...SOLUTIONS TO BRIEF EXERCISES Table of Contents Chapter 3 7 BRIEF EXERCISE 3-1 7 BRIEF EXERCISE 3-2 7 BRIEF EXERCISE 3-3 8 BRIEF EXERCISE 3-4 8 BRIEF EXERCISE 3-5 9 BRIEF EXERCISE 3-6 9 BRIEF EXERCISE 3-7 9 BRIEF EXERCISE 3-8 10 BRIEF EXERCISE 3-9 10 BRIEF EXERCISE 3-10 10 BRIEF EXERCISE 3-11 11 BRIEF EXERCISE 3-12 11 BRIEF EXERCISE 3-13 12 Chapter 4 13 BRIEF EXERCISE 4-1 13 BRIEF EXERCISE 4-2 14 BRIEF EXERCISE 4-3 15 BRIEF EXERCISE 4-4 16 BRIEF EXERCISE 4-5 16 BRIEF EXERCISE 4-6 17 BRIEF EXERCISE 4-7 17 BRIEF EXERCISE 4-8 17 BRIEF EXERCISE 4-9 17 BRIEF EXERCISE 4-10 18 BRIEF EXERCISE 4-11 18 Chapter 5 20 BRIEF EXERCISE 5-1 20 BRIEF EXERCISE 5-2 20 BRIEF EXERCISE 5-3 20 BRIEF EXERCISE 5-4 21 BRIEF EXERCISE 5-5 21 BRIEF EXERCISE 5-6 21 BRIEF EXERCISE 5-7 22 BRIEF EXERCISE 5-8 22 BRIEF EXERCISE 5-9 22 BRIEF EXERCISE 5-10 23 BRIEF EXERCISE 5-11 23 BRIEF EXERCISE 5-12 23 BRIEF EXERCISE 5-13 24 BRIEF EXERCISE 5-14 25 BRIEF EXERCISE 5-15 25 BRIEF EXERCISE 5-16 25 Chapter 6 26 BRIEF EXERCISE 6-1 26 BRIEF EXERCISE 6-2 27 BRIEF EXERCISE 6-3 28 BRIEF EXERCISE 6-4 28 BRIEF EXERCISE 6-5 29 BRIEF EXERCISE 6-6 30 BRIEF EXERCISE 6-7 30 BRIEF EXERCISE 6-8 31 BRIEF EXERCISE 6-9 31 BRIEF EXERCISE 6-10 32 BRIEF EXERCISE 6-12 33 BRIEF EXERCISE 6-13 34 BRIEF EXERCISE 6-14 34 BRIEF EXERCISE 6-15 35 BRIEF EXERCISE 6-16 35 BRIEF EXERCISE 6-17 36 Chapter 7 37 BRIEF EXERCISE 7-1 37 BRIEF EXERCISE 7-2 37 BRIEF EXERCISE 7-3 37 BRIEF EXERCISE...
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...TO BRIEF EXERCISES Table of Contents Chapter 3 7 BRIEF EXERCISE 3-1 7 BRIEF EXERCISE 3-2 7 BRIEF EXERCISE 3-3 8 BRIEF EXERCISE 3-4 8 BRIEF EXERCISE 3-5 9 BRIEF EXERCISE 3-6 9 BRIEF EXERCISE 3-7 9 BRIEF EXERCISE 3-8 10 BRIEF EXERCISE 3-9 10 BRIEF EXERCISE 3-10 10 BRIEF EXERCISE 3-11 11 BRIEF EXERCISE 3-12 11 BRIEF EXERCISE 3-13 12 Chapter 4 13 BRIEF EXERCISE 4-1 13 BRIEF EXERCISE 4-2 14 BRIEF EXERCISE 4-3 15 BRIEF EXERCISE 4-4 16 BRIEF EXERCISE 4-5 16 BRIEF EXERCISE 4-6 17 BRIEF EXERCISE 4-7 17 BRIEF EXERCISE 4-8 17 BRIEF EXERCISE 4-9 17 BRIEF EXERCISE 4-10 18 BRIEF EXERCISE 4-11 18 Chapter 5 20 BRIEF EXERCISE 5-1 20 BRIEF EXERCISE 5-2 20 BRIEF EXERCISE 5-3 20 BRIEF EXERCISE 5-4 21 BRIEF EXERCISE 5-5 21 BRIEF EXERCISE 5-6 21 BRIEF EXERCISE 5-7 22 BRIEF EXERCISE 5-8 22 BRIEF EXERCISE 5-9 22 BRIEF EXERCISE 5-10 23 BRIEF EXERCISE 5-11 23 BRIEF EXERCISE 5-12 23 BRIEF EXERCISE 5-13 24 BRIEF EXERCISE 5-14 25 BRIEF EXERCISE 5-15 25 BRIEF EXERCISE 5-16 25 Chapter 6 26 BRIEF EXERCISE 6-1 26 BRIEF EXERCISE 6-2 27 BRIEF EXERCISE 6-3 28 BRIEF EXERCISE 6-4 28 BRIEF EXERCISE 6-5 29 BRIEF EXERCISE 6-6 30 BRIEF EXERCISE 6-7 30 BRIEF EXERCISE 6-8 31 BRIEF EXERCISE 6-9 31 BRIEF EXERCISE 6-10 32 BRIEF EXERCISE 6-12 33 BRIEF EXERCISE 6-13 34 BRIEF EXERCISE 6-14 34 BRIEF EXERCISE 6-15 35 BRIEF EXERCISE 6-16 35 BRIEF EXERCISE 6-17 36 Chapter 7 37 BRIEF EXERCISE 7-1 37 BRIEF EXERCISE 7-2 37 BRIEF EXERCISE 7-3 37 BRIEF EXERCISE 7-4...
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...ACC 201 - Financial Accounting Fall 2015 Syllabus (updated September 27, 2015) Contact Information: Professor: Michelle Yetman Email: mhyetman@ucdavis.edu (type “ACC 201” in the subject line in email correspondence) Office: Gallagher Hall, room 3408 Office phone: 530-754-7808 Office Hours: by appointment – email to schedule Class Sessions: Class sessions will be held Tuesdays from 9 AM to 12:50 AM in room 1213 Gallagher Hall. Course Content: This course will develop your knowledge of corporate financial reporting by applying the technical standards that define the recognition and measurement of assets, liabilities, and stockholders’ equity. While some emphasis will be placed on the use of accounting data for decision making, the importance of financial reporting to external users will be stressed. In addition to studying current financial reporting and disclosure requirements, we will also discuss current reporting controversies and practices. Course Objectives: Students will be expected to develop and demonstrate: • an understanding of complex financial events and their effect on financial statements, cash flows, and accounting-based contracts; • critical thinking skills (i.e., gathering and integrating data for complex situations); • an understanding of the interrelationships among the income statement, balance sheet, statement of cash flows, and footnotes; Course Materials: Textbook: Intermediate Accounting, 15th Edition by Donald E. Kieso, Jerry...
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...com/shop/acc211-chapter-3/ *Brief Exercise 3-1 Transactions for Mehta Company for the month of May are presented below. Prepare journal entries for each of these transactions. Brief Exercise 3-3 Your answer is correct. On July 1, 2014, Crowe Co. pays $27,000 to Zubin Insurance Co. for a 3-year insurance policy. Both companies have fiscal years ending December 31. For Crowe Co., journalize the entry on July 1 and the adjusting entry on December 31. Brief Exercise 3-4 On July 1, 2014, Crowe Co. pays $9,000 to Zubin Insurance Co. for a 3-year insurance policy. Both companies have fiscal years ending December 31. Journalize the entry on July 1 and the adjusting entry on December 31 for Zubin Insurance Co. Zubin uses the accounts Unearned Service Revenue and Service Brief Exercise 3-5 Your answer is correct. Assume that on February 1, Procter & Gamble (P&G) paid $733,000 in advance for 1 years’ insurance coverage. Prepare P&G’s February 1 journal entry and the annual adjusting entry on June 30. Brief Exercise 3-6 Your answer is correct. LaBouche Corporation owns a warehouse. On November 1, it rented storage space to a lessee (tenant) for 3 months for a total cash payment of $300 received in advance. Prepare LaBouche’s November 1 journal entry and the December 31 annual adjusting entry Brief Exercise 3-7 Your answer is correct. Dresser Company’s weekly payroll, paid on Fridays, totals $6,970. Employees work a 5-day week. Prepare Dresser’s...
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...BRIEF EXERCISE 4-4 Dec. 31 Supplies Expense 7,700 Supplies 7,700 Supplies | | Supplies Expense | 8,800 | 12/31 7,700 | | 12/31 7,700 | | 12/31 Bal. 1,100 | | | | | BRIEF EXERCISE 4-5 Dec. 31 Depreciation Expense 2,750 Accumulated Depreciation— Equipment 2,750 Depreciation Expense | | Accumulated Depreciation—Equipment | 12/31 2,750 | | | | 12/31 2,750 | Balance Sheet: Equipment $22,000 Less: Accumulated Depreciation—Equipment 2,750 $19,250 BRIEF EXERCISE 4-6 July 1 Prepaid Insurance 12,400 Cash 12,400 Dec. 31 Insurance Expense ($12,400 X 6/24) 3,100 Prepaid Insurance 3,100 Prepaid Insurance | | Insurance Expense | 7/1 12,400 | 12/31 3,100 | | 12/31 3,100 | | 12/31 Bal. 9,300 | | | | | BRIEF EXERCISE 4-7 July 1 Cash 12,400 Unearned Service Revenue 12,400 Dec. 31 Unearned Service Revenue 3,100 Service Revenue ($12,400 X 6/24) 3,100 Unearned Service Revenue | | Service Revenue | 12/31 3,100 | 7/1 12,400 | | | 12/31 3,100 | | 12/31 Bal. 9,300 | | | | BRIEF EXERCISE 4-8 (a) Dec. 31 Interest Expense 300 Interest Payable 300 (b) 31 Accounts Receivable 1,700 Service Revenue 1,700 (c) 31 Salaries and Wages Expense 780 ...
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...CHAPTER 20 Accounting for Pensions and Postretirement Benefits SOLUTIONS TO BRIEF EXERCISES BRIEF EXERCISE 20-1 Service cost $ 333,000,000 Interest on PBO 712,000,000 Return on plan assets (566,000,000) Amortization of prior service cost 13,000,000 Amortization of net loss 145,000,000 Pension expense $ 637,000,000 BRIEF EXERCISE 20-2 Ending plan assets $ 2,000,000 Beginning plan assets 1,780,000 Increase in plan assets 220,000 Deduct: Contributions $120,000 Less: Benefits paid 200,000 (80,000) Actual return on plan assets $ 300,000 BRIEF EXERCISE 20-3 BEATY COMPANY | |General Journal Entries |Memo Record | | | | | |Projected Benefit | | | |Pension Expense | |Pension |Obligation |Plan Assets | |Items | |Cash |Asset /Liability | | | |1/1/12 | | | |280,000 Cr. |280,000 Dr. | |Service cost |27,500 Dr. | |...
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...Week 5 Assignment Brief Exercise 5-1 A) Sales = $181,500 (71,900+109,600) B) Cost of Goods Sold= 41,200 (71,200-30,000) C) Gross profit = 38,000 (108,000-70,000) D) Operating expenses = 17,900 (30,000-12,100) E) Operating expenses = 8,500 (38,000-29,500) F) Net income = 63,400 (109,600-46,200) Brief Exercise 5-2 Pocras Company Inventory 900 Accounts Payable 900 Wedell Company Accounts Receivable 900 Sales 900 Cost of Goods Sold 590 Inventory 590 Brief Exercise 6-5 Cost of goods sold under: | LIFO | | FIFO | | | | | Purchases | $6 X 100 | | $6 X 100 | | $7 X 200 | | $7 X 200 | | $8 X 140 | | $8 X 140 | Cost of goods available for sale | $ 3,120 | | $ 3,120 | Less: Ending inventory | $ 1,160 | | $ 1,400 | Cost of goods sold | $ 1,960 | | $ 1,720 | Since the cost of goods sold is $240 less under FIFO that is the amount of the phantom profit. It is referred to as “phantom profit” because FIFO matches current selling prices with old inventory costs. To replace the units sold the company will have to pay the current price of $8 per unit, rather than the $6 per unit which some of the units were priced at under FIFO. Profit under LIFO is more accurate of what the company can expect to earn in future periods. Brief Exercise 6-7 Inventory...
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...Assignment brief – QCF BTEC (Level 3)Assignment front sheet | Qualification | Unit number and title | BTEC 90 Credit/Extended Diploma in Health and Social Care | Unit 5 Anatomy and Physiology for Health and Social Care | Learner name | Assessor name | | Louise Dada,Angela Lewis-Wright Alison Watson | Date issued | Hand in deadline | Submitted on | 10 November 2014 | 8 December 2014 | | | | Assignment title 1 | Know the organisation of the human body | In this assessment you will have opportunities to provide evidence against the following criteria. Indicate the page numbers where the evidence can be found. | 5a Criteria reference | To achieve the criteria the evidence must show that the learner is able to: | | Task no. | | Evidence | P1 | Outline the functions of the main cell components. | | 1 | | Training Pack | P2 | Outline the structure of the main tissues of the body | | 1 | | Training Pack | P3 | Outline the gross structure of all the main body systems. | | 1 | | Training Pack | Learner declaration | I certify that the work submitted for this assignment is my own. I have clearly referenced any sources used in the work. I understand that false declaration is a form of malpractice.Learner signature: Date: | Assignment brief 1 Qualification | BTEC 90 Credit/Extended Diploma in Health and Social Care | Unit number and title | Unit 5 Anatomy and...
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...ACC211 Brief Exercise 12 Click Link Below To Buy: http://hwcampus.com/shop/acc211-brief-exercise-12/ Brief Exercise 12-1 Celine Dion Corporation purchases a patent from Salmon Company on January 1, 2014, for $78,790. The patent has a remaining legal life of 17 years. Celine Dion feels the patent will be useful for 10 years. Prepare Celine Dion’s journal entries to record the purchase of the patent and 2014 amortization. Account Titles and Explanation Debit Credit Patents 78,790 Cash 78,790 (To record purchase of patents) Amortization Expense 7,879 Patents 7,879 Brief Exercise 12-2 Celine Dion Corporation purchases a patent from Salmon Company on January 1, 2014, for $50,300. The patent has a remaining legal life of 16 years. Celine Dion feels the patent will be useful for 10 years. Assume that at January 1, 2016, the carrying amount of the patent on Celine Dion’s books is $40,240. In January, Celine Dion spends $31,200 successfully defending a patent suit. Celine Dion still feels the patent will be useful until the end of 2023. Prepare the journal entries to record the $31,200 expenditure and 2016 amortization Account Titles and Explanation Debit Credit Patents 31,200 Cash 31,200 (To record expenditure of patents) Amortization Expense 8,930 Patents 8,930 (To record amortization expense) *Brief Exercise 12-3 Your answer is correct. Larry Byrd, Inc...
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...reported separately on the income statement. 2. Items (a), (d), and (g) are extraordinary items; item (h) is debatable. 3. This would not be considered a favorable trend for McDonell Inc. The relevant earnings per share figures are the $3.26 in 2009 and the $2.99 in 2010. These figures indicate that, unless there was a sale of common stock, the earnings from the continuing operations of the company decreased during 2010. This should give the company’s management some concern because they will not always be able to count on revenue or gains from irregular items. 4. Companies report a change from FIFO to average cost pricing for inventory retroactively. That is, they report both the current period and any previous periods reported on the face of the statement using the new principle. As a result, the same principle applies in all periods. This treatment improves the ability to compare results across years. 5. Tootsie Roll reported “Other comprehensive earnings” of $810,000 in 2007. “Comprehensive earnings” exceeded “Net earnings” by 1.6% [($52,435 – $51,625) ÷ $51,625] 6. (a) Andrea is not correct. There are three characteristics: liquidity, profitability, and solvency. (b) The three parties are not primarily interested in the same characteristics of a company. Short- term creditors are primarily interested in the liquidity of the enterprise. In contrast, long-term creditors and stockholders are primarily interested in the profitability and solvency of the...
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...Exercise 7-6 (Part level Submission) | | Gomes Company uses special journals and a general journal. The following transactions occurred during September 2014. Sept. 2 | | Sold merchandise on account to H. Drew, invoice no. 101, $620, terms n/30. The cost of the merchandise sold was $420. | 10 | | Purchased merchandise on account from A. Pagan $650, terms 2/10, n/30. | 12 | | Purchased office equipment on account from R. Cairo $6,500. | 21 | | Sold merchandise on account to G. Holliday, invoice no. 102 for $800, terms 2/10, n/30. The cost of the merchandise sold was $480. | 25 | | Purchased merchandise on account from D. Downs $860, terms n/30. | 27 | | Sold merchandise to S. Miller for $700 cash. The cost of the merchandise sold was $400. | Exercise 7-6 (Part level Submission) Prepare a sales journal and record the transactions for September that should be journalized. (Record entries in the order presented in the problem statement.) GOMES COMPANY Sales Journal | | | | | S1 | Date | Account Debited | Invoice No. | Ref | Accounts Receivable Dr. Sales Revenue Cr. | Cost of Goods Sold Dr. Inventory Cr. | 2014 | | | | | | res_EAT_1354683923723_0_07795340332621592_002 | res_EAT_1354683923723_0_07795340332621592_009 | res_EAT_1354683923723_0_07795340332621592_015 | | 620 | 420 | res_EAT_1354683923723_0_07795340332621592_025 | res_EAT_1354683923723_0_07795340332621592_030 | res_EAT_1354683923723_0_07795340332621592_036 | | 800 |...
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...CHAPTER 10 Plant Assets, Natural Resources, and Intangible Assets ASSIGNMENT CLASSIFICATION TABLE Brief Exercises 1, 2 A Problems 1A B Problems 1B Study Objectives 1. Describe how the cost principle applies to plant assets. Explain the concept of depreciation. Compute periodic depreciation using different methods. Describe the procedure for revising periodic depreciation. Distinguish between revenue and capital expenditures, and explain the entries for each. Explain how to account for the disposal of a plant asset. Compute periodic depletion of natural resources. Explain the basic issues related to accounting for intangible assets. Questions 1, 2, 3 Exercises 1, 2, 3 2. 4, 5 4 3. 6, 7, 22 3, 4, 5, 6 5, 6, 7 2A, 3A, 4A, 5A 4A 2B, 3B, 4B, 5B 4B 4. 8 7 8 5. 9, 24 8 6. 10, 11 9, 10 9, 10 5A, 6A 5B, 6B 7. 12, 13 11 11 8. 14, 15, 16, 17, 18, 19 12 12, 13 7A, 8A 7B, 8B 10-1 ASSIGNMENT CLASSIFICATION TABLE (Continued) Brief Exercises 13, 14 A Problems 5A, 7A, 9A B Problems 5B, 7B, 9B Study Objectives 9. Indicate how plant assets, natural resources, and intangible assets are reported. Questions 20, 21, 23 Exercises 14 *10. Explain how to account for the exchange of plant assets. 25, 26 15, 16 15, 16 10-2 ASSIGNMENT CHARACTERISTICS TABLE Problem Number 1A 2A 3A 4A 5A Difficulty Level Simple Simple Moderate Moderate Moderate Time Allotted (min.)...
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...CHAPTER 10 Plant Assets, Natural Resources, and Intangible Assets ASSIGNMENT CLASSIFICATION TABLE Brief Exercises 1, 2 A Problems 1A B Problems 1B Study Objectives 1. Describe how the cost principle applies to plant assets. Explain the concept of depreciation. Compute periodic depreciation using different methods. Describe the procedure for revising periodic depreciation. Distinguish between revenue and capital expenditures, and explain the entries for each. Explain how to account for the disposal of a plant asset. Compute periodic depletion of natural resources. Explain the basic issues related to accounting for intangible assets. Questions 1, 2, 3 Exercises 1, 2, 3 2. 4, 5 4 3. 6, 7, 22 3, 4, 5, 6 5, 6, 7 2A, 3A, 4A, 5A 4A 2B, 3B, 4B, 5B 4B 4. 8 7 8 5. 9, 24 8 6. 10, 11 9, 10 9, 10 5A, 6A 5B, 6B 7. 12, 13 11 11 8. 14, 15, 16, 17, 18, 19 12 12, 13 7A, 8A 7B, 8B 10-1 ASSIGNMENT CLASSIFICATION TABLE (Continued) Brief Exercises 13, 14 A Problems 5A, 7A, 9A B Problems 5B, 7B, 9B Study Objectives 9. Indicate how plant assets, natural resources, and intangible assets are reported. Questions 20, 21, 23 Exercises 14 *10. Explain how to account for the exchange of plant assets. 25, 26 15, 16 15, 16 10-2 ASSIGNMENT CHARACTERISTICS TABLE Problem Number 1A 2A 3A 4A 5A Difficulty Level Simple Simple Moderate Moderate Moderate Time Allotted (min.)...
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...|[pic] |Course Design Guide | | |School of Business | | |ACC/561 Version 4 | | |Accounting | Copyright © 2011, 2009, 2008 by University of Phoenix. All rights reserved. Course Description This course applies accounting tools to make management decisions. Students learn to evaluate organizational performance from accounting information. Other topics include financial statements, cost behavior, cost allocation, budgets, and control systems. Policies Faculty and students/learners will be held responsible for understanding and adhering to all policies contained within the following two documents: • University policies: You must be logged into the student website to view this document. • Instructor policies: This document is posted in the Course Materials forum. University policies are subject to change. Be sure to read the policies at the beginning of each class. Policies may be slightly different depending on the modality in which you attend class. If...
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...customers on account. They result from the sale of goods and services in the normal course of business operations (i.e. in trade). Notes receivable represent claims that are evidenced by formal instruments of credit. 4. The essential features of the allowance method of accounting for impairment of receivables are: (1) Impaired accounts receivable are estimated and matched against revenue in the same accounting period in which the revenue occurred. (2) Estimated uncollectables are debited to Bad Debts Expense and credited to Allowance for Impairment through an adjusting entry at the end of each period. (3) Actual uncollectables are debited to Allowance for Impairment and credited to Accounts Receivable at the time the specific account is written off. 9. From its own credit cards, the Virgil Ltd may realise financing charges from customers who do not pay the balance due within a specified grace period. National credit cards offer the following advantages: (1) The credit card issuer makes the credit card investigation of the customer. (2) The issuer maintains individual customer accounts. (3) The issuer undertakes the collection process and absorbs any losses from uncollectable accounts. (4) The retailer receives cash more quickly from the credit card issuer than it would from individual customers. 10. Advantages of factoring include: (1) Receivables may be sold because they may be the only...
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