ACC 421 NERD Learn by Doing/acc421nerd.com

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ACC 421 Entire Course

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ACC 421Week 1 Discussion Question 1

ACC 421Week 1 Discussion Question 2

ACC 421 Week 1 IndividualAccounting Cycle Paper

ACC 421 Week 2 Discussion Question 1

ACC 421 Week 2 Discussion Question 2

ACC 421 Week 2 IndividualAssignments

ACC 421 Week 2 Learning TeamAssignments From the Text

ACC 421 Week 3 Discussion Question 1

ACC 421 Week 3 Discussion Question 2

ACC 421 Week 3 Individual Assignment P1,P2,P3 And P4

ACC 421 Week 3 Team Assignment P4-3,E18-15 And P18-7

ACC 421 Week 4 Discussion Question 1

ACC 421 Week 4 Discussion Question 2

ACC 421 Week 4 Individual Assignment P1,P2,P3 And P4

ACC 421 Week 4 Team Assignment P5-3 And CA24-2

ACC 421 Week 5 IndividualAssignments

ACC 421 Week 5 Learning TeamAssignments From the Text

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ACC 421 Final Exam Answers Guide

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30 Question Set

Question 1

Transactions for Mehta Company for the month of May are presented below.

May 1 B.D. Mehta invests $3,054 cash in exchange for common stock of Mehta Company, a small welding corporation.

3 Buys equipment on account for $1,547.

13 Pays $477 to landlord for May rent.

21 Bills Noble Corp. $542 for welding work done.

Prepare journal entries for each of these transactions.

Date Account Debit Credit

May 1 Common Stock Investments – Mehta Company 3,054

Cash 3,054

May 3 Equipment 1,547

Accounts Payable 1,547

May 13 Rent Expense 477

Cash 477

May 21 Accounts Receivable 542

Service Revenue 542

Question 2

On July 1, 2012, Crowe Co. pays $19,796 to Zubin Insurance Co. for a 3-year insurance contract. Both companies have fiscal years ending December 31. For Crowe Co. journalize the entry on July 1 and the adjusting entry on December 31. (Round answers to zero decimal places, e.g. 2,555.)

Date Account Debit Credit

July 1 Prepaid Insurance 19,796

Cash 19,796

Dec 31 Insurance Expense 3,299

Prepaid Insurance 3,299

19,796 x (1/6) = 3299.33

Question 3

Dresser Company's weekly payroll, paid on Fridays, totals $12,000. Employees work a 5-day week. Prepare Dresser's adjusting entry on Wednesday, December 31, and the journal entry to record the $12,000 cash payment on Friday, January 2. (List multiple debit/credit entries from largest to smallest amount, e.g. 10, 5, 2.)

Date Account Debit Credit

Dec 31 Salaries and Wages Expense 7,200

Salaries and Wages Payable 7,200

12,000 x (3/5)

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ACC 421 Week 1 Discussion Question 1

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ACC 421 Week 1 Discussion Question 1

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ACC 421 Week 1 Discussion Question 2

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ACC 421Week 1 Discussion Question 2

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ACC 421 Week 1 Discussion Question 3

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ACC 421 Week 1 Discussion Question 3

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ACC 421 Week 1 IndividualAccounting Cycle Paper

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Preparea 700- to 1,050-word paper explaining the overall accounting cycle at your organization.Include a description of the people, processes, and systems that are integral to the cycle.

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ACC 421 Week 2 Discussion Question 1

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ACC 421 Week 2 Discussion Question 1

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ACC 421 Week 2 Discussion Question 2

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ACC 421 Week 2 Discussion Question 2

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ACC 421 Week 2 Discussion Question 3

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ACC 421 Week 2 Discussion Question 3

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ACC 421 Week 2 Individual Assignments

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Problem 1:Grading: This problem is worth a total of 18.75 points. There are 10grading elements each worth 18.75 x 2/3 / 10 = 1.25 points. There are 18.75 x 1/3 = 6.25 points available for effort.

Consider each one of the following in light of the characteristics of accounting:A: The economic consequences of a standard or rule are not considered.

B: Two other qualitative characteristics related to both reliability and relevance.

C: Exists when a particular measurement is agreed to by the majority.

D: Two large retail chains employ the same accounting principles.

E: Accounting information is useful because of these two primary qualities.

F: Users’ expectations are confirmed by accounting information.

G: This primary quality has predictive value as a component.

H: This primary component of relevance is illustrated by quarterly financial statements issued in addition to annual financial statements.

I: A component of this primary quality of accounting information is neutrality.

J: This quality is necessary in order to compare the results of a company over time.

Problem 2:Grading: This problem is worth a total of 18.75 points. There are 10grading elements each worth 18.75 x 2/3 / 10 = 1.25 points. There are 18.75 x 1/3 = 6.25 points available for effort.

Consider each of the following in light of accounting assumptions, principles, and constraints:

A: Potential gains are not recorded in the financial records; however potential losses are recorded in the financial records.

B: Financial information for personal finances and financial information for business finances are kept separate.

C: The value of land increases after it was purchased, however the increase in value is not recorded in the financial records. (Do not use the revenue recognition principle.)

D: In the United States, the dollar is the quantitative measure used in financial statements.

E: Allows a dealer in gold to revalue gold inventory up to market value, for instance.

F: Requires the recording of expenses in the same period the revenue resulting from those expenses is recorded.

G: A company’s assets are not reported at liquidation value. (Do not use the historical cost principle.)

H: Allows information that will not influence the decisions of reasonably informed uses to be omitted from the financial statements but requires the inclusion of information that will affect such decisions. (Do not use the full disclosure principle.)

I: Financial statements are issued at regular intervals.

J: Financial statements contain all relevant information.

Problem 3:

Grading: This problem is worth a total of 18.75 points. There are 12grading elements each worth 18.75 x 2/3 / 12 = 1.0417 points. There are 18.75 x 1/3 = 6.25 points available for effort.

Consider each of the following items recorded by the SWN Company:

A: The SWN Company has received the proper documents indicating that it is being sued by the WWK Company for $300,000 because the WWK Company claims that one of SWN Company’s products failed causing damage to WWK Company’s factory machines. SWN Company’s attorneys have carefully reviewed the suit and have concluded that there is very little probability that the suit will be successful and SWN Company will have no liability for the damages. However, in order to be conservative, SWN Company records the following entry:

Product Liability Loss 300,000

Accrued product liability loss 300,000

To accrue for possible loss from product liability

(Note that generally accepted accounting principles specify that potential losses are recorded if (1) the amount of the potential loss can be reasonably estimated and (2) it is probable that the loss will be incurred.)

B: The SWN Company acquired factory equipment for $135,000 at a liquidation sale of a local company that was in bankruptcy. Because the company was selling due to a bankruptcy liquidation, the sale prices were significantly below the actual fair market value of the equipment. In fact, the fair market value of the equipment purchased by the SWN Company was $180,000. Upon purchase the SWN Company recorded the following:

Equipment 180,000

Cash 135,000

Gain on acquisition of equipment 45,000

To record acquisition of equipment sold in liquidation

C: Although the SWN Company is doing reasonably well, management is concerned that, in the event of a liquidation, certain assets could not be sold for their current value as shown on the balance sheet. Management’s major concern is the amount of $450,000 paid in goodwill when acquiring a competitor company this year. Therefore the company wrote off the goodwill with the following entry:

Loss on impairment of goodwill 450,000

Goodwill 450,000

To record write-down of goodwill

D: The majority stockholder and president of the SWN Company purchased a new automobile for his personal use at a cost of $54,000. Rather than have SWN Company declare and pay a dividend to him in order to pay for the car, the president had SWN Company paid for the car and recorded the following entry:

President Expense 54,000

Cash 54,000

To record president’s expenses

E: SWN Company’s management was looking at the prices of new factory machinery similar to the machinery they are currently using and discovered that prices of such machinery have risen considerably recently. When compared to the prices of new machines, the amount of depreciation expense recorded for the year appears to be inadequate. Therefore the company recorded the following entry:

Depreciation Expense 6,000

Accumulated Depreciation 6,000

To record catch-up depreciationF: During the year, the value of one of the company’s raw materials increased in value to $924,000. The materials had originally cost $770,000. To record this increase in value, the company recorded the following entry:

Materials Inventory 154,000

Gain on Inventory 154,000

To record correct value of inventory

Instructions:

For each of the above entries:

1. Determine if each journal entry is appropriate under generally accepted accounting principles.2. If the entry is not appropriate under generally accepted accounting principles, explain why it is not appropriate and indicate which principle(s) is violated.

Problem 4:Grading: This problem is worth a total of 18.75 points. There are 10grading elements each worth 18.75 x 2/3 / 10 = 1.25 points. There are 18.75 x 1/3 = 6.25 points available for effort.

The following are selected general ledger account balances for the KFD Company as of June 30, 2012 before any adjustments:

Debit Credit

Cash $14,300

Accounts Receivable 12,500

Supplies 3,400

Prepaid Insurance 3,600

Equipment 34,200

Accumulated Depreciation - Equipment 0

Accounts Payable 9,800

Notes Payable 20,000

Unearned Rent Revenue 20,000

Rent Revenue 10,000

Telephone Expense 4,600 Wages Expense 15,400 15,400

Pension Expense 3,850

Interest Expense 0

The following information is available:

A: The prepaid insurance expires at the rate of $300 per month.

B: The equipment depreciates at the rate of $570 per month.

C: Interest of $400 is accrued on the notes payable for the quarter.

D: 25% of the unearned rent was earned during the quarter.

E: A count of supplies at the end of the quarter revealed that $1,360 of supplies were on hand

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ACC 421 Week 2 Individual Wileyplus Assignment E4-6, E4-16, P3-5, E18-4, E18-5

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ACC 421 Week 2 Answers

Week 2 Solutions to E4-6, E4-16, P3-5, E18-4, E18-5

Week 2 Solutions to Problems 1,2,3, and 4

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ACC 421 Week 2 Learning Team Assignments From the Text

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Resource:Intermediate Accounting

Writeresponses to Problems P3-5 and P3-9 in Ch.3 of Intermediate

Accounting.

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ACC 421 Week 3 Discussion Question 1

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ACC 421 Week 3 Discussion Question 1

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ACC 421 Week 3 Discussion Question 2

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ACC 421 Week 3 Discussion Question 2

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ACC 421 Week 3 Discussion Question 3

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ACC 421 Week 3 Discussion Question 3

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ACC 421 Week 3 Discussion Question 4

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ACC 421 Week 3 Discussion Question 4

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ACC 421 Week 3 Individual Assignment P1,P2,P3 And P4

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Submitresponses to the individual assignment for week 3 posted in the Course-Materials forum.

Problem 1:Grading: This problem is worth a total of 18.75 points. There are 23grading elements each worth 18.75 x 2/3 / 23 = 0.5435 points. There are 18.75 x 1/3 = 6.25 points available for effort. The following are general ledger balances of the RTQ Company as of December 31, 2013:

Cost of goods sold $585,000

Fair Market Value appreciation on land above cost 42,000

Cash dividends declared and paid 32,000

Rental revenue 32,000

Administrative salaries 86,000

Sales salaries 92,000

Sales supplies expense 22,000

Interest expense on notes payable 50,000

Depreciation expense on sales related assets 34,000

Depreciation expense on administrative related assets 46,000

Other administrative expense 22,000

Net sales 1,078,000

Income tax 42,000

The company had 49,000 shares of common stock issued and outstanding during the entire year.

The company ends its fiscal accounting year on December 31.

Instructions:

A: Prepare a multiple-step income statement in good form.

B: Prepare a single-step income statement in good form.

Problem 2:Grading: This problem is worth a total of 18.75 points. There are 22grading elements each worth 18.75 x 2/3 / 22 = 0.5682 points. There are 18.75 x 1/3 = 6.25 points available for effort.

The following information pertains to the BBR Company for the year ending December 31, 2010:

Administrative expenses $303,000

Cash dividends declared 189,000

Cost of goods sold 1,074,000

Extraordinary gain 120,000

Extraordinary loss 76,000

Income tax applicable to continuing operations 236,200

Income tax applicable to extraordinary gain 40,800

Income tax applicable to extraordinary loss 25,700

Income tax applicable to discontinued operations 32,200

Loss on discontinued operations 95,000

Rent revenue 51,000

Retained earnings, January 1, 2010 758,000

Sales 2,400,000

Selling expenses 379,000

Unrealized holding gain on available-for-sale securities 19,000

Common shares outstanding during 2010 126,000

Instructions:

A: Prepare a single-step income statement for 2010.

B: Prepare a retained earnings statement for 2010.

C: Show how comprehensive income is reported using the second income statement format.

The company ends its fiscal accounting year on December 31.

Problem 3:Grading: This problem is worth a total of 18.75 points. There are 16grading elements each worth 18.75 x 2/3 / 16= 0.7813 points. There are 18.75 x 1/3 = 6.25 points available for effort.

The PNK Company is in the business of construction. In 2016 it negotiated a contract with the TAT Company to build a new factory building for the TAT Company. The negotiated total contract price of the factory building was agreed to be $5,200,000 As the construction progressed through completion, the following information was compiled:

2016 2017 2018

Contract billings to date $1,040,000 $3,120,000 $5,200,000

Collections to date 936,000 2,808,000 4,940,000

Costs incurred to date 1,387,000 3,241,000 3,709,000

Estimated costs to complete 2,080,000 572,000 0

Instructions:

A. Assuming that the PNK Company uses the percentage-of-completion method to account for long term contracts:

1. For each year, compute the amount of gross profit that should be recognized.

2. Prepare all necessary journal entries that the PNK Company should record for 2017.

B. Assuming that the PNK Company uses the completed-contract method to account for long term contracts:

1. For each year, compute the amount of gross profit that should be recognized.

The PNK Company closes it fiscal accounting year on December 31.

Problem 4:Grading: This problem is worth a total of 18.75 points. There are 5grading elements each worth 18.75 x 2/3 / 5 = 2.5000 points. There are 18.75 x 1/3 = 6.25 points available for effort.

The KDG Company constructs buildings. It entered into a three-year contract in 2014 to construct a building for a total contract price of $2,500,000 The company uses the percentage-of- completion method to recognize income under long term construction contracts; and recognizes income each year based on the proportion of cost incurred to the total estimated costs for the contract.

Financial statement information pertaining to the contract as of December 31, 2014 follows:

Income Statement

Income recognized $45,500

Balance Sheet

Accounts receivable $53,800

Construction in progress $162,500

Less: Contract billings 153,800

Cost of uncompleted contract in excess of billings 8,700

Instructions:

A. Compute the initial estimated total income on this contract?

B. Compute the total amount actually collected on this contract in 2014.

The company ends it fiscal accounting year on December 31.

Note: Ignore the effect of income taxes.

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ACC 421 Week 3 Individual Wileyplus Assignment E5-5, E5-12, E5-15, E24-2, E24-5

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ACC 421 Week 3 Answers

Week 3 Solutions to E5-5, E5-12, E5-15, E24-2, E24-5

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ACC 421 Week 3 Team Assignment P4-3,E18-15 And P18-7

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Resources:Intermediate Accounting

Writeresponses to Problems P4-3 in Ch. 4 and Problems P18-7 &

E18-15 in Ch. 18 of Intermediate Accounting.

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ACC 421 Week 4 Discussion Question 1

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ACC 421 Week 4 Discussion Question 1

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ACC 421 Week 4 Discussion Question 2

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ACC 421 Week 4 Discussion Question 2

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ACC 421 Week 4 Discussion Question 3

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ACC 421 Week 4 Discussion Question 3

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ACC 421 Week 4 Individual Assignment P1,P2,P3 And P4

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Submitresponses to the individual assignment for week 4 posted in the Course-Materials forum.Problem 1:Grading: This problem is worth a total of 18.75 points. There are 22grading elements each worth 18.75 x 2/3 / 22= 0.5682 points. There are 18.75 x 1/3 = 6.25 points available for effort. The FJF Company does not employ a full-time accountant. However they do employ a bookkeeper that records entries and attempts to prepare drafts of financial statements.

You have been retained by the company to review the bookkeeper’s work and prepare correct financial statements for 2014. You have completed your review of the bookkeeper’s work and, based upon your review, the bookkeeper has prepared the following draft balance sheet for your review.

FJF Company

Balance sheet

For the year ended December 31, 2014

Stockholders’ s equity

Common stock, $9 par, authorized 70,000

shares, Issued 48,000 shares $432,000

Additional paid-in capital 237,000

Retained earnings

Intangible assets

Goodwill 118,000

Prepaid expenses 18,000

Cash surrender value of life insurance 133,000 Trading securities at cost (fair value $177,000) 207,000

Property, plant, and equipment

Land held for future use 259,000

Building (net) 843,000

Office equipment (net) 237,000

Current assets

Cash 340,000

Accounts receivable (net) 503,000

Inventories at lower of average cost or market 593,000

Current liabilities

Accounts payable 200,000

Notes payable (due next year) 185,000

Pension obligation 121,000

Rent payable 72,000

Premium on bonds payable 78,000

Long-term liabilities

Bonds payable 739,000

Additional information:

The company ends its fiscal accounting year on December 31.

The accumulated depreciation on the building totals $237,000.

The accumulated depreciation on the office equipment totals $155,000.

The allowance for doubtful accounts has a balance of $25,000.

The pension obligation is considered a long-term liability.

The bookkeeper did not know how to compute retained earnings.

Instructions:

Prepare a correct balance sheet is good form.

Problem 2:

Grading: This problem is worth a total of 18.75 points. There are 24grading elements each worth 18.75 x 2/3 / 24 = 0.5208 points. There are 18.75 x 1/3 = 6.25 points available for effort.

The WLO Company has prepared the following trial balance as of the end of its fiscal accounting year on December 31, 2013.

Debits CreditAccounts Payable $539,000

Accounts Receivable $516,000

Accrued Liabilities 114,000

Accumulated Depreciation – Buildings 180,000

Accumulated Depreciation –Equipment 71,000

Additional Paid-in Capital 95,000

Administrative Expenses 1,067,000

Allowance for Doubtful Accounts 30,000

Bonds Payable 1,185,000

Buildings 1,233,000

Cash 233,000

Common Stock ($1 par) 1,185,000

Cost of Goods Sold 5,689,000

Dividends Payable 161,000

Equipment 711,000

Extraordinary Gain 95,000

Franchise 190,000

Interest Expense 250,000

Inventories 708,000

Investment Revenue 75,000

Land 308,000

Long-term Investments in Bonds 354,000

Long-term Investments in Stocks 328,000

Long-term Notes Payable 1,067,000

Patent 231,000

Retained Earnings 91,000

Sales 9,600,000

Selling Expenses 2,370,000

Short-term Notes Payable 107,000

Trading Securities 181,000

Treasury Stock 226,000

$14,595,000 $14,595,000

Instructions:

Ignoring income taxes, prepare a balance sheet in good form as of December 31, 2013.

Problem 3:Grading: This problem is worth a total of 18.75 points. There are 11grading elements each worth 18.75 x 2/3 / 11 = 1.1364 points. There are 18.75 x 1/3 = 6.25 points available for effort.

Consider each of the following independent post –balance-sheet events (subsequent events) related to the ILJ Company.

1. The ILJ Company was sued by a competitor in a prior year for trademark infringement. The suit is now settled.

2. A large customer of the ILJ Company, representing 10% of ILJ Company’s annual revenues, cancelled their contract with the ILJ Company.

3. The ILJ Company was in litigation with the Internal Revenue Service concerning a tax matter related to a previous year’s income tax return. The matter was settled at a cost significantly in excess of the amount expected at year-end.

4. The ILJ Company sold one of its factories representing approximately 30% of its total assets.

5. The ILJ Company merged with the NYP Company. Both companies were approximately the same size prior to the merger.

6. A large customer of the ILJ Company filed for bankruptcy resulting in a significant loss on the year-end accounts receivables.

7. The ILJ Company launched a new product line.

8. The ILJ Company experienced an extended strike by its employees.

9. The ILJ Company hired a new president to replace the prior president that retired.

10. The ILJ Company experienced a fire at an administrative office. The building was a total loss.

11. The ILJ Company issued 100,000 shares of common stock increasingthe total number of shares outstanding to 250,000.

Instructions:

Each of the events occurred after the date of the balance sheet but before the financial statements were issued.

For each of the above events, indicate the action ILJ Company should take to report the event to their shareholders and other users of their financial statements. Should ILJ Company:

A: Adjust the financial statements to be issued.

B: Disclose the event in the notes to the financial statements to be issued.

C: Neither adjust nor disclose the event in the financial statements to be issued.

Problem 4:

Grading: This problem is worth a total of 18.75 points. There are 7grading elements each worth 18.75 x 2/3 / 7 = 1.7857 points. There are 18.75 x 1/3 = 6.25 points available for effort.

Consider the following balance sheets from two companies, the GYF Company and the AIT Company.

GYF Company AIT Company

Assets

Cash $96,000 $256,000

Receivables 176,000 241,000

Inventories 457,000 414,000

Total current assets $729,000 $911,000

Other assets 401,000 489,000

Total assets $1,130,000 $1,400,000

Liabilities and Stockholders’ Equity

Current liabilities $244,000 $280,000

Long-term liabilities 321,000 400,000

Capital stock and retained earnings 565,000 720,000

Total liabilities and stockholders’ equity $1,130,000 $1,400,000

Annual sales $745,000 $1,199,000

Rate of gross profit on sales 30.00% 40.00%

Instructions:

As a bank loan officer, it is your responsibility to evaluate loan application. Both companies are applying for a short-term loan. Using the above information and applicable ratio analysis, determine which company is the better credit risk and why.

Include the computations of the appropriate ratios used in your analysis.

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ACC 421 Week 4 Team Assignment P5-3 And CA24-2

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Resource:Intermediate Accounting

Writeresponses to Problem P5-3 in Ch. 5 and Concepts for Analysis

CA24-2 in Ch. 24 of Intermediate Accounting.

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ACC 421 Week 4 WileyPLUS E23-1, E23-4, E23-7, E23-11, E23-12

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Individual Assignments

Resource: WileyPLUS

Complete the following Week Four Assignment in WileyPLUS:

Exercise 23-1

Exercise 23-4

Exercise 23-7

Exercise 23-11

Exercise 23-12

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ACC 421 Week 5 IndividualAssignments

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Submitresponses to the individual assignment for week 5 posted in the Course-Materials forum.

Problem 1

Compute the present value of each of the following periodic amounts.

Each amount is paid/received at the end of each period.

A: $15,000 received at the end of each period for 9 periods compounded at 8%.

Present Value = $93,703,30.

B: $40,000 paid at the end of each period for 7 periods compounded at 4%.

C: $15,000 paid at the end of the tenth, eleventh, twelfth, and thirteenth periods

compounded at 11%

ACC421

Compute the requested item for each of the following:

A: A bank account has a current balance of $408,029. If the money is left in the account and earns 9% compounded annually, how many years will it take for the balance to grow to

B: A bank account has a current balance of $174,439. If the money is left in the account for 25

years and grows to $1,890,000, what is the annual rate of interest compounded annually?

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ACC 421 Week 5 Learning Team Assignments From the Text

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Resource:Intermediate Accounting

Writeresponses to Problems P6-7 in Ch. 6 and P23-7 in Ch. 23 of

Intermediate Accounting.

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ACC 421 Week 5 WileyPLUS E6-2, E6-5, E6-6, E6-8, E6-10

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Individual Assignments

WileyPLUS Assignment: Week 5 Assignment

Complete the following Week Five Assignment in WileyPLUS:

Exercise 6-2

Exercise 6-5

Exercise 6-6

Exercise 6-8

Exercise 6-10

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