...Ocean Atlantic Co. is a merchandising business. The account balances for Ocean Atlantic Co. as of July 1, 2012 (unless otherwise indicated), are as follows: [pic] .:. During July, the last month of the fiscal year, the following transactions were completed: July 1. Paid rent for July, $4,000. 3. Purchased merchandise on account from Lingard Co., terms 2/10, n/30, FOB shipping point, $25,000. 4. Paid freight on purchase of July 3, $1,000. 6. Sold merchandise on account to Holt Co., terms 2/10, n/30, FOB shipping point, $40,000. The cost of the merchandise sold was $24,000. 7. Received $18,000 cash from Flatt Co. on account, no discount. 10. Sold merchandise for cash, $90,000. The cost of the merchandise sold was $50,000. 13. Paid for merchandise purchased on July 3, less discount. 14. Received merchandise returned on sale of July 6, $7,000. The cost of the merchandise returned was $4,500. 15. Paid advertising expense for last half of July, $9,000. 16. Received cash from sale of July 6, less return of July 14 and discount. 19. Purchased merchandise for cash, $22,000. 19. Paid $23,100 to Carino Co. on account, no discount. Record the following transactions on Page 21 of the journal. 20. Sold merchandise on account to Reedley Co., terms 1/10, n/30, FOB shipping point, $40,000. The cost of the merchandise sold was $25,000. 21. For the convenience of the customer, paid freight on sale of July 20, $1,100. 21. Received $17,600 cash from Owen Co. on account, no discount...
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...manufacturing overhead ($800,000 ÷ 40,000 units) | — | 20 | Unit product cost | $40 | $60 | 3. and 4. The total contribution margin and net operating income under variable costing are computed as follows: Sales | | $2,800,000 | Variable expenses: | | | Variable cost of goods sold | | | (35,000 units × $40 per unit) | $1,400,000 | | Variable selling and administrative (35,000 units × $4 per unit) | 140,000 | 1,540,000 | Contribution margin | | 1,260,000 | Fixed expenses: | | | Fixed manufacturing overhead | 800,000 | | Fixed selling and administrative | 496,000 | 1,296,000 | Net operating loss | | $ (36,000) | The Foundational 15 (continued) 5. and 6. The total gross margin and net operating income under absorption costing are computed as follows: Sales (35,000 units × $80 per unit) | $2,800,000 | Cost of goods sold (35,000 units × $60 per unit) | 2,100,000 | Gross margin | 700,000 | Selling and administrative expenses [(35,000 units × $4 per unit) + $496,000] | 636,000 | Net operating income | $ 64,000 | 7. The difference between the absorption and variable costing net operating incomes is explained as follows: Variable costing net operating income | $(36,000) | Add fixed manufacturing overhead cost deferred in inventory under absorption costing* | 100,000 | Absorption costing net operating income | $ 64,000 | * The fixed...
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...|Under LIFO, ending inventory will consist of 8,000 units from the inventory at Jan. 1 and 1,000 units from the June 19 purchase. Therefore,| |ending inventory is (8,000 X $11) + (1,000 X $12), or $100,000. | | | | Tinker Bell Company has the following: | | | | |$100,000 | | |$113,000 | | |$108,000 | 2) |Inventory is written down to its market value when its value is less than its cost. | | | | When the current replacement cost of inventory is less than its cost, it is written down to |LIFO value. | | |Market value. | | |Average-cost value. | | |FIFO value. | 3) Gomez Company just took its physical inventory. The count of inventory items on hand at the company’s business locations resulted in a total inventory cost of $295,574. In reviewing the details of the count and related inventory transactions, you have discovered the following. |1 | | (c) LIFO Which method...
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...CHAPTER 6 Accounting and the Time Value of Money ASSIGNMENT CLASSIFICATION TABLE (BY TOPIC) | | |Brief Exercises | | | |Topics |Questions | |Exercises |Problems | | 1. |Present value concepts. |1, 2, 3, 4, | | | | | | |5, 9, 17 | | | | | 2. |Use of tables. |13, 14 |8 |1 | | | 3. |Present and future value problems: | | | | | | |a. Unknown future amount. |7, 19 |1, 5, 13 |2, 3, 4, 7 | | | |b. Unknown payments. |10, 11, 12 |6, 12, |8, 16, 17 |2, 6 | | | | |15, 17 | | | | ...
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...ACCT 305 Accounting Information Systems Chapter 6 Review Questions 1. Several Unique problems and risks associated with computerized information networks are unauthorized access, use, disclosure, disruption, modification, or destruction 2. Elements included in an ISMS system such as hardware, databases, procedures, and reports. 3. Development of ISMS requires application of the life cycle approach for system maintenance purposes. 4. Risk Management is the identification, assessment, and prioritization of risks. 5. Quantitative Approach - each loss exposure is computed as the product of the cost of an individual loss times the likelihood of its occurrence. Qualitative Approach – lists out the system’s vulnerabilities and threats and subjectively ranks them in order of their contribution to the company’s total loss exposures. 6. Types of threats that affect information systems a) Active threats include information systems fraud and computer sabotage. b) Passive threats include system faults, as well as natural disasters (e.g., earthquakes, floods, fires, and hurricanes). 7. Characteristics of white-collar criminal 8. Types of individuals pose a threat to an information system a) Computer and information systems personnel: are often given a wide range of access privileges to sensitive data and programs. b) Users: are given narrow access, but can still find ways to commit fraud. c) Intruders and attackers: are...
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...CHAPTER 1: Exercise 14 If Ken stayed open on Saturdays, the added income would be $130,000 per year ($2,500 x 52), while the additional costs are shown to be $1,000 ($700 + $500 + $100 + $200). Using these two figures, we can calculate the opportunity cost (the loss from an opportunity not taken), which would be $1,500 ($2,500 - $1,000). To me, this says that Ken should keep his shop open on Saturday’s. Rent or depreciation of office equipment do not need to be calculated because these are fixed costs. They would not change regardless of how many days his shop is open nor his shops production. Also, rent of course would not change if his shop stays open on Saturday’s because rent covers the whole month. Problem 2 a.) If we reference 1-1 so we can see the production costs, we need to add the ingredient costs of $20,000 + labor costs of $12,000, totaling $32,000. Then divide that by the number of jars that actually produced (25,000). This equals $1.28/one jar of salsa. The incremental cost is calculated as follows: $1.28 x 50,000 (extra jars of salsa) = $64,000. b.) The revenue started out at $1,625,000 (325,000 jars x $5.00), while the new revenue would be $1,725,000 (375,000 x $4.60). After calculating the difference, we can see that the incremental revenue after the reduction of price would be $100,000 ($1,725,000 - $1,625,000). c.) Yes, he should lower the price of its salsa. Problem 4 a.) On page 6 of our text book, we learn about the Management...
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...ACCT 312 Intermediate Accounting III – Entire Course http://hwguiders.com/downloads/acct-312-intermediate-accounting-iii-entire-course/ ACCT 312 Intermediate Accounting III Complete Homework Sets ACCT 312 Week 1 Homework Chapter 16, Exercise 16-3, 16-5, 16-10,16-22 ACCT 312 Week 2 Homework Chapter 17, Exercise 17-5, 17-10, 17-12, 17-15 ACCT 312 Week 3 Homework Chapter 18, Exercise 18-5, 18-11, 18-13, 18-19 ACCT 312 Week 4 Homework Chapter 19, Exercise 19-2, 19-5, 19-10, 19-17 ACCT 312 Week 5 Homework Chapter 20, E20-1, E20-10, E20-17, E20-24 ACCT 312 Week 6 Homework Chapter 21, E21-14, E21-21, P21-4] ACCT 312 Week 7 Homework Problems P21-5, P21-6 ACCT 312 Intermediate Accounting III Complete Quizzes ACCT 312 Week 1 Quiz 1. (TCO 1) Which causes a temporary difference between taxable and pretax accounting income? 2. (TCO 1) Which difference between financial accounting and tax accounting ordinarily creates a deferred tax liability? 3. (TCO 1) Which temporary difference ordinarily creates a deferred tax asset? 4. (TCO 1) Under current tax law, a net operating loss may be carried forward up to 5. (TCO 1) Which causes a permanent difference between taxable income and pretax accounting income? ACCT 312 Week 2 Quiz 1. (TCO 2) Which causes a temporary difference between taxable and pretax accounting income? 2. (TCO 2) Which statement typifies defined contribution plans? 3. (TCO 2) Which is not a way of measuring the pension obligation...
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...during the course. ****************************************************************************** Learning Objectives This course will utilize a “hands on” approach for the recording and reporting of economic transactions. This course will provide students with a thorough understanding of the accounting process and its application and introduce students to audit, tax and GAAP and IFRS standard setting processes. Prerequisites: ACCT 2231 and ACCT2232 (or concurrent enrollment in ACCT2332) Mission of the Department of Accountancy and Taxation Prepare accounting graduates for leadership roles in the accounting profession; Conduct research that advances the body of accounting knowledge, and inevitably has implications on accounting practice; Perform service that leads to the efficient and effective practice of accounting. Objectives of the Department of Accountancy and Taxation Prepare its undergraduate students for graduate education or productive careers by establishing the foundations for life-long learning; Prepare its master-level students for positions of leadership in the accounting profession; Prepare its doctoral students for successful careers in accounting education and research; Develop innovative and effective instructional methods that...
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...The final exam consists of 100 multiple-choice questions from the information presented in Chapter 1 through Chapter 13. Each question is worth 2.5 points. This study guide indicates the items you should review before taking the exam. GOOD LUCK! CHAPTER 1 1. Know the 3 forms of business entities 2. Know the definitions of revenues and expenses 3. Know the difference between internal and external users 4. FASB – responsible for GAAP (accounting principles) 5. Accounting Equation 6. Know the 3 activities that business engage in and give examples of each activity. (These 4 questions also relate to Chapter 12, The Statement of Cash Flows) 7. The International Accounting Standards Board is responsible for developing a single set of worldwide accountings standards (IFRS). 8. These standards will help companies to reduce accounting costs, make it easier to acquire foreign companies, and facilitate comparisons between foreign companies. 9. Know the primary objective of financial reporting 10. What makes information relevant? 11. Financial information should be understandable to whom 12. Balance Sheet – lists assets, liabilities and owners’ equity 13. Income Statement – revenues minus expenses equal net income 14. Net Income = Revenues - Expenses 15. Assets are recorded at historical/original cost because it is objective and verifiable CHAPTER 2 1. Review various source documents. Source documents indicate a transaction has occurred...
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...UNIVERSITYFACULTY OF BUSINESS AND INFORMATION SCINECE (FoBIS) | Teaching Plan 1. | Unit Code &Unit Title: | BA106 INTRODUCTORY ACCOUNTING | 2. | Course of Study: | BACHELOR OF ACCOUNTING AND FINANCE, BACHELOR OF ACCOUNTING, BACHELOR OF FINANCE AND INVESTMENTS | 3. | Year of Study: | 1 | 4. | Year and Semester: | JAN 2015 | 5. | Credit Hour & Contact Hours: | 3 credit hours Lecture: 3Tutorial: 3Practical: | 6. | Lecturer: | SHAKERIN ISMAIL | 7. | Tutor: | SHAKERIN ISMAIL | 8. | Mode of Delivery: | LECTURE, TUTORIAL | 9. | Objective: | This subject would enable the students: 1. To understand and appreciate of the accounting concepts and accounting practice. 2. To prepare the recording process and understand the whole accounting cycle. 3. To possess the technical ability in preparing basic financial statements. | 10. | Learning Outcome: | At the end of the course, students should be able to:Knowledge 1. Distinguish different forms of business and its reporting environment. 2. Explain the accounting principles and the role of accounting reports.Thinking Skills 3. Use accounting equation to analyse the economic effect of a transaction. 4. Use double entry system of accounting to record business transactions.Subject-based Practical Skills 5. Prepare trial balance. 6. Prepare adjusting entries and closing entries. 7. Prepare entry for special journals and subsidiary ledgers. 8. Prepare...
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...ACCOUNTING THEORY (FAR 600) Teaching and Learning Arrangements (SEMESTER: SEPT 2013 – JAN. 2014) COURSE CODE : FAR 600 PROGRAM : BACHELOR OF ACCOUNTING (HONS) CREDIT HOURS : 3 CONTACT HOURS : 3 STATUS : CORE TEACHING LECTURER : Prof Dr Rohana Othman OFFICE & PHONE NO. : Room 419 (Off. Tel: 03-55444987) E-MAIL : rohana799@gmail.com SYNOPSIS This course is designed to further enhance the students’ understanding of the concepts and issues in accounting theory and practices. The course involves the study of the practical and theoretical issues involved in the development, implementation and changes in conceptual framework and regulatory framework. COURSE OUTCOME At the end of the course, students should be able to: 1. Discuss the various theories and paradigms in accounting. 2. Demonstrate an understanding on the concept of Islamic Accounting, the need for it and its differences to conventional accounting. 3. Evaluate the evolution of the conceptual framework and standard setting process, nationally and internationally. 4. Evaluate the relationship between accounting theories and framework to the practice in the real world. 5. Analyze the recognition, measurement and other current issues in financial reporting. COURSE OUTLINE |Week |Topic |Contact Hours |Learning...
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...BYU-IDAHO ACCOUNTING 201 FINANCIAL ACCOUNTING Instructor: Brother G. Lee Saathoff | Office: Smith 410 | Class Hours: As posted on WebRoom: As posted on Web | Phone: 496-3853 OfficeEmail: saathoffl@byui.edu | Required Materials:Financial Accounting, 7th edition, by Kimmel, Weygandt, and Kieso with WileyPlusSuggested Materials:4-Function CalculatorComposition Notebook | Instructor schedule posted outside office door or online at:http://web.byui.edu/Directory/Employee/saathoffl | Course Prerequisite Generally, students should have attained sophomore status (~30 credits) and have maintained at least a 2.5 GPA prior to enrolling in this course. Course Description and Objectives Description - This introductory course in financial accounting provides a basic foundation for other courses in accounting as well as in business and information processing. The course will include lectures, discussions relative to text assignments and problems, in class quizzes, and will emphasize basic accounting theory and practices. Homework will be done on-line in WileyPlus. Some will be reviewed in class, primarily in student groups, so that students may check their work and questions can be discussed and answered. Objectives – 1. Develop a working vocabulary of accounting terminology. 2. Gain an understanding and ability to work with accounting principles including, but not limited to, debits and credits, journalizing, posting, adjusting and closing entries/procedures, financial statements...
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...The Australian National University Research School of Accounting BUSN7050 Corporate Accounting First Semester 2016 TUTORIAL BUSN7050 Corporate Accounting Tutorial Semester 1, 2016 About Tutorials …So you begin by being uncertain as to what the answer is.…The question of doubt and uncertainty is what is necessary to begin; for if you already know the answer there is no need to gather any evidence about it.…[A]nother way and a very important one that should not be neglected and that is very vital is to put together ideas to try to enforce a logical consistency among the various things that you know. It is a very valuable thing to try to connect this, what you know, with that, that you know, and try to find out if they are consistent. And the more activity in the direction of trying to put together ideas of different directions, the better it is. …Now we have found that this is of paramount importance in order to progress. We absolutely must leave room for doubt or there is no progress and there is no learning. There is no learning without having to pose a question. And a question requires doubt. Richard P. Feynman, Nobel Laureate Tutorials serve a variety of purposes. One purpose is to give you an opportunity to improve your understanding by completing the set questions. In addition, tutorial participation encourages the development of problem solving and critical thinking skills as well as oral communication skills and written communication...
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...To download more slides, ebooks, solution manual and test bank, visit http://downloadslide.blogspot.com Solutions Manual COST ACCOUNTING © 2012 Pearson Education, Inc. Publishing as Prentice Hall. SM Cost Accounting 14/e by Horngren © 2012 Pearson Education, Inc. Publishing as Prentice Hall. SM Cost Accounting 14/e by Horngren To download more slides, ebooks, solution manual and test bank, visit http://downloadslide.blogspot.com Solutions Manual COST ACCOUNTING Fourteenth Edition Charles T. Horngren Srikant M. Datar Madhav Rajan Upper Saddle River, NJ 07458 © 2012 Pearson Education, Inc. Publishing as Prentice Hall © 2012 Pearson Education, Inc. Publishing as Prentice Hall. SM Cost Accounting 14/e by Horngren This work is protected by United States copyright laws and is provided solely for the use of instructors in teaching their courses and assessing student learning. Dissemination or sale of any part of this work (including on the World Wide Web) will destroy the integrity of the work and is not permitted. The work and materials from it should never be made available to students except by instructors using the accompanying text in their classes. All recipients of this work are expected to abide by these restrictions and to honor the intended pedagogical purposes and the needs of other instructors who rely on these materials. Acquisition Editor: Stephanie Wall Editorial Project Manager: Christina Rumbaugh Editorial Assistant: Brian Reilly Project Manager, Production:...
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...NORTHEASTERN UNIVERSITY D’Amore-McKim School of Business ACCT1201: FINANCIAL ACCOUNTING & REPORTING Fall 2015 Professor: Cynthia Jackson Class days/time/location: MWTh/1:35-2:40 p.m./70 Dodge Hall MWTh/4:35-5:40 p.m./70 Dodge Hall Office hours/location: M/12:00-1:00 p.m./404 Hayden Hall W/3:00-4:00 p.m./404 Hayden Hall and by appointment Network/Voice-mail: 617-373-4643 E-mail: c.jackson@neu.edu Teaching Assistant: Nghia (Mash) Pham E-mail: pham.ng@husky.neu.edu Office location: 439 Dodge Hall/TBA Course Materials: • TEXT: Financial Accounting, 8th edition, Libby, Libby, & Short (Irwin McGraw-Hill) • Connect Plus • Learn Smart • Simple 4-function calculator Text and Connect Plus Options • Hardcover (including Connect Plus plus ebook access) o $303 at the Bookstore (resale value approximately $137 at the Booskstore) • Ebook and Connect Plus o $105 – online purchase o Valid for both semesters of this course • Connect Plus only o $76 – online purchase o No ebook or text material included o You can use this option if you have purchased a 2nd hand text • Looseleaf Text o $40 “upgrade” – you must have purchased one of the Connect Plus options o Online purchase through Connect Plus o This is a black & white, 3-hole punched...
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