Category Archives: ACC 291

ACC 291 Week 5 Learning Team Assignment Paper Huffman Trucking

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ACC 291 Week 5 Learning Team Assignment Paper Huffman Trucking

Resource: Internet or other resources; annual report for the company of your choice.

Access the information contained in your selected organization’s balance sheet and income statement to calculate the following:

·         Liquidity ratios

o    Current ratio

o    Acid-test, or quick, ratio

o    Receivables turnover

o    Inventory turnover

·         Profitability ratios

o    Asset turnover

o    Profit margin

o    Return on assets

o    Return on common stockholders’ equity

·         Solvency ratios

o    Debt to total assets

o    Times interest earned

Show your calculations for each ratio using an excel spreadsheet.

Create a horizontal and vertical analysis for the balance sheet and the income statement.

Write a 350- to 700-word memo to the CEO of your selected organization in which you discuss your findings from your ratio calculations and your horizontal and vertical analysis. In your memo, address the following questions:

·           What do the liquidity, profitability, and solvency ratios reveal about the company’s financial position?

·           Which users may be interested in each type of ratio?

·           What does the collected data reveal about the company’s performance and position?

Attach a copy of the company’s Balance Sheet, Income Statement and Cash Flow Statement with the assignment as a separate document.

Format your paper should be consistent with APA guidelines

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ACC 291 Week 5 Individual WileyPLUS Assignment

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ACC 291 Week 5 Individual WileyPLUS Assignment

Resource: WileyPLUS

Complete the following Week Five WileyPLUS Exercises and Problems:

Exercise E13-1

Exercise E13-8

Exercise E14-1

Problem P13-9A

Problem P13-10A

Problem P14-2A

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ACC 291 Week 5 Individual Assignment Effect Of Unethical Behavior Article Analysis

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ACC 291 Week 5 Individual Assignment Effect Of Unethical Behavior Article Analysis
Write a 350- to 700-word article analysis in which you identify situations that might lead to unethical practices and behavior in accounting.
Examine the effect of the Sarbanes-Oxley Act of 2002 on financial statements.
Prepare at least one question based on your article analysis for class discussion.
Cite one article from the Electronic Reserve Readings, the Internet, or other resources.
Format your paper consistent with APA guidelines.

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ACC 291 Week 4 Individual WileyPLUS Assignment Exercise 11-1 E11-15 E11-16 Problem P11-6A And P11-8A

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ACC 291 Week 4 Individual WileyPLUS Assignment Exercise  11-1 E11-15 E11-16 Problem P11-6A and P11-8A

Resource: WileyPLUS

Complete the following WileyPLUS Week Four Exercises and Problems:

Exercise Do It! 11-1

Exercise E11-15

Exercise E11-16

Problem P11-6A

Problem P11-8A

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ACC 291 Week 4 Individual Assignment WileyPlus Practice Ch 13 And Ch 14

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ACC 291 Week 4 Individual Assignment WileyPlus Practice Ch 13 and Ch 14

Question 1

Comparisons of data within a company are an example of the following comparative basis:

Industry averages.

Intracompany.

Intercompany.

Both intracompany and intercompany.

Question 2

In horizontal analysis, each item is expressed as a percentage of the:

base year amount.

net income amount.

stockholders’ equity amount.

total assets amount.

Question 3

In vertical analysis, the base amount for depreciation expense is generally:

fixed assets.

net sales.

depreciation expense in a previous year.

gross profit.

Question 4
The data in the schedule is a display of vertical analysis because the individual asset items are expressed as a percentage of total assets.

The following schedule is a display of what type of analysis?
Amount    Percent
Current assets    $200,000    25%
Property, plant, and equipment    600,000    75%
Total assets    $800,000    100%

ratio analysis

horizontal analysis

differential analysis

vertical analysis

Question 5

Sammy Corporation reported net sales of $300,000, $330,000, and $360,000 in the years, 2009, 2010, and 2011, respectively. If 2009 is the base year, what is the trend percentage for 2011?

77%

108%

120%

130%

Question 6

Which of the following measures is an evaluation of a firm’s ability to pay current liabilities?

Acid-test ratio

Current ratio

Both acid-test ratio and current ratio

None of the above

Question 7

A measure useful in evaluating the efficiency in managing inventories is:

a. inventory turnover.

b. average days to sell inventory.

c. Both (a) and (b).

d. None of the above.

Question 8

Financial statement information follows as of the end of each year.
2011    2010
Inventory    $54,000    $48,000
Current assets    81,000    106,000
Total assets    382,000    326,000
Net sales    784,000    697,000
Cost of goods sold    306,000    277,000
Compute the days in inventory for 2011.

64.4 days

6 days

60.8 days

24 days

Question 9

Financial statement information follows as of the end of each year.

    2011    2010
Inventory    $54,000    $48,000
Current assets    81,000    106,000
Total assets    382,000    326,000
Current liabilities    27,000    36,000
Total liabilities    102,000    88,000
Compute the current ratio for 2011.

3.75:1

1.26:1

.80:1

3.0:1

Question 10

Financial statement information follows as of the end of each year.

    2011    2010
Inventory    $54,000    $48,000
Net sales    784,000    697,000
Cost of goods sold    306,000    277,000
Net income    134,000    90,000
Compute the profit margin ratio for 2011.

18.1%

37.9%

17.1%

5.9%

Question 11

Financial statement information follows as of the end of each year.
2011    2010
Stockholders’ equity    $280,000    $238,000
Net income    134,000    90,000
Tax expense    22,000    18,000
Interest expense    12,000    12,000
Dividends paid to preferred stockholders    20,000    20,000
Dividends paid to common stockholders    15,000    10,000
Compute the return on common stockholders’ equity for 2011.

47.9%

44.0%

51.7%

40.7%

Question 12

Financial statement information follows as of the end of each year.
2011    2010
Stockholders’ equity    $280,000    $238,000
Net income    134,000    90,000
Tax expense    22,000    18,000
Interest expense    12,000    12,000
Dividends paid to preferred stockholders    20,000    20,000
Dividends paid to common stockholders    15,000    10,000
Compute the times interest earned for 2011.

13.0 times

14.0 times

11.2 times

65.3 times

Question 13

In reporting discontinued operations, the income statement should show in a special section:

a. gains and losses on the disposal of the discontinued segment.

b. gains and losses from operations of the discontinued segment.

c. Both (a) and (b).

d. Neither (a) nor (b).

Question 14

Scout Corporation has income before taxes of $400,000 and an extraordinary loss of $100,000. If the income tax rate is 25% on all items, the income statement should show income before extraordinary items and extraordinary items, respectively, of

$325,000 and $100,000.

$300,000 and $75,000.

$325,000 and $75,000.

$300,000 and $100,000.

Question 15

Which situation below might indicate a company has a low quality of earnings?

The same accounting principles are used each year.

The company is continually reporting pro forma income numbers.

Revenue is recognized when earned.

Maintenance costs are expensed as incurred.

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ACC 291 Week 4 DQ 3

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ACC 291 Week 4 DQ 3

What are the differences between horizontal analysis and vertical analysis?  What three ratios do you think are most important and why?  Summarize the users and limitations of analytical measures? Why is this information so important?

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ACC 291 Week 3 Individual WileyPLUS Assignment

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ACC 291 Week 3 Individual WileyPLUS Assignment

Resource: WileyPLUS

Complete the following WileyPLUS Week Three Exercises and Problems:

Exercise E9-7

Exercise E10-5

Exercise E10-10

Exercise E10-11

Exercise E10-15

Exercise E10-18

Problem P10-5A

Problem P10-9A

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ACC 291 Week 3 Individual Assignment WileyPlus Practice Chapter 11 And 12

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ACC 291 Week 3 Individual Assignment WileyPlus Practice Chapter 11 and 12

Question 1

Which of the following is not an advantage of a corporation?
Government regulations.
Separate legal existence.
Transferable ownership rights.
Continuous life.

Question 2

Which of the following is a disadvantage of a corporation
limited liability of stockholders.
additional taxes.
transferable ownership rights.
None of the above.

Question 3

Which of the following statements is false?
The stockholders’ equity section begins with paid-in capital.
The authorization of capital stock does not result in a formal accounting entry.
Ownership of common stock gives the owner a voting right.
The par value of a share of stock is equal to its market value.

Question 4

ABC Corporation issues 1,000 shares of $10 par value common stock at $12 per share. In recording the transaction, credits are made to:
Common Stock $10,000 and Paid-in Capital in Excess of Par Value $2,000.
Common Stock $10,000 and Retained Earnings $2,000.
Common Stock $10,000 and Paid-in Capital in Excess of Stated Value $2,000.
Common Stock $12,000.

Question 5

XYZ, Inc. sells 100 shares of $5 par value treasury stock at $13 per share. If the cost of acquiring the shares was $10 per share, the entry for the sale should include credits to:
Treasury Stock $500 and Paid-in Capital from Treasury Stock $800.
Treasury Stock $1,000 and Retained Earnings $300.
Treasury Stock $500 and Paid-in Capital in Excess of Par Value $800.
Treasury Stock $1,000 and Paid-in Capital from Treasury Stock $300.

Question 6

In the stockholders’ equity section, the cost of treasury stock is deducted from:
total paid-in capital and retained earnings.
retained earnings.
common stock in paid-in capital.
total stockholders’ equity.

Question 7

Preferred stock may have priority over common stock except in:
dividends.
assets in the event of liquidation.
cumulative dividend features.
voting.

Question 8

M-Bot Corporation has 10,000 shares of 8%, $100 par value, cumulative preferred stock outstanding at December 31, 2011. No dividends were declared in 2009 or 2010. If M-Bot wants to pay $375,000 of dividends in 2011, common stockholders will receive:
$0.
$295,000.
$215,000.
$135,000.

Question 9

Entries for cash dividends are required on the:
declaration date and the payment date.
record date and the payment date.
declaration date, record date, and payment date.
declaration date and the record date.

Question 10

Which of the following statements about small stock dividends is true?

A small stock dividend decreases Stock Dividends Distributable.

A debit to Stock Dividends for the par value of the shares issued should be made.

A small stock dividend decreases total stockholders’ equity.

Market value per share should be assigned to the dividend shares.

Question 11

All but one of the following is reported in a retained earnings statement. The exception is:

net income and net loss.

some disposals of treasury stock below cost.

cash and stock dividends.

sales of treasury stock above cost.

Question 12

A prior period adjustment is:

reported in the income statement as a nontypical item.

reported directly in the stockholders’ equity section.

reported in the retained earnings statement as an adjustment of the ending balance of retained earnings.

a correction of an error that is made directly to retained earnings.

Question 13

In the stockholders’ equity section of the balance sheet, common stock:

is part of paid-in capital.

is added to total capital stock.

is part of additional paid-in capital.

is listed before preferred stock.

Question 14

Which of the following is not reported under additional paid-in capital?

Paid-in capital in excess of par value.

Paid-in capital in excess of stated value.

Paid-in capital from treasury stock.

Common stock.

Question 15

Katie Inc. reported net income of $186,000 during 2011 and paid dividends of $26,000 on commonstock. It also has 10,000 shares of 6%, $100 par value, noncumulative preferred stock outstanding. Common stockholders’ equity was $1,200,000 on January 1, 2011, and $1,600,000 on December 31, 2011. The company’s return on common stockholders’ equity for 2011 is:

10.0%.

7.1%.

13.3%.

9.0%.

Question 16

When a stockholders’ equity statement is presented, it is not necessary to prepare a(an):

retained earnings statement.

balance sheet.

income statement.

None of the above.

Question 17

The ledger of JFK, Inc. shows common stock, common treasury stock, and no preferred stock. For this company, the formula for computing book value per share is:

Total stockholders’ equity divided by the number of shares of common stock issued.

Total stockholders’ equity divided by the number of shares of common stock outstanding.

Total paid-in capital and retained earnings divided by the number of shares of common stock issued.

Common stock divided by the number of shares of common stock issued.

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ACC 291 Week 2 Individual Assignment WileyPLUS Assignment Exercise

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ACC 291 Week 2 Individual Assignment WileyPLUS Assignment Exercise

Resource: WileyPLUS

Complete the following WileyPLUS Week Two Exercises and Problem:

Exercise E8-3

Exercise BE9-13

Exercise Do It! 9-4

Exercise E9-9

Exercise E9-10

Problem P9-5A

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