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AC 501
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AC 501 Slingshot Academy
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AC 501
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AC 501 Slingshot Academy
AC 501 Unit 1 Homework Assignment
E2-7 (Assumptions, Principles, and Constraints)
Presented below are the assumptions, principles,
and constraints used in this chapter. Economic
entity assumption 5.Historical-cost principle 9.
Materiality Going-concern assumption 6.Matching
principle 10. Industry practices Monetary unit
assumption 7. Full disclosure principle
11. Conservatism Periodicity assumption 8.
Cost-benefit relationship Instructions Identify
by number the accounting assumption, principle,
or constraint that describes each situation
below. Do not use a number more than once. E2-8
(Assumptions, Principles, and Constraints)
Presented below are a number of operational
guidelines and practices that have developed over
time.
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AC 501
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AC 501 Slingshot Academy
AC 501 Unit 2 Homework Assignment
E4-4 INSTRUCTIONS Prepare a classified balance
sheet in good form (No monetary amounts are
necessary) E4-9 INSTRUCTIONS Restate the current
assets and liabilities sections of the balance
sheet in accordance with good accounting
practice. (Assume that both accounts receivable
and accounts payable are recorded
gross.) Determine the net effect of your
adjustments on Allessandro Scarlatti Company's
retained earning balance.
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AC 501
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AC 501 Slingshot Academy
AC 501 Unit 3 Homework Assignment
Exercise 7-5 (Recognition of Profit for Long-Term
Contracts) Andre Agassi Construction Company
began operations January 1, 2008. During the
year, Andre Agassi Construction entered into a
contract with Lindsey Davenport Corp. to
construct a manufacturing facility. At that time,
Agassi estimated that it would take 5 years to
complete the facility at a total cost of
4,500,000. The total contract price for
construction of the facility is 6,300,000.
During the year, Agassi incurred 1,185,800 in
construction costs related to the construction
project. The estimated cost to complete the
contract is 4,204,200. Lindsey Davenport Corp.
was billed and paid 30 of the contract price.
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AC 501
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AC 501 Slingshot Academy
AC 501 Unit 4 Homework Assignment
E10-12 (Depreciation Computations-SL, SYD, DDB)
Montoni Company purchases equipment on January 1,
year 1, at a cost of 469,000. The asset is
expected to have a service life of 12 years and a
salvage value of 40,000. Instructions Complete
the amount of depreciation for each years 1
through 3 using the straight-line depreciation
method. Complete the amount of depreciation for
each years 1 through 3 using the
sum-of-the-years-digits method.
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AC 501
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AC 501 Slingshot Academy
AC 501 Unit 5 Homework Assignment
Exercise 12-7   Exercise 12-18   Exercise
13-8   Exercise 13-22   Exercise
15-6   Exercise 15-22
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AC 501
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AC 501 Slingshot Academy
AC 501 Unit 6 Homework Assignment
E16-1 (Compensated Absences) Zero Mostel Company
began operations on January 2, 2008. It employs 9
individuals who work 8-hour days and are paid
hourly. Each employee earns 10 paid vacation days
and 6 paid sick days annually. Vacation days may
be taken after January 15 of the year following
the year in which they are earned. Sick days may
be taken as soon as they are earned unused sick
days accumulate. Additional information is as
follows. E16-12 (Basic Pension Worksheet) The
following defined-benefit pension data of Doreen
Corp. apply to the year 2008.
Projected benefits obligation, January 1, 2008
(before amendment) 560,000 Plan assets, January
1, 2008 546,200 Pension liability
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AC 501
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AC 501 Slingshot Academy
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