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Flashcards in ACC 305 Complete Course,ASHFORD ACC 305 Entire Course,ASH ACC 305 Complete Course Assignment Deck (23):
1

ACC 305 Week 5 Ethics Case 10-12
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ACC 305 Week 5 Ethics Case 10-12

Mayer Biotechnical, Inc., develops, manufactures, and sells pharmaceuticals. Significant research and development (R&D) expenditures are made for the development of new drugs and the improvement of existing drugs. During 2011, $220 million was spent on R&D. Of this amount, $30 million was spent on the purchase of equipment to be used in a research project involving the development of a new antibiotic.

The controller, Alice Cooper, is considering capitalizing the equipment and depreciating it over the five-year useful life of the equipment at $6 million per year, even though the equipment likely will be used on only one project. The company president has asked Alice to make every effort to increase 2011 earnings because in 2012 the company will be seeking significant new financing from both debt and equity sources. “I guess we might use the equipment in other projects later,” Alice wondered to herself.

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2

ACC 305 Week 5 Final Paper (FASB)
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ACC 305 Week 5 Final Paper (FASB)

Focus of the Final Paper

Submit a seven to ten page paper on one of the major topics listed below. The paper should incorporate at least three other appropriately documented and related articles drawn from the University’s Library. (Note: you may advance your own topic, but it must be approved by your instructor.)

Explain the role of the FASB in monitoring and controlling business reporting and accounting practices in the modern organization. In what ways do FASB rules limit business practices and reporting financial information? How do such rules and regulations protect the business and public stakeholder communities? To whom is the FASB accountable and who appoints members to FASB?

Explain how external stakeholders use financial information such as company income statements and balance sheets to make decisions about the company in such cases as advancing credit or offering leasing vehicles. Discuss how common financial ratios and investment analysis is used to conduct due diligence by external parties and how factors such as accounts receivables, accounts payables, earnings returns, returns on inventory, etc. are applied to evaluate a firm’s financial and business health.

Discuss depreciation as a tool for managing and evaluating the life and utility of assets of the firm. What are the methods and under what conditions would each method be used and applied? Does a firm’s tax planning influence the decision? How do external stakeholders assess the validity of depreciation schemes?

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3

ACC 305 Week 5 P11-5, P11-7
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ACC 305 Week 5 P11-5, P11-7

P11-5 on page 608 – Thompson Corporation – Property, plant, and equipment and intangible assets; comprehensive

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4

ACC 305 Week 5 Problem E11-5, E11-10
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ACC 305 Week 5 Problem E11-5, E11-10

E11-5 (page 599) – Depreciation methods; solving for unknowns

For each of the following depreciable assets, determine the missing amount (?). Abbreviations for depreciation methods are SL for straight line, SYD for sum-of-the-years’ digits, and DDB for double-declining balance.

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5

ACC 305 Week 4 Assignment E8-13, E8-14, E8-18, P8-5, E9-19, E9-21, P9-1
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ACC 305 Week 4 Assignment E8-13, E8-14, E8-18, P8-5, E9-19, E9-21, P9-1

E 8–13 – Altira Corporation – Inventory cost flow methods; periodic system LO1 LO4

Altira Corporation uses a periodic inventory system. The following information related to its merchandise inventory during the month of August 2011 is available:

Required:

Determine the inventory balance Altira would report in its August 31, 2011, balance sheet and the cost of goods sold it would report in its August 2011 income statement using each of the following cost flow methods: 1. First-in, first-out (FIFO) 2. Last-in, first-out (LIFO) 3. Average cost

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6

ACC 305 Week 4 Communication Case 8-4
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ACC 305 Week 4 Communication Case 8-4

You have just been hired as a consultant to Tangier Industries, a newly formed company. The company president, John Meeks, is seeking your advice as to the appropriate inventory method Tangier should use to value its inventory and cost of goods sold. Mr. Meeks has narrowed the choice to LIFO and FIFO. He has heard that LIFO might be better for tax purposes, but FIFO has certain advantages for financial reporting to investors and creditors. You have been told that the company will be profitable in its first year and for the foreseeable future.

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7

ACC 305 Week 4 Ethics Case 9-11
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ACC 305 Week 4 Ethics Case 9-11

Danville Bottlers is a wholesale beverage company. Danville uses the FIFO inventory method to determine the cost of its ending inventory. Ending inventory quantities are determined by a physical count. For the fiscal year- end June 30, 2011, ending inventory was originally determined to be $3,265,000. However, on July 17, 2011, John Howard, the company’s controller, discovered an error in the ending inventory count. He determined that the correct ending inventory amount should be $2,600,000.

Danville is a privately owned corporation with significant financing provided by a local bank. The bank requires annual audited financial statements as a condition of the loan. By July 17, the auditors had completed their review of the financial statements which are scheduled to be issued on July 25. They did not discover the inventory error.

John’s first reaction was to communicate his finding to the auditors and to revise the financial statements before they are issued. However, he knows that his and his fellow workers’ profit-sharing plans are based on annual pretax earnings and that if he revises the statements, everyone’s profit-sharing bonus will be significantly reduced.

Required:

1. Why will bonuses be negatively affected? What is the effect on pretax earnings?

2. If the error is not corrected in the current year and is discovered by the auditors during the following year’s audit, how will it be reported in the company’s financial statements?

3. Discuss the ethical dilemma John Howard faces.

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8

ACC 305 Week 3 Communication Case 6-3
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ACC 305 Week 3 Communication Case 6-3

Communication Case 6-3 on page 334

Harvey Alexander, an all-league professional football player, has just declared free agency. Two teams, the San Francisco 49ers and the Dallas Cowboys, have made Harvey the following offers to obtain his services:

49ers: $1 million signing bonus payable immediately and an annual salary of $1.5 million for the five-year term of the contract.

Cowboys: $2.5 million signing bonus payable immediately and an annual salary of $1 million for the five-year term of the contract.

With both contracts, the annual salary will be paid in one lump sum at the end of the football season.

Required:

You have been hired as a consultant to Harvey’s agent, Phil Marks, to evaluate the two contracts. Write a short letter to Phil with your recommendation including the method you used to reach your conclusion. Assume that Harvey has no preference between the two teams and that the decision will be based entirely on monetary considerations. Also assume that Harvey can invest his money and earn an 8% annual return.

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9

ACC 305 Week 3 Judgment Case 7-5
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ACC 305 Week 3 Judgment Case 7-5

Judgment Case 7-5 on page 391

For each of the following independent situations, indicate the apparent internal control weaknesses and suggest alternative procedures to eliminate the weaknesses.

1. John Smith is the petty cash custodian. John approves all requests for payment out of the $200 fund, which is replenished at the end of each month. At the end of each month, John submits a list of all accounts and amounts to be charged and a check is written to him for the total amount. John is the only person ever to tally the fund.

2. All of the company’s cash disbursements are made by check. Each check must be supported by an approved voucher, which is in turn supported by the appropriate invoice and, for purchases, a receiving document. The vouchers are approved by Dean Leiser, the chief accountant, after reviewing the supporting documentation. Betty Hanson prepares the checks for Leiser’s signature. Leiser also maintains the company’s check register (the cash disbursements journal) and reconciles the bank account at the end of each month.

3. Fran Jones opens the company’s mail and makes a listing of all checks and cash received from customers. A copy of the list is sent to Jerry McDonald who maintains the general ledger accounts. Fran prepares and makes the daily deposit at the bank. Fran also maintains the subsidiary ledger for accounts receivable, which is used to generate monthly statements to customers.

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10

ACC 305 Week 3 P7-10, P7-14
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ACC 305 Week 3 P7-10, P7-14

P7-10 (Page 388) – Evergreen Company

Evergreen Company sells lawn and garden products to wholesalers. The company’s fiscal year-end is December 31. During 2011, the following transactions related to receivables occurred:

Required:

1. Prepare the necessary journal entries for Evergreen for each of the above dates. For transactions involving the sale of merchandise, ignore the entry for the cost of goods sold (round all calculations to the nearest dollar).

2. Prepare any necessary adjusting entries at December 31, 2011. Adjusting entries are only recorded at year- end (round all calculations to the nearest dollar).

3. Prepare a schedule showing the effect of the journal entries in requirements 1 and 2 on 2011 income before taxes.

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11

ACC 305 Week 2 DQ 1 Earnings Management Judgment Case 4-3
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ACC 305 Week 2 DQ 1 Earnings Management Judgment Case 4-3

Companies often are under pressure to meet or beat Wall Street earnings projections in order to increase stock prices and also to increase the value of stock options. Some resort to earnings management practices to artificially create desired results.

Required:

Is earnings management always intended to produce higher income? Explain.

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12

ACC 305 Week 2 DQ 2 Revenue Recognition Judgment Case 5-2 (page 291)
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ACC 305 Week 2 DQ 2 Revenue Recognition Judgment Case 5-2 (page 291)

Revenue earned by a business enterprise is recognized for accounting purposes at different times, according to the circumstances. In some situations revenue is recognized approximately as it is earned in the economic sense. In other situations revenue is recognized at point of delivery.

Required:

1. Explain and justify why revenue often is recognized as earned at point of delivery.

2. Explain in what situations it would be useful to recognize revenue as the productive activity takes place.

3. At what times, other than those included in (1) and (2) above, may it be appropriate to recognize revenue?

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13

ACC 305 Week 2 Problem E4-16 Bluebonnet Bakers
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ACC 305 Week 2 Problem E4-16 Bluebonnet Bakers

Required:

Prepare a statement of cash flows for 2011 for Bluebonnet Bakers. Use the direct method for reporting operating activities.

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14

ACC 305 Week 2 Problem E4-19 Wainwright Corporation
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ACC 305 Week 2 Problem E4-19 Wainwright Corporation

Required:

1. Analyze each transaction and classify each as a financing, investing and/or operating activity (a transaction can represent more than one type of activity). In doing so, also indicate the cash effect of each, if any. If there is no cash effect, simply place a check mark (√) in the appropriate column(s).

2. Prepare a statement of cash flows, using the direct method to present cash flows from operating activities. Assume the cash balance at the beginning of the month was $40,000.

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15

ACC 305 Week 2 Problem E4-22 Tiger Enterprises
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ACC 305 Week 2 Problem E4-22 Tiger Enterprises

Required:

Prepare Tiger’s statement of cash flows, using the indirect method to present cash flows from operating activities.

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16

ACC 305 Week 2 Problem E5-3 Installment sales
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ACC 305 Week 2 Problem E5-3 Installment sales

E5-3 on page 275 – Charter Corporation

Prepare summary journal entries for 2011 and 2012 to account for the installment sales and cash collections. The company uses the perpetual inventory system.

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17

ACC 305 Week 2 Problem E5-10 Project Contracts
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ACC 305 Week 2 Problem E5-10 Project Contracts

E5-10 – Sanderson Construction

1. Determine the amount of gross profit or loss to be recognized in each of the three years using the percentage- of-completion method.

2. How much revenue will Sanderson report in its 2011 and 2012 income statements related to this contract using the percentage-of-completion method?

3. Determine the amount of gross profit or loss to be recognized in each of the three years using the completed contract method.

4. Determine the amount of revenue, cost, and gross profit or loss to be recognized in each of the three years under IFRS, assuming that using the percentage-of-completion method is not appropriate.

5. Suppose the estimated costs to complete at the end of 2012 are $80 million instead of $60 million. Determine the amount of gross profit or loss to be recognized in 2012 using the percentage-of-completion method.

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18

ACC 305 Week 2 Problem Integrating Case 5-23
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ACC 305 Week 2 Problem Integrating Case 5-23

Integrating Case 5-23 on page 296

You are a new staff accountant with a large regional CPA firm, participating in your first audit. You recall from your auditing class that CPAs often use ratios to test the reasonableness of accounting numbers provided by the client. Since ratios reflect the relationships among various account balances, if it is assumed that prior relation- ships still hold, prior years’ ratios can be used to estimate what current balances should approximate. However, you never actually performed this kind of analysis until now. The CPA in charge of the audit of Covington Pike Corporation brings you the list of ratios shown below and tells you these reflect the relationships maintained by Covington Pike in recent years.

Profit margin on sales = 5%

Return on assets = 7.5%

Gross profit margin = 40%

Inventory turnover ratio = 6 times

Receivables turnover ratio = 25

Acid-test ratio = .9

Current ratio = 2 to 1

Return on shareholders’ equity = 10%

Debt to equity ratio = 1/3

Times interest earned ratio = 12 times

Jotted in the margins are the following notes:

● Net income $15,000

● Only one short-term note ($5,000); all other current liabilities are trade accounts

● Property, plant, and equipment are the only noncurrent assets

● Bonds payable are the only noncurrent liabilities

● The effective interest rate on short-term notes and bonds is 8%

● No investment securities

● Cash balance totals $15,000

Required:

You are requested to approximate the current year’s balances in the form of a balance sheet and income statement, to the extent the information allows. Accompany those financial statements with the calculations you use to estimate each amount reported.

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19

ACC 305 Week 2 Problem Judgment Case 4-9
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Judgment Case 4-9 on page 227

Required:

1. For each situation, identify the appropriate reporting treatment from the list below (consider each event to be material):

2. Indicate whether each situation would be included in the income statement in continuing operations (CO) or below continuing operations (BC), or if it would appear as an adjustment to retained earnings (RE).

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20

ACC 305 Week 1 Individual Assignments E 3-18, E 3-20, J Case 3-5
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ACC 305 Week 1 Individual Assignments E 3-18, E 3-20, J Case 3-5
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Complete The problems E 3-18, E 3-20, J Case 3-5

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21

ACC 305 Week 1 DQ 1 FASB and Ethics
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ACC 305 Week 1 DQ 1 FASB and Ethics

Research Case 1-3 (page 45)

The purpose of this case is to introduce you to the information available on the website of the Financial Accounting Standards Board (FASB).

Required:

Access the FASB home page on the Internet. The web address is www.fasb.org. Answer the following questions.

1. Describe the mission of the FASB.

2. Who are the current Board members? Briefly describe their backgrounds.

3. How are topics added to the FASB’s technical agenda?

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22

ACC 305 Week 1 DQ 2 Cash versus Accrual and Financial Disclosures
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ACC 305 Week 1 DQ 2 Cash versus Accrual and Financial Disclosures

Judgment Case 2-1 (page 109)

You have recently been hired by Davis & Company, a small public accounting firm. One of the firm’s partners, Alice Davis, has asked you to deal with a disgruntled client, Mr. Sean Pitt, owner of the city’s largest hardware store. Mr. Pitt is applying to a local bank for a substantial loan to remodel his store. The bank requires accrual based financial statements but Mr. Pitt has always kept the company’s records on a cash basis. He does not see the purpose of accrual based statements. His most recent outburst went something like this: “After all, I collect cash from customers, pay my bills in cash, and I am going to pay the bank loan with cash. And, I already show my building and equipment as assets and depreciate them. I just don’t understand the problem.”

Required:

Explain the difference between a cash basis and an accrual basis measure of performance.
Why, in most cases, does accrual basis net income provide a better measure of performance than net operating cash flow?
Explain the purpose of adjusting entries as they relate to the difference between cash and accrual accounting.
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23

ACC 305 Complete Course
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ACC 305 Complete Course

ACC 305 Week 1 Individual Assignments E 3-18, E 3-20, J Case 3-5

ACC 305 Week 1 DQ 1 FASB and Ethics

ACC 305 Week 1 DQ 2 Cash versus Accrual and Financial Disclosures

ACC 305 Week 2 DQ 1 Earnings Management Case 4-3

ACC 305 Week 2 DQ 2 Revenue Recognition Case 5-2

ACC 305 Week 2 Problem E4-16 Bluebonnet Bakers

ACC 305 Week 2 Problem E4-19 Wainwright Corporation

ACC 305 Week 2 Problem E4-22 Tiger Enterprises

ACC 305 Week 2 Problem E5-10 Project Contracts

ACC 305 Week 2 Problem E5-3 Installment sales

ACC 305 Week 2 Problem Integrating Case 5-23

ACC 305 Week 2 Problem Judgment Case 4-9

ACC 305 Week 3 Communication Case 6-3

ACC 305 Week 3 Judgment Case 7-5

ACC 305 Week 3 P7-10, P7-14

ACC 305 Week 4 Assignment E8-13, E8-14, E8-18, P8-5, E9-19, E9-21, P9-1.

ACC 305 Week 4 Communication Case 8-4

ACC 305 Week 4 Ethics Case 9-11

ACC 305 Week 5 Ethics Case 10-12

ACC 305 Week 5 Final Paper (FASB)

ACC 305 Week 5 P11-5, P11-7

ACC 305 Week 5 Problem E11-5, E11-10

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