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ACC 537 Assignment IFRS Convergence with FASB (2
Papers, 1050 words each)   ACC 537 Assignment
IFRS Convergence with FASB (2 Papers, 1050 words
each)
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ACC 537 Week 1 Assignment Current Issues in
Accounting   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 Week 1 Textbook Problems- P7-1Francis
Equipment Co   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.
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ACC 537 Week 2 E8-21 LIFO Effect   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
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ACC 537 Week 2 Textbook Problem P7-4 Bad-Debt
Reporting (Fortner Corporation)   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.
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ACC 537 Week 2 Textbook Problems P10-2 Lobo
Corporation (Team Paper and Solution)   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
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ACC 537 Week 3 Textbook Problem 11-4 Per
Company   ACC 537 Week 3 Textbook Problem 11-4
Per Company Truck
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ACC 537 Week 3 Textbook Problem P13-4 Otis Import
Company (Team Paper and Solution)   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 Week 4 Assignment Leases 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 Week 4 Textbook P13-13 (Liability Errors)
Millay Corporations (Memo and Solution)   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.
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ACC 537 Week 4 Textbook Problem P15-4,
E21-2   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.
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ACC 537 Week 5 Assignment Securities (630
Words)   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"?
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ACC 537 Week 5 Textbook Problem P17-7 Wildcat
Company   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.
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ACC 537 Week 5 Textbook Problem P20-1
Cunningham/Harrington Company   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.
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ACC 537 Week 6 CA22-4 Analysis of Various
Accounting Changes and Errors (Solution and
Presentation)   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.
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