Essay on ACC 497 Final Exam

The Company President Gregory S Forest has directed me to conduct a field investigation at the Roanoke Branch. We have reasons to believe that employee morales and productivity are declining daily. I have also heard that there are other problems going on as well. I will be coming May 24, 2012 to have the group meeting and interview employees as a group to further investigate the problems within the company.

-3 x 1.66 pts. = minus 5 pts. = 45 pts. out of 50 pts. = 90%

http://cfaonline.asu.edu/beatles E-mail preferred: mus354 beatles@mainex1.asu.edu The Beatles • John Hannon – vocals, rhythm guitar, keyboards, song writer • Paul McCartney – vocals, bass, guitar, keyboards, song writer • George Harrison – (Jazz), vocals, lead guitar, song writer (“something”) • Richard Starkey (Ringo Starr) – vocals, drums • Left-handed: Paul and Ringo Paul is a perfectionist Ringo – short, more like human being, oldest, older than John by 3 month 4 stage career – • 1958-1963 – formative, U.K. hits 62-63: “ Please please me”, “Love me do” 63: “She loves you, yeah yeah yeah”, “I want to hold your hand” • 1964-1965 – U.S. and World tours, pop hits • 1966-1968 – psychedelic sound and concept albums

A. The future value of an annuity is unaffected by the amount of each annuity payment.

5.    Prepare any necessary adjusting entries to reflect the Inventory count at year end. These must be hand written.

Internal Revenue Code section 1221 defines “capital asset” as “property held by the taxpayer (whether or not connected with his trade or business), but does not include (1) Stock in trade of the taxpayer or other property of a kind which would properly be included in the inventory of the taxpayer if on hand at the close of the taxable year, or property held by the taxpayer primarily for sale to customers in the ordinary course of his trade or business.” As defined, Haig Simmons’ anthracite coal home heating and delivery service business holds anthracite coal in the ordinary course of business and therefore, is not considered a capital asset. Section 64 defines ordinary income as income earned from providing services or the sale of goods (inventory) “which is not a capital asset.” Based on this definition, any asset that does not classify as a capital asset is an ordinary asset. Since Haig Simmons was providing home coal heating services for consumers, any inventory kept was for the purpose of maintaining a steady, stable, and regular supply of coal and not held as a long term asset for future sale gains.

The standard costs and variances for direct materials, direct labor, and factory overhead for the month of May are as follows:

ACC290 Week 4 Exercises - P4-8A | | | | | | | | | | | | | | | | | | | | | | | | | | P4-8A | | | | | | A. Journalize Transactions | | | | | | | | | | | | | | Date | Account Titles and Explanations | Debit | Credit | | | | 2012 | | |   | | | | 07/01/12 | Cash | 12000 |   | | | |   | Common Stock | | 12000 | | | |   | (Issued Stock for Cash) | |   | | | | 1 | Equipment | 8000 |   | | | |   | Cash | | 2000 | | | |   | Accounts Payable | | 6000 | | | |   | (Purchased Truck with Cash and Account) | |   | | | | 3 | Supplies | 900 |   | | | |   | Accounts Payable | | 900 | | | |   | (Purchased Supplies on Account) | |   |

f) To evaluate the material misstatement in the accounts, I think both of the consolidated income statement and the three financial statements are useful. We need to use the information properly from all the financial statements. However the consolidated income statement is the most useful one. If there is a significant change in an account balance comparing with preceding two years, the auditor will examine whether there a material misstatement exists. For instance, the bad debt expense as a percent of net sales in 2011, 2010 and 2009 are 0.56%, 0.70% and 0.69%, respectively. There should

  * All clients pay tuition in advance, and their payments are credited to the Unearned Tuition Revenue account. The account was credited for $65,500 on August 31. With the exception of $15,500 all amounts were for the current semester ending on December 31.

B. It is outside the general purpose federal financial report and is optional, not required.

a. Arrange the following asset, liability, and owner’s equity elements of the accounting equation: Cash, Accounts Receivable, Office Furniture, Van, Accounts Payable, Common Stock/Dividends, and Revenues/Expenses. (See Exhibit 1.5)

The market price of a good is determined by both the supply and demand for it. In the world today supply and demand is perhaps one of the most fundamental principles that exists for economics and the backbone of a market economy. Supply is represented by how much the market can offer. The quantity supplied refers to the amount of a certain good that producers are willing to supply for a certain demand price. What determines this interconnection is how much of a good or service is supplied to the market or otherwise known as the supply relationship or supply schedule which is graphically represented by the supply curve. In demand the schedule is depicted graphically as the demand curve which represents the

Home Work Hour aims to provide quality study notes and tutorials to the students of ACC 291 Week 2 Wileyplus Assignment New in order to ace their studies.

Consumer departmentalization is based on division by customers served. A common example is an organization that has one department to handle retail customers and one department to handle wholesale or industrial customers.