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ACC 206 Week 1 Assignment Chapter One Problems

ACC 206 Week 1 DQ1 Cash Flows Information

ACC 206 Week 1 DQ2 Apple's Cash Flow

ACC 206 Week 2 Assignment Chapter Two and Three Problems

ACC 206 Week 2 DQ1 Stock Features

ACC 206 Week 2 DQ2 Role of Management Accounting

ACC 206 Week 2 Journal Institute of Management Accounting

ACC 206 Week 3 Assignment Chapter Four and Five Problems

ACC 206 Week 3 DQ1 Issues in Costing

ACC 206 Week 3 DQ2 CVP and the Airline Industry

ACC 206 Week 3 Journal Hershey Company

ACC 206 Week 4 Assignment Chapter Six and Seven Problems

ACC 206 Week 4 DQ1 Issues in Standard Costs and Budgeting

ACC 206 Week 4 DQ2 Flexible Budgets

ACC 206 Week 5 Assignment Chapter Eight Problems

ACC 206 Week 5 Assignment Final Paper

ACC 206 Week 5 DQ1 Long-term Decision Making

ACC 206 Week 5 DQ2 Responsibilities in Management Accounting

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ACC 206 Week 1 Assignment Chapter One Problems(New)

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Ch 1 Critical Thinking Question 5:

Answer the following questions:

Why are noncash transactions, such as the exchange of common stock a building, included on a statement of cash flows? How are these noncash transactions disclosed?

Chapter 1 Exercise 1:

1. Classification of activities

Classify each of the following transactions as arising from an operating (O), investing (I), financing (F), or noncash investing/financing (N) activity.

a. ________ Received $80,000 from the sale of land.

b. ________ Received $3,200 from cash sales.

c. ________ Paid a $5,000 dividend.

d. ________ Purchased $8,800 of merchandise for cash.

e. ________ Received $100,000 from the issuance of common stock.

f. ________ Paid $1,200 of interest on a note payable.

g. ________ Acquired a new laser printer by paying $650.

h. ________ Acquired a $400,000 building by signing a $400,000 mortgage note.

Chapter 1 Exercise 4:

4. Overview of direct and indirect methods

Evaluate the comments that follow as being True or False. If the comment is false, briefly explain why.

a. Both the direct and indirect methods will produce the same cash flow from operating activities.

b. Depreciation expense is added back to net income when the indirect method is used.

c. One of the advantages of using the direct method rather than the indirect method is that larger cash flows from financing activities will be reported.

d. The cash paid to suppliers is normally disclosed on the statement of cash flows when the indirect method of statement preparation is employed.

e. The dollar change in the Merchandise Inventory account appears on the statement of cash flows only when the direct method of statement preparation is used.

Chapter 1 Exercise 6:

6. Equipment transaction and cash flow reporting

New equipment purchased during 20x4 totaled $280,000. The 20x4 income statement disclosed equipment depreciation expense of $41,000 and a $9,000 loss on the sale of equipment.

a. Determine the cost and accumulated depreciation of the equipment sold during 20X4.

b. Determine the selling price of the equipment sold.

c. Show how the sale of equipment would appear on a statement of cash flows prepared by using the indirect method.

Chapter 1 Problem 3:

3. Cash flow information: Direct and indirect methods

The comparative year-end balance sheets of Sign Graphics, Inc., revealed the following activity in the company's current accounts:

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ACC 206 Week 2 Assignment Chapter Two and Three Problems(New)

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Chapter Two and Three Problem

Please complete the following 7 exercises below in either Excel or a word document (but must be single document). You must show your work where appropriate (leaving the calculations within Excel cells is acceptable). Save the document, and submit it in the appropriate week using the Assignment Submission button.

Chapter 2 Exercise 1

1. Issuance of stock

Prepare journal entries to record the issuance of 100,000 shares of common stock at $20 per share for each of the following independent cases:

a. Jackson Corporation has common stock with a par value of $1 per share.

b. Royal Corporation has no-par common with a stated value of $5 per share.

c. French Corporation has no-par common; no stated value has been assigned

Chapter 2 Exercise 3

3. Analysis of stockholders' equity

Star Corporation issued both common and preferred stock during 20X6. The stockholders' equity sections of the company's balance sheets at the end of 20X6 and 20X5 follow.

20X6 20X5

Preferred stock, $100 par value, 10% $580,000 $500,000

Common stock, $10 par value 2,350,000 1,750,000

Paid-in capital in excess of par value

Preferred 24,000 —

Common 4,620,000 3,600,000

Retained earnings 8,470,000 6,920,000

Total stockholders' equity $16,044,000 $12,770,000

a. Compute the number of preferred shares that were issued during 20X6.

b. Calculate the average issue price of the common stock sold in 20X6.

c. By what amount did the company's paid-in capital increase during 20X6?

d. Did Star's total legal capital increase or decrease during 20X6? By what amou

Chapter 2 Problem 1

1. Bond computations: Straight-line amortization

Southlake Corporation issued $900,000 of 8% bonds on March 1, 20X1. The bonds pay interest on March 1 and September 1 and mature in 10 years. Assume the independent cases that follow.

  • Case A—The bonds are issued at 100.
  • Case B—The bonds are issued at 96.
  • Case C—The bonds are issued at 105.
  • Southlake uses the straight-line method of amortization.

    Instructions:

    Complete the following table:

    Case A Case B Case C

    a. Cash inflow on the issuance date _______ _______ _______

    b. Total cash outflow through maturity _______ _______ _______

    c. Total borrowing cost over the life of the bond issue _______ _______ _______

    d. Interest expense for the year ended December 31, 20X1 _______ _______ _______

    e. Amortization for the year ended December 31, 20X1 _______ _______ _______

    f. Unamortized premium as of December 31, 20X1 _______ _______ _______

    g. Unamortized discount as of December 31, 20X1 _______ _______ _______

    h. Bond carrying value as of December 31, 20X1 _______ _______ _______

    Chapter 3 Exercise 1

    1. Product costs and period costs

    The costs that follow were extracted from the accounting records of several different manufacturers:

    1. Weekly wages of an equipment maintenance worker

    2. Marketing costs of a soft drink bottler

    3. Cost of sheet metal in a Honda automobile

    4. Cost of president's subscription to Fortune magazine

    5. Monthly operating costs of pollution control equipment used in a steel mill

    6. Weekly wages of a seamstress employed by a jeans maker

    7. Cost of compact discs (CDs) for newly recorded releases of Rush, Billy Joel, and Bryan Adams

    a. Determine which of these costs are product costs and which are period costs.

    b. For the product costs only, determine those that are easily traced to the finished product and those that are not.

    Chapter 3 Exercise 2

    2. Definitions of manufacturing concepts

    Interstate Manufacturing produces brass fasteners and incurred the following costs for the year just ended:

    Materials and supplies used

    Brass $75,000

    Repair parts 16,000

    Machine lubricants 9,000

    Wages and salaries Machine operators 128,000

    Production supervisors 64,000

    Maintenance personnel 41,000

    Other factory overhead Variable 35,000

    Fixed 46,000

    Sales commissions 20,000

    Compute:

    a. Total direct materials consumed

    b. Total direct labor

    c. Total prime cost

    d. Total conversion cost

    Chapter 3 Exercise 5

    5. Schedule of cost of goods manufactured, income statement

    The following information was taken from the ledger of Jefferson Industries, Inc.:

    Direct labor $85,000 Administrative expenses $59,000

    Selling expenses 34,000 Work in. process

    Sales 300,000 Jan. 1 29,000

    Finished goods Dec. 31 21,000

    Jan. 1 115,000 Direct material purchases 88,000

    Dec. 31 131,000 Depreciation: factory 18,000

    Raw (direct) materials on hand Indirect materials used 10,000

    Jan. 1 31,000 Indirect labor 24,000

    Dec. 31 40,000 Factory taxes 8,000

    Factory utilities 11,000

    Prepare the following:

    a. A schedule of cost of goods manufactured for the year ended December 31.

    b. An income statement for the year ended December 31.

    Chapter 3 Problem 3

    3. Manufacturing statements and cost behavior

    Tampa Foundry began operations during the current year, manufacturing various products for industrial use. One such product is light-gauge aluminum, which the company sells for $36 per roll. Cost information for the year just ended follows.

    Per Unit Variable Cost Fixed Cost

    Direct materials $4.50 $ —

    Direct labor 6.5 —

    Factory overhead 9 50,000

    Selling — 70,000

    Administrative — 135,000

    Production and sales totaled 20,000 rolls and 17,000 rolls, respectively There is no work in process. Tampa carries its finished goods inventory at the average unit cost of production.

    Instructions:

    a. Determine the cost of the finished goods inventory of light-gauge aluminum.

    b. Prepare an income statement for the current year ended December 31

    c. On the basis of the information presented:

    1. Does it appear that the company pays commissions to its sales staff? Explain.

    2. What is the likely effect on the $4.50 unit cost of direct materials if next year's production increases? Why?

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    ACC 206 Week 2 Journal Institute of Management Accounting(New)

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    Institute of Management Accounting

    While there are many instances of overlap between financial accounting and management accounting, each group’s primary focus is different. Review the Institute of Management Accounting’s (IMA) website, specifically the “About IMA” and the “Resources and Publications” sections of the website. Are you surprised by the topics that management accountants are focusing on? Why or why not? What interests you more, financial accounting or management accounting?

    Carefully review the Grading Rubric for the criteria that will be used to evaluate your journal entry.

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    ACC 206 Week 3 Assignment Chapter Four and Five Problems(New)

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    Chapter 4 and 5 Problems

    Please complete the following 7 exercises below in either Excel or a word document (but must be single document). You must show your work where appropriate (leaving the calculations within Excel cells is acceptable). Save the document, and submit it in the appropriate week using the Assignment Submission button.

    Chapter 4 Exercise 3

    3. Cost flows and overhead application

    Cleveland Metals uses a job cost system and applies factory overhead to production at a predetermined rate of 180% of direct labor cost. Data pertaining to recent operations follow.

  • Job no. 636 was the only job in process on January 1 of the current year. The Work in Process account contained a $24,600 balance on this date.
  • Jobs no. 637, 638, and 639 were started during January.
  • Total direct material requisitions and directlabor incurred during January amounted to $89,200 and $114,500, respectively.
  • The only job that remained in process on January 31 was job no. 638, with costs of $15,000 for direct materials and $20,000 for direct labor.
  • ---------------------------------------------------------------------------------------------------ACC 206 Week 3 Journal Hershey Company(New)
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  • Hershey Company
    Go the Hershey website to learn how to make Hershey chocolate. Review the process and take a look at some of the videos. Pay particular attention to the process steps of milling and pressing, mixing the ingredients, and refining.
    In at least one paragraph, describe the costing system that you would recommend Hershey use to account for its cost of goods sold and why. Include a few product costs you think would be traceable, which costs should be allocated, and how Hershey should account and apply the manufacturing overhead costs.


    Carefully review the Grading Rubric for the criteria that will be used to evaluate your journal entry.
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