ACCT 503 Education Organization- tutorialrank.com

1. ACCT 503 Case Study 1 (Gordon Construction) For more course tutorials visit www.tutorialrank.com Case Study 1 (Part A) Analyze the impact of business transactions on accounts; record (journalize and post) transactions in the books; construct and use a trial balance) During the first month of operation of Gordon Construction, Inc., completed the following transactions: June 2 Gordon received $55,000 cash and issued common stock to the stockholders. 3 Purchased supplies, $3,000, and equipment, $5,200, on account. 4 Performed services for a client and received cash, $6,300. 7 Paid cash to acquire land, $37,000. 11 Performed services for a customer and billed the customer, $1,200. Johnson expects to collect within one month. 16 Paid partial for the equipment purchased June 3 on account $2,800. 17 Paid the telephone bill, $230.

2. 18 Received partial payment from customer on account, $700. 22 Paid the water and electricity bills, $400. 29 Received $5,000 cash for repairing the pipes of a customer. 30 Paid employee salary, $4,300. 30 Declared and paid dividends of $3,000. ▸Requirements • 1. Record each transaction in the journal. Key each transaction by date. Explanations are not required. • 2. Post the transactions to the T-accounts, using transaction dates as posting references. • 3. Prepare the trial balance of Gordon Construction, Inc., at June30, 2014. • 4. The manager asks you how much in total resources the business has to work with and, how much it owes. Adjust the accounts; construct the financial statements) Record the following month end adjusting entries for Gordon Construction, Inc. at June 30, 2014 Month end accruals at June 30, 2014: • a. Accrued advertising revenue at June 30, $3,100. • b. Supplies used during June, $3,090.

3. • c. Accrued salary expense at June 30 for Monday, Tuesday, and Wednesday. The five-day weekly payroll is $6,100 and will be paid on Friday. Requirement 2 Prepare adjusted trial balance for Gordon Construction at June 30, 2014. ============================================== ACCT 503 Case Study 2 (Williams Oil) For more course tutorials visit www.tutorialrank.com Case study (Learning Objectives 2, 4: Explain the components of internal control; evaluate internal controls) Each of the following situations reveals an internal control weakness: Situation a. In evaluating the internal control over inventory for the Williams Oil Services Company, an auditor learns that the warehouse

4. receiving clerk is responsible for ordering parts for supply inventory use in drilling services, counts the inventory when received at the dock, records the receipts into the inventory ledger, and takes the annual inventory, No supervisor reviews the receiving clerks work. Situation b. Nicole Lopez handles employee travel and expense reports for Scott Sales Services. With the growth in the economy, the sales team began traveling extensively gaining new business. Because of the heavy volume, she no longer required the sales team to provide original airline, hotel, or car rental receipts. She told them to just keep their meals under the $100 per day per diem and no receipts were required. She allowed them to use their own credit cards so they could get the frequent flyer points. She required them to turn in a summary of the travel expenses quarterly. Situation c. Michael Jordon is a new employee hired from Craigs List recommended by a co-worker. Mike was hired as a Human Resource Assistant. Mikes first day on the job he is told that he should follow his own judgments when deciding how employee issues such as hiring and firing of employees, sexual harassment, and ethical infractions should be handled. Top of Form ? Requirements

5. 1. Identify the missing internal control characteristic in each situation. 2. Identify each firms possible problem. 3. Propose a solution to the problem. ============================================== ACCT 503 Case Study 3 (Wang Appliance Store) For more course tutorials visit www.tutorialrank.com Construct and use a cash budget) Nathan Farmer, chief financial officer of Wang Appliance Store, is responsible for the company?s budgeting process. Farmer?s staff is preparing the Wang cash budget for 2014. A key input to the budgeting process is last year?s statement of cash flows, which follows (amounts in thousands): Wang Appliance Store

6. Statement of Cash Flows 2013 (in thousands) d. Wang plans to end the year with a cash balance of $5,550. ============================================== ACCT 503 Course Project Analysis of Nike, Inc. and Under Armour, Inc. For more course tutorials visit www.tutorialrank.com Course Project: A Financial Statement Analysis A Comparative Analysis of Nike, Inc. and Under Armour, Inc.

7. Below is the link for the financial statements for Nike, Inc. for the fiscal year ending 2014. First, select 2014using the drop-down arrow labeled Year, and then select Annual Filings using the drop-down arrow labeled All. You should select the 10k dated 7/15/2014,and choose to download in PDF, Word, or Excel format. ============================================== ACCT 503 Course Project Oracle and Microsoft Corporation For more course tutorials visit www.tutorialrank.com Course Project Financial Statement Analysis Project -- A Comparative Analysis of Oracle Corporation and Microsoft Corporation

8. Here is the link for the financial statements for Oracle Corporation for the fiscal year ending 2007. First, select 2007 using the drop-down arrow labeled for Year on the right-hand side of the page, and then select Annual Reports using the drop-down arrow labeled Filing Type on the left-hand side of the page. You should select the 10k dated 6/29/2007 and choose to download in PDF, Word, or Excel format. Here is the link for the financial statements for Microsoft Corporation for the fiscal year ending 2007. You should select the Annual report dated 8/3/2007 and choose to download in Word or Excel format. A sample Project template is available for download in Doc Sharing. The sample project compares the ratio performance of Tootsie Roll and Hershey using the 2007 financial statements of Tootsie Roll and Hershey provided in Appendix A and Appendix B of your textbook. Description | Overall Requirements | Grade Information ==============================================

9. ACCT 503 Entire Course For more course tutorials visit www.tutorialrank.com ACCT 503 Week 1-7 All Discussion Questions ACCT 503 Week 3 Case Study 1 Flower Landscaping Corporation ACCT 503 Week 4 Midterm Exam Set 1 ACCT 503 Week 4 Midterm Set 2 ACCT 503 Week 4 Midterm Set 3 ACCT 503 Week 5 Case Study 2 Internal Control - LJB Company ACCT 503 Week 5 Course Project Draft Spreadsheet

10. ACCT 503 Week 6 Case Study 3 - Cash Budgeting - LBJ Company ACCT 503 Week 7 Course Project JCP Kohls ============================================== ACCT 503 Final Exam (3 different finals) For more course tutorials visit www.tutorialrank.com 1. (TCO A) Which one of the following is an advantage of corporations relative to partnerships and sole proprietorships? (Points : 5) Reduced legal liability for investors Harder to transfer ownership Lower taxes Most common form of organization 2. (TCO A) When a corporation distributes a dividend, _____. (Points : 5)

11. the most common form of distribution is a cash dividend the Dividends account will be increased with a credit the Retained Earnings account will be directly increased with a debit the Dividends account will be decreased with a debit 3. (TCOs A, B) Below is a partial list of account balances for Cerner Company: Cash $5,000 total assets 11. (TCO F) In vertical analysis, the base amount for studying salary and wages expense is generally _____. (Points : 5) net sales salary and wages expense in a previous year gross profit net income 12. (TCO F) A common measure of profitability is the _____. (Points : 5)

12. current ratio current cash debt coverage ratio return on common stockholder's equity ratio debt to total assets 13. (TCO F) Return-on-assets ratio is most closely related to _____. ( ============================================== ACCT 503 Final Exam Guide (2 Set, New 2019) For more course tutorials visit www.tutorialrank.com This Tutorial contains 2 Set of Final Exam

13. Question 1.1. (TCO D) Please describe the purpose of the Income Statement and the interrelationship between the income statement and the other major financial statements that we covered in this class. In your answer, please also address which financial statements should be created before the Income Statement, if any, and which financial statements need to be completed after the Income Statement, if any. (Points : 25) Question 1—Set 2 1. Please describe the purpose of the Balance Sheet and the interrelationship between the balance sheet and the other major financial statements that we covered in this class. In your answer, please also address which financial statements should be created before the Balance Sheet, if any, and which financial statements need to be completed after the Balance Sheet, if any Question 2.2. (TCO E) Your friend, Lisa, plans to open a nail salon. Lisa states that she does not have time to develop and implement a system of internal controls. (a) Explain to Lisa the components of internal control. (10 points) (b) Explain to Lisa at least 5 internal control procedures she must establish to protect herself against fraud. You should state specific internal control procedures from the textbook, and relate your answer to her nail salon business. (15 points) (Points : 25) Q-2-Set 2

14. 2. Your friend, John, plans to open a parking garage business. John states that he does not have time to develop and implement a system of internal controls. (a) Explain to John the objectives of a system of internal control. ============================================== ACCT 503 Group Course Project (A Comparative Analysis of Celgene Corporation and Gilead Sciences, Inc) For more course tutorials visit www.tutorialrank.com Group Course Project: A Financial Statement Analysis A Comparative Analysis of Celgene Corporation and Gilead Sciences, Inc. Groups

15. The students will be assigned to work in teams of two no later than Week 2. The teams will be required to collaborate at least three weeks on the project using a collaboration tool, such as Cisco Spark, or similar technology, and provide evidence of use of the tool. It will be recommended that the students begin their project no later than week 5, when the draft is due, and continue through the end of week 7, when the ============================================== ACCT 503 Midterm Exam (4 Sets, 2019) For more course tutorials visit www.tutorialrank.com This Tutorial contains 4 Set of Midterm Exam 1. Question : (TCOs A and E) Your friend, Ellen, has hired you to evaluate the following internal control procedures.

16. Explain to your friend whether each of the numbered items below is an internal control strength or weakness. You must also state which internal control procedure relates to each of the internal controls. For the weaknesses, you also need to state a recommendation for improvement. ============================================== ACCT 503 Week 1 Homework (E117A E129B E22A E123A E124A) For more course tutorials visit www.tutorialrank.com This Tutorial contains Excel Files which can be used to solve for any values (your Question may have different company name or values, but that can be solved using Excel file)

17. E 1-17A CoffeeShop Doughnuts has current assets of $280 million; property, plant, and equipment of $430 million; and other assets totaling $170 million. Current liabilities are $170 million and long-term liabilities total $300 million. 1. Use these data to write CoffeeShop Doughnuts’ accounting equation. 2. How much in resources does CoffeeShop have to work with? 3. How much does CoffeeShop owe creditors?

18. 4. How much of the company’s assets do the CoffeeShop stockholders actually own? ============================================== ACCT 503 Week 2 Homework (E2-20A, E2-21A, E3-22A, E3-23A, S3-13) (with Excel File) (Syllabus, 2019) For more course tutorials visit www.tutorialrank.com This Tutorial contains Excel Files which can be used to solve for any values (your Question may have different company name or values, but that can be solved using Excel file)

19. E2-20A Dr Anna Grayson opened a medical practice specializing in physical therapy. During the first month of operation (May), the business, titled. Anna Grayson, Professional Corporation (P.C.), experienced the following events: 1. Record the transactions in the journal of Dr. Anna Grayson, P.C. List the transactions by date and give an explanation for each transaction 6 Grayson invested $138,000 in the business, which in turn issued its common stock to her. 9 The business paid cash for land costing $63,000. Grayson plans to build an office building on the land. 12 The business purchased medical supplies for $1,500 on account. 15 Dr. Anna P.C., officially opened for business. 15-31 During the rest of the month, Grayson

20. treated patients and earned service revenue of $9,400, receiving cash for half the revenue earned. 15-31 The business paid cash expenses: employee salaries, $2,800; office rent, $ 900$900; utilities, $ 900$900. 31 The business sold supplies to another physician for cost of $400. 31 The business borrowed 30,000, signing a note payable to the bank. 31 The business paid ============================================== ACCT 503 Week 2 Practice Exercise (E2-20A, E2- 21A, E3-20A, E3-22A, S3-13, E3-26A)(Syllabus, 2019)

21. For more course tutorials visit www.tutorialrank.com E2-20A Dr. Kristine Cohen opened a medical practice specializing in physical therapy. During the first month of operation (July), the business, titled Dr. Kristine Cohen, Professional Corporation (P.C.), experienced the following events: Jul 6 Cohen invested $148,000 in the business, which in turn issued its common stock to her. 9 The business paid cash for land costing $66,000. Cohen plans to build an office building on the land. E2-21A Continued

22. Requirement 1. Post the entries to the ledger, using T-accounts. Key transactions by date. (Record transactions from the 15-31 of the month as occurring on the last day of the month.) Calculate the balance for each account and enter it on the appropriate side of each T-account. E3-20A ============================================== ACCT 503 Week 3 Case Study 1 (Melvin Plumbing Corporation) **New** For more course tutorials visit www.tutorialrank.com MAKE SURE TO COMPLETE ALL REQUIREMENTS WHICH ARE LISTED BELOW.

23. There are 10 sheets in the Workbook, including this one. All of the information that you need for the project is located in this Workbook. Requirement #1: During its first month of operation, the Melvin Plumbing Corporation, which specializes in residential plumbing, completed the following transactions. July 1 Began business by making a deposit in a company bank account of $90,000, in exchange for 9,000 shares of $10 par value common stock. July 3 Paid the current month's rent, $5,500. ==============================================

24. ACCT 503 Week 3 Case Study 1 Flower Landscaping Corporation For more course tutorials visit www.tutorialrank.com The Entire Case Study is due Sunday at Midnight Mountain time at the end of Week 3. This Case Study is worth 100 points or 10% of your final course grade. This Case Study relates to TCO's D and E and Chapters 3 and 4. MAKE SURE TO COMPLETE ALL REQUIREMENTS WHICH ARE LISTED BELOW. There are 10 Sheets in the Workbook including this one. All of the Information you need for the Project is located in this Workbook. ============================================== ACCT 503 Week 3 Practice Exercise (S6-10, QC6- 12, E6-19A, E6-22A, E6-27A, S11-2, S11- 3)(Syllabus, 2019)

25. For more course tutorials visit www.tutorialrank.com S6-10, QC6-12, E6-19A, E6-22A, E6-27A, S11-2, S11-3 This exercise tests your understanding of the four inventory methods. List the name of the inventory method that best fits the description. Assume that the cost of inventory is rising. 1. LIFO Results in an old measure of the cost of ending inventory 2. Average-cost Provides a middle-ground measure of ending inventory and cost of goods sold 3. LIFO The method of inventory valuation that is disallowed by IFRS. 4. Applies to all four inventory methods Writes inventory down when current replacement cost drops below historical cost 5. LIFO Matches the most current cost of goods sold against sales revenue 6. FIFO Maximizes reported income

26. 7. Specific-unit-cost Used to account for automobiles, jewelry, and art objects 8. FIFO Results in a cost of ending inventory that is close to the current cost of replacing the inventory 9. LIFO Generally associated with saving income taxes 10. LIFO Enables a company to buy high-cost inventory at year- end and thereby decrease reported income and income tax ============================================== ACCT 503 Week 3 Quiz (2 Set)(Syllabus, 2019) For more course tutorials visit www.tutorialrank.com QC6-6 Use the following data of Seaside Sales, Inc.: Unit Total Units Units Cost Cost Sold

27. Beginning inventory 15 $4 $60 Purchase on Apr 25 37 7 259 Purchase on Nov 16 10 9 90 Sales 40 ? ? Seaside Sales' cost of ending inventory using the average cost method is B. 52% C. 13%. D. 48% ============================================== ACCT 503 Week 4 Quiz (2 Set)(Syllabus, 2019) For more course tutorials visit www.tutorialrank.com

28. QC5-5 Joshua Company had the following information in 2016. accounts receivable 12/31/16. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $15,000 Allowance for uncollectible account 12/31/16 (before adjustment). . . . . . . 700 Credit service revenue during 2016. . . . . . . . . . . . . . . . . . . . . . . . . . . . 47,000 Cash service revenue during 2016. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13,000 Collections from customers on account during 2016. . . . . . . . . . . . . . . . . . 45,000 If uncollectible accounts are determined by the aging-of-receivables method to be $1,260, the uncollectible-account expense for 2016 would be paraphrasing but presents the gist of the material in fewer words than the original. An effective summary identifies the main ideas and the major support points from the body of the report; minor details are left out. Summarize the benefits of the ideas and how they effect the subject. Work Cited: Use the citation format specified in the Syllabus. ==============================================

29. ACCT 503 Week 5 Course Project Draft Spreadsheet For more course tutorials visit www.tutorialrank.com ACCT-504 Week 5 Course Project Draft Spreadsheet ============================================== ACCT 503 Week 5 Homework (E7-21A, E7-25A, E9-24A, E9-28A, E9-34A)(Syllabus, 2019) For more course tutorials visit www.tutorialrank.com E7-21A Lavallee Self Storage purchased land, paying $180,000 cash as a down payment and signing a $155,000 note payable for the balance. Lavallee also had to pay delinquent property tax of $4,500, title insurance costing $4,000, and $5,000 to level the land and remove an unwanted building.

30. The company paid $60,000 to add soil for the foundation and then constructed an office building at a cost of $1,100,000. It also paid $47,000 for a fence around the property, $12,000 for the company sign near the property entrance, and $8,000 for lighting of the grounds. 1. What is the capitalized cost of each of Lavallee's land, land improvements, andbuilding? E7-25A Urban Pizza bought a used Toyota delivery van on January 2, 2016, for $19,000. The van was expected to remain in service for four years left (68,800 miles). At the end of its useful life, Urban officials estimated that the van's residual value would be $1,800. The van traveled 26,500 miles the first year, 23,000 miles the second year, 15,500 miles the third year, and 3,800 miles in the fourth year. Requirements 1. Prepare a schedule of depreciation expense per year for the van under the three depreciation methods. 2. Which method best tracks the wear and tear on the van? E9-24A Assume that Cork Sales Company completed the following note payable

31. ============================================== ACCT 503 Week 5 Practice Exercise (E7-21A, E7- 23A, E7-25A E7-34A, E8-32A, E8-30A, E9-26A, E9-27A E9-28AE9-34A)(Syllabus, 2019) For more course tutorials visit www.tutorialrank.com E7-21A Pawtucket Self Storage purchased land, paying $150,000 cash as a down payment and signing a $170,000 note payable for the balance. Pawtucket also had to pay delinquent property tax of $3,000, title insurance costing $4,500, and $7,000 o level the land and remove an unwanted building. The company paid $54,000 to add soil for the foundation and then constructed an office building at a cost of $800,000. It also paid $48,000 for a fence around the property, $19,000 for the company sign near the property entrance, and $10,000 for lighting of the grounds.

32. E7-23A Assume Akro Products, Inc., purchased conveyor-belt machinery. Requirement 1. Classify each of the following expenditures as a capital expenditure or an immediate expense related to machinery. E7-25A Piccadilly Pizza bought a used Toyota delivery van on January 2, 2016, for $19,200. The van was expected to remain in service for four years left (71,200 miles). At the end of its useful life, Piccadilly officials estimated that the van's residual value would be $1,400. The van traveled 28,000 miles the first year, 20,500 miles the second year, 18,500 miles the third year, and 4,200 miles in the fourth year. ==============================================

33. ACCT 503 Week 6 Case Study 3 - Cash Budgeting LBJ Company For more course tutorials visit www.tutorialrank.com ACCT504 Case Study 3 on Cash Budgeting The cash budget was covered during Week 4 when we covered TCO D and you read Chapter 7. There is also a practice case study to work on. Your Professor will provide the solution to the practice case study at the end of Week 5. This case study should be uploaded by 11:59PM Mountain time of the Sunday ending Week 6 to the Week 6 Assignment Dropbox. You are encouraged to use the Excel template file provided in Doc Sharing. The LBJ Company has budgeted sales revenues as follows: April May June Credit sales $94,000 $89,500 $75,000

34. Cash sales 48,000 75,000 57,000 4. What are the five basic principles of cash management that a company can follow in order to improve its chances of having adequate cash? ============================================== ACCT 503 Week 6 Homework (E10-22A E10- 30A,E12-27B, E12-20A)(Syllabus, 2019) For more course tutorials visit www.tutorialrank.com E10-22A Preston Stores is authorized to issue 16,000 shares of common stock. During a two-month period, Preston completed these stock-issuance transactions: Requirements

35. 1. Journalize the transactions. 2. Prepare the stockholders' equity section of Preston Stores' balance sheet for the transactions given in this exercise. Retained Earnings has a balance of $41,000. E10-30A Supreme Manufacturing, Inc., reported the following at December 31,2016 and December 31, 2017: E12-27B McDowell Investments specializes in low-risk government bonds. Requirement E12-20A The income statement and additional data of Norcross Travel Products, Inc., follow: Additional data:

36. a. Acquisition of plant assets was $127,000. Of this amount, $75,000 was paid in cash and $52,000 by signing a note payable. b. Proceeds from sale of land totaled $59,000. c. Proceeds from issuance of common stock totaled $36,000. d. Payment of long-term note payable was $20,000. e. Payment of dividends was $10,000. ============================================== ACCT 503 Week 7 Course Project JCP Kohls For more course tutorials visit www.tutorialrank.com ACCT-504 Week 7 Course Project JCP Kohls ============================================== ACCT 503 Week 7 Practice Exercise (E13-15A, E13-16A E13-18A, E13-21A, E13-22A, E13-23A, E13-24A)(Syllabus, 2019)

37. For more course tutorials visit www.tutorialrank.com E13-15A Consider the following for Winding Lane Lodge: Requirement Requirement ============================================== ACCT 503 Week 7 Quiz (Syllabus, 2019) For more course tutorials visit www.tutorialrank.com

38. QC13-9 Clarke Company's financial statements follow: Clarke Company Consolidated Balance Sheets December 31, 2016 and 2015 QC13-13 On December 31, 2016, Patterson's common stock sold for $32 per share, and dividends per share were 0.75. Compute Patterson's dividend yield during 2016. Q13-46 The Jacksonville Medical Corporation financial statements follow: Jacksonville Medical Corporation

39. 13.1-10 The primary focus of horizontal analysis is: A. the balance sheet only. B. the income statement only. C. the amount of individual financial statement line items as a percentage of some related total, such as total assets. D. percentage changes in line items from comparative financial statements. QC13-3 Which item on Casey's income statement has the most favorable trend during 2015, 2016? Casey Company Consolidated Balance Sheets

40. December 31, 2016 and 2015 QC13-11 Casey Company's financial statements follow: Casey Company Consolidated Balance Sheets December 31, 2016 and 2015 Q13-44 The Burlington Medical Corporation financial statements follow: A. $33,691. B. 129.2 times. C. 78 times.

41. . D.very slow. ? ============================================== ACCT 503 Week 8 Course Project Celgene & Gilead Sciences Presentation (12 Slides) For more course tutorials visit www.tutorialrank.com Group Course Project: A Financial Statement Analysis A Comparative Analysis of Celgene Corporation and Gilead Sciences, Inc.

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