Acc 205 Principles Of Accounting I (New Update Course September 2013)

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ACC 205 Principles of Accounting I (New Update Course September 2013)

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ACC 205 Principles of Accounting I (New Update Course September 2013)

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ACC 205 Week 2 Assignment Revenue and Expenses (Updated September 2013)

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Recognition of concepts. Jim Armstrong 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. Interest owed on the company's bank loan, to be paid in early July

b. Professional fees earned but not billed as of June 30

c. Office supplies on hand at year-end

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. Amounts paid on June 30 for a 1-year insurance policy

g. The bank loan payable in part (a)

h. Repairs to the firm's copy machine, incurred and paid in June

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ACC 205 Week 3 Assignment Inventory ( Updated September 2013)

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Inventory. Please complete each of the exercises below in a word document. Save the document, and

submit it in the appropriate week using the Assignment Submission button.

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 $21,000

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

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ACC 205 Week 4 Assignment Liability (Updated September 2013)

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Liability. Please complete each of the exercises below in a word document. Save the document, and

submit it in the appropriate week using the Assignment Submission button.

1. 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 per employee

Medicare taxes: 1.5% on the first $130,000 earned per employee

Federal income taxes withheld from wages: $7,500

State income taxes: 4% of gross earnings

Insurance withholdings: 1% of gross earnings

State unemployment taxes: 5.4% on the first $7,000 earned per employee

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ACC 205 Week 5 Assignment Financial Ratios ( Updated September 2013)

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Financial Ratios. Please complete each of the exercises below in a word document. Save the document,

and submit it in the appropriate week using the Assignment Submission button.

1. Liquidity Ratios. Edison, Stagg, and Thornton have the following financial information at the close of business on July 10:

Edison Stagg Thornton

Cash $6,000 $5,000 $4,000

Short-term investments 3,000 2,500 2,000

Accounts receivable 2,000 2,500 3,000

Inventory 1,000 2,500 4,000

Prepaid expenses 800 800 800

Accounts payable 200 200 200

Notes payable: short-term 3,100 3,100 3,100

Accrued payables 300 300 300

Long-term liabilities 3,800 3,800 3,800

Instructions

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ACC 205 Final Paper

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Final Paper

The final assignment for this course is a Final Paper. The purpose of the Final Paper is for you to culminate the learning achieved in the course. The Final Project represents 29% of the overall course grade.

Focus of the Final Paper

Write a five- to seven-page financial statement analysis of a public company, 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. Your paper needs to include a minimum of two scholarly resources in addition to the textbook as references.

Here is a breakdown of the sections within the body of the assignment:

Company Overview

Provide a brief overview of your company (one to two paragraphs at most). What industry is it