...BE1-3 At the beginning of the year, Hernandez Company had total assets of $800,000 and total liabilities of $500,000. Answer the following questions. (a) If total assets increased $150,000 during the year and total liabilities decreased $80,000, what is the amount of owner's equity at the end of the year? $530,000 is the amount of owner’s equity. (b) During the year, total liabilities increased $100,000 and owner's equity decreased $70,000. What is the amount of total assets at the end of the year? $830,000 is the amount of assets. (c) If total assets decreased $80,000 and owner's equity increased $120,000 during the year, what is the amount of total liabilities at the end of the year? $300,000 is the amount of liabilities. BE1-7 Follow the same format as BE1-6 above. Determine the effect on assets, liabilities, and owner's equity of the following three transactions. (a) Invested cash in the business. Assets increase, liabilities have no effect, and owner’s equity increases. (b) Withdrawal of cash by owner. Assets decrease, liabilities have no effect, and owner’s equity decreases. (c) Received cash from a customer who had previously been billed for services provided. Assets increase in cash and decrease in accounts receivable, liabilities have no effect, and owner’s equity has no effect. BE1-8 Classify each of the following items as owner's drawing (D), revenue (R), or expense (E). (a) _____E____...
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...Chapter 4 Exercise 5: Determine the fixed and variable components of repair expense using the high-low method. Use copies made as the measure of activity. Slope=estimated variable cost Intercept=estimated fixed costs Slope=20,5000-8,5000/900,000-300,000 =12,000/600,000 Variable Cost=$0.02 per copy made Intercept=300,000 x .02=$6,000 $8,500-$6,000 Fixed cost=$2,500 Exercise 8: a. Use account analysis to determine fixed cost per month and variable cost per new hire. Fixed Costs: Manager Salary-$8,000 Depreciation of equipment-$400 Building costs-$2,000 -------------------------------------- Total fixed cost per month=$10,400 Variable Costs: Office supplies-$300 Staff salaries-$33,000 --------------------------------------- Total variable costs=$33,300/60= $555-Variable cost per new hire b. Estimated total cost of HR for June. $10,400 + 70($555) = $10,400 + $38,850 = $49,250-Total projected costs for HR in June c. What is the expected incremental cost associated with hiring 10 more employees than were hired in May? $38,850-$33,300= $5,550-Expected incremental costs for hiring 10 new employees Exercise 12: a. What is the break-even point per month in sales dollars? 0 = SP (x) - .40 (x) – 300,000 300,000 = x - .40x 300,000 = .60x $500,000 = x b. What level of sales dollars is needed for a monthly profit of $60,000? Contribution margin ratio = 1-.40/1 = .60 Dollar sales needed to attain...
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...establishing accounting standards is basically saying they want you all accounting firms and accountants to be uniform. They don’t want any outliers doing something completely different on their accounting reports when another accountant is following the set of standards given to him by AICPA and FASB. FASB has a need for balancing their accounting considerations and economic consequences. Political process is basically a process that forms and administrates public policy that is usually between the interaction between social groups and political institutions. Sometimes it is even between political leaders and the public opinion. Economic consequences of accounting standard-setting means accounting standards can have detrimental impacts on the wealth levels of the providers of financial information. FASB has been around throughout the years trying to keep up to date with all of the accounting standards and forming them around what everybody finds understandable. The Accounting Principles Board was always superseded by the FASB statements, that were recognized as accepted practices and constituted as the requirements to be followed by all business. Statements of the Financial Accounting Standards Board are currently represented by the accounting profession’s authoritative pronouncements on financial accounting and reporting practices. How politics influence the creation of accounting standards? The accountancy profession has been setting international accounting standards under...
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...Questions 1-3, 1-4, 1-5, 1-6, 1-8, and 1-10 1-3. The GASB has responsibility for setting accounting and reporting standards for both state and local governments and governmental not-for-profit organizations. The FASB has responsibility for setting accounting and reporting standards for business organizations and nongovernmental not-for-profit organizations. The FASAB has the responsibility of setting accounting and reporting standards for the agencies and departments of the federal government. 1-4. The museum’s accountant is wrong because the Fayette Rodeo Museum is a nongovernmental not-for-profit organization which means that it is independent of governments which means it can only follow FASB standards. Governmental not-for-profit organizations are the ones who follow the standards established the GASB. 1-5. Interperiod equity refers to the concept of measuring whether current year revenues are sufficient to pay for the services that provided in the current year. It is significant because it helps to assess whether future taxpayers will have to pay for the burdens that were previously provided. If revenues are not sufficient, then someone has to pay. 1-6. Operational accountability uses government-wide financial statements, along with those of proprietary funds and fiduciary funds. Fiscal accountability uses governmental fund financial statements. Operational accountability’s measurement focus is based on the flow of economic resources, while fiscal is based on the...
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...Assisnment PrintView Page of 12 I C*N,WL awar0: 4 t . 10 points priceof purchased with an invoice taos Company merchandise resalefrom TusconCompany for Taospaidwithin the n160. merchandise costTuscon The had and termsof 2110, $14,322. $21,000 credit period. inventory system. Assume bothbuyer seller a perpetual that and use discount (Omit the "$" sign in your l(a)Prepare entriesthat the buyershouldrecordfor the purchase. response.) General Journal Merchandise inventory payable lAccounts Debit l,:J l Credit | 21,000 *****-**r*i i {"?1,oqa (Omitthe "$" sign in your record the cashpayment. for 1(b)Prepare entries that the buyershould response.) General Journal *- Debit Credit lAccil *;-i"*"t"il I M"'"h;;.ld I Cash *" lLiulil f)?;ooDl420 f ;t58r Debit Credit (Omitthe "$" sign in your response.) Prepare record thesale. for 2(a) entries theseller that should General Journal lAccountsreceivable l:l -ffi r*Tiw6f*TTWI' f 74"'?* ry--**ffi {t6 f soods sotd llvr"r"n"nclr" f*-14)2- (Omitthe "$" sign in your 2(b)Prepare for entries that the sellershould record the cashcollection. response.) General Journal I Cash l S a l e sd i s c o u n t s LJ ***'*"*1*1 t :,1 Debit Credit f-ffiH8r f* 420 r?Criivabil********-**i*1,.] fAccountJ I zUaii Assume that the buyerborrowed enough cashto pay the balance the lastday of the discount on period an annual period. at interest of 11o/o paidit backon the lastdayof...
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...identified in the Governmental Accounting Standards Board's Why Governmental Accounting and Financial Reporting Is—and Should Be—Different. The five environmental differences include mission/purpose, source of revenue, potential longevity, relationship with stakeholders, and role of budget. The mission/purpose is defined by the goals of the organization. The purpose of a commercial business is to make money. A non-profit organization’s purpose is to provide a service, without compensation from the people being served. The source of revenue comes from net income, which comes from a sale of goods or services in the private sector or in the public sector comes from tax dollars or donations. The longevity potential for a private business depends on the ability to generate a profit. In contrast a non-profit relies upon tax dollars or donations. The stakeholders of a private corporation are the owners/stockholder/investors. The stakeholders of a public organization are the taxpayers and general public being served. The budget in the private sector is flexible, depending on revenues and directors. The budget within a public organization is typically not flexible and has to be followed exactly. 1-3. Identify and briefly describe the three organizations that set standards for state and local governments, the federal government, and nongovernmental not-for-profit organizations. FASAB: Federal Accounting Standards Advisory Board provides accounting standards for congressional...
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...E10-2 1. Factory Machinery 2. Truck 3. Factory Machinery 4. Land 5. Prepaid Insurance 6. Land Improvements 7. Land Improvements 8. Land 9. Building E10-4 1. False; Depreciation is a process of cost allocation. 2. True 3. False; Book value differs from fair value. 4. False; Depreciation applies to three classes of plant assets: land improvements, buildings, & equipment. 5. False; Depreciation does not apply to land. 6. True 7. False; Recognizing depreciation on an assets doesn't result in an accumulation of cash for replacement of the asset. 8.True 9. False; Deprecation expense and accumulated depreciation are reported on the balance sheet. 10. False; Three factors affect computation of deprecation: cost, useful life, and salvage value. E10-7 a. Loss on Sale of Equipment $30,000 Accumulated Deprecation - Equipment 20000 Equipment 50000 b. Cash $37,000 Accumulated Deprecation - Equipment 20000 Equipment 50000 Gain on Sale of Equipment 7000 c. Cash $18,000 Loss on Sale of Equipment 12000 Accumulated Deprecation – Equipment 20000 Equipment 50000 P10-4A a. Patent 46800 Cash 46800 Research and Development Expense 210000 Cash 210000 Patents 20000 Cash 20000 Advertising Expense 40000 Cash 40000 Copyright 200000...
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.... 1.Rapid Delivery, Inc., operates a parcel delivery service across the nation. The company keeps detailed records relating to operating costs of trucks, and has found that if a truck is driven 150,000 miles per year the average operating cost is 10 cents per mile. This cost increases to 11 cents per mile if a truck is driven only 100,000 miles per year. Assume that all of the activity levels mentioned in this problem are within the relevant range. Required: A. Using the high-low method, derive the cost formula for truck operating costs. B. Using the cost formula you derived above, what total cost would you expect the company to incur in connection with the truck if it is driven 130,000 miles in a year? Answer: A. | | Miles | Cost | | High level | 150,000 | 15,000 | | Low level | 100,000 | 11,000 | | Change | 50,000 | $ 4,000 | Calculate the per mile variable cost $4,000/$50,000=$0.08 | Total cost at high level | $15,000 | | Less variable element: 12,000 | | Fixed element | $ 3,000 | Cost formula: Y=$3,000+$0.08X B. | Variable cost: $10,400 | | Fixed cost 3,000 | | Total cost | $13,400 | 2. Candice Corporation has decided to introduce a new product. The product can be manufactured using either a capital-intensive or labor-intensive method. The manufacturing method will not affect the quality or sales of the product. The estimated manufacturing costs of the two methods are as follows: ...
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...12 de marzo de 2015 Decisiones sobre precios y gestión de costos: 1. Los tres grandes influencias sobre las decisiones de fijación de precios son * Clientes * Competidores * Costos 2. No necesariamente. Para una sola orden especial, los costos relevantes son sólo los costos que va a cambiar como resultado de la aceptación del pedido. En este caso, los costos totales de productos a la vez serán pertinentes. Es más probable que los costos totales de productos serán los costos relevantes para las decisiones de fijación de precios a largo plazo. 3. cuatro propósitos de asignación de costes son los siguientes: 1. Proporcionar información para las decisiones económicas 2. Motivar a los gerentes y otros empleados 3. Para justificar los costos o calcular las cantidades de reembolso 4. Para medir los ingresos y activos 4. costeo basado en actividades ayuda a los administradores en las decisiones de fijación de precios de dos maneras. 1. Se da a los administradores la información más precisa del producto costo para la toma de decisiones de fijación de precios. 2. Ayuda a los administradores a gestionar los costos durante la ingeniería de valor mediante la identificación del impacto de los costes de la eliminación, reducción o modificación de diversas actividades. 5. Dos enfoques alternativos a las decisiones de fijación de precios a largo plazo son los siguientes: 1. precios basado en el mercado, una forma importante de los cuales es el precio objetivo...
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...SPA Mentoring Akuntansi Keuangan 1 Dilarang Memperbanyak Mojakoe ini tanpa seijin SPA FEUI Mojakoe dapat didownload di www.spa-feui.com Fb: SPA FEUI Twitter: @spafeui SPAMentoring UTS Akuntansi Keuangan 1 Problem 1-‐Conceptual Framework State the accounting assumption, qualitative characteristic, or element that is most applicable in the following cases. 1. Qualitative characteristic being employed when companies in the same industry are using the same accounting principles. 2. Quality of information that confirms users’ earlier expectations. 3. Imperative for providing comparisons of a company from period to period. 4. Ignores the economic consequences of a standard or rule. 5. Requires a high degree of consensus among individuals on a given measurement. 6. Predictive value is an ingredient of this fundamental quality of information. 7. Obligation to transfer resources arising from a past transaction. 8. Increases ownership interest. 9. Declares and pays cash dividends to owners. 10....
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...Fundamentals of Financial Accounting SYLLABUS / Fall 2015 PROFESSOR: Behrooz Amini, MBA, MA, CPA OFFICE: TAH-2121 OFFICE HOURS: T/R: 10:45 to 11:30 am, and by appointment OFFICE PHONE: 916-278-7154 (No voice mail available) E-MAIL: amini@csus.edu The most effective and efficient way to communicate. Class Days, Time, and Room T / R, 9-10:15 am, Amador Hall - 152 Course Description: Accounting as the basis of an information system with emphasis on concepts and assumptions underlying data accumulation for financial reports. It includes the concepts of income determination, cash flow position, financial position, and accounting for various types of ownership equities ( a corporation emphasis). Course Objectives: After successfully completing ACCY 1, you should have the basic knowledge and understanding of a company’s (a corporation emphasis) financial and economic resources. You should also be able to analyze and interpret the results of operations, cash flow situation, and the financial position. Prerequisite: Entry Level Math (ELM) test of at least 36, and fair knowledge of Excel. Required Textbook: Financial Accounting, 3nd Edition, Spiceland / Publisher: McGraw Hill (Loose-leaf pages) with Connect+ Access /ISBN#: 9781259757099 • Connect log-in: http://connect.mheducation.com/class/b-amini-accy-1-11_-9-to-1015-am Other free resources • Free FASB online accounting information &...
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...Introductory College Accounting Courses? * Uploaded by Audrey De Jesus * * * * 1 New Horizons in Education, Vol.59, No.3 , December 2011 How Much Do Study Habits, Skills, and Attitudes Affect Student Performance in Introductory College Accounting Courses? Darwin D. YU Ateneo de Manila University, Philippines Abstract Background: Financial accounting is a skills course which to a large extent can be best learned through deliberate practice. Teachers implement this by continuously assigning homeworks, encouraging good study habits, asking students to budget time for studying, and generally exhorting students to “work hard”. Aims: This paper examines the impact of “study habits, skills, and attitudes” (SHSAs) on the performance of students in an introductory nancial accounting college course. Sample: 395 2 nd year business students in a Philippine university. Method: Data related to variables found to have inuenced accounting performance in previous researches as well as SHSA variables are collected through student survey and school records. They are treated as independent variables using multiple regression analysis, with the accounting course nal grade as the dependent variable. The paper also examines the factors that differentiate high- from low-performing students. Results: The study found that math prociency, English prociency, high school accounting, and academic aptitude inuence accounting performance...
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...Peer Mentor Log Date | Time | | 12-1 | Work with Chen on his English worked 9/30/13 | 1-3 | Worked with Sam on his Democracy in America Work 9/30/13 | 3-4 | Worked with group of jose and travis on accounting homework 9/30/13 | Date | Time | | | Worked with Jasmine Dixon on her studying skills in the library 2/4/13 | 1:20-2:00 | Worked with Stephanie Posey on her Religion class in the library 2/5/13 | 3:30- 4:30 | Worked with Alaa on his English paper, peer edit his paper in the library 2/6/13 | 12:30-2:00 Worked with Jose on his English grammar skills in the library 2/7/13 Date | 3:30-4:20 | Worked with jasmine Dixon on her time management skill in the library 2/11/13 | 12:20-2:00 | Helped Stephanie study for her test on philosophy outside st. Edwards hall 2/12/13 | 1:30-2:20 | Worked with Alaa on his English vocabulary in the library 2/13/13 | 3:30-4:20 | Met with jose to work on his English class and edit his paper 2/14/13 | Date | 3:30-4:20 | Helped Hussam Babge on his English course and edited his paper in the library 2/15/13 | 1:30-2:20 | Worked with Jasmine Dixon on her preparation skills in the library 2/18/13 | 12:30- 2:00 | Helped Stephaine study for her religion test in the library 2/19/13 | 3:20-4:30 | Worked with Hussam babge on his English skills in the library 2/20/13 | | | | | Date | | | | | | | | | Date | | | | | | | | | Date | |...
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...This work ACC 380 Week 5 Assignment Part 2 has the answers on the following questions: Explain the process by which you completed the final statements. Offer your opinion and analysis of the data in answer to the question: "What is the financial health of Lee College?" Business - Accounting Accounting and Financial Reporting . From Chapter 1 complete Exercise 1-6 and Exercise 1-9. From chapter 2 complete Exercise 2-2 and post the answers to the discussion board. Do not forget to show all necessary steps and explain how you attained the outcome. Respond to at least two of your classmates’ postings. GASB, CAFR ISSUES and Budgetary Comparison Schedule . From Chapter 2 complete Exercise 2-3 and from Chapter 3 complete Exercise 3-5 and Exercise 3-10 and post the answers to the discussion board. Do not forget to show all necessary steps and explain how you attained the outcome. Respond to at least two of your classmates’ postings. Government-Wide Statements Budgetary Comparison Schedule . Complete the following activities and submit your answers to your instructor in a Word document formatted to proper APA specifications. Include any relevant supporting computations and explanations. Review the financial information pertaining to the City of Northern Pines in problem 2-8 on pages 52 and 53 of your text. Prepare, in good form, a Statement of Activities for the city of Northern Pines for the year ended June 30, 2012. Northern Pines has no...
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...Management s374: General Management & Strategy The University of Texas at Austin - Summer 2015 Dennis S. Passovoy (Professor) (512) 471-2195 GSB 5.124G (in McCombs) via Canvas INBOX Davit Davtyan (TA) Phone: Office: E-Mail: Office Hours: M T W TH 1:00 – 1:45pm, or by appointment M T W TH 9:00 – 9:45am, or by appointment Class: #72305 (July 13 – August 14) M T W TH 2:00 – 3:45pm CBA 4.328 CBA 4.304A (in McCombs) via Canvas INBOX Prerequisites • • • • • • Upper-division standing Seventy-five semester hours of coursework, including: Management 336 or 336H Credit or registration for Finance 357 or 357H, and Marketing 337 or 337H And credit or registration for one of the following: Accounting 353J, 366P, Business Administration 353H, Finance 353, 366P, Management 353, 366P, Management Information Systems 353, 366P, Marketing 353, 366P, Operations Management 353, or 366P. May be counted toward the writing flag requirement. May be counted toward the independent inquiry flag requirement. Course Description This course is restricted to students in a McCombs School of Business major. It is designed to enable students to analyze business situations from the point of view of the practicing general manager. Addresses key tasks involved in general management, including strategic decisions that ensure the longterm health of the entire firm or a major division. Writing Flag This course carries the Writing Flag as well as the Independent...
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