Uncategorized

EP 5-3 Auditing an Accounting Estimate. LO5 Suppose management estimated the lower-of-cost- and net realizable value of some obsolete inventory at $99,000, and wrote it down from $120,000, recognizing a loss of $21,000. The auditors obtained the following information: the inventory in question could be sold for an amount between $78,000 and $92,000. The costs […]

SPREADSHEET ASSIGNMENT. Please present your work and answers to Questions 1 to 5 on a spreadsheet. Please attach your spreadsheet – carefully and correctly numbered . Your work must be neat and clear in order to earn full credit.Your firm presents you with the following cash flows for mutually exclusive projects A and B. The […]

Week Four Assignment   Please complete the following 3 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).    1. Comprehensive budgeting The balance sheet of Williams Company as of December 31, 20X8, follows. WILLIAMS […]

1. On January 1, 2013, Daniels Corporation issued $5,000,000, 10-year, 8% bonds at 103. Interest is payable semiannually on January 1 and July 1. The journal entry to record this transaction on January 1, 2013 is a. Cash 5,000,000 Bonds Payable 5,000,000 b. Cash 5,150,000 Bonds Payable 5,150,000 c. Premium on Bonds Payable 150,000 Cash […]

You are making a detailed analysis of the financial statements and accounting records of two companies: Adams Company and Bar Company. They are in the same industry, and price levels have been rising steadily for several years. In the course of your investigation, you observe that the inventory value shown on the Adams company balance […]

Answer all assigned questions and problems, and show all work.   1.       Do the following statements describe chemical or physical properties?   a.                Oxygen gas supports combustion. b.               Fertilizers help to increase agricultural production. c.                Water boils below 100°C on top of a mountain. d.               Lead is denser than aluminum. e.                Uranium is a […]

Guidelines for Position Paragraphs  Position paragraphs require concise, focused, and organized writing. Your  assignment is to write a paragraph that analyzes one specific ethical idea from the  current course unit. You choose the idea to write about; the point of the assignment  is to reflect deeply on a topic that matters to you. If you […]

Week Five Exercise AssignmentFinancial Ratios1. Liquidity ratios. Edison, Stagg, and Thornton have the following financial information at the close of business on July 10: Edison Stagg ThorntonCash $6,000 $5,000 $4,000Short-term investments 3,000 2,500 2,000Accounts receivable 2,000 2,500 3,000Inventory 1,000 2,500 4,000Prepaid expenses 800 800 800Accounts payable 200 200 200Notes payable: short-term 3,100 3,100 3,100Accrued payables […]

Accumulated Earnings and Personal Holding Company TaxesTRUE-FALSE QUESTIONS—CHAPTER 181. The accumulated earnings tax may be imposed on the same corporation every taxable year.2. The accumulated earnings credit is the lesser of $250,000 or accumulated earnings at the end of the previous year.3. Net Section 1231 gains in excess of net short-term capital losses may be […]

Greek and Roman cultures share a number of similarities due to the Romans conquering many of the territories previously occupied by the Greeks. However, they also have a variety of difference setting them apart from one another. These similarities and differences extend into their works of art, early forms of governing, education, heroism of military […]