ACCT 216 Possible Is Everything--snaptutorial.com

1
ACCT 216 Possible Is Everything/snaptutorial.com
2
ACCT 216 Possible Is Everything/snaptutorial.com
ACCT 216 All homework For more classes
visit www.snaptutorial.com   ACCT 216 Week 1
Homework (v 2) ACCT 216 Week 2 Homework ACCT 216
Week 3 Homework ACCT 216 Week 4 Homework ACCT 216
Week 5 Homework A ACCT 216 Week 5 Homework B ACCT
216 Week 6 Homework A ACCT 216 Week 6 Homework B
3
ACCT 216 Possible Is Everything/snaptutorial.com
ACCT 216 Week 1 Homework (v 2) For more classes
visit www.snaptutorial.com   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
4
ACCT 216 Possible Is Everything/snaptutorial.com
ACCT 216 Week 2 Homework For more classes
visit www.snaptutorial.com   1. 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? 2. 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
5
ACCT 216 Possible Is Everything/snaptutorial.com
ACCT 216 Week 3 Homework For more classes
visit www.snaptutorial.com   ACCT216 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
6
ACCT 216 Possible Is Everything/snaptutorial.com
ACCT 216 Week 4 Homework For more classes
visit www.snaptutorial.com     Suppose Robotics,
Inc.s inventory records for a particular item
indicated the following transactions in
September September 1 Beginning Inventory 10
units _at_ 29 September 9 Purchase 18 units _at_
32 September 23
7
ACCT 216 Possible Is Everything/snaptutorial.com
ACCT 216 Week 5 Homework A For more classes
visit www.snaptutorial.com     Suppose the
Atlanta Falcons purchased a new set of goal posts
for 20,000 each. The Falcons expect the goal
posts to have a useful life of five years and a
salvage value of 1,000 each when they sell them
to a local high school. Required 1. Compute the
first years depreciation using the following
methods 2.Suppose the team depreciates the asset
based on number of goals scored. The team
anticipates goals to be 40 in the first year, 46
in the second year, 38 in the third, 50 in the
fourth when they win the Super Bowl, and 45 in
the fifth year. Compute their first year
depreciation using the units-of-production
method. 3.Which method do you think is the most
representative of accurate depreciation of the
goal posts?
8
ACCT 216 Possible Is Everything/snaptutorial.com
ACCT 216 Week 5 Homework B For more classes
visit www.snaptutorial.com     Suppose the
Colorado Avalanche purchased a new Zamboni
machine to scrape the ice off the rink between
periods. The Zamboni cost 100,000 and has a
useful life of three years and a residual value
of 5,000 when it is sold to a minor league
hockey team. The Zamboni is anticipated to drive
352 miles the first year, 375 miles the second
year, and 435 miles the third year when the team
anticipates winning the Stanley
Cup. Required 1.Compute the first years
depreciation using the following
methods a.Straight-line
9
ACCT 216 Possible Is Everything/snaptutorial.com
ACCT 216 Week 6 Homework A For more classes
visit www.snaptutorial.com     During August
2013, DB Inc. completed the following
transactions a.8/1/13 Purchased a new piece of
equipment for 50,000 signing a 6 month, 8 note
payable. b.8/10/13 Issued 15,000 shares of
2.00 par stock at 8.00 per share. c.8/15/13
Received an invoice for their telephones for
450.00 that will be paid next month. d.8/16/13
Sold 320,000 in product sales and accrued 5 for
warranty liability. e.8/30/13 Received a
summons that the company was being sued for
terminating the office manager last month. The
attorneys have advised the company that they will
be liable to the employee for back pay of 3,800.
10
ACCT 216 Possible Is Everything/snaptutorial.com
ACCT 216 Week 6 Homework B For more classes
visit www.snaptutorial.com     During March 2013,
JZ Inc. completed the following
transactions a.3/1/13 Purchased a new piece of
equipment for 75,000 signing a 6 month, 7 note
payable. b.3/10/13 Issued 10,000 shares of
2.00 par stock at 9.00 per share. c.3/15/13
Received an invoice for their telephones for
375.00 that will be paid next month. d.3/16/13
Sold 450,000 in product sales and accrued 6 for
warranty liability. e.3/30/13 Received a
summons that the company was being sued for
terminating the office manager last month. The
attorneys have advised the company that they will
be liable to the employee for back pay of 4,700.
11
ACCT 216 Possible Is Everything/snaptutorial.com
ACCT 216 Week 7 Homework A For more classes
visit www.snaptutorial.com     1. Please write a
4-6 sentence paragraph on the following
questions. a.What is the difference between an
exempt and non-exempt employee? b.How would you
decide whether to hire someone as an employee or
independent contractor? 2.Cindy Lou makes 30,000
per year as an exempt employee. She worked 15
hours of overtime in the month of September.
Payday for wages earned in the month of
September is October 7. Ignoring Federal and
State income tax withholdings, how much
12
ACCT 216 Possible Is Everything/snaptutorial.com
ACCT 216 Week 7 Homework B For more classes
visit www.snaptutorial.com   1. Please write a
4-6 sentence paragraph on the following
questions. a.Describe the three federal filing
requirements for a company at the end of the
year. b.What is the difference between Form 940
and Form 941? 2.Betty Meyer makes 40,000 per
year as an exempt employee. She worked 25 hours
of overtime in the month of March. Payday for
wages earned in the month of March is April 7.
Ignoring Federal and State income tax
withholdings, how much would she receive for
September net of Social Security and Medicare
taxes? What journal entry would be made on March
31 for wages owed to Betty?
13
ACCT 216 Possible Is Everything/snaptutorial.com