Course ACCT 212 Financial Accounting Week 8 Homework Assignment 1. Question: The comparative income statements of Outdoor Music Co. follow: Calculate the change in the income statement amounts from 2017to 2018.(Use a minus sign or parentheses for a) Compute the dollar amount of change from one period(the base period) to the next. Divide the dollar amount of change […]

Course ACCT 212 Financial Accounting Week 7 Homework Assignment 1. Question: Preston Stores is authorized to issue 18,000 shares of common stock. During a two-month period, Preston completed these stock transactions: Journalize the first transaction. (Record debits first, then credits. Exclude explanations from any journal) Journalize the second transaction. (Record debits first, then credits. Exclude explanations from any […]

Course ACCT 212 Financial Accounting Week 6 Discussion: Balance Sheet Access the balance sheet of a publicly … company, and list what items of assets are … in the property, plant, and equipment section on the asset side. Select any one item from the property, plant, and equipment section, and discuss how you determine the cost of […]

Course ACCT 212 Financial Accounting Week 6 Homework Assignment 1. Question: McCoy’s Fish House purchases a tract of land and an existing building for $1,000,000. The company plans to remove the old building and construct a new restaurant on the site. In addition to the purchase price, McCoy pays closing costs, including title insurance of $3,000. […]

Course ACCT 212 Financial Accounting Week 5 Discussion Assignment: Inventory Management Based on your readings of Chapter 6, discuss with examples the two methods of inventory control. Which method do you think is better for a retail store with several items of small value? SOLUTION  After reading Chapters 5 and 6, I think the following […]

Course ACCT 212 Financial Accounting Week 5 Homework Assignment Question: Accounting records for Allegheny Corporation yield the following data for the year ended June 30, 2018(assume sales returns are non-existent): Journalize Allegheny’s inventory transactions for the year under the perpetual system. The first transaction is the purchase of inventory. Record the entry. The next transaction is […]

Course ACCT 212 Financial Accounting Fraud Triangle What is meant by the fraud triangle, and what can companies do to help prevent fraud? Please refer to the textbook for your response. At least one of the three elements of the fraud triangle must be eliminated. Of the three elements, companies have the greatest ability to […]

Course ACCT 212 Financial Accounting Week 4 Course Project Milestone 1 Project Requirement 1-3: Peter s Pool Corporation  Course Project Overview The Course Project consists of 10 Requirements for you to complete. Part 1 of the Course Project is due at the end of Week 4 and Part 2 at the end of Week 6. […]

Course ACCT 212 Financial Accounting Week 3 Discussion: Reasons Why Accountants Use the Accrual Method Let’s start the week by exploring accrual-basis accounting. Why do accountants use the accrual-basis method instead of the cash basis method of accounting? What are some of the benefits of using accrual accounting? GAAP requires that accrual accounting be used. This basis […]

Course ACCT 212 Financial Accounting Week 3 Homework Accounting Cycle 1. Question: Golden Eagle Company prepares monthly financial statements for its bank. The November 30 adjusted trial balance includes the following account information: …….. The following information is known for the month of December: 1. Purchases of supplies during December total $4,500. Supplies on hand at […]