Use LEFT and RIGHT arrow keys to navigate between flashcards;
Use UP and DOWN arrow keys to flip the card;
H to show hint;
A reads text to speech;
8 Cards in this Set
- Front
- Back
ACCT 504 Entire Course + Final Exam http://www.homeworkstudent.com/products/acct-504?pagesize=12 |
ACCT 504 Week 3 Case Study 1 Flower Landscaping Corporation ACCT 504 Week 5 Case Study 2 Internal Control LJB Company ACCT 504 Week 5 Course Project Draft Spreadsheet ACCT 504 Week 6 Case Study 3 Cash Budgeting LBJ Company ACCT 504 Week 7 Course Project JCP Kohls ACCT 504 Final Exam (3 different sets) + Discussions Financial Reporting Environment and GAAP Details of Financial Statements and Ratios Accounting EquationAccounting Cycle Accrual Accounting and Adjusting Entries Merchandising Operations and Income Statements Inventory Cost-Flow Assumptions Understanding Internal Control and Reporting Cash Accounting for and Reporting Receivables Plant Assets and Intangibles Accounting for Liabilities Accounting for and Reporting Equity Statement of Cash Flows Issues in Income Reporting Different Tools for Financial Analysis |
|
ACCT 504 Final Exam (3 different finals) http://www.homeworkstudent.com/products/acct-504?pagesize=12 |
1. (TCO A) Which one of the following is an advantage of corporations relative to partnerships and sole proprietorships? (Points : 5) 4. (TCOs B, E) Using accrual accounting, expenses are recorded and reported only _____. (Points : 5) 8. (TCO C) Accounts receivable arising from sales to customers amounted to $80,000 and $70,000 at the beginning and end of the year, respectively. Income reported on the income statement for the year was $240,000. Exclusive of the effect of other adjustments, the cash flows from operating activities to be reported on the statement of cash flows is _____. (Points : 5) 1. (TCO A) Which one of the following is an advantage of corporations relative to partnerships and sole proprietorships? (Points : 5)
2. (TCO A) When a corporation distributes a dividend, _____. (Points : 5)
3. (TCOs A, B) Below is a partial list of account balances for Cerner Company:
4. (TCOs B, E) A small and private company may be able to justify using a cash basis of accounting if it has _____. (Points : 5)
5. (TCO D) Three companies report the same cost of goods available for sale, but each employs a different inventory costing method. If the price of goods has increased during the period, then the company using _____. (Points : 5)
6. (TCOs A, E) Equipment was purchased for $60,000. Freight charges amounted to $2,800 and there was a cost of $8,000 for building a foundation and installing the equipment. It is estimated that the equipment will have a $12,000 salvage value at the end of its 5-year useful life. Depreciation expense each year using the straight-line method will be _____. (Points : 5)
7. (TCOs D, G) Mendez Corporation issues 2,000 ten-year, 8%, $1,000 bonds dated January 1, 2007, at 103. The journal entry to record the issuance will show a _____. (Points : 5)
8. (TCO C) Accounts receivable arising from sales to customers amounted to $35,000 and $40,000 at the beginning and end of the year, respectively. Income reported on the income statement for the year was $120,000. Exclusive of the effect of other adjustments, the cash flows from operating activities to be reported on the statement of cash flows is _____. (Points : 5)
9. (TCO F) One variation of the horizontal analysis is known as _____. (Points : 5)
10. (TCO F) In a common-size balance sheet, the 100% figure is _____. (Points : 5)
11. (TCO F) In vertical analysis, the base amount for studying salary and wages expense is generally _____. (Points : 5)
12. (TCO F) A common measure of profitability is the _____. (Points : 5)
13. (TCO F) Return-on-assets ratio is most closely related to _____. (Points : 5)
14. (TCO G) To calculate the market value of a bond, we need to _____. (Points : 5)
1. (TCO A) An advantage of the corporate form of business is that _____. (Points : 5) it has limited life 2. (TCO A) When a corporation distributes a dividend, _____. (Points : 5) the most common form of distribution is a cash dividend 3. (TCOs A, B) Below is a partial list of account balances for Denton Company: $30,100 4. (TCOs B, E) A small and private company may be able to justify using a cash basis of accounting if it has _____. (Points : 5) sales under $1,000,000 5. (TCO D) In a period of increasing prices, which inventory cost flow assumption will result in the lowest amount of income tax expense? (Points : 5) FIFO 6. (TCOs A, E) Equipment was purchased for $60,000. Freight charges amounted to $2,800 and there was a cost of $8,000 for building a foundation and installing the equipment. It is estimated that the equipment will have a $12,000 salvage value at the end of its 5-year useful life. Depreciation expense each year using the straight-line method will be _____. (Points : 5) $14,160 7. (TCOs D, G) Lopez Corporation issues 500 ten-year, 8%, $1,000 bonds dated January 1, 2007, at 96. The journal entry to record the issuance will show a _____. (Points : 5) debit to Cash of $500,000 8. (TCO C) Accounts receivable arising from sales to customers amounted to $35,000 and $40,000 at the beginning and end of the year, respectively. Income reported on the income statement for the year was $120,000. Exclusive of the effect of other adjustments, the cash flows from operating activities to be reported on the statement of cash flows is _____. (Points : 5) $120,000 9. (TCO F) Which one of the following is not a tool in financial statement analysis? (Points : 5) Horizontal analysis 10. (TCO F) In vertical analysis, the base amount for studying salary and wages expense is generally _____. (Points : 5) net sales 11. (TCO F) Ratios are most useful in identifying _____. (Points : 5) trends 12. (TCO F) A common measure of liquidity is _____. (Points : 5) return on assets 13. (TCO F) Return-on-assets ratio is most closely related to _____. (Points : 5) profit margin and debt-to-total-assets ratio 14. (TCO G) To calculate the market value of a bond, we need to _____. (Points : 5) find out the present value of all of the future cash payments promised by the bond
Required: 3. (TCO C) Please review the following real-world Hewlett Packard Statement of Cash flows and address the 2 questions below: ................................................................................................................................................................................................................ Required: 1) Please calculate the percentage increase or decrease in cash for the operating, investing, and financing sections and explain the major reasons for the increase or decrease for each of these sections. 2) Please calculate the free cash flow for 2012 and explain the meaning of this ratio. 4. (TCO D) You are CFO of Goforit, Inc., a wholesale distribution company specializing in emerging technologies. Your CEO is a brilliant marketer, but relies on you to explain issues and choices in accounting and finance. She has heard from other members of a CEO organization to which she belongs that a company’s net income can vary widely depending on which accounting choices are made from the “GAAP menu.” a. Goforit carries significant electronics inventory in a competitive environment where prices are actually falling. Which inventory valuation method would you choose—LIFO, FIFO, or average cost? Assume that unit purchases exceed unit sales.
5. (TCO F) Please review the following real-world ratios for Johnson & Johnson and Pfizer for the year ended 2012 and address the 2 questions below. .................................................................................................................................................................................................................. Required: 1) Please explain the meaning of each of the Pfizer ratios above. 2) Please state which company performed better for each ratio. |
|
ACCT 504 Week 1-7 Discussion Question http://www.homeworkstudent.com/products/acct-504?pagesize=12 |
* Financial Reporting Environment and GAAP
* Details of Financial Statements and Ratios * Accounting EquationAccounting Cycle * Accrual Accounting and Adjusting Entries * Merchandising Operations and Income Statements * Inventory Cost-Flow Assumptions * Understanding Internal Control and Reporting Cash * Accounting for and Reporting Receivables * Plant Assets and Intangibles * Accounting for Liabilities * Accounting for and Reporting Equity * Statement of Cash Flows * Issues in Income Reporting * Different Tools for Financial Analysis |
|
ACCT 504 Week 3 Case Study 1 Flower Landscaping Corporation http://www.homeworkstudent.com/products/acct-504?pagesize=12 |
ASE STUDY 1 -THE COMPLETE ACCOUNTING CYCLE The Entire Case Study is due Sunday at Midnight Mountain time at the end of Week 3. This Case Study is worth 100 points or 10% of your final course grade. This Case Study relates to TCO's D and E and Chapters 3 and 4. MAKE SURE TO COMPLETE ALL REQUIREMENTS WHICH ARE LISTED BELOW. There are 10 Sheets in the Workbook including this one. All of the Information you need for the Project is located in this Workbook. Requirements Sheet in Workbook Requirement 1 - Prepare the Journal Entries in the General Journal Journal Entries Requirement 2 - Post Journal Entries to the General Ledger General Ledger Requirement 3 - Prepare a Trial Balance Trial Balance Requirement 4 - Prepare the Adjusting Entries Adjusting Entries Requirement 5 - Post Adjusting Entries to the General Ledger General Ledger Requirement 6 - Prepare an Adjusted Trial Balance Adjusted TB Requirement 7 - Prepare the Financial Statements Financial Statements Requirement 8 - Prepare the Closing Entries Closing Entries Requirement 9 - Post Closing Entries to the General Ledger General Ledger Requirement 10 - Prepare the Post Closing Trial Balance Post Closing TB Hint for success: review the Week 2 Lecture prior to starting this project. There are also hints contained within certain cells on some of the worksheet tabs. You can hover over the red pointer at the top right-hand corner of the cell to read the hint. Hints are provided for the following balances: 1) The debits for the journal entries on the Journal Entries tab 2) The credits for the journal entries on the Journal Entries tab 3) The cash balance on the General Ledger tab 4) The debits for the trial balance on the Trial Balance tab 5) The credits for the trial balance on the Trial Balance tab 6) The debits for the adjusted trial balance on the Adjusted Trial Balance tab 7) The credits for the adjusted trial balance on the Adjusted Trial Balance tab 8) Net Income for the Income Statement on the Financial Statements tab 9) Retained earnings as of March 31 on the Financial Statements tab 10) Total assets for the Balance Sheet on the Financial Statements tab 11) Total liabilities and shareholders' equity for the Balance Sheet on the Financial Statements tab 12) The debits for the post-closing trial balance on the Post-Closing Trial Balance tab 13) The credits for the post-closing trial balance on the Post-Closing Trial Balance tab REQUIREMENT #1: During its first month of operation, the Flower Landscaping Corporation, which specializes in residential landscaping, completed the following transactions: March 1 Began business by making a deposit in a company bank account of $72,000, in exchange for 7,200 shares of $10 par value common stock. March 1 Paid the current month's rent, $4,500. March 1 Paid the premium on a one-year insurance policy, $3,300. March 7 Purchased supplies on account from Parkview Company, $900. March 10 Paid employee salaries, $2,200. March 14 Purchased equipment from Hammond Company, $9,000. Paid $1,500 down and the balance was placed on account. Payments will be $375.00 per month for twenty months. The first payment is due 4/1. Note: Use Accounts Payable for the Balance Due. March 15 Received cash for landscaping revenue for the first half of March, $4,896. March 19 Made payment on account to Parkview Company, $450. March 31 Received cash for landscaping revenue for the last half of March, $5,304. March 31 Declared and paid cash dividend of $1,000. |
|
ACCT 504 Week 5 Case Study 2 Internal Control LJB Company http://www.homeworkstudent.com/products/acct-504?pagesize=12 |
Case Study 2 - Internal Control- Due by Sunday of week 5 LJB Company, a local distributor, has asked your accounting firm to evaluate their system of internal controls because they are planning to go public in the future. The President wants to be aware of any new regulations required of his company if they go public so he met with a colleague of yours at a local restaurant. The President of the company explained the current system of internal controls to your colleague. Your colleague has since been promoted to a tax position so she has passed on the information below so you can generate recommendations for the partner at your accounting firm to share with the President of LJB Company. Since LJB Company is a relatively lean organization, they have a lot of faith in their long-term employees. They have one accountant who serves as Treasurer and Controller which streamlines many of their processes. In this dual role, he purchases all of the supplies and pays for these purchases. He also receives the checks and completes the monthly bank reconciliation. The accountant is so busy that the company handles petty cash a bit differently. All employees have access to the petty cash in a desk drawer and are asked to only place a note if they use any of the cash. The accountant has recently started using pre-numbered invoices and wants to buy an indelible ink machine to print their checks. The President is waiting to hear from you if this is a necessary purchase before authorizing. On payday, the checks are picked up by the accountant and left in his office for pick-up. Before he leaves for the weekend, he will move the checks into a safe in his office. The President is still quite embarrassed because he had to fire one of his employees for viewing pornography on a company computer. He later found out this individual was a convicted felon who served time for molesting children. The company had a hard time getting the employee to admit it was him because the company does not assign individual passwords. The President expressed his frustration because both he and the accountant both interview and approve all of the new hires. Required: Based on the above information, prepare a Word document to address the following: Inform the President of any new internal control requirements if the company decides to go public. (7 points) Advise the President of what the company is doing right (they are doing some things well) and also recommend to the President whether or not they should buy the indelible ink machine. When you advise the President, please be sure to reference the applicable internal control principle that applies. (13 points) Advise the President of what the company is doing wrong (they are definitely doing some things poorly). Please be sure to include the internal control principle that is being violated along with a recommendation for improvement. (20 points) You must prepare a formal report for the partner to distribute to the President so no abbreviations or short-hand answers. You also must cite your references. At a minimum, your textbook should be cited. Below is a grading rubric for this assignment. Category Points Description Understanding 10 Demonstrate a strong grasp of the problem at hand. Demonstrate understanding of how the course concepts apply to the problem. Analysis 30 Apply original thought to solving the business problem. Apply concepts from the course material correctly toward solving the business problem. Execution 10 Write your answer clearly and succinctly using strong organization and proper grammar. Use citations correctly. Total 50 A quality paper will meet or exceed all of the above requirements. Best Practices The following are best practices in preparing this paper. Cover Page: Include whom you prepared the paper for, who prepared it, and the date. Table of Contents: List the main ideas and sections of the paper and the pages where they are located. Illustrations should be included separately. Introduction: Use a header on your paper. This will indicate that you are introducing the paper. Include in the introduction a reason for the audience to read the paper. Also include an overview of what you will cover and the importance of the material. (This should include or introduce the questions you are asked to answer in each assignment.) Body of the Report: Use a header with the name of the case study. An example is, "The Development of Hotel X: A World Class Resort." Proceed to break out the main ideas: State the main ideas, the major points of each idea, and provide evidence. Show some type of division, such as separate, labeled sections; separate groups of paragraphs; or headers. Include the information you found during your research and investigation. Summary and Conclusion: Summarizing is similar to paraphrasing but presents the gist of the material in fewer words than the original. An effective summary identifies the main ideas and the major support points from the body of the report; minor details are left out. Summarize the benefits of the ideas and how they effect the subject. Work Cited: Use the citation format specified in the Syllabus. |
|
ACCT 504 Week 5 Course Project Draft Spreadsheet http://www.homeworkstudent.com/products/acct-504?pagesize=12 |
ACCT 504 Week 5 Course Project Draft Spreadsheet |
|
ACCT 504 Week 6 Case Study 3 Cash Budgeting LBJ Company http://www.homeworkstudent.com/products/acct-504?pagesize=12 |
ACCT504 Case Study 3 on Cash Budgeting The cash budget was covered during Week 4 when we covered TCO D and you read Chapter 7. There is also a practice case study to work on. Your Professor will provide the solution to the practice case study at the end of Week 5. This case study should be uploaded by 11:59PM Mountain time of the Sunday ending Week 6 to the Week 6 Assignment Dropbox. You are encouraged to use the Excel template file provided in Doc Sharing. The LBJ Company has budgeted sales revenues as follows: April May June Credit sales $94,000 $89,500 $75,000 Cash sales 48,000 75,000 57,000 Total sales $142,000 $164,500 $132,000 Past experience indicates that 30% of the credit sales will be collected in the month of sale and the remaining 70% will be collected in the following month. Purchases of inventory are all on credit and 40% is paid in the month of purchase and 60% in the month following purchase. Budgeted inventory purchases are $195,000 in April, $135,000 in May, and $63,000 in June. Other budgeted cash receipts: (a) sale of plant assets for $33,000 in May, and (b) sale of new common stock for $50,000 in June. Other budgeted cash disbursements: (a) operating expenses of $15,000 each month, (b) selling and administrative expenses of $10,150 each month, (c) purchase of equipment for $19,000 cash in June, and (d) dividends of $20,000 will be paid in June. The company has a cash balance of $20,000 at the beginning of May and wishes to maintain a minimum cash balance of $20,000 at the end of each month. An open line of credit is available at the bank and carries an annual interest rate of 10%. Assume that all borrowing is done on the first day of the month in which financing is needed and that all repayments are made on the last day of the month in which excess cash is available. Also assume that there is no outstanding financing as of May 1. Requirements: 1. Use this information to prepare a Cash Budget for the months of May and June, using the template provided in Doc Sharing. 2. What are the three sections of a Cash Budget, and what is included in each section? 3. Why is a Cash Budget so vital to a company? 4. What are the five basic principles of cash management that a company can follow in order to improve its chances of having adequate cash? |
|
ACCT 504 Week 7 Course Project JCP Kohls http://www.homeworkstudent.com/products/acct-504?pagesize=12 |
Your Course Project Financial Statement Analysis Project -- A Comparative Analysis of Kohl’s Corporation and J.C. Penney Corporation Below is the link for the financial statements for Kohl’s Corporation for the 2010 fiscal year ending January 29, 2011. Under the term Groupings Filter, change the term All Forms to Annual Filings using the drop-down arrow and press Search. You should then scroll down and select the 10k dated 3/18/2011 and choose to download in Word or PDF format. http://www.kohlscorporation.com/InvestorRelations/sec-filings.htm Below is the link for the financial statements for J.C. Penney Corporation for the 2010 fiscal year ending January 29, 2011. Under the term Groupings Filter, change the term All Forms to Annual Filings using the drop-down arrow and press Search. You should then scroll down and select the 10k dated 3/29/2011 and choose to download in Word format. http://ir.jcpenney.com/phoenix.zhtml?c=70528&p=irol-sec A sample Project template is available for download in Doc Sharing. The sample project compares the ratio performance of Tootsie Roll and Hershey using the 2009 financial statements of Tootsie Roll and Hershey provided in Appendix A and Appendix B of your textbook. Description This course contains a course project where you will be required to submit one draft of the Project at the end of Week 5 and the final completed Project at the end of Week 7. Using the financial statements for Kohl’s Corporation and J.C. Penney Corporation, respectively, you will calculate and compare the financial ratios listed further down this documentfor the fiscal year ending 2010and prepare your comments about the liquidity, solvency and profitability of the two companies based on your ratio calculations.The entire project will be graded by the instructor at the end of the final submission in week 7 and one grade will be assigned for the entire project. Overall Requirements For the Final Submission: Your final Excel workbook submission should contain the following. You cannot use any other software butExcel to complete this Project. 1) A completed worksheet title page tab which is really a cover sheet with your name, the course, the date, your instructor’s name and the title for the project. 2) A completed worksheet profiles tab which contains a one paragraph description regarding each company with information about their history, what products they sell, where they are located, etc. 3) All 18 ratios for each company with the supporting calculations and commentary on your worksheet ratio tab. Supporting calculations must be shown either as a formula or as text typed into a different cell. The ratios are listed further down this document. Your comments for each ratio should include more than just a definition of the ratio. You should focus on interpreting each ratio number for each company and support your comments with the numbers found in the ratios. 4) The Summary and Conclusions worksheet tab which is an overall comparison of how each company compares in terms of the major category of ratios (Liquidity, Profitability, and Solvency). A nice way to conclude is to state which company you think is the better investment and why. 5) The Bibliography worksheet tab must contain at least your textbook as a reference. Any other information you use to profile the companies should also be cited as a reference. Required Ratios for Final Project Submission 1) Earnings per Share 2) Current Ratio 3) Gross Profit Rate 4) Profit Margin Ratio 5) Inventory Turnover Ratio 6) Days in Inventory 7) Receivables Turnover Ratio 8) Average Collection Period 9) Asset Turnover Ratio 10) Return on Assets Ratio 11) Debt to Total Assets Ratio 12) Times Interest Earned Ratio 13) Payout ratio 14) Return on Common Stockholders’ Equity Ratio 15) Free Cash Flow 16) Current Cash Debt Coverage Ratio 17) Cash Debt Coverage Ratio 18) Price/Earnings Ratio [For the purpose of this ratio, for both Kohl’s and J.C. Penney, use the market price per share on January 31, 2011] The Excel files uploaded in the dropboxes should not include any unnecessary numbers or information (such as previous years' ratios, ratios that were not specifically asked for in the project, etc.). Please upload your final submission to the Week 7 Dropbox by the Sunday ending Week 7. For the Draft: Create an Excel spreadsheet or use the Project template to show your computations for the first 12 ratios listed above. The more you can complete regarding the other requirements the closer you will be to completion when Week 7 arrives. Supporting calculations must be shown either as a formula or as text typed into a different cell. If you plan on creating your own spreadsheet, please follow the format provided in the Tootsie Roll and Hershey template file. Please upload your draft submission to the Week 5 Dropbox by the Sunday ending Week 5. Other Helpful information: If you feel uncomfortable with Excel, you can find many helpful references on Excel by performing a Google search. The Appendix to Chapter 13 contains ratio calculations and comparison comments related to Kellogg and General Mills so you will likely find this information helpful. BigCharts.com provides historical stock quotes. Either APA or MLA style can be used to complete the references on your Bibliography tab. There is a tutorial for APA and MLA style within the syllabus. |
