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ACC 205 Week 1 DQ 1 Accounting Equation (New)

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As you have learned in this week’s readings the Accounting Equation is + Owners’ Equity. Is the accounting equation true in all instances? Provide sample transactions from your own experiences to demonstrate the validity of the Accounting Equation.

Guided Response:
Review several of your peers’ postings and identify some core components that you feel should be included in every transaction. Respond to at least two of your peers and provide recommendations to extend their thinking. Challenge your peers by asking a question that may cause them to reevaluate or add components to their transactions.

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ACC 205 Week 1 Exercise Assignment Basic Accounting Equations (New)

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1) Basic concepts. Jean's Marine Supply specializes in the sale of boating equipment and acces­sories. Identify the items that follow as an asset (A), liability (L), revenue (R), or expense (E) from the firm's viewpoint.

The inventory of boating supplies owned by the company. (A)

Monthly rental charges paid for store space. (L)

A loan owed to Citizens Bank. (L)

New computer equipment purchased to handle daily record keeping. (A)

Daily sales made to customers. (R)

Amounts due from customers. (R)

Land owned by the company to be used as a future store site. (A)

Weekly salaries paid to salespeople. (E)

2) Basic computations. The following selected balances were extracted from the accounting records of Rossi Enterprises on December 31, 20X3:

Accounts Payable $3,200 Interest Expense $2,500

Accounts Receivable 14,800 Land 18,000

Auto Expense 1,900 Loan Payable 40,000

Building 30,000 Tax Expense 3,300

Cash 7,400 Utilities Expense 4,100

Fee Revenue 56,900 Wage Expense 37,500

a. Determine Rossi’s total assets as of December 31.

b. Determine the company’s total liabilities as of December 31.

c. Compute 20X3 net income or loss.

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ACC 205 Week 1 Journal Balance Sheet Journal (New)

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Balance Sheet Journal

The Balance Sheet is a financial snap shot of a company at a particular point in time. The Balance Sheet lists the assets, liabilities, and equity of the company. Reflect on your personal financial situation, can you apply the concepts of the Balance Sheet? What did you learn from this reflection?


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

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ACC 205 Week 2 Exercise Assignment Revenue and Expenses (New)

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1. Recognition of concepts. Ron Carroll operates a small company that books entertainers for theaters, parties, conventions, and so forth. The company’s fiscal year ends on June 30. Consider the following items and classify each as either (1) prepaid expense, (2) unearned revenue, (3) accrued expense, (4) accrued revenue, or (5) none of the foregoing.

a. Amounts paid on June 30 for a 1-year insurance policy

b. Professional fees earned but not billed as of June 30

c. Repairs to the firm’s copy machine, incurred and paid in June

d. An advance payment from a client for a performance next month at a convention

e. The payment in part (d) from the client’s point of view

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ACC 205 Week 2 Journal Income Statement Journal (New)

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The Income Statement measures the income and expenses of a company over a specific period of time. Reflecting on your personal financial statement for the past month, can you apply the principles of the Income Statement? What did you learn from this experience?



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

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ACC 205 Week 3 Exercise Assignment Inventory (New)

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1. Specific identification method. Boston Galleries uses the specific identification method for inventory valuation. Inventory information for several oil paintings follows.

Painting

Cost

1/2 Beginning inventory

Woods

$11,000

4/19 Purchase

Sunset

21,800

6/7 Purchase

Earth

31,200

12/16 Purchase

Moon

4,000

Woods and Moon were sold during the year for a total of $35,000. Determine the firm’s

a. cost of goods sold.

b. gross profit.

c. ending inventory.

2. Inventory valuation methods: basic computations. The January beginning inven­tory of the White Company consisted of 300 units costing $40 each. During the first quarter, purchases were:

Date Quantity Cost

1/15 700 $45

1/31 1200 $48

2/12 800 $46

2/27 650 $51

Sales during the first quarter were.

Date Sold

1/19 500

2/2 600

2/13 500

2/28 100

The White Company uses a perpetual inventory system.

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ACC 205 Week 3 Journal Inventory Journal (New)

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Reflect for a moment on the LIFO (Last in First Out) and FIFO (First in First Out) inventory methods. If you were starting a small manufacturing company, what inventory method do you believe would provide the most accurate financial statements? Why do you believe this is the case?


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

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ACC 205 Week 4 Exercise Assignment Liability (New)

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Partner investments; journal entries.The LP partnership was formed on January 1, 19X7, by investments from Bill Levy and Marv Parcells. Levy contributed $30,000 cash and $80,000 of land. Parcells contributed cash of $50,000 and equipment with a value of $20,000.

a. Prepare the journal entries needed to record the investments of Levy and Parcells.

2. Payroll accounting. Assume that the following tax rates and payroll information pertain to Brookhaven Publishing:

Social Security taxes: 6% on the first $55,000 earned

Medicare taxes: 1.5% on the first $130,000 earned

Federal income taxes withheld from wages: $7,500

State income taxes: 5% of gross earnings

Insurance withholdings: 1% of gross earnings

State unemployment taxes: 5.4% on the first $7,000 earned

Federal unemployment taxes: 0.8% on the first $7,000 earned

The company incurred a salary expense of $50,000 during February. All employees had earned less than $5,000 by month-end.

a. Prepare the necessary entry to record Brookhaven’s February payroll. The entry will include deductions for the following:

Social Security taxes

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ACC 205 Week 4 Journal Future Obligations Journal (New)

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The current liability section of the balance sheet lists the liabilities that are due within the next 12 months. Reflecting on your current financial situation, apply the concept of current liabilities. What does this analysis tell you about your future obligations? What did you learn from this experience?


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

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ACC 205 Week 5 Journal Most Important Ratio Journal (New)

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Most Important Ratio Journal

Reflect for a moment on the ratios (working capital, current ratio, quick ratio, debt to asset, debt to equity, times interest earned, gross margin and net margin) presented this week. If you were considering investing in a company what ratio would be the most important to you? Formulate and argument to defend your position.


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

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