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ACC 205 (New) In order to succeed, you must read/Uophelpdotcom

For more course tutorials visit<br>www.uophelp.com<br><br>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. <br>

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ACC 205 (New) In order to succeed, you must read/Uophelpdotcom

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  1. ACC 205 (New) In order to succeed, you must read/Uophelpdotcom For more course tutorials visit www.uophelp.com

  2. ACC 205 Week 1 DQ 1 Accounting Equation (New) For more course tutorials visit www.uophelp.com 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.  Guided Response:Review several of your peers’ postings and identify some core components that you feel should be included in every transaction.  Respond to at least two of your peers and provide recommendations to extend their thinking.  Challenge your peers by asking a question that may cause them to reevaluate or add components to their transactions.

  3. ACC 205 Week 1 DQ 2 Accounts (New) For more course tutorials visit www.uophelp.com • 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: Analyze several of your peers’ postings.  Let at least two of your peers know if this knowledge could be used in their everyday lives.  Is so, how?  If not, why not?

  4. ACC 205 Week 1 Journal Balance Sheet Journal (New) For more course tutorials visit www.uophelp.com • What does the term “account” mean?  What are the different 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?  What did you learn from this reflection?

  5. ACC 205 Week 1 Exercise Assignment Basic Accounting Equations (New) For more course tutorials visit www.uophelp.com • 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) •  New computer equipment purchased to handle daily record keeping. (A) • Daily sales made to customers. (R) •  Amounts due from customers. (R)

  6. ACC 205 Week 2 DQ 1 Accounting Cycle (New) For more course tutorials visit www.uophelp.com • 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?  Would you expect the steps of the accounting cycle to be the same for each company?  Why or why not? • Guided Response:Review several of your peers’ postings and identify what steps of the accounting cycle that you feel are the most critical.  Respond to at least two of your peers and provide recommendations to extend their thinking.  Challenge your peers by asking a question that may cause them to reevaluate their position on the accounting cycle.

  7. ACC 205 Week 2 DQ 2 Bank Reconciliation (New) For more course tutorials visit www.uophelp.com • 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.  Let at least two of your peers know what happens to the discrepancies between the book balance and the bank balance.  Could these differences just be written off.Guided Response:

  8. ACC 205 Week 2 Exercise Assignment Revenue and Expenses (New) For more course tutorials visit www.uophelp.com • 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.a. Amounts paid on June 30 for a 1-year insurance policyb. Professional fees earned but not billed as of June 30

  9. ACC 205 Week 2 Journal Income Statement Journal (New) For more course tutorials visit www.uophelp.com • 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?Carefully review the Grading Rubric for the criteria that will be used to evaluate your journal entry.

  10. ACC 205 Week 3 DQ 1 LIFO vs. FIFO (New) For more course tutorials visit www.uophelp.com • 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.  What are the differences between the LIFO and FIFO methods? Guided Response:

  11. ACC 205 Week 3 DQ 2 Depreciation (New) For more course tutorials visit www.uophelp.com • 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: straight-line depreciation, double declining balance method, or an alternative method?  Guided Response:

  12. ACC 205 Week 3 Exercise Assignment Inventory (New) For more course tutorials visit www.uophelp.com • 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 • 4/19 Purchase • Sunset • 21,800 • 6/7 Purchase • Earth • 31,200 • 12/16 Purchase • Moon • 4,000

  13. ACC 205 Week 3 Journal Inventory Journal (New) For more course tutorials visit www.uophelp.com • 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?Carefully review the Grading Rubric for the criteria that will be used to evaluate your journal entry.

  14. ACC 205 Week 4 DQ 1 Current Liability (New) For more course tutorials visit www.uophelp.com • 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:

  15. ACC 205 Week 4 DQ 2 Client Recommendations (New) For more course tutorials visit www.uophelp.com • 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: sole proprietorship, partnership, and corporation.  Based on these advantages and disadvantages provide a clear recommendation to your client.  

  16. ACC 205 Week 4 Exercise Assignment Liability (New) For more course tutorials visit www.uophelp.com • 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. • a.    Prepare the journal entries needed to record the investments of Levy and Parcells. • 2. Payroll accounting. Assume that the following tax rates and payroll information pertain to Brookhaven

  17. ACC 205 Week 4 Journal Future Obligations Journal (New) For more course tutorials visit www.uophelp.com • 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?Carefully review the Grading Rubric for the criteria that will be used to evaluate your journal entry.

  18. ACC 205 Week 5 DQ 1 (New) For more course tutorials visit www.uophelp.com • ACC 205 Week 5 DQ 1

  19. ACC 205 Week 5 DQ 2 (New) For more course tutorials visit www.uophelp.com • ACC 205 Week 5 DQ 2

  20. ACC 205 Week 5 Exercise Assignment Financial Ratios (New) For more course tutorials visit www.uophelp.com • 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 • $1,000 • Short-term investments • 3,000 • 2,500 • 2,000 • Accounts receivable • 2,000 • 2,500 • 3,000

  21. ACC 205 Week 5 Final Paper Paper (New) For more course tutorials visit www.uophelp.com • Final PaperFocus of the Final PaperWrite 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 of making a recommendation to other investors.   Your paper should consist of the following sections: introduction, company overview, horizontal analysis, ratio analysis, final recommendation, and conclusions.  

  22. ACC 205 Week 5 Journal Most Important Ratio Journal (New) For more course tutorials visit www.uophelp.com • 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. • Carefully review the Grading Rubric for the criteria that will be used to evaluate your journal entry.

  23. ACC 205 (New) In order to succeed, you must read/Uophelpdotcom For more course tutorials visit www.uophelp.com

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