Category Archives: ACC 305 (ASH)

ACC 305 Week 3 P7-10, P7-14

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Problem 7-10 p. 388 – Evergreen Company 

Evergreen Company sells lawn and garden products to wholesalers. The company’s fiscal year-end is December 31. During 2011, the following transactions related to receivables occurred:

Required:

1.    Prepare the necessary journal entries for Evergreen for each of the above dates. For transactions involving the sale of merchandise, ignore the entry for the cost of goods sold (round all calculations to the nearest dollar).

2.    Prepare any necessary adjusting entries at December 31, 2011. Adjusting entries are only recorded at year- end (round all calculations to the nearest dollar).

3.    Prepare a schedule showing the effect of the journal entries in requirements 1 and 2 on 2011 income before taxes.
Problem 7-14 p. 389 – El Gato Painting Company

El Gato Painting Company maintains a checking account at American Bank. Bank statements are prepared at the end of each month. The November 30, 2011, reconciliation of the bank balance is as follows:

Required:

1.    Prepare a bank reconciliation for the El Gato checking account at December 31, 2011.

2.     Prepare any necessary adjusting journal entries indicated.

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ACC 305 Week 4 Ethics Case 9 to 11

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Danville Bottlers is a wholesale beverage company. Danville uses the FIFO inventory method to determine the cost of its ending inventory. Ending inventory quantities are determined by a physical count. For the fiscal year- end June 30, 2011, ending inventory was originally determined to be $3,265,000. However, on July 17, 2011, John Howard, the company’s controller, discovered an error in the ending inventory count. He determined that the correct ending inventory amount should be $2,600,000.

Danville is a privately owned corporation with significant financing provided by a local bank. The bank requires annual audited financial statements as a condition of the loan. By July 17, the auditors had completed their review of the financial statements which are scheduled to be issued on July 25. They did not discover the inventory error.

John’s first reaction was to communicate his finding to the auditors and to revise the financial statements before they are issued. However, he knows that his and his fellow workers’ profit-sharing plans are based on annual pretax earnings and that if he revises the statements, everyone’s profit-sharing bonus will be significantly reduced.

Required:

1. Why will bonuses be negatively affected? What is the effect on pretax earnings?

2. If the error is not corrected in the current year and is discovered by the auditors during the following year’s audit, how will it be reported in the company’s financial statements?

3. Discuss the ethical dilemma John Howard faces.

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ACC 305 Week 5 Final Paper (FASB) – (ASH)

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Focus of the Final Paper

Submit a seven to ten page paper on one of the major topics listed below. The paper should incorporate at least three other appropriately documented and related articles drawn from the University’s Library. (Note: you may advance your own topic, but it must be approved by your instructor.)

Explain the role of the FASB in monitoring and controlling business reporting and accounting practices in the modern organization. In what ways do FASB rules limit business practices and reporting financial information? How do such rules and regulations protect the business and public stakeholder communities?

To whom is the FASB accountable and who appoints members to FASB?

Explain how external stakeholders use financial information such as company income statements and balance sheets to make decisions about the company in such cases as advancing credit or offering leasing vehicles. Discuss how common financial ratios and investment analysis is used to conduct due diligence by external parties and how factors such as accounts receivables, accounts payables, earnings returns, returns on inventory, etc. are applied to evaluate a firm’s financial and business health.

Discuss depreciation as a tool for managing and evaluating the life and utility of assets of the firm. What are the methods and under what conditions would each method be used and applied? Does a firm’s tax planning influence the decision? How do external stakeholders assess the validity of depreciation schemes?

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ACC 305 Week 5 Ethics Case 10 to 12

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● LO8 Mayer Biotechnical, Inc., develops, manufactures, and sells pharmaceuticals. Significant research and development (R&D) expenditures are made for the development of updated drugs and the improvement of existing drugs. During 2011, $220 million was spent on R&D. Of this amount, $30 million was spent on the purchase of equipment to be used in a research project involving the development of a updated antibiotic.

The controller, Alice Cooper, is considering capitalizing the equipment and depreciating it over the five-year useful life of the equipment at $6 million per year, even though the equipment likely will be used on only one project.

The company president has asked Alice to make every effort to increase 2011 earnings because in 2012 the company will be seeking significant updated financing from both debt and equity sources. “I guess we might use the equipment in other projects later,” Alice wondered to herself.

Required:

1. Assuming that the equipment was purchased at the beginning of 2011, by how much would Alice’s treatment of the equipment increase before tax earnings as opposed to expensing the equipment cost?

2. Discuss the ethical dilemma Alice faces in determining the treatment of the $30 million equipment purchase.

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ACC 305 Week 4 Exercise 8-13, Exercise 8-14,Exercise 8-18,Problem 8-5,Exercise 9-19,Exercise 9-21,Problem 9-1

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ACC 305 Week 4 Exercise 8-13 Inventory cash flow methods, periodic system

ACC 305 Week 4 Exercise 8-14 Inventory cost flow methods; perpetual system

ACC 305 Exercise 8-18 Supplemental LIFO disclosures; LIFO reserve; Steelcase

ACC 305 Problem 8-5 Ferris Company: Various inventory costing methods

ACC 305 Exercise 9-19  Brunswick Hat Company: Dollar-value LIFO retail

ACC 305 Exercise 9-21 Lance-Hefner Specialty Shoppes: Dollar-value LIFO retail 

ACC 305 Problem 9-1 Decker Company: Lower of cost or market

 

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ACC 305 Week 3 Judgment Case 7-5

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For each of the following independent situations, indicate the apparent internal control weaknesses and suggest alternative procedures to eliminate the weaknesses.

1. John Smith is the petty cash custodian. John approves all requests for payment out of the $200 fund, which is replenished at the end of each month. At the end of each month, John submits a list of all accounts and amounts to be charged and a check is written to him for the total amount. John is the only person ever to tally the fund.

2. All of the company’s cash disbursements are made by check. Each check must be supported by an approved voucher, which is in turn supported by the appropriate invoice and, for purchases, a receiving document. The vouchers are approved by Dean Leiser, the chief accountant, after reviewing the supporting documentation. Betty Hanson prepares the checks for Leiser’s signature. Leiser also maintains the company’s check register (the cash disbursements journal) and reconciles the bank account at the end of each month.

3. Fran Jones opens the company’s mail and makes a listing of all checks and cash received from customers. A copy of the list is sent to Jerry McDonald who maintains the general ledger accounts. Fran prepares and makes the daily deposit at the bank. Fran also maintains the subsidiary ledger for accounts receivable, which is used to generate monthly statements to customers.

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ACC 305 Week 3 Communication Case 6-3

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Harvey Alexander, an all-league professional football player, has just declared free agency. Two teams, the San Francisco 49ers and the Dallas Cowboys, have made Harvey the following offers to obtain his services:

49ers: $1 million signing bonus payable immediately and an annual salary of $1.5 million for the five-year term of the contract.

Cowboys: $2.5 million signing bonus payable immediately and an annual salary of $1 million for the five-year term of the contract.

With both contracts, the annual salary will be paid in one lump sum at the end of the football season.

Required:

You have been hired as a consultant to Harvey’s agent, Phil Marks, to evaluate the two contracts. Write a short letter to Phil with your recommendation including the method you used to reach your conclusion. Assume that Harvey has no preference between the two teams and that the decision will be based entirely on monetary considerations. Also assume that Harvey can invest his money and earn an 8% annual return.

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