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ACC 205(ASH) Apprentice tutors / snaptutorial.com ACC 205 Week 1 DQ 1 Accounting Equation ACC 205 Week 1 DQ 2 Accounts 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. What does the term “account” mean? What are the different classifications of accounts? How do the rules for Debits and Credits impact accounts? Please provide an example of how debits and credits impact accounts. Guided Response:
ACC 205(ASH) Apprentice tutors / snaptutorial.com ACC 205 Week 1 Exercise Assignment Basic Accounting ACC 205 Week 1 Journal Balance Sheet Journal 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) Balance Sheet Journa 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?
ACC 205(ASH) Apprentice tutors / snaptutorial.com ACC 205 Week 2 DQ 1 Accounting Cycle ACC 205 Week 2 DQ 2 Bank Reconciliation Financial statements are a product of the accounting cycle. Think about two different companies, one a manufacturing company, the other a retail company. Why would different companies have different accounting cycles? What is the purpose of a bank reconciliation? What are the reasons there are differences between the cash reported in the accounting records and the cash balance in the bank statements? Analyze several of your peers’ postings.
ACC 205(ASH) Apprentice tutors / snaptutorial.com ACC 205 Week 2 Exercise Assignment Revenue and ACC 205 Week 2 Journal Income Statement Journal 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. 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?
ACC 205(ASH) Apprentice tutors / snaptutorial.com ACC 205 Week 3 DQ 1 LIFO vs. FIFO ACC 205 Week 3 DQ 2 Depreciation The controller of Sagehen Enterprises believes that the company should switch from the LIFO method to the FIFO method. The controller’s bonus is based on the next income. It is the controller’s belief that the switch in inventory methods would increase the net income of the company. There is a variety of depreciation methods used to allocate the cost of an asset to all of the accounting periods benefited by the use of the asset. Your client has just purchased a piece of equipment for $100,000. Explain the concept of depreciation. Which of the following depreciation methods would you recommend:
ACC 205(ASH) Apprentice tutors / snaptutorial.com ACC 205 Week 3 Exercise Assignment Inventory ACC 205 Week 3 Journal Inventory Journal 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 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?
ACC 205(ASH) Apprentice tutors / snaptutorial.com ACC 205 Week 4 DQ 1 Current Liability ACC 205 Week 4 DQ 2 Client Recommendations What is a current liability? From a user of financial statements perspective why do you believe current liabilities are separated from long-term liabilities? Based on your current experience and any additional research you may have done provide two examples of situations where businesses collect monies from customers and employees and reports these amounts as a current liability. Guided Response: A client comes to you thinking about starting a consulting business. Specifically your client is interested in what type of entity should be created for this new business. Based on your readings or any additional research you may have done, discuss the advantages and disadvantages of the following:
ACC 205(ASH) Apprentice tutors / snaptutorial.com ACC 205 Week 4 Exercise Assignment Liability ACC 205 Week 4 Journal Future Obligations Journal 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. 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?
ACC 205(ASH) Apprentice tutors / snaptutorial.com ACC 205 Week 5 DQ 1 ACC 205 Week 5 DQ 2 ACC 205 Week 5 DQ 1 ACC 205 Week 5 DQ 2
ACC 205(ASH) Apprentice tutors / snaptutorial.com ACC 205 Week 5 Exercise Assignment Financial Ratios ACC 205 Week 5 Final Paper Paper 1. Liquidity ratios. Edison, Stagg, and Thornton have the following financial information at the close of business on July 10: Edison Stagg Thornton Cash $4,000 $2,500 Final Paper Focus of the Final Paper Write a five to seven page financial statement analysis of a public company, and formatted according to APA style as outlined in the Ashford Writing Center. In this analysis you will discuss the financial health of this company with the ultimate goal
ACC 205(ASH) Apprentice tutors / snaptutorial.com ACC 205 Week 5 Journal Most Important Ratio 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.
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