Acct 212 Financial Accounting Entire Course Essay
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ACCT 212 Financial Accounting Entire Course
( ACCT 212 Week 1-7 Complete DQS Included )
ACCT 212 Course Project
ACCT 212 Week 4 Midterm
ACCT 212 Week 1 DQ1 Financial Statements
ACCT 212 Week 2 DQ1 Prepaid Expenses vs. Unearned Revenue
ACCT 212 Week 2 DQ2 Accrual vs. Cash Accounting
ACCT 212 Week 3 DQ1 Ethical Business Decisions
ACCT 212 Week 3 DQ2 Trade Credit – Accounts Payable
ACCT 212 Week 4 DQ1 Inventory Management
ACCT 212 Week 4 DQ2 …show more content…
(TCO 4) Inventory valuation methods determine the cost of goods sold and the inventory balance. (1) Explain how the Last in First out (LIFO) method is applied (10 points) and (2) provide an example of the impact that this method of inventory valuation will have on Gross Profit.
. (TCO 6) BagODonuts Company bought a used delivery truck on January 1, 2010, for $19,200. The van was expected to remain in service 4 years (30,000 miles). BagODonuts’ accountant estimated that the truck’s residual value would be $2,400 at the end of its useful life. The truck traveled 8,000 miles the first year, 8,500 miles the second year, 5,500 miles the third year, and 8,000 miles in the fourth year.
1. Calculate depreciation expense for the truck for each year (2010-2013) using the:
a. Straight-line method.
b. Double-declining balance method.
c. Units of Production method.
(For units-of-production and double-declining balance, round to the nearest two decimals after each step of the calculation.)
2. Which method best tracks the wear and tear on the van?
3. Which method would BagODonuts prefer to use for income tax purposes? Explain in detail why BagODonuts prefers this method.
(TCO 7) ABC Inc. was incorporated on 1/15/12. Their corporate charter authorized the following capital stock: