ACCT 550 Course Project Balance Sheet and Single-Step Income Statement

ACCT 550 Course Project Balance Sheet and Single-Step Income Statement

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Course Project Title: Balance Sheet and Single-Step Income Statement

Objective

To prepare a comprehensive balance sheet and Single-Step Income Statement presented in good form and derived from a list of various accounts. The amounts relative to each account will be given and the student will learn to determine whether an account is a balance sheet account or a temporary account that belongs to the income statement. The accounts will be comprised of all the various subgroupings in the balance sheet (Current Assets, Investment, Fixed Assets, Intangibles, and Other Assets, as well as Current Liabilities, Long-term Liabilities, and the Equity sections).

Guidelines

• Obtain the list of accounts under the title of Course Project in Doc Sharing
• Determine which accounts belong to the Balance Sheet and which accounts belong to the Income Statement
• Determine to which subgroup each account belongs
• Arrange the accounts in proper order and functionality
• Prepare a Comprehensive Balance Sheet in good form
• Prepare a Single-step Income Statement in good form
• Put the Course Project in the Dropbox for the project in Week 8

Grading Rubrics

Category	Points	%	Description
Making proper selection of accounts relative to the balance sheet or the income statement	30	20	From the provided listing of accounts determine which accounts are Balance Sheet accounts and which accounts are Income Statement accounts.
Putting the accounts into the proper subgroup according to functionality	15	10	Each account belongs to a particular subgroup. The student is to determine which subgroup the account belongs. This should be done according to functionality.
Preparing the balance sheet in good form	45	30	Proper form is important in the preparation of the balance sheet. Examples can be found in the text.
Preparing the income statement in good form	45	30	Proper form is important in the preparation of the income statement. Examples can be found in the text.
Ensuring that the Balance Sheet and the Income Statement have been computed correctly	15	10	It is important that the balance sheet and income statement are computed correctly and have the correct totals. An incorrect total in any part of the financials can invalidate the entire project.
Total	150	100	A quality project will meet or exceed all of the above requirements.

Course Project Listing of Accounts:

Accounts Payable                                           $197,532

Account Receivable                                       165,824

Accrued Interest on Notes Payable                500

Accrued Liabilities                                           9,500

Accumulated Depreciations                           341,200

Additional Paid-in Capital                                37,500

Administrative Expenses                                350,000

Allowance for doubtful accounts                    1,850

Building                                                           975,800

Cash                                                                42,485

Common Stock                                              400,000

Copyrights                                                       105,000

Cost of Goods Sold                            1,000,000

Customer Deposits

(expected to be paid next year)                      420

Deposits with Vendors

(based on a long-term purchase contract) 50,000

Depreciation Expense

(40% – Selling, 60% – Administrative)            100,000

Dividend Income                                             30,000

Goodwill                                                          100,000

Income Tax Expense                                     82,250

Income Taxes Payable                                   62,520

Interest Revenue                                            25,000

Inventories                                                      499,493

Investments in Warren Co.                             87,500

Land                                                                125,000

Mortgage Payable ($1,500 per month)          308,000

Notes Payable to Banks                                 50,000

Notes Receivable (due next year)                  23,000

Patents                                                            125,000

Preferred Stock, 7%                                       300,000

Prepaid Expenses                                           16,252

Rental Income                                                            50,000

Retained Earnings                                          162,582

Selling Expenses                                            300,000

Salaries Payable                                             52,000

Sales Discounts                                              120,000

Sales Revenue                                   2,000,000

Securities (available for sale) – at fair

Market value                                       28,250

Trademarks                                                    80,000

Twenty-year, 12% Bonds, due 1/1/2013        500,000

ACCT 540 week 2 Course Project – ABC Investment Group

ACCT 540 week 2 Course Project – ABC Investment Group

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You have been hired as a consultant for ABC Investment Group. ABC incorporated in 1999 and manages investment portfolios for small to medium size companies. The Director of the company is not up to speed on how unrealized gains and losses as well as realized gains and losses on bonds should be accounted for. The Director has been told that under certain conditions unrealized gains and losses can be accounted for in the income statement and accounted for as part of other comprehensive income under other conditions. The Director is also unclear as to how to determine whether a security is impaired and how to determine the amount that is required to be written down. You have been asked to look into these issues and determine the proper accounting treatment for bonds.
Assignment
In a minimum of 5 to 7 sentences, summarize the background of your case and indicate any assumptions that you are making regarding the case. Define your problem statement and research question(s).

ACCT 525 Week 4 Assignment Solution

ACCT 525 Week 4 Assignment Solution

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Read “It’s Time for Principles-Based Accounting Ethics” which can be accessed through the DeVry online library. In 3-4 pages (12-pt type, double-spaced) answer the following questions:
1. Do you agree with the authors that a code of ethics should do more than establish minimum acceptable standards? Why or why not?
2. Describe the five cardinal virtues of professional accountants that the article’s authors discuss.
3. We’ve talked about rules-based versus principles-based accounting standards. Should we have rules-based ethics standards? Why or why not? Should they tell you exactly what to do in specific ethical situations?
4. Compare and contrast the AICPA’s Code of Professional Conduct and the IFAC Code of Ethics for Professional Accountants.

ACCT 505 Course Project 2: Hampton Company

ACCT 505 Course Project 2: Hampton Company

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Capital Budgeting Decision

Hampton Company: The production department has been investigating possible ways to trim total production costs. One possibility currently being examined is to make the cans instead of purchasing them. The equipment needed would cost $1,000,000, with a disposal value of $200,000, and would be able to produce 27,500,000 cans over the life of the machinery. The production department estimates that approximately 5,500,000 cans would be needed for each of the next 5 years.

The company would hire six new employees. These six individuals would be full-time employees working 2,000 hours per year and earning $15.00 per hour. They would also receive the same benefits as other production employees, 15% of wages in addition to $2,000 of health benefits.

It is estimated that the raw materials will cost 30¢ per can and that other variable costs would be 10¢ per can. Because there is currently unused space in the factory, no additional fixed costs would be incurred if this proposal is accepted.

It is expected that cans would cost 50¢ each if purchased from the current supplier. The company’s minimum rate of return (hurdle rate) has been determined to be 11% for all new projects, and the current tax rate of 35% is anticipated to remain unchanged. The pricing for the company’s products as well as number of units sold will not be affected by this decision. The unit-of-production depreciation method would be used if the new equipment is purchased.

Required: 

1. Based on the above information and using Excel, calculate the following items for this proposed equipment purchase.

• Annual cash flows over the expected life of the equipment
• Payback period
• Simple rate of return
• Net present value
• Internal rate of return

The check figure for the total annual after-tax cash flows is $271,150.

2. Would you recommend the acceptance of this proposal? Why or why not? Prepare a short, double-spaced paper in MS Word elaborating on and supporting your answer.

ACCT 505 Course Project 1

ACCT 505 Course Project 1

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COURSE PROJECT 1 INSTRUCTIONS

You have just been contracted as a budget consultant by LBJ Company, a distributor of bracelets to various retail outlets across the country. The company has done very little in the way of budgeting and at certain times of the year has experienced a shortage of cash.

You have decided to prepare a cash budget for the upcoming fourth quarter in order to show management the benefits that can be gained from proper cash planning.You have worked with accounting and other areas to gather the information assembled below.

The company sells many styles of bracelets, but all are sold for the same $10 price. Actual sales of bracelets for the last three months and budgeted sales for the next six months follow:

July (actual)	20,000
August (actual)	26,000
September (actual)	40,000
October (budget)	70,000
November (budget)	110,000
December (budget)	60,000
January (budget)	30,000
February (budget)	28,000
March (budget)	25,000

The concentration of sales in the fourth quarteris due to the Christmas holiday. Sufficient inventory should be on hand at the end of each month to supply 40% of the bracelets sold in the following month.

Suppliers are paid $4 for each bracelet. Fifty-percent of a month’s purchases is paid for in the month of purchase; the other 50% is paid for in the following month. All sales are on credit with no discounts. The company has found, however, that only 20% of a month’s sales are collected in the month of sale. An additional 70% is collected in the following month, and the remaining 10% is collected in the second month following sale. Bad debts have been negligible.

Monthly operating expenses for the company are given below:

Variable expenses:

Sales commissions                         4% of sales

Fixed expenses:

Advertising                                        $220,000

Rent                                                   $20,000

Salaries                                         $110,000

Utilities                                              $10,000

Insurance                                           $5,000

Depreciation                                     $18,000

Insurance is paid on an annual basis, in January of each year.

The company plans to purchase $22,000 in new equipment during October and $50,000 in new equipment during November; both purchases will be for cash. The company declares dividends of $20,000 each quarter, payable in the first month of the following quarter.

Other relevant data is given below:

Cash balance as of September 30                       $74,000

Inventory balance as of September 30             $112,000

Merchandise purchases for September            $200,000

The company maintains a minimum cash balance of at least $50,000 at the end of each month. All borrowing is done at the beginning of a month; any repayments are made at the end of a month.

The company has an agreement with a bank that allows the company to borrow the exact amount needed at the beginning of each month. The interest rate on these loans is 1% per month and for simplicity we will assume that interest is not compounded. At the end of the quarter, the company will pay the bank all of the accrued interest on the loan and as much of the loan as possible while still retaining at least $50,000 in cash.

Required:

Prepare a cash budget for the three-month period ending December 31. Include the following detailed budgets:

1.

1. a. A sales budget, by month and in total.
2. b. A schedule of expected cash collections from sales, by month and in total.
3. c. A merchandise purchases budget in units and in dollars. Show the budget by month and in total.
4. d. A schedule of expected cash disbursements for merchandise purchases, by month and in total.
5. A cash budget. Show the budget by month and in total. Determine any borrowing that would be needed to maintain the minimum cash balance of $50,000.

ACCT 429 Week 7 Research Project

ACCT 429 Week 7 Research Project

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Performing tax research is an importa

nt part of tax practice. As outlined in Chapter 2 of your

textbook, tax law is developed through a number of different governmental entities. Congress

enacts the tax Code as statutory law. The Treasury Department is tasked with the

implementation of the

tax Code and, in the course of doing so, develops a number of

documents and materials to aid taxpayers in understanding the Treasury Department’s

interpretation of the code, including the Regulations. In turn, the Internal Revenue Service

(“IRS”) has the

direct responsibility for

implementing the tax Code and in assessing and

collecting the applicable tax from taxpayers. In the course of its duties, it also develops a

number of materials, including Revenue Rulings, Revenue Procedures, and Private Letter

Rulings, in which it sets forth its understanding of the tax laws. Finally, the federal courts

decide tax cases in which taxpayers contest the government’s interpretation of the tax laws. In

deciding these cases, the federal courts set forth binding inte

rpretation of what the tax laws

provide. All of these materials (often called primary resources) are important resources in

performing tax research. On top of these primary sources of tax law, there are a number of

secondary materials provided by various

organizations and publishers. These secondary

materials offer editorial analysis of the tax laws (somewhat akin to a Cliffs’ Notes

®

on tax laws)

to help tax practitioners understand the tax laws and apply them in given situations.

Just as with the first

project that was submitted in Week 3, t

he following assignment has

three

(

3

) different graded elements. Two of them require you to prepare tax file memoranda, while

the

remaining element requires

you to compose an essay answering the question asked. AS

S

UCH, YOU WILL BE SUBMITTING

THREE

SEPARATE DOCUMENTS FOR THIS ASSIGNMENT.

1.

The first two assignments require you to compose tax file memoranda. In each of these

problems, you will be given a fact pattern or issue that requires you

to decide

or analyze

a particular issue of tax law. You will also be provided with a number of the primary

sources discussed above

(

e.g.

, Revenue Rulings, cases)

on that issue of tax law.

You will

then compose a tax file memoranda concerning that taxpayer.

You can find det

ails as to

how to compose such a memorandum in Chapter 2 of your text, including a sample text

file memorandum in Figure 2.6 on page 2

–

26 of your text. Use the materials provided to

determine the proper solution to the taxpayer’s issues. In particular, d

iscuss the

materials in some detail in the “Analysis” section of the tax file memorandum. THIS IS

IMPORTANT! The most important part of any tax file memorandum is the thoroughness

of the analysis defending the conclusion reached in the memorandum. Accor

dingly,

most of the points awarded on the assignment are allocated to the “Analysis” sect

ion of

the memorandum. In assessing these assignments, consideration will be given to,

among other factors, (1) your accuracy in summarizing the relevant facts; (2) t

he

accuracy of your identification and statement of the “Issue” presented by the problem;

(3) the accuracy of your “Conclusion;” (4) the thoroughness and quality of your analysis

Week

7

Research Project (Set #

1

)

DeVry University Acct 429

offered in the “Analysis” section of your memorandum; and (5) the overall

pro

fessionalism of your memorandum (

e.g.,

presentation, use of proper grammar,

proper spelling, and quality of communication).

EACH OF THE TAX MEMORANDA

IS

WORTH

30

POINTS

, FOR A TOTAL OF

60

POINTS

.

2.

The remaining assignment require

s

you to perform some rese

arch on the Internet to

find relevant materials and to

analyze these materials.

As previously noted, in

performing this research, you may not take advantage of any resources other than those

specifically permitted by the assignment, including assignments

previously completed by

other students or other similar materials.

You will then complete an essay answering

the question or questions presented by

this

assignment. Your submission will be graded

on a number of factors, including (1) your ability to loca

te relevant research and

materials on the Internet; (2) your ability to analyze these resources; (3) your ability to

draw conclusions from these resources and to defend these conclusions with analysis of

the research and materials located; and (4) the over

all professionalism and content of

your essay (

e.g.,

presentation, use of proper grammar, proper spelling, and quality of

communication).

TH

IS

ESSAY

IS

WORTH

20

POINTS.

Please note that these assignments are worth a significant portion of your grade. As

such, you

should take them seriously, and leave yourself enough time to complete them. Do not wait

until the last weekend to begin these assignments. If you do, it will be very difficult for you to

submit quality responses to each of the four questions o

r problems posed. Please also note

that preparing these answers conscientiously will help you in preparing for the final

examination, given that you may be required to perform similar analyses on the exam. Should

you have a question, please ask your inst

ructor. Good luck!

Week

7

Research Project (Set #

1

)

DeVry University Acct 429

TAX RESEARCH MEMORANDUM ASSIGNMENT 1

As we learned in Week 4, the Code allows taxpayers to take a deduction for the cost of meals

when taxpayers have been deemed

to be “away from home” for tax purposes. This

determination can be difficult. Two separate clients came to you with questions as to whether

they are entitled to take a deduction for the cost of meals incurred during a particular trip. The

facts pertaini

ng to each are:

1.

Tracey is a sales representative for a national pharmaceutical company. She has a

rather large sales territory, and she makes her rounds to her customers using a

company

–

owned car over a 16

–

to 19

–

hour period of time. During these one

–

day

business trips, Tracey will pull over in a suitable location (such as a park or a rest

stop) and take a short nap in the backseat of her automobile.

2.

Mark captains a ferryboat. This ferryboat carries tourists on roundtrips from Seattle

to Victoria and

back, each trip of which lasts from 15 to 17 hours and provides for a

6

–

to 7

–

hour layover in Victoria. During the layover, Mark typically takes a four

–

hour

nap on a cot that he has stored in the pilothouse of the ferryboat.

Under each of these circumstan

ces, if the taxpayer entitled to deduct the cost of meals

purchased during the trip at issue?

COMPOSE A TAX FILE MEMORANDUM CONCERNING THIS ISSUE

FOR BOTH TAXPAYERS

USING

THESE FACTS AND THE RESEARCH MATERIALS PROVIDED

TO YOU IN THE NEXT FEW PAGES (

30

POI

NTS)