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ACCT 212 DeVry Week 7 Complete Work Latest
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ACCT 212 DeVry Week 7 Discussion 1
If you were to get a physical from your doctor and he or she only took your blood pressure prior to stating that you are in good health, would you be concerned? If you have noticed in your read
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If you were to get a physical from your doctor and he or she only took your blood pressure prior to stating that you are in good health, would you be concerned? If you have noticed in your readings, starting in Chapter 3, there has been explanation of the methods by which you could determine the financial health of a company. Name one and explain how it is computed. Which financial statement(s) does the input come from? Most importantly, what does it tell you about the financial performance or health?
ACCT 212 DeVry Week 7 Discussion 2
Let's start with Exercise 13-19A by preparing a common-size income statement for the McMahon Music Co. Do this in Excel. Do not post your spreadsheet in the discussion, but rather, place a screenshot of it. How did you format the cells? Any suggestions on where to obtain assistance with building the spreadsheet?
ACCT 212 DeVry Week 7 Course Project 2 McDonough Products
ACCT 212 DeVry Week 7 Checkpoint
(TCO 1) The primary focus of horizontal analysis is
Percentage changes in comparative financial statements.
the balance sheet only.
the changes in individual financial statement amounts as a percentage of some related total.
the change in key financial statement ratios over a certain time frame.
Question 2. Question :
(TCO 1) Horizontal analysis of financial statements is an
Question 3. Question :
(TCO 1) A vertical analysis is primarily concerned with
the dollar amount of the change in various financial statement amounts from year to year.
individual financial statement items expressed as a percentage of a base (which represents 100%).
percentage changes in the balances shown in comparative financial statements.
the change in key financial statement ratios over a specified period of time.
Question 4. Question :
(TCO 1) Common-size analysis is also known as
Question 5. Question : (TCO 1) On a common-size balance sheet each item is expressed as a percentage of
Question 6. Question :
(TCO 1) Benchmarking financial statements represents a form of
gross profit analysis.
Question 7. Question :
(TCO 1) On a statement of cash flows of a struggling company, net income would ordinarily be
less than depreciation expense.
more than depreciation expense.
greater than cash provided by operating activities.
more than cash provided by operating activities.
Question 8. Question :
(TCO 1) On a statement of cash flows, an increase or decrease in inventory is considered
an operating activity.
an investing activity.
a financing activity.
an investing or financing activity.
Question 9. Question : (TCO 1) The ratio that measures the number of times that operating income can cover interest expense is the
rate of return on total assets.
Question 10. Question :
(TCO 1) If economic value added (EVA) is negative
Stockholders' wealth has decreased.
Stockholders' wealth has increased.
Stockholders' wealth has stayed the same.
Stockholders' earnings per share have increased.
ACCT 212 DeVry Week 8 Final Exam 100% Correct Answers
(TCO 1) To evaluate the financial operation and health of a business ratio analysis is used. (1) Provide the formula for the Acid-test (or Quick) Ratio and explain how it is computed (10 points) and (2) provide an example of how this ratio can be used in decision-making in business.
(TCO 3) At the end of the period it is necessary to close all temporary accounts. (1) Explain why this process is required (10 points) and (2) provide an example of the closing of an expense account, Supplies Expense in the form of a journal entry
(TCO 2) As required to complete Course Project 1, one must follow the cycle that includes 10 steps to complete the accounting cycle. (1) Explain how to construct an Unadjusted Trial Balance (10 points) and (2) provide an example of the application of the debit/credit rules in the development of the trial balance.
(TCO 5) Internal Control Procedures are required to safeguard company assets and to ensure ethical operation of the business. (1) Explain how limited access can satisfy the purpose of internal control (10 points) and (2) provide an example of how this control could be implemented.
(TCO 4) Inventory valuation methods determine the cost of goods sold and the inventory balance. (1) Explain how the Last in First out (LIFO) method is applied (10 points) and (2) provide an example of the impact that this method of inventory valuation will have on Gross Profit.
(TCO 6) BagODonuts Company bought a used delivery truck on January 1, 2010, for $19,200. The van was expected to remain in service 4 years (30,000 miles). BagODonuts’ accountant estimated that the truck’s residual value would be $2,400 at the end of its useful life. The truck traveled 8,000 miles the first year, 8,500 miles the second year, 5,500 miles the third year, and 8,000 miles in the fourth year.
1. Calculate depreciation expense for the truck for each year (2010-2013) using the:
a. Straight-line method.
b. Double-declining balance method.
c. Units of Production method.
(For units-of-production and double-declining balance, round to the nearest two decimals after each step of the calculation.)
2. Which method best tracks the wear and tear on the van?
3. Which method would BagODonuts prefer to use for income tax purposes? Explain in detail why BagODonuts prefers this method.
(TCO 7) ABC Inc. was incorporated on 1/15/12. Their corporate charter authorized the following capital stock:
Preferred Stock: 7%, par value $100 per share, 100,000 shares.
Common Stock: $1 par value, 500,000 shares.
The following transactions occurred during the year:
1/19/12 – Issued 100,000 shares of common stock for $17 cash per share.
1/31/12 – Issued 3,000 shares of preferred stock for $115 cash per share.
11/1/12 – Repurchased 30,000 shares of common stock for $22 cash per share.
12/1/12 – Declared and paid a total dividend of $95,000.
1. Prepare the journal entry for each transaction listed above.
2. In your own words, explain the main differences between common and preferred stock.
(Points : 25)
(TCO 5) Fraud is an intentional misrepresentation of facts, made for the purpose of persuading another party to act in a way that causes injury or damage to that party. In our readings and discussions we have seen several examples of fraud in business. Using that experience (1) provide an example of a common fraudulent practice in business with an explanation of how the practice works and (2) name and describe each of the elements of the Fraud Triangle.
(TCO 5) Internal Control Procedures are in place to protect the assets of every business as mentioned in the textbook and our discussions. Of the seven internal control procedures, list five of these controls and describe how each procedure is implemented. (5 points each with 2 points for listing and 3 points for a description)
(TCO 2) Below are the accounts of Super Pool Service, Inc. The accounts have normal balances on June 30, 2012. The accounts are listed in no particular order.
Common stock $5,100
Accounts payable $4,400
Service revenue $17,100
Note payable $9,500
Utilities expense $2,100
Accounts receivable $10,600
Delivery expense $700
Retained earnings $25,600
Salary expense $8,200
Prepare the company’s trial balance as of June 30, 2012, listing accounts in proper sequence, as illustrated in the chapter. For example, Accounts Receivable comes before Land. List the expense with the largest balance first, the expense with the next largest balance second, and so on.
(TCO4) Linda’s Lampshades started business on Jan. 1, 2001. They had the following inventory transactions:
Journals – Jan. 2001
Supplier Date Received Quantity Unit Cost Amount
Donna 01/10/01 110 12.00 1320.00
Thomas 01/15/01 160 14.00 2240.00
Cindy 01/18/01 150 15.00 2250.00
Customer Date shipped Quantity Sel. Price Amount
Norilene 01/16/01 200 25.00 5000.00
1. Calculate the ending inventory, using the perpetual inventory method:
A. Using FIFO
B. Using LIFO
C. Using Average Cost
2. Prepare the following statement
FIFO LIFO Average Cost
Cost of Sales
(Points : 25)nd year, 5,500 miles the third year, and 8,000 miles in the fourth year.