ACCT 216 Accounting Theory and Applications Entire Course
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ACCT 216 Week 1 Homework (v 1)
1.Please write a four-to-six sentence paragraph on the following question. Good business and accounting practices require the exercise of good judgment. How should ethics be incorporated into making accounting judgments? Why is ethics important?
2.Tammy Shot is a realtor. She organized her business, called TS Realty, as a corporation on April 1, 2013. Tammy started the business by depositing $85,000 in cash into the business bank account and issued herself common stock. Consider the following facts as of April 30, 2013:
a.Tammy had $16,000 in her personal bank account and $21,000 in the business bank account.
b.Tammy owes $1,000 on a personal charge account with Kohl’s.
c.Tammy acquired business furniture for $21,000 on April 21. Of this amount, the business owes $11,000 on accounts payable at April 10.
d.Office supplies on hand at the real estate office of $11,000.
e.TS Realty owes $16,000 on a note payable for some land acquired for a total price of $110,000.
f.Tammy owes $120,000 on a personal mortgage on her personal residence, which she acquired in 2006 for a total price of $120,000.
Required:
1.Prepare the balance sheet of TS Realty as of April 30, 2013.
2.Does it appear that the business can pay its debts? How can you tell?
3.Identify the personal items given in the preceding facts that should not be reported on the balance sheet of the business.
ACCT 216 Week 1 Homework (v 2)
1.Please write a four-to-six sentence paragraph on the following question. Good business and accounting practices require the exercise of good judgment.
How should ethics be incorporated into making accounting judgments? Why is ethics important?
2.Sharon Kent is a realtor. She organized her business, called SK Realty, as a corporation on April 1, 2013.
Sharon started the business by depositing $105,000 in cash into the business bank account and issued herself common stock. Consider the following facts as of April 30, 2013
ACCT 216 Week 2 Homework
- Please write a 4-6 sentence paragraph on the following question. Describe each of the 4 basic financial statements. What is the relationship between them?
- During the first month of operations (March 2011) Jerry Enterprises completed the following selected transactions:
a.The business received $12,000 in cash and a building valued at $52,000. The corporation issued stock to the contributors of these.
b.Borrowed $15,800 from the bank and signed a note payable to them
c.Paid $12,000 for equipment
d.Purchased supplies on account for $200
e.Paid employees’ salaries of $2,100
f.Performed services for customer on account, $2,800
g.Paid $100 of the accounts payable in transaction d above
h.Received a $800 bill for advertising expense that will be paid in the near future
i.Received cash on account, $1,600
j.Paid rent of $1,200
Required:
Prepare the journal entries for the above transactions
ACCT 216 Week 3 Homework
1.Classify the following items as (a) an addition to the bank balance, (b) a subtraction from the bank balance, (c) an addition to the book balance, or (d) a subtraction from the book balance:
2.During 2013, Jimmy Enterprises completed the following transactions:
a.Sales revenue on account, $550,000.
b.Collections on account, $325,000
c.Write-offs of uncollectibles, $13,000
d.Uncollectible account expense, 5% of sales revenue
Required:
1.Prepare the journal entries for the above transactions.
ACCT 216 Week 4 Homework
Homework scenario
Suppose Robotics, Inc.’s inventory records for a particular item indicated the following transactions in September:
| September 1 |
Beginning Inventory |
10 units @ $29 |
| September 9 |
Purchase |
18 units @ $32 |
| September 23 |
Purchase |
9 units @ $30 |
| September 28 |
Purchase |
6 units @ 31 |
Required: The company sold 24 units on September 30. Compute the ending inventory and cost of goods sold using each of the following methods:
1.LIFO
2.FIFO
3.Average Cost
Hello fellow students of ACCT 216: This is week 4’s homework assignment. By now you should be familiar with the Inventory Costing Methods, and if you’re not, I recommend you refer to your textbook for more detailed examples.
This is not as complicated as it appears but it is a bit tricky, once you understand the methods you will find they are quite fun. Inventory is one of my
ACCT 216 Week 5 Homework A
Suppose the Atlanta Falcons purchased a new set of goal posts for $20,000 each. The Falcons expect the goal posts to have a useful life of five years and a salvage value of $1,000 each when they sell them to a local high school.
Required:
- Compute the first years depreciation using the following methods:
2.Suppose the team depreciates the asset based on number of goals scored. The team anticipates goals to be 40 in the first year, 46 in the second year, 38 in the third, 50 in the fourth when they win the Super Bowl, and 45 in the fifth year. Compute their first year depreciation using the units-of-production method.
3.Which method do you think is the most representative of accurate depreciation of the goal posts?
ACCT 216 Week 5 Homework B
Suppose the Colorado Avalanche purchased a new Zamboni machine to scrape the ice off the rink between periods. The Zamboni cost $100,000 and has a useful life of three years and a residual value of $5,000 when it is sold to a minor league hockey team. The Zamboni is anticipated to drive 352 miles the first year, 375 miles the second year, and 435 miles the third year when the team anticipates winning the Stanley Cup.
Required:
1.Compute the first years depreciation using the following methods:
a.Straight-line
b.Double-declining balance
c.Units-of-production method.
2.Which method do you think is the most representative of accurate depreciation of the Zamboni?
ACCT 216 Week 6 Homework A
During August 2013, DB Inc. completed the following transactions:
a.8/1/13 – Purchased a new piece of equipment for $50,000 signing a 6 month, 8% note payable.
b.8/10/13 – Issued 15,000 shares of $2.00 par stock at $8.00 per share.
c.8/15/13 – Received an invoice for their telephones for $450.00 that will be paid next month.
d.8/16/13 – Sold $320,000 in product sales and accrued 5% for warranty liability.
e.8/30/13 – Received a summons that the company was being sued for terminating the office manager last month. The attorneys have advised the company that they will be liable to the employee for back pay of $3,800.
f.8/31/13 – Purchased 200 shares of Treasury stock at $6.00 per share
g.8/31/13 – Accrued interest on the note signed 8/1/13.
ACCT 216 Week 6 Homework B
During March 2013, JZ Inc. completed the following transactions:
a.3/1/13 – Purchased a new piece of equipment for $75,000 signing a 6 month, 7% note payable.
b.3/10/13 – Issued 10,000 shares of $2.00 par stock at $9.00 per share.
c.3/15/13 – Received an invoice for their telephones for $375.00 that will be paid next month.
d.3/16/13 – Sold $450,000 in product sales and accrued 6% for warranty liability.
e.3/30/13 – Received a summons that the company was being sued for terminating the office manager last month. The attorneys have advised the company that they will be liable to the employee for back pay of $4,700.
f.3/31/13 – Purchased 400 shares of Treasury stock at $7.00 per share
g.3/31/13 – Accrued interest on the note signed 3/1/13.
ACCT 216 Week 7 Homework
- Please write a four-to-six sentence paragraph on the following questions.
a.What is the difference between an exempt and non-exempt employee?
b.How would you decide whether to hire someone as an employee or independent contractor?
1.Cindy Lou makes $30,000 per year as an exempt employee. She worked 15 hours of overtime in the month of September.
Payday for wages earned in the month of September is October 7. Ignoring Federal and State income tax withholdings, how much
would she receive for September net of Social Security and Medicare taxes? What journal entry would be made on September 30 for wages owed to Cindy?
What journal entry would be made when she is paid on October 7?
ACCT 216 Week 7 Homework A
- Please write a 4-6 sentence paragraph on the following questions.
a.What is the difference between an exempt and non-exempt employee?
b.How would you decide whether to hire someone as an employee or independent contractor?
2.Cindy Lou makes $30,000 per year as an exempt employee. She worked 15 hours of overtime in the month of September.
Payday for wages earned in the month of September is October 7. Ignoring Federal and State income tax withholdings, how much
would she receive for September net of Social Security and Medicare taxes? What journal entry would be made on September 30 for wages owed to Cindy?
What journal entry would be made when she is paid on October 7?
ACCT 216 Week 7 Homework B
- Please write a 4-6 sentence paragraph on the following questions.
a.Describe the three federal filing requirements for a company at the end of the year.
b.What is the difference between Form 940 and Form 941?
2.Betty Meyer makes $40,000 per year as an exempt employee. She worked 25 hours of overtime in the month of March.
Payday for wages earned in the month of March is April 7. Ignoring Federal and State income tax withholdings, how much would she receive
for September net of Social Security and Medicare taxes? What journal entry would be made on March 31 for wages owed to Betty?
What journal entry would be made when she is paid on April 7?
