AC 501 AC501 AC/501 ENTIRE COURSE HELP – KAPLAN UNIVERSITY

Description

AC 501 AC501 AC/501 ENTIRE COURSE HELP – KAPLAN UNIVERSITY

AC 501 Unit 1 Homework Assignment

AC 501 Unit 2 Homework Assignment

AC 501 Unit 3 Homework Assignment

AC 501 Unit 4 Homework Assignment

AC 501 Unit 5 Homework Assignment

AC 501 Unit 6 Homework Assignment

AC 501 AC501 AC/501 ENTIRE COURSE HELP – KAPLAN UNIVERSITY

AC 501 Unit 1 Homework Assignment

E2-7 (Assumptions, Principles, and Constraints): Presented below are the assumptions, principles, and constraints used in this chapter.

1. Economic entity assumption 5.Historical-cost principle 9. Materiality
2. Going-concern assumption 6.Matching principle 10. Industry practices
3. Monetary unit assumption 7. Full disclosure principle           11. Conservatism
4. Periodicity assumption 8. Cost-benefit relationship

Instructions

Identify by number the accounting assumption, principle, or constraint that describes each situation below. Do not use a number more than once.

E2-8 (Assumptions, Principles, and Constraints): Presented below are a number of operational guidelines and practices that have developed over time.

Instructions

Select the assumption, principle, or constraint that most appropriately justifies these procedures and practices. (Do not use qualitative characteristics.)

E3-1 (Transaction Analysis—Service Company)

Beverly Crusher is a licensed CPA. During the first month of operations of her business (a sole proprietorship), the following events and transactions occurred.

E3-4    (Corrected Trial Balance): The trial balance of Watteau Co. (shown on the next page) does not balance.

E3-10 (Adjusting Entries) Greco Resort opened for business on June 1 with eight air-conditioned units. Its trial balance on August 31 is as follows.

E3-14 (Closing Entries)

Presented below is information related to Gonzales Corporation for the month of January 2008.

AC 501 AC501 AC/501 ENTIRE COURSE HELP – KAPLAN UNIVERSITY

AC 501 Unit 2 Homework Assignment

E4-4

INSTRUCTIONS

Prepare a classified balance sheet in good form (No monetary amounts are necessary)

E4-9

INSTRUCTIONS

Restate the current assets and liabilities sections of the balance sheet in accordance with good accounting practice. (Assume that both accounts receivable and accounts payable are recorded gross.)

Determine the net effect of your adjustments on Allessandro Scarlatti Company’s retained earning balance.

E5-6

INSTRUCTIONS

Prepare a multiple-step income statement

Prepare a single-step income statement

E5-11

INSTRUCTIONS

Compute earnings per share data as it should appear on the income statement of Tkachuk Corporation.

E6-3

INSTRUCTIONS

Classify each of the transactions above as:

1)        Operating activity

2)        Operating activity

3)        Investing activity

4)        Financing activity

5)        Not reported as cash flow

E6-9

INSTRUCTIONS

Prepare a statement of cash flows for 2008 for Zubin Mehta Corporation

Determine Zubin Mehta Corporation’s free cash flow.

AC 501 AC501 AC/501 ENTIRE COURSE HELP – KAPLAN UNIVERSITY

AC 501 Unit 3 Homework Assignment

Exercise 7-5 (Recognition of Profit for Long-Term Contracts) Andre Agassi Construction Company began operations January 1, 2008. During the year, Andre Agassi Construction entered into a contract with Lindsey Davenport Corp. to construct a manufacturing facility. At that time, Agassi estimated that it would take 5 years to complete the facility at a total cost of $4,500,000. The total contract price for construction of the facility is $6,300,000. During the year, Agassi incurred $1,185,800 in construction costs related to the construction project. The estimated cost to complete the contract is $4,204,200. Lindsey Davenport Corp. was billed and paid 30% of the contract price.

AC 501 AC501 AC/501 ENTIRE COURSE HELP – KAPLAN UNIVERSITY

AC 501 Unit 4 Homework Assignment

Exercise 12-7:

Exercise 12-18:

Exercise 13-8:

Exercise 13-22:

Exercise 15-6:

Exercise 15-22:

AC 501 AC501 AC/501 ENTIRE COURSE HELP – KAPLAN UNIVERSITY

AC 501 Unit 5 Homework Assignment

Exercise 12-7:

Exercise 12-18:

Exercise 13-8:

Exercise 13-22:

Exercise 15-6:

Exercise 15-22:

AC 501 AC501 AC/501 ENTIRE COURSE HELP – KAPLAN UNIVERSITY

AC 501 Unit 6 Homework Assignment

E16-1: (Compensated Absences) Zero Mostel Company began operations on January 2, 2008. It employs 9 individuals who work 8-hour days and are paid hourly. Each employee earns 10 paid vacation days and 6 paid sick days annually. Vacation days may be taken after January 15 of the year following the year in which they are earned. Sick days may be taken as soon as they are earned; unused sick days accumulate. Additional information is as follows.

E16-12: (Basic Pension Worksheet) The following defined-benefit pension data of Doreen Corp. apply to the year 2008.

Instructions: For 2008, prepare a pension worksheet for Doreen Corp. that shows the journal entry for pension expense and the year-end balance in the related pension accounts.

E17-2: (Lessee Computations and Entries; Capital Lease with Guaranteed Residual Value) Delaney Company leases an automobile with fair value of $ 8,725 from John Simon Motors, Inc., on the following terms.

1. Noncancelable term of 50, months.
2. Rental of $ 200 per month (at end of each month; present value at 1% per month is $ 7,840).
3. Estimated residual value after 50 months is $ 1,180. (The present value at 1% per month is $ 715.) Delaney Company guarantees the residual value of $ 1,180.
4. Estimated economic life of the automobile is 60 months.
5. Delaney Company’s incremental borrowing rate is 12% a year (1% a month). Simon’s implicit rate is unknown.

Instructions:

1. What is the nature of this lease to Delaney Company?
2. What is the present value of the minimum lease payments?
3. Record the lease on Delaney Company’s books at the date of inception.
4. Record the first month’s depreciation on Delaney Company’s books. (Assume straight-line.)
5. Record the first month’s lease payment.

E17-8: (Amortization Schedule and Journal Entries for Lessee) Laura Leasing Company signs an agreement on January 1, 2008, to lease equipment to Plote Company. The following information relates to this agreement.

1. The term of the Noncancelable lease is 5 years with no renewal option. The equipment has an estimated economic life of 5 years.
2. The fair value of the asset at January 1, 2008, is $ 80,000.
3. The asset will revert to the lessor at the end of the lease term, at which time the asset is expected to have a residual value of $ 7,000, none of which is guaranteed.
4. Plote Company assumes direct responsibility for all executor costs, which include the following annual amounts: (1) $ 900 to Rocky Mountain Insurance Company for insurance, and (2) $ 1,600 to Laclede County for property taxes.
5. The agreement requires equal annual rental payments of $ 18,142.95 to the lessor, beginning on January 1, 2008.
6. The lessee’s incremental borrowing rate is 12%. The lessor’s implicit rate is 10% and is known to the lessee.
7. Plote Company uses the straight-line depreciation method for all equipment.
8. Plote uses reversing entries when appropriate.

Instructions: (Round all numbers to the nearest cent.)

1. Prepare an amortization schedule that would be suitable for the lessee for the lease term.
2. Prepare all of the journal entries for the lessee for 2008 and 2009 to record the lease agreement, the lease payments, and all expenses related this lease. Assume the lessee’s annual accounting period ends on December 31.

E18-11: (Change in Estimate – Depreciation) Peter M. Dell Co. purchased equipment for $ 510,000 which was estimated to have a useful life of 10 years with a salvage value of $ 10,000 at the end of that time. Depreciation has been entered for 7 years on a straight-line basis. In 2008, it is determined that the total estimated life should be 15 years with a salvage value of $ 5,000 at the end of that time.

Instructions:            

1. Prepare the entry (if any) to correct the prior years’ depreciation.
2. Prepare the entry to record depreciation for 2008.

E18-23: (EPS with Convertible Bonds and Preferred Stock) On January 1, 2008, Crocker Company issued 10-year, $ 2,000,000 face value, 6% bonds, at par. Each $ 1,000 bond is convertible into 15 shares of Crocker common stock. Crocker’s net income in 2008 was $ 300,000, and its tax rate was 40%. The company had 100,000 shares of common stock outstanding throughout 2008. None of the bonds were converted in 2008.

Instructions:

Compute diluted earnings per share for 2008.
Compute diluted earnings per share for 2008, assuming the same facts as above, except that $ 1,000,000 of 6% convertible preferred stock was issued instead of the bonds. Each $ 100 preferred shares are convertible into 5 shares of Crocker’s common stock.