Sobre ACCT 216 Entire Course New
ACCT 216 Accounting Theory and Applications Entire Course
ACCT 216 Week 1 Homework (v 1)
1.Please write a four-to-six sentence paragraph on the following question. Good business and accounting practices require the exercise of good judgment. How should ethics be incorporated into making accounting judgments? Why is ethics important?
2.Tammy Shot is a realtor. She organized her business, called TS Realty, as a corporation on April 1, 2013. Tammy started the business by depositing $85,000 in cash into the business bank account and issued herself common stock. Consider the following facts as of April 30, 2013:
a.Tammy had $16,000 in her personal bank account and $21,000 in the business bank account.
b.Tammy owes $1,000 on a personal charge account with Kohl’s.
c.Tammy acquired business furniture for $21,000 on April 21. Of this amount, the business owes $11,000 on accounts payable at April 10.
d.Office supplies on hand at the real estate office of $11,000.
e.TS Realty owes $16,000 on a note payable for some land acquired for a total price of $110,000.
f.Tammy owes $120,000 on a personal mortgage on her personal residence, which she acquired in 2006 for a total price of $120,000.
Required:
1.Prepare the balance sheet of TS Realty as of April 30, 2013.
2.Does it appear that the business can pay its debts? How can you tell?
3.Identify the personal items given in the preceding facts that should not be reported on the balance sheet of the business.
ACCT 216 Week 1 Homework (v 2)
1.Please write a four-to-six sentence paragraph on the following question. Good business and accounting practices require the exercise of good judgment.
How should ethics be incorporated into making accounting judgments? Why is ethics important?
2.Sharon Kent is a realtor. She organized her business, called SK Realty, as a corporation on April 1, 2013.
Sharon started the business by depositing $105,000 in cash into the business bank account and issued herself common stock. Consider the following facts as of April 30, 2013
ACCT 216 Week 2 Homework
Please write a 4-6 sentence paragraph on the following question. Describe each of the 4 basic financial statements. What is the relationship between them?
During the first month of operations (March 2011) Jerry Enterprises completed the following selected transactions:
a.The business received $12,000 in cash and a building valued at $52,000. The corporation issued stock to the contributors of these.
b.Borrowed $15,800 from the bank and signed a note payable to them
c.Paid $12,000 for equipment
d.Purchased supplies on account for $200
e.Paid employees’ salaries of $2,100
f.Performed services for customer on account, $2,800
g.Paid $100 of the accounts payable in transaction d above
h.Received a $800 bill for advertising expense that will be paid in the near future
i.Received cash on account, $1,600
j.Paid rent of $1,200
Required:
Prepare the journal entries for the above transactions
ACCT 216 Week 3 Homework
1.Classify the following items as (a) an addition to the bank balance, (b) a subtraction from the bank balance, (c) an addition to the book balance, or (d) a subtraction from the book balance:
2.During 2013, Jimmy Enterprises completed the following transactions:
a.Sales revenue on account, $550,000.
b.Collections on account, $325,000
c.Write-offs of uncollectibles, $13,000
d.Uncollectible account expense, 5% of sales revenue
Required:
1.Prepare the journal entries for the above transactions.
ACCT 216 Week 4 Homework
Homework scenario
Suppose Robotics, Inc.’s inventory records for a particular item indicated the following transactions in September:
September 1 Beginning Inventory 10 units @ $29
September 9 Purchase 18 units @ $32
September 23 Purchase 9 units @ $30
September 28 Purchase 6 units @ 31
Required: The company sold 24 units on September 30. Compute the ending inventory and cost of goods sold using each of the following methods:
1.LIFO
2.FIFO
3.Average Cost
Hello fellow students of ACCT 216: This is week 4’s homework assignment. By now you should be familiar with the Inventory Costing Methods, and if you’re not, I recommend you refer to your textbook for more detailed examples.
This is not as complicated as it appears but it is a bit tricky, once you understand the methods you will find they are quite fun. Inventory is one of my
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