ACC 281
Axia College of University of Phoenix (UoP)
Financial Accounting Transaction Analysis
Weygandt, J. J., Kimmel, P. D., & Kieso, D. E. (2008). Financial Accounting (6th ed.). Hoboken, NJ: Wiley.
ACC 281 Week Two Solution
Individual Assignment
E5-16 This information relates to Martinez Co.
1. On April 5 purchased merchandise from D. Norlan Company for $20,000, terms 2/10, net/30, FOB shipping point.
2. On April 6 paid freight costs of $900 on merchandise purchased from D. Norlan Company.
3. On April 7 purchased equipment on account for $26,000.
4. On April 8 returned some of April 5 merchandise to D. Norlan Company which cost $2,800.
5. On April 15 paid the amount due to D. Norlan Company in full.
Instructions
(a) Prepare the journal entries to record these transactions on the books of Martinez Co. using a
periodic inventory system.
(b) Assume that Martinez Co. paid the balance due to D. Norlan Company on May 4 instead of
April 15. Prepare the journal entry to record this payment.
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Friday, April 23, 2010
ACC 281 Week 2: E5-3 On September 1, Howe Office Supply
ACC 281
Axia College of University of Phoenix (UoP)
Financial Accounting Transaction Analysis
Weygandt, J. J., Kimmel, P. D., & Kieso, D. E. (2008). Financial Accounting (6th ed.). Hoboken, NJ: Wiley.
ACC 281 Week Two Solution
Individual Assignment
E5-3 On September 1, Howe Office Supply had an inventory of 30 calculators at a cost of $18 each.The company uses a perpetual inventory system. During September, the following transactions occurred.
Sept. 6 Purchased 80 calculators at $20 each from DeVito Co. for cash.
9 Paid freight of $80 on calculators purchased from DeVito Co.
10 Returned 2 calculators to DeVito Co. for $42 credit (including freight) because they did not meet specifications.
12 Sold 26 calculators costing $21 (including freight) for $31 each to Mega Book Store, terms n/30.
14 Granted credit of $31 to Mega Book Store for the return of one calculator that was not ordered.
20 Sold 30 calculators costing $21 for $31 each to Barbara’s Card Shop, terms n/30.
Instructions
Journalize the September transactions.
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Axia College of University of Phoenix (UoP)
Financial Accounting Transaction Analysis
Weygandt, J. J., Kimmel, P. D., & Kieso, D. E. (2008). Financial Accounting (6th ed.). Hoboken, NJ: Wiley.
ACC 281 Week Two Solution
Individual Assignment
E5-3 On September 1, Howe Office Supply had an inventory of 30 calculators at a cost of $18 each.The company uses a perpetual inventory system. During September, the following transactions occurred.
Sept. 6 Purchased 80 calculators at $20 each from DeVito Co. for cash.
9 Paid freight of $80 on calculators purchased from DeVito Co.
10 Returned 2 calculators to DeVito Co. for $42 credit (including freight) because they did not meet specifications.
12 Sold 26 calculators costing $21 (including freight) for $31 each to Mega Book Store, terms n/30.
14 Granted credit of $31 to Mega Book Store for the return of one calculator that was not ordered.
20 Sold 30 calculators costing $21 for $31 each to Barbara’s Card Shop, terms n/30.
Instructions
Journalize the September transactions.
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Thursday, April 15, 2010
XACC 280 Week Seven Solution
XACC 280
Axia College of University of Phoenix (UoP)
Financial Accounting Concepts and Principles
Weygandt, J. J., Kimmel, P. D., & Kieso, D. E. (2008). Financial Accounting (6th ed.). Hoboken, NJ: Wiley.
XACC 280 Week 7 Solution
4. CheckPoint: Ratio, Vertical and Horizontal Analysis
The calculations you perform for this CheckPoint form the basis of your analysis of your capstone project.
• Write an essay in 250 to 300 words an explanation of the three tools of financial statement analysis and the function of each.
• Examine PepsiCo, Inc.’s Consolidated Balance Sheet on p. A6 in Appendix A of Financial Accounting, especially its Current Assets, Current Liabilities, and Total Assets for years 2005 and 2004.
• Calculate the following for PepsiCo, Inc. and show your work:
o The Current Ratio for 2005
o The Current Ratio for 2004
o Two measures of vertical analysis—for example, compute the current assets divided by total assets for each year, and express your result as a percentage
o Two measures of horizontal analysis—for example, compute the total change in assets by percentage, by dividing current assets in 2005 by current assets in 2004. Compute a similar percentage for current liabilities
• Examine The Coca-Cola Company’s Consolidated Balance sheet on p. B2 in Appendix B of Financial Accounting, especially its Current Assets, Current Liabilities, and Total Assets for years 2005 and 2004.
• Post your explanation and calculations.
• Due Date: Day 3 [post to your Individual forum]
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Axia College of University of Phoenix (UoP)
Financial Accounting Concepts and Principles
Weygandt, J. J., Kimmel, P. D., & Kieso, D. E. (2008). Financial Accounting (6th ed.). Hoboken, NJ: Wiley.
XACC 280 Week 7 Solution
4. CheckPoint: Ratio, Vertical and Horizontal Analysis
The calculations you perform for this CheckPoint form the basis of your analysis of your capstone project.
• Write an essay in 250 to 300 words an explanation of the three tools of financial statement analysis and the function of each.
• Examine PepsiCo, Inc.’s Consolidated Balance Sheet on p. A6 in Appendix A of Financial Accounting, especially its Current Assets, Current Liabilities, and Total Assets for years 2005 and 2004.
• Calculate the following for PepsiCo, Inc. and show your work:
o The Current Ratio for 2005
o The Current Ratio for 2004
o Two measures of vertical analysis—for example, compute the current assets divided by total assets for each year, and express your result as a percentage
o Two measures of horizontal analysis—for example, compute the total change in assets by percentage, by dividing current assets in 2005 by current assets in 2004. Compute a similar percentage for current liabilities
• Examine The Coca-Cola Company’s Consolidated Balance sheet on p. B2 in Appendix B of Financial Accounting, especially its Current Assets, Current Liabilities, and Total Assets for years 2005 and 2004.
• Post your explanation and calculations.
• Due Date: Day 3 [post to your Individual forum]
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XACC 280 Week Six Solution
XACC 280
Axia College of University of Phoenix (UoP)
Financial Accounting Concepts and Principles
Weygandt, J. J., Kimmel, P. D., & Kieso, D. E. (2008). Financial Accounting (6th ed.). Hoboken, NJ: Wiley.
XACC 280 Week 6 Solution
3. Assignment: Comprehensive Problem
• Complete the Comprehensive Problem on pp. 189–190 of Financial Accounting.
• Use the templates in Appendix G to complete the problem; complete all six tabs.
• Post the completed Appendix G as an attachment.
• Due Date: Day 6 [post to your Individual forum]
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Comprehensive Problem Julie Molony opened Julie’s Maids Cleaning Service Inc. on July 1, 2008. During July, the company completed the following transactions.
July 1 Issued $14,000 of common stock for $14,000 cash.
1 Purchased a used truck for $10,000, paying $3,000 cash and the balance on account.
3 Purchased cleaning supplies for $800 on account.
5 Paid $1,800 on a one-year insurance policy, effective July 1.
12 Billed customers $3,800 for cleaning services.
18 Paid $1,000 of amount owed on truck, and $400 of amount owed on cleaning supplies.
20 Paid $1,600 for employee salaries.
21 Collected $1,400 from customers billed on July 12.
25 Billed customers $1,500 for cleaning services.
31 Paid gas and oil for the month on the truck, $400.
31 Paid a $600 cash dividend.
The chart of accounts for Julie’s Maids Cleaning Service contains the following accounts: No. 101 Cash, No. 112 Accounts Receivable, No. 128 Cleaning Supplies, No. 130 Prepaid Insurance, No.157 Equipment, No. 158 Accumulated Depreciation—Equipment, No. 201 Accounts Payable, No. 212 Salaries Payable, No. 311 Common Stock, No. 320 Retained Earnings, No. 332 Dividends, No. 350 Income Summary, No. 400 Service Revenue, No. 633 Gas and Oil Expense, No. 634 Cleaning Supplies Expense, No. 711 Depreciation Expense, No. 722 Insurance Expense, and No. 726 Salaries Expense.
Instructions
(a) Journalize and post the July transactions. Use page J1 for the journal.
(b) Prepare a trial balance at July 31 on a worksheet.
(c) Enter the following adjustments on the worksheet, and complete the worksheet.
(1) Earned but unbilled fees at July 31 were $1,300.
(2) Depreciation on equipment for the month was $200.
(3) One-twelfth of the insurance expired.
(4) An inventory count shows $100 of cleaning supplies on hand at July 31.
(5) Accrued but unpaid employee salaries were $500.
(d) Prepare the income statement and a retained earnings statement for July, and a classified balance sheet at July 31, 2008.
(e) Journalize and post the adjusting entries. Use page J2 for the journal.
(f ) Journalize and post the closing entries, and complete the closing process. Use page J3 for the journal.
(g) Prepare a post-closing trial balance at July 31.
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Axia College of University of Phoenix (UoP)
Financial Accounting Concepts and Principles
Weygandt, J. J., Kimmel, P. D., & Kieso, D. E. (2008). Financial Accounting (6th ed.). Hoboken, NJ: Wiley.
XACC 280 Week 6 Solution
3. Assignment: Comprehensive Problem
• Complete the Comprehensive Problem on pp. 189–190 of Financial Accounting.
• Use the templates in Appendix G to complete the problem; complete all six tabs.
• Post the completed Appendix G as an attachment.
• Due Date: Day 6 [post to your Individual forum]
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Comprehensive Problem Julie Molony opened Julie’s Maids Cleaning Service Inc. on July 1, 2008. During July, the company completed the following transactions.
July 1 Issued $14,000 of common stock for $14,000 cash.
1 Purchased a used truck for $10,000, paying $3,000 cash and the balance on account.
3 Purchased cleaning supplies for $800 on account.
5 Paid $1,800 on a one-year insurance policy, effective July 1.
12 Billed customers $3,800 for cleaning services.
18 Paid $1,000 of amount owed on truck, and $400 of amount owed on cleaning supplies.
20 Paid $1,600 for employee salaries.
21 Collected $1,400 from customers billed on July 12.
25 Billed customers $1,500 for cleaning services.
31 Paid gas and oil for the month on the truck, $400.
31 Paid a $600 cash dividend.
The chart of accounts for Julie’s Maids Cleaning Service contains the following accounts: No. 101 Cash, No. 112 Accounts Receivable, No. 128 Cleaning Supplies, No. 130 Prepaid Insurance, No.157 Equipment, No. 158 Accumulated Depreciation—Equipment, No. 201 Accounts Payable, No. 212 Salaries Payable, No. 311 Common Stock, No. 320 Retained Earnings, No. 332 Dividends, No. 350 Income Summary, No. 400 Service Revenue, No. 633 Gas and Oil Expense, No. 634 Cleaning Supplies Expense, No. 711 Depreciation Expense, No. 722 Insurance Expense, and No. 726 Salaries Expense.
Instructions
(a) Journalize and post the July transactions. Use page J1 for the journal.
(b) Prepare a trial balance at July 31 on a worksheet.
(c) Enter the following adjustments on the worksheet, and complete the worksheet.
(1) Earned but unbilled fees at July 31 were $1,300.
(2) Depreciation on equipment for the month was $200.
(3) One-twelfth of the insurance expired.
(4) An inventory count shows $100 of cleaning supplies on hand at July 31.
(5) Accrued but unpaid employee salaries were $500.
(d) Prepare the income statement and a retained earnings statement for July, and a classified balance sheet at July 31, 2008.
(e) Journalize and post the adjusting entries. Use page J2 for the journal.
(f ) Journalize and post the closing entries, and complete the closing process. Use page J3 for the journal.
(g) Prepare a post-closing trial balance at July 31.
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XACC 280 Week Five Solution
XACC 280
Axia College of University of Phoenix (UoP)
Financial Accounting Concepts and Principles
Weygandt, J. J., Kimmel, P. D., & Kieso, D. E. (2008). Financial Accounting (6th ed.). Hoboken, NJ: Wiley.
XACC 280 Week 5 Solution
4. CheckPoint: Reversing Entry
• Post your answers to BE4-12 on p. 176 of Financial Accounting.
• Due Date: Day 3 [post to your Individual forum]
5. CheckPoint: Closing Entries and a Post-closing Trial Balance
• Complete E4-4 on p. 177 of Financial Accounting. Use the templates in Appendix F and complete all three tabs.
• Post the completed Appendix F as an attachment.
• Due Date: Day 6 [post to your Individual forum]
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BE4-12 At October 31, Nathan Company made an accrued expense adjusting entry of $1,400 for salaries. Prepare the reversing entry on November 1, and indicate the balances in Salaries Payable and Salaries Expense after posting the reversing entry.
E4-4 Worksheet data for Goode Company are presented in E4-2.
Instructions
(a) Journalize the closing entries at April 30.
(b) Post the closing entries to Income Summary and Retained Earnings. Use T accounts.
(c) Prepare a post-closing trial balance at April 30.
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Axia College of University of Phoenix (UoP)
Financial Accounting Concepts and Principles
Weygandt, J. J., Kimmel, P. D., & Kieso, D. E. (2008). Financial Accounting (6th ed.). Hoboken, NJ: Wiley.
XACC 280 Week 5 Solution
4. CheckPoint: Reversing Entry
• Post your answers to BE4-12 on p. 176 of Financial Accounting.
• Due Date: Day 3 [post to your Individual forum]
5. CheckPoint: Closing Entries and a Post-closing Trial Balance
• Complete E4-4 on p. 177 of Financial Accounting. Use the templates in Appendix F and complete all three tabs.
• Post the completed Appendix F as an attachment.
• Due Date: Day 6 [post to your Individual forum]
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BE4-12 At October 31, Nathan Company made an accrued expense adjusting entry of $1,400 for salaries. Prepare the reversing entry on November 1, and indicate the balances in Salaries Payable and Salaries Expense after posting the reversing entry.
E4-4 Worksheet data for Goode Company are presented in E4-2.
Instructions
(a) Journalize the closing entries at April 30.
(b) Post the closing entries to Income Summary and Retained Earnings. Use T accounts.
(c) Prepare a post-closing trial balance at April 30.
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XACC 280 Week Four Solution
XACC 280
Axia College of University of Phoenix (UoP)
Financial Accounting Concepts and Principles
Weygandt, J. J., Kimmel, P. D., & Kieso, D. E. (2008). Financial Accounting (6th ed.). Hoboken, NJ: Wiley.
XACC 280 Week 4 Solution
2. Assignment: Preparing a Financial Statement Worksheet
• Complete E4-1 on pp. 176–177 of Financial Accounting.
• Use the template in Appendix E to complete the 10-column worksheet.
• Post the completed worksheet as an attachment.
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E4-1 The trial balance columns of the worksheet for Briscoe Company at June 30, 2008, are as follows:
BRISCOE COMPANY
Worksheet
For the Month Ended June 30, 2008
Trial Balance
Account Titles Dr. Cr.
Cash $2,320
Accounts Receivable 2,440
Supplies 1,880
Accounts Payable $1,120
Unearned Revenue 240
Common Stock 3,600
Service Revenue 2,400
Salaries Expense 560
Miscellaneous Expense 160
$7,360 $7,360
Other data:
1. A physical count reveals $300 of supplies on hand.
2. $100 of the unearned revenue is still unearned at month-end.
3. Accrued salaries are $280.
Instructions
Enter the trial balance on a worksheet and complete the worksheet.
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Axia College of University of Phoenix (UoP)
Financial Accounting Concepts and Principles
Weygandt, J. J., Kimmel, P. D., & Kieso, D. E. (2008). Financial Accounting (6th ed.). Hoboken, NJ: Wiley.
XACC 280 Week 4 Solution
2. Assignment: Preparing a Financial Statement Worksheet
• Complete E4-1 on pp. 176–177 of Financial Accounting.
• Use the template in Appendix E to complete the 10-column worksheet.
• Post the completed worksheet as an attachment.
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E4-1 The trial balance columns of the worksheet for Briscoe Company at June 30, 2008, are as follows:
BRISCOE COMPANY
Worksheet
For the Month Ended June 30, 2008
Trial Balance
Account Titles Dr. Cr.
Cash $2,320
Accounts Receivable 2,440
Supplies 1,880
Accounts Payable $1,120
Unearned Revenue 240
Common Stock 3,600
Service Revenue 2,400
Salaries Expense 560
Miscellaneous Expense 160
$7,360 $7,360
Other data:
1. A physical count reveals $300 of supplies on hand.
2. $100 of the unearned revenue is still unearned at month-end.
3. Accrued salaries are $280.
Instructions
Enter the trial balance on a worksheet and complete the worksheet.
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XACC 280 Week Three Solution
XACC 280
Axia College of University of Phoenix (UoP)
Financial Accounting Concepts and Principles
Weygandt, J. J., Kimmel, P. D., & Kieso, D. E. (2008). Financial Accounting (6th ed.). Hoboken, NJ: Wiley.
XACC 280 Week 3 Solution
4. CheckPoint: Adjusting Entries, Posting, and Preparing an Adjusted Trial Balance
• Complete parts a, b and c of P3-1A on pp. 128–129 of Financial Accounting.
• Use the templates in Appendix D. Complete all three tabs.
• Post the completed Appendix D as an attachment.
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P3-1A MASASI COMPANY, INC. Trial Balance June 30, 2008 Account Number Debit Credit 101 Cash $ 7,150 112 Accounts Receivable 6,000 126 Supplies 2,000 130 Prepaid Insurance 3,000 157 Office Equipment 15,000 201 Accounts Payable $ 4,500 209 Unearned Service Revenue 4,000 311 Common Stock 21,750 400 Service Revenue 7,900 726 Salaries Expense 4,000 729 Rent Expense 1,000 Total $38,150 Total $38,150 In addition to those accounts listed on the trial balance, the chart of accounts for Masasi Company,Inc. also contains the following accounts and account numbers:No. 158 Accumulated Depreciation—Office Equipment, No. 212 Salaries Payable,No. 244 Utilities Payable,No. 631 Supplies Expense,No. 711 Depreciation Expense,No. 722 Insurance Expense, and No. 732 Utilities Expense. Other data: 1. Supplies on hand at June 30 are $600. 2. A utility bill for $150 has not been recorded and will not be paid until next month. 3. The insurance policy is for a year. 4. $2,500 of unearned service revenue has been earned at the end of the month. 5. Salaries of $2,000 are accrued at June 30. 6. The office equipment has a 5-year life with no salvage value. It is being depreciated at $250 per month for 60 months. 7. Invoices representing $1,000 of services performed during the month have not been recorded as of June 30. Instructions (a) Prepare the adjusting entries for the month of June. Use J3 as the page number for your journal. (b) Post the adjusting entries to the ledger accounts. Enter the totals from the trial balance as beginning account balances and place a check mark in the posting reference column. (c) Prepare an adjusted trial balance at June 30, 2008.
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Axia College of University of Phoenix (UoP)
Financial Accounting Concepts and Principles
Weygandt, J. J., Kimmel, P. D., & Kieso, D. E. (2008). Financial Accounting (6th ed.). Hoboken, NJ: Wiley.
XACC 280 Week 3 Solution
4. CheckPoint: Adjusting Entries, Posting, and Preparing an Adjusted Trial Balance
• Complete parts a, b and c of P3-1A on pp. 128–129 of Financial Accounting.
• Use the templates in Appendix D. Complete all three tabs.
• Post the completed Appendix D as an attachment.
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P3-1A MASASI COMPANY, INC. Trial Balance June 30, 2008 Account Number Debit Credit 101 Cash $ 7,150 112 Accounts Receivable 6,000 126 Supplies 2,000 130 Prepaid Insurance 3,000 157 Office Equipment 15,000 201 Accounts Payable $ 4,500 209 Unearned Service Revenue 4,000 311 Common Stock 21,750 400 Service Revenue 7,900 726 Salaries Expense 4,000 729 Rent Expense 1,000 Total $38,150 Total $38,150 In addition to those accounts listed on the trial balance, the chart of accounts for Masasi Company,Inc. also contains the following accounts and account numbers:No. 158 Accumulated Depreciation—Office Equipment, No. 212 Salaries Payable,No. 244 Utilities Payable,No. 631 Supplies Expense,No. 711 Depreciation Expense,No. 722 Insurance Expense, and No. 732 Utilities Expense. Other data: 1. Supplies on hand at June 30 are $600. 2. A utility bill for $150 has not been recorded and will not be paid until next month. 3. The insurance policy is for a year. 4. $2,500 of unearned service revenue has been earned at the end of the month. 5. Salaries of $2,000 are accrued at June 30. 6. The office equipment has a 5-year life with no salvage value. It is being depreciated at $250 per month for 60 months. 7. Invoices representing $1,000 of services performed during the month have not been recorded as of June 30. Instructions (a) Prepare the adjusting entries for the month of June. Use J3 as the page number for your journal. (b) Post the adjusting entries to the ledger accounts. Enter the totals from the trial balance as beginning account balances and place a check mark in the posting reference column. (c) Prepare an adjusted trial balance at June 30, 2008.
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Saturday, April 3, 2010
XACC 280: Week Two Solution
XACC 280
Axia College of University of Phoenix (UoP)
Financial Accounting Concepts and Principles
Weygandt, J. J., Kimmel, P. D., & Kieso, D. E. (2008). Financial Accounting (6th ed.). Hoboken, NJ: Wiley.
XACC 280 Week 2 Solution
2. Assignment: Journalizing, Posting and Preparing a Trial Balance
• Complete P2-2A on p. 81 of Financial Accounting, using the templates in Appendix C for your answers. Each part of the problem corresponds to one tab in Appendix C. Complete all three tabs of Appendix C.
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P2-2A Jane Kent is a licensed CPA. During the first month of operations of her business, Jane Kent, Inc., the following events and transactions occurred. May 1 Stockholders invested $25,000 cash in exchange for common stock. 2 Hired a secretary-receptionist at a salary of $2,000 per month. 3 Purchased $2,500 of supplies on account from Read Supply Company. 7 Paid office rent of $900 cash for the month. 11 Completed a tax assignment and billed client $2,100 for services provided. 12 Received $3,500 advance on a management consulting engagement. 17 Received cash of $1,200 for services completed for H. Arnold Co. 31 Paid secretary-receptionist $2,000 salary for the month. 31 Paid 40% of balance due Read Supply Company. Jane uses the following chart of accounts: No. 101 Cash, No. 112 Accounts Receivable, No. 126 Supplies,No. 201 Accounts Payable,No. 205 Unearned Revenue,No. 311 Common Stock,No. 400 Service Revenue, No. 726 Salaries Expense, and No. 729 Rent Expense
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Axia College of University of Phoenix (UoP)
Financial Accounting Concepts and Principles
Weygandt, J. J., Kimmel, P. D., & Kieso, D. E. (2008). Financial Accounting (6th ed.). Hoboken, NJ: Wiley.
XACC 280 Week 2 Solution
2. Assignment: Journalizing, Posting and Preparing a Trial Balance
• Complete P2-2A on p. 81 of Financial Accounting, using the templates in Appendix C for your answers. Each part of the problem corresponds to one tab in Appendix C. Complete all three tabs of Appendix C.
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P2-2A Jane Kent is a licensed CPA. During the first month of operations of her business, Jane Kent, Inc., the following events and transactions occurred. May 1 Stockholders invested $25,000 cash in exchange for common stock. 2 Hired a secretary-receptionist at a salary of $2,000 per month. 3 Purchased $2,500 of supplies on account from Read Supply Company. 7 Paid office rent of $900 cash for the month. 11 Completed a tax assignment and billed client $2,100 for services provided. 12 Received $3,500 advance on a management consulting engagement. 17 Received cash of $1,200 for services completed for H. Arnold Co. 31 Paid secretary-receptionist $2,000 salary for the month. 31 Paid 40% of balance due Read Supply Company. Jane uses the following chart of accounts: No. 101 Cash, No. 112 Accounts Receivable, No. 126 Supplies,No. 201 Accounts Payable,No. 205 Unearned Revenue,No. 311 Common Stock,No. 400 Service Revenue, No. 726 Salaries Expense, and No. 729 Rent Expense
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XACC 280: Week One Solution
XACC 280
Axia College of University of Phoenix (UoP)
Financial Accounting Concepts and Principles
Weygandt, J. J., Kimmel, P. D., & Kieso, D. E. (2008). Financial Accounting (6th ed.). Hoboken, NJ: Wiley.
XACC 280 Week 1 Solution
6. CheckPoint: The Accounting Equation
• Complete E1-5, E1-6 and E1-7 on pp. 34 and 35 of Financial Accounting.
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E1-5 Meredith Cleaners has the following balance sheet items. Accounts payable, Accounts receivable Cash, Notes payable Cleaning equipment, Salaries payable Cleaning supplies, Common stock Instructions Classify each item as an asset, liability, or stockholders’ equity.
E1-6 Selected transactions for Evergreen Lawn Care Company are listed below. 1. Sold common stock for cash to start business. 2. Paid monthly rent. 3. Purchased equipment on account. 4. Billed customers for services performed. 5. Paid dividends. 6. Received cash from customers billed in (4). 7. Incurred advertising expense on account. 8. Purchased additional equipment for cash. 9. Received cash from customers when service was performed. Instructions List the numbers of the above transactions and describe the effect of each transaction on assets, liabilities, and stockholders’ equity. For example, the first answer is: (1) Increase in assets and increase in stockholders’ equity.
E1-7 Brandon Computer Timeshare Company entered into the following transactions during May 2008. 1. Purchased computer terminals for $20,000 from Digital Equipment on account. 2. Paid $4,000 cash for May rent on storage space. 3. Received $15,000 cash from customers for contracts billed in April. 4. Provided computer services to Fisher Construction Company for $3,000 cash. 5. Paid Northern States Power Co. $11,000 cash for energy usage in May. 6. Stockholders invested an additional $32,000 in the business. 7. Paid Digital Equipment for the terminals purchased in (1) above. 8. Incurred advertising expense for May of $1,200 on account. Instructions Indicate with the appropriate letter whether each of the transactions above results in: (a) an increase in assets and a decrease in assets. (b) an increase in assets and an increase in stockholders’ equity. (c) an increase in assets and an increase in liabilities. (d) a decrease in assets and a decrease in stockholders’ equity. (e) a decrease in assets and a decrease in liabilities. (f) an increase in liabilities and a decrease in stockholders’ equity. (g) an increase in stockholders’ equity and a decrease in liabilities.
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Axia College of University of Phoenix (UoP)
Financial Accounting Concepts and Principles
Weygandt, J. J., Kimmel, P. D., & Kieso, D. E. (2008). Financial Accounting (6th ed.). Hoboken, NJ: Wiley.
XACC 280 Week 1 Solution
6. CheckPoint: The Accounting Equation
• Complete E1-5, E1-6 and E1-7 on pp. 34 and 35 of Financial Accounting.
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E1-5 Meredith Cleaners has the following balance sheet items. Accounts payable, Accounts receivable Cash, Notes payable Cleaning equipment, Salaries payable Cleaning supplies, Common stock Instructions Classify each item as an asset, liability, or stockholders’ equity.
E1-6 Selected transactions for Evergreen Lawn Care Company are listed below. 1. Sold common stock for cash to start business. 2. Paid monthly rent. 3. Purchased equipment on account. 4. Billed customers for services performed. 5. Paid dividends. 6. Received cash from customers billed in (4). 7. Incurred advertising expense on account. 8. Purchased additional equipment for cash. 9. Received cash from customers when service was performed. Instructions List the numbers of the above transactions and describe the effect of each transaction on assets, liabilities, and stockholders’ equity. For example, the first answer is: (1) Increase in assets and increase in stockholders’ equity.
E1-7 Brandon Computer Timeshare Company entered into the following transactions during May 2008. 1. Purchased computer terminals for $20,000 from Digital Equipment on account. 2. Paid $4,000 cash for May rent on storage space. 3. Received $15,000 cash from customers for contracts billed in April. 4. Provided computer services to Fisher Construction Company for $3,000 cash. 5. Paid Northern States Power Co. $11,000 cash for energy usage in May. 6. Stockholders invested an additional $32,000 in the business. 7. Paid Digital Equipment for the terminals purchased in (1) above. 8. Incurred advertising expense for May of $1,200 on account. Instructions Indicate with the appropriate letter whether each of the transactions above results in: (a) an increase in assets and a decrease in assets. (b) an increase in assets and an increase in stockholders’ equity. (c) an increase in assets and an increase in liabilities. (d) a decrease in assets and a decrease in stockholders’ equity. (e) a decrease in assets and a decrease in liabilities. (f) an increase in liabilities and a decrease in stockholders’ equity. (g) an increase in stockholders’ equity and a decrease in liabilities.
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ACC 280: Week Five Solution
ACC 280
Axia College of University of Phoenix (UoP)
Principles of Accounting
Weygandt, J. J., Kimmel, P. D., & Kieso, D. E. (2008). Financial Accounting (6th ed.). Hoboken, NJ: Wiley.
ACC 280 Week 5 Solution
5. Learning Team Assignment: Ch.8 & 15 Textbook Exercises
• Resources: Ch. 8 & 15 of Financial Accounting
• Prepare written answers to the following assignments from Ch. 8 & 15 of Financial Accounting:
o Chapter 8:
• Exercise E8-5 & BYP8-6 – Ethics Case
o Chapter 15:
• Problem P15-1 & Problem P15-6
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Are you looking for XACC 280? Click here.
Axia College of University of Phoenix (UoP)
Principles of Accounting
Weygandt, J. J., Kimmel, P. D., & Kieso, D. E. (2008). Financial Accounting (6th ed.). Hoboken, NJ: Wiley.
ACC 280 Week 5 Solution
5. Learning Team Assignment: Ch.8 & 15 Textbook Exercises
• Resources: Ch. 8 & 15 of Financial Accounting
• Prepare written answers to the following assignments from Ch. 8 & 15 of Financial Accounting:
o Chapter 8:
• Exercise E8-5 & BYP8-6 – Ethics Case
o Chapter 15:
• Problem P15-1 & Problem P15-6
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ACC 280: Week Four Solution
ACC 280
Axia College of University of Phoenix (UoP)
Principles of Accounting
Weygandt, J. J., Kimmel, P. D., & Kieso, D. E. (2008). Financial Accounting (6th ed.). Hoboken, NJ: Wiley.
ACC 280 Week 4 Solution
2. Individual Assignment: Ch. 4 Textbook Exercises
• Resources: Ch. 4 of Financial Accounting
• Prepare written answers to the following assignments from Ch. 4 of Financial Accounting:
o Exercise E4-2
o Exercise E4-3
o Exercise E4-4
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Are you looking for XACC 280? Click here.
Axia College of University of Phoenix (UoP)
Principles of Accounting
Weygandt, J. J., Kimmel, P. D., & Kieso, D. E. (2008). Financial Accounting (6th ed.). Hoboken, NJ: Wiley.
ACC 280 Week 4 Solution
2. Individual Assignment: Ch. 4 Textbook Exercises
• Resources: Ch. 4 of Financial Accounting
• Prepare written answers to the following assignments from Ch. 4 of Financial Accounting:
o Exercise E4-2
o Exercise E4-3
o Exercise E4-4
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ACC 280: Week Three Solution
ACC 280
Axia College of University of Phoenix (UoP)
Principles of Accounting
Weygandt, J. J., Kimmel, P. D., & Kieso, D. E. (2008). Financial Accounting (6th ed.). Hoboken, NJ: Wiley.
ACC 280 Week 3 Solution
2. Individual Assignment: Ch. 3 Textbook Exercises
• Resources: Ch. 3 of Financial Accounting
• Prepare written answers to the following assignments from Ch. 3 of Financial Accounting:
o Ch. 3: E3-2 , E3-7 & E3-8
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Are you looking for XACC 280? Click here.
Axia College of University of Phoenix (UoP)
Principles of Accounting
Weygandt, J. J., Kimmel, P. D., & Kieso, D. E. (2008). Financial Accounting (6th ed.). Hoboken, NJ: Wiley.
ACC 280 Week 3 Solution
2. Individual Assignment: Ch. 3 Textbook Exercises
• Resources: Ch. 3 of Financial Accounting
• Prepare written answers to the following assignments from Ch. 3 of Financial Accounting:
o Ch. 3: E3-2 , E3-7 & E3-8
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ACC 280: Week Two Solution
ACC 280
Axia College of University of Phoenix (UoP)
Principles of Accounting
Weygandt, J. J., Kimmel, P. D., & Kieso, D. E. (2008). Financial Accounting (6th ed.). Hoboken, NJ: Wiley.
ACC 280 Week 2 Solution
2. Individual Assignment: Ch. 1, 2, & 7 Textbook Exercises
• Resources: Ch. 1, 2 & 7 of Financial Accounting
• Prepare written answers to the following assignments:
o Ch. 1: E1-12
o Ch 2: E2-2 & E2-3
o Ch 7: Questions 1 & 2 and E7-3
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Are you looking for XACC 280? Click here.
Axia College of University of Phoenix (UoP)
Principles of Accounting
Weygandt, J. J., Kimmel, P. D., & Kieso, D. E. (2008). Financial Accounting (6th ed.). Hoboken, NJ: Wiley.
ACC 280 Week 2 Solution
2. Individual Assignment: Ch. 1, 2, & 7 Textbook Exercises
• Resources: Ch. 1, 2 & 7 of Financial Accounting
• Prepare written answers to the following assignments:
o Ch. 1: E1-12
o Ch 2: E2-2 & E2-3
o Ch 7: Questions 1 & 2 and E7-3
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Friday, April 2, 2010
P10–4 Murdock Paints: Basic Sensitivity Analysis
Principles of Managerial Finance
Gitman, Lawrence J
P10–4 Murdock Paints
Basic Sensitivity Analysis
Murdock Paints is in the process of evaluating two mutually exclusive additions to its processing capacity. The firm's financial analysts have developed pessimistic, most likely, and optimistic estimates of the annual cash inflows associated with each project. These estimates are shown in the following table.
Project A Project B
Initial investment (CF0) $9,000 $9,000
Outcome Annual cash inflows (CF)
Pessimistic $ 300 $ 1000
Most likely 1,100 1,100
Optimistic 1,900 1,200
1. Determine the range of annual cash inflows for each of the two projects.
2. Assume that the firm' s cost of capital is 10% and that both projects have 20-year lives. Construct a table similar to this for the NPVs for each project. Include the range of NPVs for each project.
3. Do parts a and b provide consistent views of the two projects? Explain.
4. Which project do you recommend? Why?
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Gitman, Lawrence J
P10–4 Murdock Paints
Basic Sensitivity Analysis
Murdock Paints is in the process of evaluating two mutually exclusive additions to its processing capacity. The firm's financial analysts have developed pessimistic, most likely, and optimistic estimates of the annual cash inflows associated with each project. These estimates are shown in the following table.
Project A Project B
Initial investment (CF0) $9,000 $9,000
Outcome Annual cash inflows (CF)
Pessimistic $ 300 $ 1000
Most likely 1,100 1,100
Optimistic 1,900 1,200
1. Determine the range of annual cash inflows for each of the two projects.
2. Assume that the firm' s cost of capital is 10% and that both projects have 20-year lives. Construct a table similar to this for the NPVs for each project. Include the range of NPVs for each project.
3. Do parts a and b provide consistent views of the two projects? Explain.
4. Which project do you recommend? Why?
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