week 1 Exercise Assignment Basic Accounting Equations - New ACC 205 Week 1 Exercise Assignment Basic Accounting Equations - New 1) Basic concepts. Jean's Marine Supply specializes in the sale of boating equipment and accessories. Identify the items that follow as an asset (A), liability (L), revenue (R), or expense (E) from the firm's viewpoint. The inventory of boating supplies owned by the company. (A) Monthly rental charges paid for store space. (L) A loan owed to Citizens Bank. (L) New computer equipment purchased to handle daily record keeping. (A) Daily sales made to customers. (R) Amounts due from customers. (R) Land owned by the company to be used as a future store site. (A) Weekly salaries paid to salespeople. (E) 2) Basic computations. The following selected balances were extracted from the accounting records of...
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ACC 205 Week 1 Journal Balance Sheet Journal - New ACC 205 Week 1 Journal Balance Sheet Journal - New The Balance Sheet is a financial snap shot of a company at a particular point in time. The Balance Sheet lists the assets, liabilities, and equity of the company. Reflect on your personal financial situation, can you apply the concepts of the Balance Sheet? What did you learn from this reflection? Carefully review the Grading Rubric for the criteria that will be used to evaluate your journal entry.
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ACC 205 Week 2 DQ 1 Accounting Cycle - New ACC 205 Week 2 DQ 1 Accounting Cycle - New Financial statements are a product of the accounting cycle. Think about two different companies, one a manufacturing company, the other a retail company.
Why would different companies have different accounting cycles? Would you expect the steps of the accounting cycle to be the same for each company? Why or why not? Guided Response: Review several of your peers’ postings and identify what steps of the accounting cycle that you feel are the most critical. Respond to at least two of your peers and provide recommendations to extend their thinking. Challenge your peers by asking a question that may cause them to reevaluate their position on the accounting cycle.
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ACC 205 Week 2 DQ 2 Bank Reconciliation - New ACC 205 Week 2 DQ 2 Bank Reconciliation - New What is the purpose of a bank reconciliation? What are the reasons there are differences between the cash reported in the accounting records and the cash balance in the bank statements? Analyze several of your peers’ postings. Let at least two of your peers know what happens to the discrepancies between the book balance and the bank balance. Could these differences just be written off. Guided Response: A bank reconciliation reconciles the bank account balance per the books to the actual bank balance. Outstanding checks, deposits in transit, and bank errors are reasons there are differences between the cash reported in the accounting records and the cash balance in the bank statements.
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ACC 205 Week 2 Exercise Assignment Revenue and Expenses - New ACC 205 Week 2 Exercise Assignment Revenue and Expenses - New 1. Recognition of concepts. Ron Carroll operates a small company that books entertainers for theaters, parties, conventions, and so forth. The company’s fiscal year ends on June 30. Consider the following items and classify each as either (1) prepaid expense, (2) unearned revenue, (3) accrued expense, (4) accrued revenue, or (5) none of the foregoing. a. Amounts paid on June 30 for a 1-year insurance policy b. Professional fees earned but not billed as of June 30 c. Repairs to the firm’s copy machine, incurred and paid in June d. An advance payment from a client for a performance next month at a convention e. The payment in part (d) from the client’s point of view f. Interest owed on the company’s bank loan, to be paid in early July g. The bank loan payable in part (f) h. Office supplies on hand at year-end...
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ACC 205 Week 2 Journal Income Statement Journal - New ACC 205 Week 2 Journal Income Statement Journal - New The Income Statement measures the income and expenses of a company over a specific period of time. Reflecting on your personal financial statement for the past month, can you apply the principles of the Income Statement? What did you learn from this experience?
Carefully review the Grading Rubric for the criteria that will be used to evaluate your journal entry.
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ACC 205 Week 3 DQ 1 LIFO vs. FIFO - New ACC 205 Week 3 DQ 1 LIFO vs. FIFO - New The controller of Sagehen Enterprises believes that the company should switch from the LIFO method to the FIFO method. The controller’s bonus is based on the next income. It is the controller’s belief that the switch in inventory methods would increase the net income of the company. What are the differences between the LIFO and FIFO methods? Guided Response: Analyze several of your peers’ postings. Let at least two of your peers know if a company is better off it switches from a LIFO method to a FIFO method? Why or why not?
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ACC 205 Week 3 DQ 2 Depreciation - New ACC 205 Week 3 DQ 2 Depreciation - New There is a variety of depreciation methods used to allocate the cost of an asset to all of the accounting periods benefited by the use of the asset. Your client has just purchased a piece of equipment for $100,000. Explain the concept of depreciation. Which of the following depreciation methods would you recommend: straight-line depreciation, double declining balance method, or an alternative method? Guided Response: Let at least two of your peers know if a company would use an accelerated depreciation method for their financial statements or their tax returns. Why do you believe this would be the case?
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ACC 205 Week 3 Exercise Assignment Inventory - New ACC 205 Week 3 Exercise Assignment Inventory - New
1. Specific identification method. Boston Galleries uses the specific identification method for inventory valuation. Inventory information for several oil paintings follows. Painting Cost 1/2 Beginning inventory Woods $11,000 4/19 Purchase Sunset 21,800 6/7 Purchase Earth 31,200 12/16 Purchase Moon 4,000 Woods and Moon were sold during the year for a total of $35,000. Determine the firm’s a. cost of goods sold. b. gross profit. c. ending inventory. 2. Inventory valuation methods: basic computations. The January beginning inven¬tory of the White Company consisted of 300 units costing $40 each. During the first quarter, purchases were:...
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ACC 205 Week 3 Journal Inventory Journal -New ACC 205 Week 3 Journal Inventory Journal -New Reflect for a moment on the LIFO (Last in First Out) and FIFO (First in First Out) inventory methods. If you were starting a small manufacturing company, what inventory method do you believe would provide the most accurate financial statements? Why do you believe this is the case? Carefully review the Grading Rubric for the criteria that will be used to evaluate your journal entry.
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ACC 205 Week 4 DQ 1 Current Liability - New ACC 205 Week 4 DQ 1 Current Liability - New What is a current liability? From a user of financial statements perspective why do you believe current liabilities are separated from long-term liabilities? Based on your current experience and any additional research you may have done provide two examples of situations where businesses collect monies from customers and employees and reports these amounts as a current liability. Guided Response: Review several of your peers’ postings and identify the core components of a current liability. Respond to at least two of your peers and provide recommendations to extend their thinking. Challenge your peers by asking a question that may cause them to reevaluate if their example is a current liability.
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ACC 205 Week 4 DQ 2 Client Recommendations - New ACC 205 Week 4 DQ 2 Client Recommendations - New
A client comes to you thinking about starting a consulting business. Specifically your client is interested in what type of entity should be created for this new business. Based on your readings or any additional research you may have done, discuss the advantages and disadvantages of the following: sole proprietorship, partnership, and corporation. Based on these advantages and disadvantages provide a clear recommendation to your client. Let at least two of your peers posts know if an alternative choice of entity would be possible. What would be the benefits of this new entity choice? Would there be any disadvantages associated with this new entity selection. Guided Response: Let at least two of your peers posts know if an alternative choice of entity would be possible?. What would be the benefits of this new entity choice? Would there be any disadvantages associated with this new entity selection.
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ACC 205 Week 4 Exercise Assignment Liability - New ACC 205 Week 4 Exercise Assignment Liability - New Partner investments; journal entries. The LP partnership was formed on January 1, 19X7, by investments from Bill Levy and Marv Parcells. Levy contributed $30,000 cash and $80,000 of land. Parcells contributed cash of $50,000 and equipment with a value of $20,000. a. Prepare the journal entries needed to record the investments of Levy and Parcells. 2. Payroll accounting. Assume that the following tax rates and payroll information pertain to Brookhaven Publishing: · Social Security taxes: 6% on the first $55,000 earned · Medicare taxes: 1.5% on the first $130,000 earned · Federal income taxes withheld from wages: $7,500 · State income taxes: 5% of gross earnings · Insurance withholdings: 1% of gross earnings · State unemployment taxes: 5.4% on the first $7,000 earned · Federal unemployment taxes: 0.8% on the first $7,000 earned...
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ACC 205 Week 4 Journal Future Obligations Journal - New ACC 205 Week 4 Journal Future Obligations Journal - New The current liability section of the balance sheet lists the liabilities that are due within the next 12 months. Reflecting on your current financial situation, apply the concept of current liabilities. What does this analysis tell you about your future obligations? What did you learn from this experience? Carefully review the Grading Rubric for the criteria that will be used to evaluate your journal entry.
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ACC 205 Week 5 DQ 1 - New ACC 205 Week 5 DQ 1 - New
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ACC 205 Week 5 DQ 2 - New ACC 205 Week 5 DQ 2 - New
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ACC 205 Week 5 Exercise Assignment Financial Ratios - New ACC 205 Week 5 Exercise Assignment Financial Ratios - New 1. Liquidity ratios. Edison, Stagg, and Thornton have the following financial information at the close of business on July 10: Edison Stagg Thornton Cash $4,000 $2,500 $1,000 Short-term investments 3,000 2,500 2,000 Accounts receivable 2,000 2,500 3,000...
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ACC 205 Week 5 Final Paper Paper - New ACC 205 Week 5 Final Paper Paper - New Focus of the Final Paper Write a five to seven page financial statement analysis of a public company, and formatted according to APA style as outlined in the Ashford Writing Center. In this analysis you will discuss the financial health of this company with the ultimate goal of making a recommendation to other investors. Your paper should consist of the following sections: introduction, company overview, horizontal analysis, ratio analysis, final recommendation, and conclusions...
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ACC 205 Week 5 Journal Most Important Ratio Journal - New
ACC 205 Week 5 Journal Most Important Ratio Journal - New Most Important Ratio Journal Reflect for a moment on the ratios (working capital, current ratio, quick ratio, debt to asset, debt to equity, times interest earned, gross margin and net margin) presented this week. If you were considering investing in a company what ratio would be the most important to you? Formulate and argument to defend your position. Carefully review the Grading Rubric for the criteria that will be used to evaluate your journal entry.
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