Accounting Homework Help

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Accounting Homework Help
Intermediate Accounting Mini-Project #1:

Account Debit Credit Cash 62,000 Accounts Receivable 8,350 Inventory 10,320 Prepaid Advertising 825 Supplies 615 Equipment 5,000 Accumulated Depreciation 287 Salaries Payable 2,050 Accounts Payable 1,000 Sales Revenue 42,835 Cost of Goods Sold 22,000 Rent Expense 7,000 Common Stock 30,000 Paid in Capital in Excess of Par 74,000 Advertising Expense 1,925 Salaries Expense 28,700 Utilities Expense 1,750 Depreciation Expense 287 Dividends 1,400 Total 67,032 233,312 What is corrected trial balance? Accounting Homework Help.
STUDENT ROLE: You are a recent accounting graduate and have just been hired by Johnson Accounting Firm as an entry-level accountant. Johnson Accounting is a public accounting firm that provides bookkeeping, accounting, payroll, audit, tax and consulting services to local residents and businesses. Today you have been assigned your first client – Daphne Design, Inc.
CLIENT PROFILE: Daphne Design, Inc. is a local retail store that sells home furnishings and interior design consulting services. The business sells a wide range of products, including furniture, art, and home décor. Daphne Design, Inc. is a privately held corporation and has one shareholder – Daphne Smith. The company began operations on March 1, 2018, and Ms. Smith has been completing all bookkeeping, accounting and payroll services herself. Daphne first met with your supervisor on September 25, 2018, to inquire about accounting services. As her first business tax year was coming to a close she felt it was important to meet with an accountant. She was not exactly sure what services Johnson Accounting Firm could offer, or what help she needs, but your supervisor conducted a client interview and was able to provide some advice. Johnson Accounting has recommended monthly compilation services (using accrual accounting), payroll and sales tax consultation, and corporate and individual tax return preparation.
ASSIGNMENT: You have been assigned the task of assisting Daphne Design’s in completing appropriate financial statements for the 2018 year. Remember that Daphne was performing her own accounting work through the end of September. Your first task is to correct Ms. Smith’s trial balance as of December 31, 2018.

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Below is the trial balance Daphne’s Design submitted:

Account Debit Credit
Cash 62,000
Accounts Receivable 8,350
Inventory 10,320
Prepaid Advertising 825
Supplies 615
Equipment 5,000
Accumulated Depreciation 287
Salaries Payable 2,050
Accounts Payable 1,000
Sales Revenue 42,835
Cost of Goods Sold 22,000
Rent Expense 7,000
Common Stock 30,000
Paid in Capital in Excess of Par 74,000
Advertising Expense 1,925
Salaries Expense 28,700
Utilities Expense 1,750
Depreciation Expense 287
Dividends 1,400
Total 67,032 233,312

Once you have corrected the Trial Balance, you need to journalize the closing entries for Daphne Designs and then prepare the Income Statement, Statement of Retained Earnings and the Balance Sheet. You must also calculate the Gross Profit %, Return on Sales, the Current Ratio and the Debt Ratio.
*Adapted from Chegg.com .Accounting Homework Help

Accounting Assignment Help

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Case 8-2  Monsanto Company Roundup
Questions:
1. What is the underlying accounting and financial reporting concept  at issues as described in EITF Issue No. 01-9 with respect to the way Monsanto accounted for customer rebates?  Explain in your own words how Monsanto’s accounting lead to materially misstated financial statements.
2.  Given that Monsanto was under great pressure from competitors that sold generic brands similar to Roundup, would you characterize the Monsanto situation as a business failure, and or an audit failure? Explain.

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3.  Of what value are the ethics and compliance requirements agreed to by Monsanto?  Do you believe all companies that experience financial fraud should be required to institute such changes? Can  such requirements change the culture of a global company such as Monsanto?
4.  Do you believe restated financial statements should be audited by a different firm than the one that prepared the original financials? Why or why not? Consider cost and benefits in your analysis . Accounting Assignment Help.

Accounting Information in Managing a Business Essay

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Accounting Information in Managing a Business Essay

Unit I Journal

Instructions

Reflect on this first lesson, and share your thoughts as to why accounting information is so important to managing a business. What benefits does an accounting information system provide to stakeholders? Accounting Information in Managing a Business Essay
Your journal entry must be at least 200 words in length. No references or citations are necessary.

Unit I Journal

Instructions

Reflect on this first lesson, and share your thoughts as to why accounting information is so important to managing a business. What benefits does an accounting information system provide to stakeholders?

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Your journal entry must be at least 200 words in length. No references or citations are necessary.Accounting Information in Managing a Business Essay

Unit I Journal

Instructions

Reflect on this first lesson, and share your thoughts as to why accounting information is so important to managing a business. What benefits does an accounting information system provide to stakeholders?
Your journal entry must be at least 200 words in length. No references or citations are necessary. Accounting Information in Managing a Business Essay

Accounting for Decision Making Essay

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Accounting for Decision Making Essay
1. Complete the following problems:  Problem 9-3 (pages 419-420 on textbook attached) Note c and d on page 420.
IF YOU ARE REQUIRED TO SUPPORT YOUR ANSWER MATHEMATICALLY, YOU SHOULD USE EXCEL.  ARE YOUR ANSWERS MORE CLEAR IN TABLE OR CHART FORM?  Submit your responses only in Word or Excel. 
2. Complete Case 9-1 Page 438 on the textbook attached.  NOTE:  THIS NOT PROBLEM 9-1
Your answers should be sufficient to respond fully to the questions.  Your total responses should be at least 1 1/2 page but not more than 2 pages. Submit your responses only in Word or Excel. 
1. Complete the following problems:  Problem 9-3 (pages 419-420 on textbook attached) Note c and d on page 420.

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IF YOU ARE REQUIRED TO SUPPORT YOUR ANSWER MATHEMATICALLY, YOU SHOULD USE EXCEL.  ARE YOUR ANSWERS MORE CLEAR IN TABLE OR CHART FORM?  Submit your responses only in Word or Excel. 
2. Complete Case 9-1 Page 438 on the textbook attached.  NOTE:  THIS NOT PROBLEM 9-1
Your answers should be sufficient to respond fully to the questions.  Your total responses should be at least 1 1/2 page but not more than 2 pages. Submit your responses only in Word or Excel. 
1617427725963_AccountingforDecisionMaking-JeroldL.Zimmerman
Accounting for Decision Making Essay

Managerial Accounting, United States

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Managerial Accounting, United States
Sun Energy produces and distributes chemicals in its Southwest Division, which is located in San Antonio, Texas. Southwest’s earnings increased sharply in 2010, and bonuses were paid to the management staff for the first time in several years. Bonuses are based in part on the amount by which reported income exceeds budgeted income.
John Smith, VP of Finance, was pleased with Southwest’s 2010 earnings and thought that the pressure to show financial results would ease. However, Kay Marvin, Southwest’s division manager, told Smith that she saw no reason why the 2011 bonuses should not be doubled those of 2010. As a result, Smith felt pressure to increase reported income to exceed budgeted income by an even greater amount. This would ensure increased bonuses.
Smith met with Tony Tiger of Millstone, a primary vendor of Southwest’s manufacturing supplies and equipment. Smith and Tiger have been close business contacts for many years. Smith asked Tiger to identify all of Southwest’s purchases of perishable supplies as equipment on Millstones’ sales invoices. The reason Smith gave for his request was that Southwest’s division manager had imposed stringent budget constraints on operating expenses but not on capital expenditures.
Smith planned to capitalize the purchase of perishable supplies and include them with the Equipment account on the balance sheet. In this way, Smith could defer the expense recognition for these items to a later year. This procedure would increase reported earnings, leading to increased bonuses. Tiger agreed to do as Smith had asked.Managerial Accounting, United States

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While analyzing the second quarter financial statements, Larry Lion, Southwest’s director of cost management, noticed a large decrease in supplies expense from one year ago. Lion reviewed the Supplies Expense account and noticed that only equipment but no supplies had been purchased from Millstone, a major source for supplies. Lion, who reports to Smith, immediately brought this to Smith’s attention.
Smith told Lion of Marvin’s high expectations and of the arrangement made with Tiger of Millstone. Smith told Lion that his action was an improper accounting treatment for the supplies purchased from Millstone. Lion requested that he be allowed to correct the accounts and urged that the arrangement with Millstone be discontinued. Smith refused the request and told Lion not to become involved in the arrangement with Millstone.
After clarifying the situation in a confidential discussion with an objective and qualified peer within Southwest, Lion arranged to meet with Marvin, Southwest’s division manager. At the meeting, Lion disclosed the arrangement Smith had made with Millstone.

Questions To Address:

  1. Explain why the use of alternative accounting methods to manipulate reported earnings is unethical?
  2. Is Larry Lion, Southwest’s director of cost management, correct in saying that the supplies purchased from Millstone were accounted for improperly? Explain?
  3. Assuming that John Smith’s arrangement with Millstone was in violation of the Standards of Ethical Conduct for Management Accountants (Links to an external site.), discuss whether Lion’s actions were appropriate or inappropriate?

Managerial Accounting, United States

Excell Assignment Question

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Excell Assignment Question

1. Complete the following problems:  Problem 9-3 (pages 419-420 on textbook attached) Note c and d on page 420.

IF YOU ARE REQUIRED TO SUPPORT YOUR ANSWER MATHEMATICALLY, YOU SHOULD USE EXCEL.  ARE YOUR ANSWERS MORE CLEAR IN TABLE OR CHART FORM?  Submit your responses only in Word or Excel.

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2. Complete Case 9-1 Page 438 on the textbook attached.  NOTE:  THIS NOT PROBLEM 9-1

Your answers should be sufficient to respond fully to the questions.  Your total responses should be at least 1 1/2 page but not more than 2 pages. Submit your responses only in Word or Excel.

 

Excell Assignment Question

Intermediate Accounting II Assignment

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Intermediate Accounting II Assignment
One of the learning outcomes related to Intermediate Accounting 2 is to enable the students to utilize information technology in financial decision making. Within this perspective, you are required to fulfill the following requirements:
1. Collect and input the information related to the available investment opportunities.
2. Analyze the information by using Excel spreadsheets (e-tables)
3. Take the appropriate investment decision.
4. Produce a report based on the accounting information produced by the data analysis performed in requirement 3.

Available Investments Opportunities

Assume that you have been hired as an accountant in Al Barakah Financial Intermediation Company. Part of your duties in your new position is managing and reporting about one the of investment portfolios of the company. Consequently, you have to deal with two of the investment opportunities. Intermediate Accounting II Assignment

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Investment Opportunity One:

In 1.1.2016 Qatar Modern Electronics Company issued a 42 million dollar 10% bond as a long term investment. Assume that Al Barakah management has the intent and the positive ability to keep these bonds until maturity (December 31, 2025). For bonds of similar risk and maturity, the market yield was 8%. Interest is received semiannually on June 30 and December 31 for all the years, till maturity.

Investment Opportunity Two:

In 1.1.2016 Qatar International Trade Company issued a 55 million dollar 10% bond as a long term investment. Assume that Al Barakah management has the intent and the positive ability to keep these bonds till maturity (December 31, 2030). Management has the positive intent and ability to hold the bonds until maturity. For bonds of similar risk and maturity, the market yield was 12%. Interest is received semiannually on June 30 and December 31 for all the years, till maturity.

REQUIREMENTS

Step One: Collect and input the data related to the available investment opportunities

  • By using an Excel spreadsheet, you are required to design an electronic table with 6 independent columns as follow:

By using an Excel spreadsheet, you are required to design an electronic table with 6 independent columns
Step Two: Data analysis by using electronic tables (e-tables)

  • Prepare an electronic table (e-table) for each investment opportunity. Intermediate Accounting II Assignment
  • Calculate all the values in all the columns using Excel PV Function.

Step Three: Take the necessary investment decision

  • You have to compare the obtained data analysis for the e-tables related to each investment opportunity. Then, you need to take the appropriate investment decision by selecting one of the investment opportunities (You have to learn and understand how to choose an investment over other investments by using accounting).

Step Four: Prepare a report based on the obtained accounting data produced by the data analysis

  • Prepare a report (two pages maximum) that clearly indicates the results you obtained from your evaluation of the two investment opportunities and taking particularly into account the future cash inflows or outflows of each investment separately, under the following assumptions:

1- The sale of the bond issued by Qatar Modern Electronics Company by the end of 2022 for a sum of $ 42,250,000.
2- The sale of a bond issued by Qatar International Trade Company by the end of 2027 for a sum of $53,750,000. Intermediate Accounting II Assignment
 

Gantt Chart Assignment

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Gantt Chart Assignment

This activity will help you complete the final critical element of the Initial Schedule and Budget Report due in Module Six.

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Complete the Module Five Gantt Template for your prior submitted dinner WBS project from Module Two. Instead of using duration of days, you will use minutes. Instead of a start date and end date, you will use a start time and end time. Set your template to match your initial template from the dinner WBS completed in Module Two. The focus here is for you to gain an understanding of the tool. Within the template is a link to a demonstration video that further describes the template and the assignment.

Gantt Chart Assignment

Technology, You, And Society Assignment

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Technology, You, And Society Assignment

For this third milestone, you will reflect on content that will inform your multimedia presentation, which you will include in Final Project Part Two. You will reflect on the intersectional nature of technology and its impact on one’s individual framework of perception, one’s discipline of study, and society in general. The milestone will be submitted as a presentation draft that includes speaker’s notes. Please note that for this milestone assignment, audio narration is not required.

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Technology, You, And Society Assignment

Financial Accounting Assignment

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Financial Accounting Assignment

Question 1

Clifford Limited trade receivables balance as of 31 October 2019 was €212,280. The following transactions took place during November and December 2019:

Nov 2019 
€		 Dec 2019 
€
Cash sales 
Credit sales
Sales returns from credit customers
Settlement discounts allowed
Cheques received from credit customers
Bad debts written off
Recovery of bad debt written off in 2018
Amounts due from customers to be offset against purchases in the purchase ledger
Cash refunds to customers who returned items after payment		  70,200 
145,700
3,100
1,880
160,400
2,500
500
2,680
 
1,000		  67,000 
165,200
5,880
2,460
142,480
4,200
Nil
3,000
 
Nil

On 31 December 2019, there was no bad debt provision for outstanding balances recognized in the financial statements. However, due to an increase in credit customers in 2019 Brown’s directors believe that a provision of 2% of outstanding balances at 31 December 2019 would be prudent.

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Requirement:
(a) Prepare the receivables control account for both November 2019 and December 2019.
(b) Prepare the bad debt expense account and the provision for bad debts account for both November 2019 and December 2019.
(c) Prepare the ‘statement of financial position’ extract for receivables as at 31 December 2019.

Question 2

(a) Outline your understanding, with the use of relevant examples, of capital and revenue expenditure.
(b) On 1 January 2019 E. Walsh books and records contained the following balances: Financial Accounting Assignment
Delivery vans at cost 101,750
Accumulated depreciation delivery vans 32, 410
During the financial year ending 31 December 2019, the following occurred:

  • On 1 April 2019 delivery van A was traded in against a new delivery van D. Delivery van A had been purchased on 1 December 2015 for €25,000
  • E. Walsh paid for delivery van D in cash. The list price of delivery van D was €37,500. E. Walsh wrote a cheque in full payment for delivery van D of €32,000 (hence trade-in allowance of €5,500)

Delivery vans are depreciated at 15% per annum on the straight-line basis from month of purchase to the month of sale. Depreciation is calculated to the nearest whole number.
(i) Prepare the delivery van at the cost T account. 5 Marks
(ii) Prepare the delivery van accumulated depreciation T account for the year ended 31 December 2019.
(iii) Prepare the disposal T account for delivery van A.
(c) Outline your understanding of the terms straight-line depreciation and reducing balance depreciation as they relate to non-current assets. Financial Accounting Assignment