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ACC 290 Complete Class + Final Exam
ACC 290 Complete Class + Final Exam Guide |
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ACC 290 Complete Class Solution with APA Format |
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ACC 290 Final Exam
1) Which financial statement is used to determine cash generated from operations? A. Income statement B. Statement of operations C. Statement of cash flows D. Retained earnings statement
2) In terms of sequence, in what order must the four basic financial statements be prepared? A. Balance sheet, income statement, statement of cash flows, and capital statement B. Income statement, capital statement, statement of cash flows, and balance sheet C. Balance sheet, capital statement, statement of cash flows, and income statement D. Income statement, capital statement, balance sheet, and statement of cash flows
3) In classifying transactions, which of the following is true in regard to assets? A. Normal balances and increases are debits. B. Normal balances and decreases are credits. C. Normal balances can either be debits or credits for assets. D. Normal balances are debits and increases can be debits or credits.
4) An increase in an expense account must be A. debited B. credited C. either debited or credited, depending on the circumstances D. capitalized
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ACC 290 Week 1 DQ 1 What are the four basic financial statements? What is the primary purpose of each of the four basic financial statements? In your opinion, which financial statement is the most important? Explain why. How would the financial statements be useful to managers and employees? How would the financial statements be useful to investors and creditors? |
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ACC 290 Week 1 DQ 2
What are debits and credits? How are debits and credits used to record business transactions? Why do accountants debit asset accounts to increase them but credit liability accounts to increase them? Why do accountants debit expenses to increase them but credit revenues to increase them? |
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ACC 290 Week 1 Indivudal Financial Statements Paper
Prepare a 700 -1,050 word paper in which you identify the four basic financial statements. Describe the purpose of each of the four financial statements. Discuss how the financial statements would be useful to internal users, such as to managers and employees. Discuss how the financial statements would be useful to external users, such as investors and creditors. |
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ACC 290 Week 2 DQ 1 What is the revenue recognition principle? What is the expense recognition principle? Why are they important to financial reporting? What are adjusting entries and why are they necessary? What are accruals? Provide examples of accruals. Why do accruals require adjusting entries? What are deferrals? What are some examples of deferrals? Why do deferrals require adjusting entries? |
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ACC 290 Week 2 DQ 2 What accounts are subject to adjusting journal entries and why? How would you explain the purpose of the adjusted trial balance? |
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ACC 290 Week 2 Individual WileyPLUS Assignment
ACC 290 Week 2 Individual WileyPLUS Assignment Exercise E3-4 A tabular analysis of the transactions made during August 2010 by Witten Company during its first month of operations is shown below. Each increase and decrease in stockholders' equity is explained.
Assets = Liabilities + Stockholders' Equity
Cash + Accounts Receivable + Supplies + Office Equipment = Accounts Payable + Common Stock + Retained Earnings
Rev. - Exp. - Div.
1. $20,000
$20,000
Com. Stock 2. -1,000
$5,000
$4,000
3. -750
$750
4. 4,400
$5,400
$9,800
Serv. Rev 5. -1,500
-1,500
6. -2,000
-2,000 Div. 7. -800
-800
Rent Exp. 8. 450
-450
9. -3,000
-3,000
Sal. Exp. 10.
500
-500
Util. Exp. Determine how much stockholders' equity increased for the month.
Exercise E3-9
This information relates to Pickert Real Estate Agency. Oct. 1 Stockholders invested $30,000 in exchange for common stock of the corporation. Oct. 2 Hires an administrative assistant at an annual salary of $42,000. Oct. 3 Buys office furniture for $4,600, on account. Oct. 6 Sells a house and lot for M.E. Petty; commissions due from Petty, $10,800 (not paid by Petty at this time). Oct. 10 Receives cash of $140 as commission for acting as rental agent renting an apartment. Oct. 27 Pays $700 on account for the office furniture purchased on October 3. Oct. 30 Pays the administrative assistant $3,500 in salary for October. Post the transactions to T-accounts and complete the following trial balance.
Problem 3-5A Sunflower Architects incorporated as licensed architects on April 1, 2010. During the first month of the operation of the business, these events and transactions occurred: April 1
Stockholders invested $15,000 cash in exchange for common stock of the corporation. 1
Hired a secretary-receptionist at a salary of $375 per week, payable monthly. 2
Paid office rent for the month $900. 3
Purchased architectural supplies on account from Spring Green Company $1,000. 10
Completed blueprints on a carport and billed client $1,500 for services. 11
Received $500 cash advance from J. Madison to design a new home. 20
Received $2,300 cash for services completed and delivered to M. Svetlana. 30
Paid secretary-receptionist for the month $1,500. 30
Paid $300 to Spring Green Company for accounts payable due. Problem 3-6A This is the trial balance of Slocombe Company on September 30.
SLOCOMBE COMPANY Trial Balance September 30, 2010
Debit Credit Cash $8,300
Accounts Receivable 2,600
Supplies 2,100
Equipment 8,000
Accounts Payable
$5,100 Unearned Revenue
900 Common Stock
15,000
$21,000 $21,000 The October transactions were as follows. Oct. 5
Received $1,300 in cash from customers for accounts receivable due. 10
Billed customers for services performed $5,100. 15
Paid employee salaries $1,400. 17
Performed $600 of services for customers who paid in advance in August. 20
Paid $1,500 to creditors for accounts payable due. 29
Paid a $300 cash dividend. 31
Paid utilities $500 ACC 290 Week 2 Individual WileyPLUS Assignment Exercise E3-4 A tabular analysis of the transactions made during August 2010 by Witten Company during its first month of operations is shown below. Each increase and decrease in stockholders' equity is explained.
Assets = Liabilities + Stockholders' Equity
Cash + Accounts Receivable + Supplies + Office Equipment = Accounts Payable + Common Stock + Retained Earnings
Rev. - Exp. - Div.
1. $20,000
$20,000
Com. Stock 2. -1,000
$5,000
$4,000
3. -750
$750
4. 4,400
$5,400
$9,800
Serv. Rev 5. -1,500
-1,500
6. -2,000
-2,000 Div. 7. -800
-800
Rent Exp. 8. 450
-450
9. -3,000
-3,000
Sal. Exp. 10.
500
-500
Util. Exp. Determine how much stockholders' equity increased for the month.
Exercise E3-9
This information relates to Pickert Real Estate Agency. Oct. 1 Stockholders invested $30,000 in exchange for common stock of the corporation. Oct. 2 Hires an administrative assistant at an annual salary of $42,000. Oct. 3 Buys office furniture for $4,600, on account. Oct. 6 Sells a house and lot for M.E. Petty; commissions due from Petty, $10,800 (not paid by Petty at this time). Oct. 10 Receives cash of $140 as commission for acting as rental agent renting an apartment. Oct. 27 Pays $700 on account for the office furniture purchased on October 3. Oct. 30 Pays the administrative assistant $3,500 in salary for October. Post the transactions to T-accounts and complete the following trial balance.
Problem 3-5A Sunflower Architects incorporated as licensed architects on April 1, 2010. During the first month of the operation of the business, these events and transactions occurred: April 1
Stockholders invested $15,000 cash in exchange for common stock of the corporation. 1
Hired a secretary-receptionist at a salary of $375 per week, payable monthly. 2
Paid office rent for the month $900. 3
Purchased architectural supplies on account from Spring Green Company $1,000. 10
Completed blueprints on a carport and billed client $1,500 for services. 11
Received $500 cash advance from J. Madison to design a new home. 20
Received $2,300 cash for services completed and delivered to M. Svetlana. 30
Paid secretary-receptionist for the month $1,500. 30
Paid $300 to Spring Green Company for accounts payable due. Problem 3-6A This is the trial balance of Slocombe Company on September 30.
SLOCOMBE COMPANY Trial Balance September 30, 2010
Debit Credit Cash $8,300
Accounts Receivable 2,600
Supplies 2,100
Equipment 8,000
Accounts Payable
$5,100 Unearned Revenue
900 Common Stock
15,000
$21,000 $21,000 The October transactions were as follows. Oct. 5
Received $1,300 in cash from customers for accounts receivable due. 10
Billed customers for services performed $5,100. 15
Paid employee salaries $1,400. 17
Performed $600 of services for customers who paid in advance in August. 20
Paid $1,500 to creditors for accounts payable due. 29
Paid a $300 cash dividend. 31
Paid utilities $500 |
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ACC 290 Week 3 DQ 1 What are the steps in completing the accounting cycle? How do the different steps affect the financial statements? What is the effect on the financial statements of missing a step when completing the accounting cycle? What are the four closing journal entries? Why are they necessary? What are reversing entries? Why are they used? What are the pros and cons of using reversing entries? Why are reversing entries optional? |
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ACC 290 Week 3 DQ 2 What are the pros and cons of using reversing entries? Why are reversing entries optional? What is the main purpose of a financial statement worksheet and its benefits? How has automation aided the preparation, accuracy, and use of the financial statement worksheet? |
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ACC 290 Week 1 Summary |
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ACC 290 Week 3 Individual WileyPLUS Assignment
ACC 290 Week 3 Individual WileyPLUS Assignment
Exercise BE4-1 Transactions that affect earnings do not necessarily affect cash. Identify the effect, if any, that each of the following transactions would have upon cash and net income. The first transaction has been completed as an example. (a) Purchased $100 of supplies for cash. (b) Recorded an adjusting entry to record use of $40 of the above supplies. (c) Made sales of $1,300, all on account. (d) Received $800 from customers in payment of their accounts. (e) Purchased equipment for cash, $2,500. (f) Recorded depreciation of building for period used, $600.
Problem P4-2A
Nick Waege started his own consulting firm, Waegelein Consulting, on June 1, 2010. The trial balance at June 30 is as follows.
WAEGELEIN CONSULTING Trial Balance June 30, 2010
Debit Credit Cash $6,850
Accounts Receivable 7,000
Prepaid Insurance 2,640
Supplies 2,000
Office Equipment 15,000
Accounts Payable
$4,540 Unearned Service Revenue
5,200 Common Stock
21,750 Service Revenue
8,000 Salaries Expense 4,000
Rent Expense 2,000
$39,490 $39,490 Other data: 1 Supplies on hand at June 30 total $980. 2. A utility bill for $180 has not been recorded and will not be paid until next month. 3. The insurance policy is for a year. 4. $3,900 of unearned service revenue has been earned at the end of the month. 5. Salaries of $1,250 are accrued at June 30. 6. The office equipment has a 5-year life with no salvage value and is being depreciated at $250 per month for 60 months. 7. Invoices representing $3,500 of services performed during the month have not been recorded as of June 30.
Problem P4-3A
The Olathe Hotel opened for business on May 1, 2010. Here is its trial balance before adjustment on May 31.
OLATHE HOTEL Trial Balance May 31, 2010
Debit Credit Cash $2,500
Prepaid Insurance 1,800
Supplies 2,600
Land 15,000
Lodge 70,000
Furniture 16,800
Accounts Payable
$4,700 Unearned Rent Revenue
3,300 Mortgage Payable
36,000 Common Stock
60,000 Rent Revenue
9,000 Salaries Expense 3,000
Utilities Expense 800
Advertising Expense 500
$113,000 $113,000 Other data: 1. Insurance expires at the rate of $300 per month. 2. A count of supplies shows $1,050 of unused supplies on May 31. 3. Annual depreciation is $3,600 on the lodge and $3,000 on furniture. 4. The mortgage interest rate is 7%. (The mortgage was taken out on May 1.) 5. Unearned rent of $2,500 has been earned. 6. Salaries of $750 are accrued and unpaid at May 31.
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ACC 290 Week 4 DQ 1 How would you calculate cost of goods sold? What items make up cost of goods sold? How does beginning and ending inventory affect cost of goods sold? What are the journal entries a merchandising organization would use to record the purchase and subsequent sale of merchandise? How would these transactions differ with a periodic versus a perpetual inventory system? Why are perpetual inventory systems so much more popular today than back in the early 1960s and earlier? Why would a company employing a perpetual inventory system still take a physical inventory periodically? |
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ACC 290 Week 4 DQ 2 What are the three different inventory cost flow assumptions commonly used in commerce today and allowed by generally accepted accounting principles? How does a company determine what cost flow assumption they should use? How does first in, first out cost flow assumption work? When it is most appropriate to use? How does last in, first out cost flow assumption work? When it is most appropriate to use? How does an average cost flow assumption work? When it is most appropriate to use? |
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ACC 290 Week 4 Individual WileyPLUS Assignment
Problem P4-8A Linda Blye opened Cardinal Window Washing Inc. on July 1, 2010. During July the following transactions were completed. July 1 Issued 11,000 shares of common stock for $11,000 cash. July 1 Purchased used truck for $9,000, paying $2,000 cash and the balance on account. July 3 Purchased cleaning supplies for $900 on account. July 5 Paid $1,800 cash on 1-year insurance policy effective July 1. July 12 Billed customers $3,200 for cleaning services. July 18 Paid $1,000 cash on amount owed on truck and $500 on amount owed on cleaning supplies. July 20 Paid $2,000 cash for employee salaries. July 21 Collected $1,400 cash from customers billed on July 12. July 25 Billed customers $2,500 for cleaning services. July 31 Paid $260 for gas and oil used in the truck during month. July 31 Declared and paid a $600 cash dividend.
1.) Journalize the July transactions. 2.) Journalize the following adjustments. 1. Services provided but unbilled and uncollected at July 31 were $1,700. 2. Depreciation on equipment for the month was $250. 3. One-twelfth of the insurance expired. 4. An inventory count shows $360 of cleaning supplies on hand at July 31. 5. Accrued but unpaid employee salaries were $400. 3.) Post the July transactions to the ledger accounts. (Use T accounts.) Post adjusting entries to the T accounts. Post closing entries and complete the closing process. 4.) Complete the Trial Balance and Adjusted Trial Balance at July 31. 5.) Complete the income statement and a retained earnings statement for July and a classified balance sheet at July 31 6.) Journalize the post closing entries.
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ACC 290 Week 4 Learning Team Financial Reporting Problem Part I Browse the Internet to acquire a copy of the most recent annual report for a publicly traded company. Analyze the information contained in the company’s balance sheet and income statement to answer the following questions: · What are the company’s total assets at the end of its most recent annual reporting period? Why is this important? · What are the total assets at the end of the previous annual reporting period? · How much cash and cash equivalents did the company have at the end of its most recent annual reporting period? · What amount of accounts payable did the company have at the end of its most recent annual reporting period? · What amount of accounts payable did the company have at the end of the previous annual reporting period? · What are the company’s net revenues for the last three annual reporting periods? · What is the change in dollars in the company’s net income from its most recent annual reporting period to the previous annual reporting period? · What are the company’s total current assets at the end of its most recent annual reporting period? · What are the total current assets at the end of the previous annual reporting period? · What in the information above would be important to a potential investor, employee, and so on?
Summarize the analysis in a 1,050-1,400 word paper in a Microsoft® Word document. Include a copy of the company’s balance sheet and income statement. Format your paper consistent with APA guidelines. |
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ACC 290 Week 5 DQ 1 What is the control environment? How does the control environment affect a company’s internal controls? What are the negative and positive elements of a control environment? What are two examples of strong and weak internal controls in organizations where you have worked or have first-hand knowledge? How are these different? How would you describe the key internal controls that should be in place to protect cash in a cash rich environment such as a merchandiser? What are the key internal controls that should be in place to protect inventory for a merchandiser that sells highly desirable and very expensive inventory, such as jewelry? Would this be different if the business had a less desirable and less expensive inventory? Explain why or why not. |
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ACC 290 Week 5 DQ 2 Using examples of weak internal controls in an organization you are familiar with, how would you improve those controls to better safeguard a company’s assets? Would these internal controls differ with a different type of business? How could you improve internal controls over the assets that you own? What is the Sarbanes-Oxley Act of 2002? Why did it come about? How have the new rules in the Sarbanes-Oxley Act of 2002 affected the way accounting departments and companies operate? What are some positive outcomes from these changes? |
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ACC 290 Week 5 Learning Team Financial Reporting Problem Part II
ACC 290 Week 5 Learning Team Financial Reporting Problem Part II Access the internet to acquire a copy of the most recent annual report for the public traded company used to complete the Financial Reporting Problem, Part 1 assignment due in week Four. Analyze the information contained in the company’s balance sheet and income statement to answer the following questions: * Are the assets included under the company’s current assets listed in the proper order? Explain your answer.* How are the company’s assets classified? * What are cash equivalents? * What are the company’s total current liabilities at the end of its most recent annual reporting period? * What are the company’s total current liabilities at the end of the previous annual reporting period? * Considering all the information you have gathered, why might this information be important to potential creditors, investors, and employees? * Summarize the analysis in a 1,050-1,400 word paper in a Microsoft® Word document. Include a copy of the company’s balance sheet and income statement. Format your paper and presentation consistent with APA guidelines. |
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