ACC 537 Learn/uophelp.com

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ACC 537 Experience Tradition/uophelp.com

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ACC 537 Experience Tradition/uophelp.com

• ACC 537 Assignment IFRS Convergence with FASB (2
  Papers, 1050 words each)
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• ACC 537 Assignment IFRS Convergence with FASB (2
  Papers, 1050 words each)

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ACC 537 Experience Tradition/uophelp.com

• ACC 537 Week 1 Assignment Current Issues in
  Accounting
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• Write a 700- to 1,050-word summary discussing the
  points listed below. The summary should be
  structured in a subject-by-subject format. An
  introduction and a conclusion are needed. Your
  essay should include the answers to the
  following
• Explain how accounting assists in the efficient
  use of scarce resources
• Identify the objective of financial reporting.

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ACC 537 Experience Tradition/uophelp.com

• ACC 537 Week 1 Textbook Problems- P7-1Francis
  Equipment Co
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• P7-1 (Determine Proper Cash Balance) Francis
  Equipment Co. closes its books regularly on
  December 31, but at the end of 2014 it held its
  cash book open so that a more favorable balance
  sheet could be prepared for credit purposes. Cash
  receipts and disbursements for the first 10 days
  of January were recorded as December
  transactions. The information is given below.
• 1. January cash receipts recorded in the December
  cash book totaled 45,640 , of which 28,000
  represents cash sales, and 17,640 represents
  collections on account for which cash discounts
  of 360 were given.

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ACC 537 Experience Tradition/uophelp.com

• ACC 537 Week 2 E8-21 LIFO Effect
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• E8-21 (LIFO Effect) The following example was
  provided to encourage the use of the LIFO method.
  In a nutshell, LIFO subtracts inflation from
  inventory costs, deducts it from taxable income,
  and records it in a LIFO reserve account on the
  books. The LIFO benefit grows as inflation widens
  the gap between current-year and past-year (minus
  inflation) inventory costs. This gap is
• (a)    Explain what is meant by the LIFO reserve
  account.
• (b)   How does LIFO subtract inflation from
  inventory costs?
• (c)    Explain how the cash flow of 174,400 in
  this example was computed. Explain why this
  amount may not be correct.

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ACC 537 Experience Tradition/uophelp.com

• ACC 537 Week 2 Textbook Problem P7-4 Bad-Debt
  Reporting (Fortner Corporation)
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• P7-4 (Bad-Debt Reporting) From inception of
  operations to December 31, 2014, Fortner
  Corporation provided for uncollectible accounts
  receivable under the allowance method. Provisions
  were made monthly at 2 of credit sales, bad
  debts written off were charged to the allowance
  account recoveries of bad debts previously
  written off were credited to the allowance
  account, and no year-end adjustments to the
  allowance account were made. Fortners usual
  credit terms are net 30 days. The balance in
  Allowance for Doubtful Accounts was 130,000 at
  January 1, 2014.

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ACC 537 Experience Tradition/uophelp.com

• ACC 537 Week 2 Textbook Problems P10-2 Lobo
  Corporation (Team Paper and Solution)
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• P10-2 (Classification of Acquisition Costs)
  Selected accounts included in the property,
  plant, and equipment section of Lobo
  Corporationu2019s balance sheet at December 31,
  2013, had the following balances.
• Land 300,000
• Land improvements 140,000
• Buildings 1,100,000
• Equipment 960,000
• During 2014, the following transactions occurred.
• 1. A tract of land was acquired for 150,000 as a
  potential future building site.

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ACC 537 Experience Tradition/uophelp.com

• ACC 537 Week 3 Textbook Problem 11-4 Per Company
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• ACC 537 Week 3 Textbook Problem 11-4 Per Company
  Truck

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ACC 537 Experience Tradition/uophelp.com

• ACC 537 Week 3 Textbook Problem P13-4 Otis Import
  Company (Team Paper and Solution)
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• Below is a payroll sheet for Otis Import Company
  for the month of September 2014. The company is
  allowed a 1 unemployment compensation rate by
  the state the federal unemployment tax rate is
  0.8 and the maximum for both is 7,000. Assume a
  10 federal income tax rate for all employees and
  a 7.65 FICA tax on employee and employer on a
  maximum of 113,700. In addition, 1.45 is
  charged both employer and employee for an
  employees wages in excess of 113,700 per
  employee.  

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ACC 537 Experience Tradition/uophelp.com

• ACC 537 Week 4 Assignment Leases
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• Write a 700- to 1,050-word summary discussing the
  points listed below
•  
• Identify the two recognized lease-accounting
  methods for lessees and distinguish between them.
•  
• Distinguish between minimum rental payments and
  minimum lease Payments
•                                                   
                                                    
         
• Distinction between a direct-financing lease and
  a sales-type lease
• conclusion

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ACC 537 Experience Tradition/uophelp.com

• ACC 537 Week 4 Textbook P13-13 (Liability Errors)
  Millay Corporations (Memo and Solution)
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• P13-13 (Liability Errors) You are the independent
  auditor engaged to audit Millay Corporation's
  December 31, 2014, financial statements. Millay
  manufactures household appliances. During the
  course of your audit, you discovered the
  following contingent liabilities.
•  
• 1.      Millay began production of a new
  dishwasher in June 2014 and, by December 31,
  2014, sold 120,000 to various retailers for 500
  each. Each dishwasher is under a one-year
  warranty. The company estimates that its warranty
  expense per dishwasher will amount to 25. At
  year-end, the company had already paid out
  1,000,000 in warranty expenses. Millay's income
  statement shows warranty expenses of 1,000,000
  for 2014.

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ACC 537 Experience Tradition/uophelp.com

• ACC 537 Week 4 Textbook Problem P15-4, E21-2
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• P15-4 (Stock TransactionsLump Sum) Seles
  Corporations charter authorized issuance of
  100,000 shares of 10 par value common stock and
  50,000 shares of 50 preferred stock. The
  following transactions involving the issuance of
  shares of stock were completed. Each transaction
  is independent of the others.
• 1. Issued a 10,000, 9 bond payable at par and
  gave as a bonus one share of preferred stock,
  which at that time was selling for 106 a share.
• 2. Issued 500 shares of common stock for
  equipment. The equipment had been appraised at
  7,100 the sellers book value was 6,200. The
  most recent market price of the common stock is
  16 a share.

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ACC 537 Experience Tradition/uophelp.com

• ACC 537 Week 5 Assignment Securities (630 Words)
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• Distinguish between a debt security and equity
  security
• What purpose does the variety in bond features
  (types and characteristics) serve?
• What is meant by "Yield to Maturity"?
• Identify and explain the three types of
  classifications for investments in debt
  securities.
• Conclusion

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ACC 537 Experience Tradition/uophelp.com

• ACC 537 Week 5 Textbook Problem P17-7 Wildcat
  Company
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• P17-7 (Available-for-Sale and Held-to-Maturity
  Debt Securities Entries) The following
  information relates to the debt securities
  investments of Wildcat Company.                   
                                                    
                                 
                                                    
                                               
• 1. On February 1, the company purchased 10 bonds
  of Gibbons Co. having a par value of 300,000 at
  100 plus accrued interest. Interest is payable
  April 1 and October 1.                            
                                                    
                                                    
                                                    
                  
• 2. On April 1, semiannual interest is received.
                                                    
                                                    
                                           

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ACC 537 Experience Tradition/uophelp.com

• ACC 537 Week 5 Textbook Problem P20-1
  Cunningham/Harrington Company
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• P20-1. On Jan 1, 2014cunningham/Harrington
  company has the following defined benefit pension
  plan balances. Projected benefit obligation
  4,500,000 Fair value of plan assets 4,200,000 The
  interest (settlement) rate applicable to the plan
  is 10. On Jan 1, 2015 the company amends its
  pension agreement so that prior service costs of
  500,00 are created. other data related to the
  pension plan are as follows. Year 2014 Service
  150,000 Prior service cost amortization 0
  Contribution (funding) to the plan 240,000
  benefits paid 200,000 actual return on plan
  assets 252,000 expected rate of return on assets
  6 Year 2015 Service cost 180,000 prior service
  cost amortization 90,000 contributions (funding)
  ti the plan 285,000 benefits paid 280,000

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ACC 537 Experience Tradition/uophelp.com

• ACC 537 Week 6 CA22-4 Analysis of Various
  Accounting Changes and Errors (Solution and
  Presentation)
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• This Tutorial contains both Solution and
  Presentation
•  
• CA22-4 (Analysis of Various Accounting Changes
  and Errors) Katherine Irving, controller of Lotan
  Corp., is aware of a pronouncement on accounting
  changes. After reading the pronouncement, she is
  confused about what action should be taken on the
  following items related to Lotan Corp. for the
  year 2014.                                        
                                                    
                                                    
                                                    
                                                    
                                                    
                                                    
                                                    
                     
• 1. In 2014, Lotan decided to change its policy on
  accounting for certain marketing costs.
  Previously, the company had chosen to defer and
  amortize all marketing costs over at least 5
  years because otan believed that a return on
  these expenditures did not occur immediately.

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ACC 537 Experience Tradition/uophelp.com

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