Acct week 6 homework

 
Please access the

Week 6 Homework Questions (Links to an external site.)Links to an external site.

document and

grading rubric (Links to an external site.)Links to an external site.

. In a Word document, include your name and type your answer to each question. Name your document and include your first and last initials of your name. For example, if your name is Jane Smith, the file name will be ACCT557_W6_HW_JS .

Submit your assignment by the due date.

Homework – Week 6 – Chapter 23

Problems:

 

 

 

 

 

$ 135,000

$ 135,000

$ 180,000

 

$ 756,000

$ 722,000

 

 

 

FANCY FOOTWORK COMPANY

 

 

 

 

Financial data of Fancy Footwork Company for 2016 and 2015 are presented below.
	FANCY FOOTWORK COMPANY
COMPARATIVE BALANCE SHEET
AS OF DECEMBER 31, 2016 AND 2015
2016	2015
Cash	$ 260,000	$ 230,000
Receivables	$ 156,000	$ 120,000
Inventory		$ 180,000	$ 220,000
Plant assets	$ 160,000			$ 135,000
Accumulated depreciation	$ (80,000)	$ (76,000)
Long-term investments (held-to-maturity)	$ 80,000	$ 93,000
	$ 756,000		$ 722,000
Accounts payable	$ 122,000
Accrued liabilities	$ 30,000	$ 33,100
Bonds payable	$ 166,000
Common stock	$ 165,000
Retained earnings	$ 276,000	$ 235,900
INCOME STATEMENT
For the year ended Dec 31, 2016
Sales	750000
Cost of Goods Sold	530000
Gross Margin	220000
Selling and administrative expenses	106000
Income from Operations	114000
Other revenues and gains
Gain on sale of investments	7000
Income before tax	121000
Income tax expense	48400
Net Income	72600
Additional information:
During the year, $9000 of common stock was issued in exchange for plant assets. No plant assets were sold in 2015. Cash dividends were $32500.
Required:
A) Prepare a statement of cash flows using the indirect method.
B) Prepare a statement of cash flows using the direct method. (Do not prepare a reconciliation schedule.)

Rubric for Homework Problems

Criterion

Unsatisfactory

0–9

Needs Improvement

10–17

Meets Requirements

18–22

Points earned

0–22

Content and Development

80%
 

Content is incomplete or omits significant requirements.
Major points are not clear or persuasive. Does not indicate a basic understanding of chapter concepts.

Content is not comprehensive.
Major points are addressed, but not well supported. Basic understanding of chapter concepts, but not appears to have been mastered.
Some theoretical errors in submission.

Content is comprehensive, accurate, and persuasive.
Major points are stated clearly and are well supported. Student has mastered chapter concepts and correctly and clearly completed the assignment.

Comments

Criterion

Unsatisfactory

0

Needs Improvement

1–2

Meets Requirements

3–4

Points earned

0–4

Format and

Appearance

10%

Not submitted in Excel format.
No apparent attempt to format for readability. Hard to follow or determine answer. No conclusion or indication of where to find the answer or conclusion for each requirement.

Not a professional submission. Data just typed without any organization or format. No white space or graphics or formatting.
Unable to clearly identify where the answer to each problem requirement is presented.

Submission appropriate to present in a business or professional context. Excellent use of graphics and formatting.
Answer to each problem requirement clearly indicated.

Comments

Criterion

Unsatisfactory

0

Needs Improvement

1–2

Meets Requirements

3–4

Points earned

0–4

Calculations

10%

Not all answers properly supported. Difficult to determine from where the numbers were derived.
No audit trail.

Most necessary calculations included, but no formulas or explanation of how derived. Typed in hard number format rather than using a formula in the cell.

All required calculations clearly shown either as a label or comment or as a formula within the cell. Excellent audit trail.

Comments

Total Score