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UMUC ACCT 220 Full Course Latest

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UMUC ACCT 220 Full Course Latest

UMUC ACCT 220 Full Course Latest

ACCT220

UMUC ACCT 220 Full Course Latest

UMUC ACCT 220 Week 1 Discussion Latest

Select a publicly traded U.S. corporation you would like to study this semester and ask the professor for permission by posting a response here. You may search for the name of your company and Investor Relations and look for SEC Filings

Your corporation must meet the following criteria:

  1. It must have an SEC 10-K report for the current or most recent prior year.
  2. It must have an Accounts Receivable and Inventory account.

Your corporation may NOT

  1. be the same corporation you used for SEC projects in other courses
  2. be the same corporation a classmate selected
  3. be a bank or any other type of financial institution

Discussion Requirements

  1. Write the name of the corporation, the stock market where it is traded, and its ticker symbol in the Subject line when you respond to this posting and all other postings related to this project.

For example:

  • Under Armour; NYSE: UA
  • Apple; NASDAQ: APPL
  • Exxon Mobile; NYSE: XOM
  1. State why you want to study and prepare a financial analysis of your corporation.

Provide a direct link to your corporation’s SEC 10-K report for the most recent year. A direct link is a hyperlink that takes you directly to a website where the SEC 10-K report is located. For example, this is the direct link to the 2015 SEC 10-K report for Apple, Inc.:.sec.gov/Archives/edgar/data/320193/000119312515356351/d17062d10k.htm”>https://www.sec.gov/Archives/edgar/data/320193/000119312515356351/d17062d10k.htm

The most direct route to finding the direct link is to use the SEC EDGAR System and search by Company name. The following link is a good place to start your search: .sec.gov/edgar/searchedgar/companysearch.html”>http://www.sec.gov/edgar/searchedgar/companysearch.html

  1. State your corporation’s position on the Fortune 500 List for the current year.
  2. Provide page numbers for all four required financial statements:
    • Income Statement (Hint: It could be listed as the Consolidated Statements of Income.)
    • Balance Sheet (Hint: It could be listed as the Consolidated Balance Sheet or Statement of Financial Position.)
    • Statement of Stockholders Equity (Hint: It could be listed as the Consolidated Statements of Stockholder’s Equity or Consolidated Statements of Stockholder’s Deficit.)
    • Statement of Cash Flows

UMUC ACCT 220 Week 2 Discussion Latest

Read the prompt below and click the title above to respond.

1. Locate the Income Statement (may have a different heading such as Statement of Consolidated Operations). Hint: First line should relate to Revenue.

** What is the Description and Dollar Value of the first line on the Income Statement (it may be net sales)?

2. Locate the Balance Sheet (it may have a different heading, such as the Statement of Financial Position).

** What are the names of the assets and their values (if more than five line items, report only the first five line items and dollar values).

3. Take care with the concept of $ dollars. Many financial statements are expressed in millions of $. You would report $895 million for the value $895,000,000. Be a very careful reader.

4. Statement of Owners’ Equity: Post the line items and dollar values in the “Equity” section of the balance sheet. You will likely find line items including Common Stock, Retained Earnings (or Deficit), and Treasury Stock.

5. Always include the name of your SEC 10-K company in the subject line and the link to your SEC 10-K financial statement when posting.

6. What is the Net Income (or Net Loss) for your SEC 10-K company?

UMUC ACCT 220 Week 3 Discussion Latest

Read the Notes to the Financial Statements (FS) for your SEC 10-K company. These “notes” are displayed after the financial statements.

1. Note 1 includes accounting information. What is the fiscal year for your SEC 10-K Company? This may be June 30 each year, or it may be the Sunday closest to the last day of January, or some other description.

2. Inventory: How is Inventory described for your SEC 10-K company? LIFO, FIFO, and/or average cost? Relate your answer to topics in our course.

3. Income Statement: Is it a single-step or multi-step income statement?

4. Calculate the Gross Profit and Gross Profit Percentage for this year and last year, creating a small table, such as the following:

This Year Last Year
Net Sales $1,200 $1,400
Cost of Goods Sold 800 1,200
Gross Profit 400 200
Gross Profit Percentage 33% 14%

In the example above, sales decreased, gross profit increased, and the gross profit percentage increased. Therefore, sales are more profitable. We made 33 cents of gross profit on every dollar of sales this year, but only 14 cents of gross profit on every dollar of sales last year. Sales decreased, but sales are actually generating more profit overall, both as an absolute dollar value and as a percentage.

Your description may be different, but these are comments you might make for this posting and in your SEC 10-K paper and project.

UMUC ACCT 220 Week 5 Discussion Latest

Read the prompt below and click the title above to respond.

Using the SEC 10-K for your company, answer the following questions:

1. Reading the notes to the financial statements, as well as the balance sheet, post information about the Accounts Receivable for your company. Who owes the company money?

2. Search for the phrase “Bad Debts” or Allowance (for collectible accounts). When you read the balance sheet, you may see that the receivables are listed as a net of $x,xxx to show the Allowance for Bad Debts. Comment about the changes in Accounts Receivable and the Allowance for Bad Debts. Are they increasing or decreasing? How does this relate to sales (are sales increasing or decreasing)?

3. Property, Plants, and Equipment / PPE (Capital Assets; Fixed Assets): Comment about PPE and accumulated depreciation. How are these values changing from year to year: PPE, Accumulated Depreciation, and Net PPE?

UMUC ACCT 220 Week 6 Discussion Latest

Read the guidelines below for peer review and click the title to respond.

Participating in the Peer Review process serves four purposes:

1) Each student has an opportunity to learn about another corporation.

2) Providing detailed and constructive feedback results in higher grades for all students.

3) Seeing how other students approached the project may provide insight for your to improve your project.

4) At your discretion, you have an opportunity to edit your project before submitting it for a grade.

To participate in the SEC 10K Peer Review process, post a draft of one or both documents as a response to this discussion topic.

Ask for and volunteer to provide detailed and constructive to one or more of your classmates.

UMUC ACCT 220 Week 7 Discussion Latest

Previous weeks discussed Current Liabilities and Payroll Accounting; please post comments on your experience with any elements of payroll.

Some ideas to consider:

1. Do you receive a form 1099? Why should you receive a higher hourly rate than if you were issued a W-2 Form (this relates to the self employment tax of 14.3% based on 7.65% as the withholding from the employee and the match paid by the employer as payroll taxes).

2. W-2’s must be mailed to employees by January 31 each year. The employer must submit W-2 information to the government no later than February 28 each year. What are some the challenges doing this?

3. If you work for a company and have the ability to sign checks, you may have a liability for unpaid payroll taxes. How comfortable are you with this responsibility?

4. If you work for a company that is not properly submitting payroll taxes, this usually does not affect your withholding values. What do you think of this as a concern for small businesses?

5. At some point, you’ve probably have filled out a W-4, where you declare the amount of exemptions you wish to claim related to your Federal Tax withholding obligation. What are the financial consequences you need to think about as you complete the W-4?

UMUC ACCT 220 Week 8 Discussion Latest

The end of the semester is a good time to think about your math, accounting, and Excel skills. Take a moment to think about, and then comment on, the following questions:

1. What has been your experience in this course using Excel to solve math problems?

2. At this point, how comfortable are you using Excel for business purposes? When do you still use your calculator?

3. What do you think would help you improve your Excel skills, if you need to do so?

UMUC ACCT 220 Week 1 Homework Assignment Latest

There are two problems on this assignment. Page down further after you complete problem 1.

Problem 1

Record the following journal entries below. The first two are done for you as examples.

Date Event

02-01-2016 Amanda Smith invested $20,000 cash in capital stock of newly formed corporation

04-01-2016 Purchased equipment on account for $15,000. Note that when you see on account it means the customer will pay later.

12-01-2016 Received $30,000 from customers for services rendered. This was not previously billed to customer.

15-01-2016 Received a bill for construction supplies used in the amount of $4,000.

18-01-2016 Provided $6,400 of services on account.

20-01-2016 Paid employees $4,600 for wages earned.

22-01-2016 Collected the amount due for work provided on January 18.

23-01-2016 Paid the amount due on equipment purchased on January 4.

25-01-2016 Purchased (and used immediately) construction supplies for cash in the amount of $1,200.

31-01-2016 The company paid Amanda Smith a $3,000 dividend

GENERAL JOURNAL

DATE ACCOUNT DEBIT CREDIT

02-01-2016 Cash 20,000

Capital Stock 20,000

Issued stock to Amanda Smith for cash

04-01-2016 Equipment 15,000

Accounts Payable 15,000

Purchased equipment on account

UMUC ACCT 220 Week 2 Homework Assignment Latest

Review the unadjusted trial balance below and prepare adjusting journal entries to record the various described items below.

Record in the space provided at the bottom of this spreadsheet. After completing journal entries, complete the adjusted trial balance below. Lastly complete the income statement, balance sheet and statement of retained earnings.

The balance sheet must balance. The accounting equation is Assets = Liabilities + Equity.

Baltimore Corporation

Unadjusted Trial Balance

January 31, 2016

Debits Credits

Cash $37,500 $-

Accounts receivable 12,410 –

Prepaid insurance 2,400 –

Supplies inventory 7,113 –

Equipment 35,000 –

Accumulated depreciation – 10,000

Accounts payable – 7,569

Salaries payable – –

Interest payable – –

Unearned revenue – 8,500

Loan payable – 11,500

Capital stock – 25,000

Retained earnings, Jan. 1 – 15,457

Revenues – 43,995

Depreciation expense – –

Interest expense – –

Insurance expense – –

Office expense 2,500 –

Rent expense 13,000 –

Salary expense 12,098 –

Supplies expense – –

Utilities expense – –

$1,22,021 $1,22,021

1 “Belair Corporation’s equipment had an original life of 140 months, and the straight-line depreciation method is used. ”

“As of January 1, the equipment was 40 months old. The equipment will be worthless at the end of its useful life. ”

2 “As of the end of the month, Belair Corporation has provided services to customers for which the earnings process is complete. ”

“Formal billings are normally sent out on the first day of each month for the prior month’s work. January’s unbilled work is $25,000. ”

3 “Utilities used during January, for which bills will soon be forthcoming from providers, are estimated at $1,500. ”

4 “A review of supplies on hand at the end of the month revealed items costing $3,500. ”

5 “The $2,400 balance in prepaid insurance was for a 6-month policy running from January 1 to June 30. ”

6 “The unearned revenue was collected in December of 2014. 60% of that amount was actually earned in January, with the remainder to be earned in February. ”

7 “The loan accrues interest at 1% per month. No interest was paid in January. ”

8 At month end, salaries of $2,120 have been earned but not paid.

JE # ACCOUNT DEBIT CREDIT 1 2 3 4 5 6 7 8

Baltimore Corporation

Adjusted Trial Balance

January 31, 2016

Debits Credits

Cash

Accounts receivable

Prepaid insurance

Supplies inventory

Equipment

Accumulated depreciation

Accounts payable

Salaries payable

Interest payable

Unearned revenue

Loan payable

Capital stock

Retained earnings, Jan. 1

Revenues

Depreciation expense

Insurance expense

Interest expense

Office expense

Rent expense

Salary expense

Supplies expense

Utilities expense $- $-

Baltimore Corporation

Income Statement

For the month ended January 31, 2016

Baltimore Corporation

Balance Sheet

January 31, 2016

Baltimore Corporation

Statement of Retained Earnings

As of January 31, 2015

UMUC ACCT 220 Week 3 Homework Assignment Latest

There are two homework problems this week. The first is below and the second one is on the second tab at the bottom left of the screen

Below you will see an unadjusted trial balance run at year end followed by information needed to make adjusting entries.

Baltimore Glass Company

Trial Balance

December 31, 2015

Acct. No. Account Title Debit Credit

101 Cash 88,450

110 Accounts Receivable 1,95,613

120 Merchandise Inventory 2,56,250

125 Supplies on Hand 3,252

130 Prepaid Insurance 3,500

131 Prepaid Rent 7,500

150 Equipment 1,75,285

160 Accumulated Depreciation 24,260

202 Accounts Payable 72,555

210 Wages Payable –

301 Capital Stock 2,20,000

302 Retained Earnings, January 1 2,11,144

401 Sales 9,98,250

405 Sales Returns and Allowances 5,145

410 Interest Income 1,500

500 Purchases 5,60,880

501 Purchases Discounts 4,080

502 Purchases Returns and Allowances 1,200

505 Freight In 4,580

520 Advertising Expense 1,000

530 Sales Salaries Expense 88,600

532 Supplies Expense –

540 Office Salaries Expense 1,24,500

550 Utilities Expense 8,594

555 Insurance Expense –

560 Professional Fees Expense 3,000

570 Depreciation Expense –

580 Interest Expense 6,840

15,32,989

15,32,989

Adjusting items:

1. The remaining prepaid insurance at year end is $3,000

2. A physical inventory shows supplies on hand of $2,000 at year end

3. The prepaid rent of $7,500 covers January 2015 rent

4. Depreciation on equipment is $12,000 for the year

5. At year end sales salaries of $3,000 were earned but unpaid

6. At year end office salaries of $4,000 were earned but unpaid

7. Inventory items with a cost of $35,400 were received on the last day of the year but no invoice was received yet.

8. A physical count of inventory shows a value of $219,100. The periodic inventory method is used.

Do the following requirements below. Create proper headings for each statement.

1. Record adjusting journal entries from information above. It is possible that an item may not require an entry

2. Prepare an adjusted trial balance including the adjusting entries made

3. Prepare a classified income statement. Supplies is a sales expense. January 1 inventory was $219,115.

4. Prepare a statement of retained earnings

5. Prepare a classified balance sheet

6. Prepare closing journal entries

Account # Account Title debit credit `

Baltimore Glass Company

Trial Balance 42369

Acct. No. Account Title Debit Credit

101 Cash

110 Accounts Receivable

120 Merchandise Inventory

125 Supplies on Hand

130 Prepaid Insurance

131 Prepaid Rent

150 Equipment

160 Accumulated Depreciation

202 Accounts Payable

210 Wages Payable

301 Capital Stock

302 Retained Earnings, January 1

401 Sales

405 Sales Returns and Allowances

410 Interest Income

500 Purchases

501 Purchases Discounts

502 Purchases Returns and Allowances

505 Freight In

520 Advertising Expense

530 Sales Salaries Expense

532 Supplies Expense

540 Office Salaries Expense

550 Utilities Expense

555 Insurance Expense

560 Professional Fees Expense

570 Depreciation Expense

580 Interest Expense

0 0

Baltimore Glass Company

Income Statement

For the Year Ended 12/31/2015

Note on utilities, insurance, professional fees – I did not indicate where these expenses belonged so you may have put some in selling expense also.

Note on depreciation – I did note indicate where this went so some of it could have gone to selling expense or even to cost of goods sold

You would have needed more information to determine that

Note on interest – you could have combined as I did or shown them as separate items.

Baltimore Glass Company

Statement of Retained Earnings

For the Year Ended 12/31/2014

You could have skipped the line for dividends and had just three lines on the statement since it was zero.

Baltimore Glass Company

Balance Sheet 42369

Closing Entries zero out income statement accounts for new year

UMUC ACCT 220 Week 4 Homework Assignment Latest

There are two problems this week. Click on the tab at the bottom of the spreadsheet to see problem 2.

Compute the ending inventory using the FIFO and the weighted average method below. These are the same transactions used in week 3 homework:

units price

01-Jan Beginning inventory 3,500 $3.00

14-Jan Bought 1,500 $3.15

05-Feb Sold 1,000

22-Feb Bought 2,000 $3.20

07-Mar Sold 1,500

15-Mar Sold 2,000

05-Apr Bought 1,000 $3.25

10-Apr Sold 800

12-Apr Sold 800

22-Apr Sold 500

04-May Sold 600

10-May Bought 2,000 $3.30

25-May Sold 500

FIFO method (scroll down for Weighted Average entry area)

Purchased Sold Balance

Date units cost total units cost total units cost total

01-Jan 3500 $3.00 $10,500.00

Weighted Average Method

Purchased Sold Balance

Date units cost total units cost total units cost total

01-Jan 3500 $3.000 $10,500.00

There are two problems this week. Click on the tab at the bottom of the spreadsheet to see problem 2.

Compute the ending inventory using the FIFO and the weighted average method below. These are the same transactions used in week 3 homework:

units price

01-Jan Beginning inventory 3,500 $3.00

14-Jan Bought 1,500 $3.15

05-Feb Sold 1,000

22-Feb Bought 2,000 $3.20

07-Mar Sold 1,500

15-Mar Sold 2,000

05-Apr Bought 1,000 $3.25

10-Apr Sold 800

12-Apr Sold 800

22-Apr Sold 500

04-May Sold 600

10-May Bought 2,000 $3.30

25-May Sold 500

FIFO method (scroll down for Weighted Average entry area)

Purchased Sold Balance

Date units cost total units cost total units cost total

01-Jan 3500 $3.00 $10,500.00

Weighted Average Method

Purchased Sold Balance

Date units cost total units cost total units cost total

01-Jan 3500 $3.000 $10,500.00

UMUC ACCT 220 Week 5 Homework Assignment Latest

There are two problems this week. Click on the tab at the bottom of the spreadsheet to see problem 2.

Compute the ending inventory using the FIFO and the weighted average method below. These are the same transactions used in week 3 homework:

units price

01-Jan Beginning inventory 3,500 $3.00

14-Jan Bought 1,500 $3.15

05-Feb Sold 1,000

22-Feb Bought 2,000 $3.20

07-Mar Sold 1,500

15-Mar Sold 2,000

05-Apr Bought 1,000 $3.25

10-Apr Sold 800

12-Apr Sold 800

22-Apr Sold 500

04-May Sold 600

10-May Bought 2,000 $3.30

25-May Sold 500

FIFO method (scroll down for Weighted Average entry area)

Purchased Sold Balance

Date units cost total units cost total units cost total

01-Jan 3500 $3.00 $10,500.00

Weighted Average Method

Purchased Sold Balance

Date units cost total units cost total units cost total

01-Jan 3500 $3.000 $10,500.00

For each of the items below, state if the lease is an operating lease or a capital lease

Reminder: Lessor is the party that owns the item, Lessee is the party using the item

The lessee reports the leased asset on its balance sheet

Payments are reported fully as rent expense

Ownership of the property passes to the lessee by the end of the lease term

The lease term is at least 75% of the remaining life of the property

Interest expense is measured and reported by the lessee

Depreciation of the leased asset is not reported by the lessee

At the inception of the lease, the lessee records both an asset and liability

The lessee reports a liability for the present value of all future payments anticipated under the lease agreement

The lessor continues to report the tangible asset covered by the lease on its balance sheet

Listed below are nine fixed asset transactions. Record the journal entries. Dates and descriptions are not required. The only account titles you will need are listed:

Account titles:

Cash

Land

Land Improvements

Building

Equipment

Expense (determine expense account title)

Prepaid account (determine full account title)

Paid $2,500 for one year insurance coverage on equipment

Paid $7,500 for trees and shrubs

Paid $500 attorney’s fees for document preparation related to land purchase

Paid $150,000 for land and building. The land was separately valued at $40,000, and the building at $120,000. Hint – the cash is only $150,000 and the entry must balance.

Paid $1,000 freight costs on purchase of new furniture

Paid $300 for staplers, trash cans, and desktop mats

Ordered new $50,000 truck, to be delivered and paid for in the future

Paid $10,000 of interest costs on loan on active building construction project

Paid $25,000 to expand parking lot paving

Depreciation

Ace Specialties bought a delivery truck for $40,000 cash. The expected useful life is 5 years and the salvage value is $5,000.

Ace uses a calendar year and the truck was purchased on July 1, 2015.

Calculate the depreciation for each year using the straight line method and the double declining balance method.

Show the journal entry for year one for the double declining balance method.

Straight line method

year depreciation remaining book value

2015

2016

2017

2018

2019

2020

2021

Double declining balance method

year depreciation remaining book value

2015

2016

2017

2018

2019

2020

2021

Journal Entry date account debit credit

31-12-2015

UMUC ACCT 220 Week 6 Homework Assignment Latest

There are two problems this week. Click on the tab at the bottom of the spreadsheet to see problem 2.

Compute the ending inventory using the FIFO and the weighted average method below. These are the same transactions used in week 3 homework:

units price 01-Jan Beginning inventory 3,500 $3.00

14-Jan Bought 1,500 $3.15

05-Feb Sold 1,000

22-Feb Bought 2,000 $3.20

07-Mar Sold 1,500

15-Mar Sold 2,000

05-Apr Bought 1,000 $3.25

10-Apr Sold 800

12-Apr Sold 800

22-Apr Sold 500

04-May Sold 600

10-May Bought 2,000 $3.30

25-May Sold 500

FIFO method (scroll down for Weighted Average entry area)

Purchased Sold Balance

Date units cost total units cost total units cost total

01-Jan 3500 $3.00 $10,500.00

Weighted Average Method

Purchased Sold Balance

Date units cost total units cost total units cost total

01-Jan 3500 $3.000 $10,500.00

For each of the items below, state if the lease is an operating lease or a capital lease

Reminder: Lessor is the party that owns the item, Lessee is the party using the item

The lessee reports the leased asset on its balance sheet

Payments are reported fully as rent expense

Ownership of the property passes to the lessee by the end of the lease term

The lease term is at least 75% of the remaining life of the property

Interest expense is measured and reported by the lessee

Depreciation of the leased asset is not reported by the lessee

At the inception of the lease, the lessee records both an asset and liability

The lessee reports a liability for the present value of all future payments anticipated under the lease agreement

The lessor continues to report the tangible asset covered by the lease on its balance sheet

Listed below are nine fixed asset transactions. Record the journal entries. Dates and descriptions are not required. The only account titles you will need are listed:

Account titles:

Cash

Land

Land Improvements

Building

Equipment

Expense (determine expense account title)

Prepaid account (determine full account title)

Paid $2,500 for one year insurance coverage on equipment

Paid $7,500 for trees and shrubs

Paid $500 attorney’s fees for document preparation related to land purchase

Paid $150,000 for land and building. The land was separately valued at $40,000, and the building at $120,000. Hint – the cash is only $150,000 and the entry must balance.

Paid $1,000 freight costs on purchase of new furniture

Paid $300 for staplers, trash cans, and desktop mats

Ordered new $50,000 truck, to be delivered and paid for in the future

Paid $10,000 of interest costs on loan on active building construction project

Paid $25,000 to expand parking lot paving

Depreciation

Ace Specialties bought a delivery truck for $40,000 cash. The expected useful life is 5 years and the salvage value is $5,000.

Ace uses a calendar year and the truck was purchased on July 1, 2015.

Calculate the depreciation for each year using the straight line method and the double declining balance method.

Show the journal entry for year one for the double declining balance method.

Straight line method

year depreciation remaining book value

2015

2016

2017

2018

2019

2020

2021

Double declining balance method

year depreciation remaining book value

2015

2016

2017

2018

2019

2020

2021

Journal Entry date account debit credit

31-12-2015

There are two problems this week. Click on the tab at the bottom of the spreadsheet to see problem 2.

Compute the ending inventory using the FIFO and the weighted average method below. These are the same transactions used in week 3 homework:

Units price

01-Jan Beginning inventory 3,500 $3.00

14-Jan Bought 1,500 $3.15

05-Feb Sold 1,000

22-Feb Bought 2,000 $3.20

07-Mar Sold 1,500

15-Mar Sold 2,000

05-Apr Bought 1,000 $3.25

10-Apr Sold 800

12-Apr Sold 800

22-Apr Sold 500

04-May Sold 600

10-May Bought 2,000 $3.30

25-May Sold 500

FIFO method (scroll down for Weighted Average entry area)

Purchased Sold Balance

Date units cost total units cost total units cost total

01-Jan 3500 $3.00 $10,500.00

Weighted Average Method

Purchased Sold Balance

Date units cost total units cost total units cost total

01-Jan 3500 $3.000 $10,500.00

For each of the items below, state if the lease is an operating lease or a capital lease

Reminder: Lessor is the party that owns the item, Lessee is the party using the item

The lessee reports the leased asset on its balance sheet

Payments are reported fully as rent expense

Ownership of the property passes to the lessee by the end of the lease term

The lease term is at least 75% of the remaining life of the property

Interest expense is measured and reported by the lessee

Depreciation of the leased asset is not reported by the lessee

At the inception of the lease, the lessee records both an asset and liability

The lessee reports a liability for the present value of all future payments anticipated under the lease agreement

The lessor continues to report the tangible asset covered by the lease on its balance sheet

Listed below are nine fixed asset transactions. Record the journal entries. Dates and descriptions are not required. The only account titles you will need are listed:

Account titles:

Cash

Land

Land Improvements

Building

Equipment

Expense (determine expense account title)

Prepaid account (determine full account title)

Paid $2,500 for one year insurance coverage on equipment

Paid $7,500 for trees and shrubs

Paid $500 attorney’s fees for document preparation related to land purchase

Paid $150,000 for land and building. The land was separately valued at $40,000, and the building at $120,000. Hint – the cash is only $150,000 and the entry must balance.

Paid $1,000 freight costs on purchase of new furniture

Paid $300 for staplers, trash cans, and desktop mats

Ordered new $50,000 truck, to be delivered and paid for in the future

Paid $10,000 of interest costs on loan on active building construction project

Paid $25,000 to expand parking lot paving

Depreciation

Ace Specialties bought a delivery truck for $40,000 cash. The expected useful life is 5 years and the salvage value is $5,000.

Ace uses a calendar year and the truck was purchased on July 1, 2015.

Calculate the depreciation for each year using the straight line method and the double declining balance method.

Show the journal entry for year one for the double declining balance method.

Straight line method

year depreciation remaining book value

2015

2016

2017

2018

2019

2020

2021

Double declining balance method

year depreciation remaining book value

2015

2016

2017

2018

2019

2020

2021

Journal Entry

date account debit credit

31-12-2015

There are two problems this week. Click on the tab at the bottom of the spreadsheet to see problem 2.

Compute the ending inventory using the FIFO and the weighted average method below. These are the same transactions used in week 3 homework:

units price

01-Jan Beginning inventory 3,500 $3.00

14-Jan Bought 1,500 $3.15

05-Feb Sold 1,000

22-Feb Bought 2,000 $3.20

07-Mar Sold 1,500

15-Mar Sold 2,000

05-Apr Bought 1,000 $3.25

10-Apr Sold 800

12-Apr Sold 800

22-Apr Sold 500

04-May Sold 600

10-May Bought 2,000 $3.30

25-May Sold 500

FIFO method (scroll down for Weighted Average entry area)

Purchased Sold Balance

Date units cost total units cost total units cost total

01-Jan 3500 $3.00 $10,500.00

Weighted Average Method

Purchased Sold Balance

Date units cost total units cost total units cost total

01-Jan 3500 $3.000 $10,500.00

For each of the items below, state if the lease is an operating lease or a capital lease

Reminder: Lessor is the party that owns the item, Lessee is the party using the item

The lessee reports the leased asset on its balance sheet

Payments are reported fully as rent expense

Ownership of the property passes to the lessee by the end of the lease term

The lease term is at least 75% of the remaining life of the property

Interest expense is measured and reported by the lessee

Depreciation of the leased asset is not reported by the lessee

At the inception of the lease, the lessee records both an asset and liability

The lessee reports a liability for the present value of all future payments anticipated under the lease agreement

The lessor continues to report the tangible asset covered by the lease on its balance sheet

Listed below are nine fixed asset transactions. Record the journal entries. Dates and descriptions are not required. The only account titles you will need are listed:

Account titles:

Cash

Land

Land Improvements B

Building

Equipment

Expense (determine expense account title)

Prepaid account (determine full account title)

Paid $2,500 for one year insurance coverage on equipment

Paid $7,500 for trees and shrubs

Paid $500 attorney’s fees for document preparation related to land purchase

Paid $150,000 for land and building. The land was separately valued at $40,000, and the building at $120,000. Hint – the cash is only $150,000 and the entry must balance.

Paid $1,000 freight costs on purchase of new furniture

Paid $300 for staplers, trash cans, and desktop mats

Ordered new $50,000 truck, to be delivered and paid for in the future

Paid $10,000 of interest costs on loan on active building construction project

Paid $25,000 to expand parking lot paving

Depreciation

Ace Specialties bought a delivery truck for $40,000 cash. The expected useful life is 5 years and the salvage value is $5,000.

Ace uses a calendar year and the truck was purchased on July 1, 2015.

Calculate the depreciation for each year using the straight line method and the double declining balance method.

Show the journal entry for year one for the double declining balance method.

Straight line method

year depreciation remaining book value

2015

2016

2017

2018

2019

2020

2021

Double declining balance method

year depreciation remaining book value

2015

2016

2017

2018

2019

2020

2021

Journal Entry

date account debit credit

31-12-2015

UMUC ACCT 220 Week 7 Homework Assignment Latest

Click week 7 on the tab at the bottom of the spreadsheet to see problem 2.

Compute the ending inventory using the FIFO and the weighted average method below. These are the same transactions used in week 3 homework:

units price

01-Jan Beginning inventory 3,500 $3.00

14-Jan Bought 1,500 $3.15

05-Feb Sold 1,000

22-Feb Bought 2,000 $3.20

07-Mar Sold 1,500

15-Mar Sold 2,000

05-Apr Bought 1,000 $3.25

10-Apr Sold 800

12-Apr Sold 800

22-Apr Sold 500

04-May Sold 600

10-May Bought 2,000 $3.30

25-May Sold 500

FIFO method (scroll down for Weighted Average entry area)

Purchased Sold Balance

Date units cost total units cost total units cost total

01-Jan 3500 $3.00 $10,500.00

Weighted Average Method

Purchased Sold Balance

Date units cost total units cost total units cost total

01-Jan 3500 $3.000 $10,500.00

For each of the items below, state if the lease is an operating lease or a capital lease

Reminder: Lessor is the party that owns the item, Lessee is the party using the item

The lessee reports the leased asset on its balance sheet

Payments are reported fully as rent expense

Ownership of the property passes to the lessee by the end of the lease term

The lease term is at least 75% of the remaining life of the property

Interest expense is measured and reported by the lessee

Depreciation of the leased asset is not reported by the lessee

At the inception of the lease, the lessee records both an asset and liability

The lessee reports a liability for the present value of all future payments anticipated under the lease agreement

The lessor continues to report the tangible asset covered by the lease on its balance sheet

Listed below are nine fixed asset transactions. Record the journal entries. Dates and descriptions are not required. The only account titles you will need are listed:

Account titles:

Cash

Land

Land Improvements

Building

Equipment

Expense (determine expense account title)

Prepaid account (determine full account title)

Paid $2,500 for one year insurance coverage on equipment

Paid $7,500 for trees and shrubs

Paid $500 attorney’s fees for document preparation related to land purchase

Paid $150,000 for land and building. The land was separately valued at $40,000, and the building at $120,000. Hint – the cash is only $150,000 and the entry must balance.

Paid $1,000 freight costs on purchase of new furniture

Paid $300 for staplers, trash cans, and desktop mats

Ordered new $50,000 truck, to be delivered and paid for in the future

Paid $10,000 of interest costs on loan on active building construction project

Paid $25,000 to expand parking lot paving

Depreciation

Ace Specialties bought a delivery truck for $40,000 cash. The expected useful life is 5 years and the salvage value is $5,000.

Ace uses a calendar year and the truck was purchased on July 1, 2015.

Calculate the depreciation for each year using the straight line method and the double declining balance method.

Show the journal entry for year one for the double declining balance method.

Straight line method

year depreciation remaining book value

2015

2016

2017

2018

2019

2020

2021

Double declining balance method

year depreciation remaining book value

2015

2016

2017

2018

2019

2020

2021

Journal Entry

date account debit credit

31-12-2015

UMUC ACCT 220 Week 8 Homework Assignment Latest

Instructions:

For the Week 8 homework assignment, you will create, save, and submit a Microsoft Word document that covers the topics listed below. Always include your name and a descriptive title in the file name.

Essay Topics for You to Prepare

  1. Fraud Detection and Deterrence (.acfe.com/”>www.acfe.com)
  2. Internal Control (COSA: see .theiia.org/”>www.theiia.org)
  3. Certification: CFE, CIA, and CISA (return to .isaca.org/”>www.isaca.org)

Following your review of course materials this week, using the websites above, create an essay of at least three pages (one for each of the topics above). Relate these topics to our course material for Principles of Accounting I.

Your essay should be single-spaced, with double spacing between paragraphs. Use headers within the document. We are writing business reports, not double-spaced academic papers.

Tell a story. Explain the concepts. Use APA style for citations and create a works cited list. Your paper should be adequate. Fewer than three pages is not long enough; seven pages is too long.

Consider the question and decide: what would you want to know? Include website references in your essay. This is not a business proposal, but it is not a casual reflective essay. The goal is to research, consider, and report what you know about these topics. The concept of COBIT is related to each topic.

ISACA’s “A COBIT 5 Overview” (.isaca.org/COBIT/Documents/A-COBIT-5-Overview.pdf”>http://www.isaca.org/COBIT/Documents/A-COBIT-5-Overview.pdf) is a key resource for your overall comments and “framing” of the three topics.

Why audit? We will either be the auditor or be audited. We must understand internal control and the management of risk. The management of risk is everyone’s responsibility.

We are building your vocabulary. You can use the above concepts—especially the paragraph on “Why audit?”—without reference. A good item for your works cited list: UMUC ACCT 220 Course Materials.

Ask questions. Spell check. Write, read, and edit. Take care with word selection and sentence structure, For all submissions in our class, use your own words. Show what you know!

UMUC ACCT 220 Quiz 1 Latest

Question 1 Generally Accepted Accounting Principles (GAAP) allow companies to issue financial statements, using either the cash basis or the accrual basis of accounting, depending on their needs.

True

False

Question 2 Adjusting entries are done to make sure that expenses and revenues are recorded in the proper accounting period.

True

False

Question 3 A single journal entry must debit only one account and credit only one account for the same amount so that the entry is in balance.

True

False

Question 4 The current ratio is cash divided by current liabilities.

True

False

Question 5 Materiality is subjective. One company may consider $1,000 material and another company may not.

True

False

Multiple Choice Select the best answer for each of the following questions.

Question 6 Revenues are recorded when _______________.

goods or services are delivered to the customer

the check has cleared and the money is available for use

a check is received from a customer

a contract is signed

Question 7 Which of the following is NOT a liability?

unearned revenue

long-term debt

accumulated depreciation

accounts payable

Question 8 Management failing to reveal a default on a loan agreement will have violated what principle?

cost principle

ethics principle

matching principle

full-disclosure principle

Question 9 Expenses are recorded in the same period that related revenue is recorded, according to the _______________.

revenue-recognition principle

matching principle

accounting equation

cost principle

Question 10 The percentage-of-completion method recognizes revenue _______________.

at the end of the entire project for a multi-year contract

at 10% per month

based on an estimate of the portion of work complete

when the contracted work has begun View Feedback

Question 11 An asset cost $14,400 and is expected to last 8 years, at which time it will be sold for a scrap value of $2,400. Using straight-line depreciation, the monthly depreciation journal entry would be _______________.

debit depreciation expense and credit accumulated depreciation for $150

debit depreciation expense and credit accumulated depreciation for $125

debit accumulated depreciation and credit depreciation expense for $125

debit accumulated depreciation and credit depreciation expense for $150

Question 12 When money is collected from a customer previously billed, we _______________.

credit cash and debit accounts receivable

credit accounts payable and debit cash

credit cash and debit accounts payable

debit cash and credit accounts receivable

Question 13 Which event will have the effect of increasing retained earnings?

a customer pays us for a bill we sent last month

revenue is recognized

an expense is paid

a dividend is declared

Question 14 The income summary account is used to _______________.

set aside earned money available to owners

zero out expense and revenue accounts at the end of the period

record a history of income items

calculate net income

Question 15 The dividends payable account belongs on which statement?

Balance sheet

Income statement

Statement of retained earnings

Statement of cash flows

Journal Entries

Prepare the following journal entries. Dates and descriptions are not required.

Question 16 Paid $20,000 for stock in a newly formed corporation.

Prepare the journal entry to document this transaction. Dates and descriptions are not required

Question 17 Purchased photocopier for $5000 on account.

Prepare the journal entry to document this transaction. Dates and descriptions are not required.

Question 18 Bought office supplies for immediate consumption for $200 cash.

Prepare the journal entry to document this transaction. Dates and descriptions are not required.

Question 19 Billed customer $3500 for services performed

Prepare the journal entry to document this transaction. Dates and descriptions are not required.

Question 20 Customer paid $2,000 on account. Prepare the journal entry to document this transaction. Dates and descriptions are not required. View Feedback

Question 21 Prepaid insurance account has a $2,400 balance for a twelve-month premium. Month one has ended.

Prepare the journal entry to document this transaction. Dates and descriptions are not required.

Question 22 Office supplies on hand account has a balance of $1,955, and a physical count reveals that there are $715 worth of supplies remaining at month end.

Prepare the journal entry to document this transaction. Dates and descriptions are not required.

Question 23 A customer had previously paid $500 in advance on an order. The order has now been shipped FOB destination.

Prepare the journal entry to document this transaction. Dates and descriptions are not required.

Question 24 Sales tax of $100 is collected from a customer to be remitted to the state at a later date.

Prepare the journal entry to document this transaction. Dates and descriptions are not required.

Question 25 At month end, $2,300 of wages are due to employees but not yet paid.

Prepare the journal entry to document this transaction. Dates and descriptions are not required.

UMUC ACCT 220 Quiz 2 Latest

Question 1 One advantage to using a perpetual inventory system is that the company never has to physically count the inventory.

True

False

Question 2 The weighted-average inventory method will likely result in neither the highest nor the lowest ending inventory.

True

False

Question 3 When calculating accounts receivable turnover, a company would prefer a higher number rather than a lower number (within reason).

True

False

Question 4 When performing a bank reconciliation, checks outstanding are added back to the bank balance.

True

False

Question 5 Usually the quick ratio will be a lower number than the current ratio.

True

False

Multiple Choice Select the best answer for each of the following questions.

Question 6 The bad-debt method that uses the accounts receivable aging report is _______________.

the percentage-of-sales method

the bad-debt expense method

the direct write-off method

the percentage-of-receivables method

Question 7 When it is determined that too much money has been set aside for uncollectible accounts, we will _______________.

credit reserve for uncollectible accounts

debit reserve for uncollectible accounts

credit cash

debit accounts receivable

Question 8 A customer whose account was previously written off unexpectedly pays us. If we are using the allowance method we would _______________.

debit bad-debt expense and credit cash

debit cash and credit bad-debt expense

debit reserve for uncollectible accounts and credit cash

debit accounts receivable and credit allowance for uncollectible accounts AND debit cash and credit accounts receivable

Question 9 When a retailer accepts a bank card (VISA or MasterCard), they will make what entry for the day’s receipts?

debit accounts receivable and credit sales

debit accounts receivable; credit sales, and credit “credit card expense”

debit cash and credit sales

debit cash and debit “credit card expense”; credit sales

Question 10 The company prepares, but does not yet pay, its first payroll of the new year. Salaries total $10,000 and 7.65% is withheld from paychecks for FICA tax. Ignore all other payroll deductions. The journal entries will be _______________.

debit wage expense $10,000 and credit wages payable 10,000; debit payroll tax expense for $1,530 and credit FICA tax payable $1,530

debit wage expense $10,000 and credit wages payable $10,000; debit payroll tax expense for $765 and credit FICA tax payable $765

debit wage expense $10,000 and debit payroll tax expense $765; credit wages payable $9,235 and credit FICA tax payable $1,530

debit wage expense $10,000; credit wages payable $8,470 and FICA tax payable $1,530

Question 11 A company buys a $10,000 bond at 102 as an investment. The correct entry is _______________.

debit investment in bonds and credit cash for $9,800

credit investment in bonds and debit cash for $10,200

debit investment in bonds and credit cash for $10,200

credit investment in bonds and debit cash for $9,800

Question 12 A company issues bonds having a stated value of $100,000 for $102,500. At maturity, the company will _______________.

debit bonds payable for $100,000

credit bonds payable for $102,500

credit bonds payable for $100,000

debit bonds payable for $102,500

Question 13 A company uses the percentage-of-receivables method for establishing the bad-debt reserve. They want the reserve balance to equal 0.5% of debts 30 days old or less, 2% of debts aged 31 to 60 days, and 4% of debts aged over 60 days. An aging report shows $780,000 relating to the past month, $232,600 relating to the prior month, and $89,200 relating to more than two months ago. The balance in the reserve account before adjustment is $10,175. What is the adjusting journal entry?

debit bad-debt expense, credit allowance for bad debts $1,945

debit bad-debt expense, credit accounts receivable $1,945

debit allowance for bad debts, credit bad-debt expense $1,945

debit bad-debt expense, credit allowance for bad debts $12,120

Question 14 A company is closing out the accounting period. The inventory balance at the beginning of the period was $222,750, and at the end of the period it was $215,600. Purchases of goods for resale during the period equaled $682,500. What was the cost of goods sold total?

$905,250

$682,500

$689,650

$675,350

Question 15 The following transactions during the month of January: 1/5 bought 10 units at $11.00 each; 1/8 bought 15 units at $11.25 each; 1/15 sold 8 units for $16 each; 1/22 bought 10 units at $11.50 each and sold 12 units for $16.50 each. The ending inventory is $693.75. What inventory costing method is the company using?

LIFO – periodic

LIFO – perpetual

FIFO

Weighted average

Short Answer

Prepare the following journal entries. Dates and descriptions are not required.

Question 16 What is the difference between the periodic-inventory and perpetual-inventory methods?

UMUC ACCT 220 Quiz 3 Latest

Question 1 A company buys a new parcel of land. Which of the following items is properly debited to the land account?

a. paving a road to access the land

b. demolishing an existing structure

c. the fees on a mortgage loan on the land

d. planting of trees and shrubs

Question 2 What type of asset is subject to depletion?

a. natural resources

b. a literary work

c. an intangible asset

d. a computer

Question 3 Which is NOT an intangible asset?

a. a patent on a new invention

b. a copyright on a musical work

c. an estimated amount of coal in a piece of owned land that has not yet been mined

d. a contract granting the company a right-of-way

Question 4 Which is NOT an advantage of a corporation compared with a partnership or sole proprietorship?

a. The corporation’s existence is unaffected by the death of an owner.

b. Owners enjoy limited liability.

c. It is easier to raise large amounts of capital.

d. The total tax burden is lower.

Question 5 If a corporation’s stock is purchased by the corporation on the open market but is held in treasury and not retired, which of the following is correct?

a. A credit will be recorded to the treasury stock account, which is a liability account.

b. A debit will be recorded to the treasury stock account, which is an equity account.

c. A debit will be recorded to the treasury stock account, which is a liability account.

d. A credit will be recorded to the treasury stock account, which is an equity account.

Short Answer

Prepare the following journal entries. Dates and descriptions are not required.

Question 6

A company sells a fixed asset (equipment) for $30,000. The asset originally cost $80,000 and had accumulated depreciation of $55,000 at the time of the sale. Record the journal entry to recognize the sale.

Question 7

A company scraps a fully depreciated piece of equipment originally costing $20,000. They did not receive any proceeds. Record the journal entry.

Question 8

A company sells a piece of plant equipment for $2,000. The original cost was $10,000, and the accumulated depreciation through the date of the sale was $6,500. Record the journal entry.

Question 9

A company buys a new pickup truck for $35,000 on the first day of the month. They will assume a 5-year life with a salvage value equal to 10% of the original cost. Record the first monthly depreciation journal entry.

Question 10

A company sells 200,000 shares of newly issued common stock having a par value of $1 for $8.50 per share. Record the journal entry.

Question 11

A company has net income of $4,580,000. There are 200,000 shares of $50 par, 6% preferred stock outstanding and 800,000 shares of common stock. What is the net income per common share (earnings per share)? Show your calculation.

Question 12

When would repair costs be capitalized?

Question 13

What will be the result to inventory values, cost of goods sold, and net income if the LIFO method is used during times of inflation?

Question 14

What is a contra account? Give an example.

Question 15

A mining company pays $10,000,000 for a piece of land that they estimate has a recoverable reserve of oil equal to 1,500,000 barrels. They estimate that they will be able to sell the land for $500,000 after they have extracted all of the oil. In year one, the company extracts 300,000 barrels of oil. They have made no prior entries for the removal of this oil. Record the journal entry to recognize the removal of this oil.

Question 16

A company has 800,000 shares of common stock outstanding and no preferred stock. On February 21, the board of directors declares a 25-cents-per-share dividend, payable on March 31 to shareholders of record as of March 15. Record the journal entry for the declaration of the dividend.

Question 17

A company has 800,000 shares of common stock outstanding and no preferred stock. On February 21, the board of directors declares a 25-cents-per-share dividend payable on March 31 to shareholders of record as of March 15. Record the journal entry for the payment of the dividend.

Question 18

A corporation has 50,000 shares of $10 par common stock. A 10% stock dividend is declared and the market value of the stock is $80 immediately before the declaration. Record the journal entry made on the date the dividend is declared but not paid.

Question 19

What is the difference between a stock split and a stock dividend?

Question 20

A company has 150,000 shares of common stock outstanding and 10,000 shares of $100 par value, 5% preferred stock outstanding. The company’s net income was $387,500.

What are the earnings per common share? (Show your calculation.)

UMUC ACCT 220 Full Course Latest

UMUC ACCT 220 Full Course Latest

 

ABS,AC,ACC,ACCT,ACT,ADJ,AH,AJS,AMP,ANT,ART,BA,BAM,BBA,BCOM,BIO,BIOS,BIS,BMGT,BPA,BSA,BSE,BSHS,BSOP,BUS,BUSN,CARD,CEIS,CHEM,CIS,CIT,CJA,CJS,CMC,CMGT,COLL,COM,COMM,COMP,CPN1,CRJ,CRMJ,CRT,CS,CWV,DBM,EBUS,ECE,ECET,ECN,ECO, ECOM,ECON,ECT,EDU,EED,EMM,ENG,ENGL,ENT,ENTR,ESE,ETH,ETHC,FIN,FIS,FP,GB,GBM,GED,GEN,GENERALQUESTIONS,GLG,GM,GSCM,HCA,HCS,HHS,HIS,HIST,HLT,HOSP,HPE,HRM,HSA,HSM,HTM,HTT,HUM,HUMN,IFSM,INFT,INT,IS,ISCOM,IT,ITB,JADM,JUS,JWI, LAS,LAW,LAWS,LDR,LEG,LIT,LTC,MA,MAT,MATH,MGMT,MGT,MIS,MKT,MKTG,MTH,NETW,NR,NRS,NSCI,NTC,NUR,NURS,OI,OMM,OPS,ORG,PA,PAD,PCN,PHI,PHL,PHYS,PM,POL,POLI,POS,PPA,PRG,PROJ,PSC,PSY,PSYC,PSYCH,QNT,QRB,RDG,REL,RELI,RES,SBE,SCI,SEC,SOC,SOCS,SPE,SRM,STAT,STR,SYM,TCH,UNV,WEB,XACC,XBIS,XCOM,XECO,XMGT

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