ACC 561 Week 1 WileyPlus Exercise 1-7, 1-8, and Quiz Study Guide

1. For the year-end December 31, 2007, financial statements, what amount should M record as a liability?

Shamrock Company had net income of $37,380. The weighted-average common shares outstanding were 8,900. The company sold 3,900 shares before the end of the year. There were no other stock transactions. The company's earnings per share is:

Astaire Company uses the gross profit method to estimate inventory for monthly reporting purposes. Presented below is information for the month of May.

Complete the following practice exercises from Chapter 1 and 2 and submit them to your instructor. This assignment will be graded as a completion only to allow you to transition into the subject matter during the first week. The instructor will post the answers to these exercises by the end of Day 6 for you to check your accuracy and comprehension on the subject matter. Exercises:

b) What is the relationship between net income on the income statement and the equity section on a balance sheet?

f) To evaluate the material misstatement in the accounts, I think both of the consolidated income statement and the three financial statements are useful. We need to use the information properly from all the financial statements. However the consolidated income statement is the most useful one. If there is a significant change in an account balance comparing with preceding two years, the auditor will examine whether there a material misstatement exists. For instance, the bad debt expense as a percent of net sales in 2011, 2010 and 2009 are 0.56%, 0.70% and 0.69%, respectively. There should

Prepare the appropriate adjusting entries for Brooks as of December 31, 2010, to reflect the application of the “fair value” rule for both classes of securities described above.

15. Hawthorn Corporation 's adjusted trial balance contained the following accounts at December 31, 2012: Retained Earnings $126,560; Common Stock $707,140; Bonds Payable $101,750; Additional Paid-in Capital $203,770; Goodwill $58,010; Accumulated Other Comprehensive Loss $153,850. Prepare the stockholders ' equity section of the balance sheet.

3. In the auditor 's report the financial statements on which the opinion is being expressed

| Income Summary 280,000 Retained Earnings 280,000 Ending balance $300,000 Beginning balance 100,000 Difference 200,000 Cash dividends $40,000 Stock dividends 40,000 80,000 $280,000

To prepare a comprehensive balance sheet and Single-Step Income Statement presented in good form and derived from a list of various accounts. The amounts relative to each account will be given and the student will learn to determine whether an account is a balance sheet account or a

This research project will inform the reader of the difference between the United States accounting standards and International accounting standards. The United States uses the Financial Accounting Standards Board (FASB) to issue financial reporting procedures. The International Financial Reporting Standards (IFRS) are issued by the International Accounting Standards Board (IASB). There are proposals for the United States to adopt the International standards. Financial reporting procedures are debated about the United States using the Generally Accepted Accounting Procedures (GAAP) or following the global procedures. This

Common Share Value: Total market value of common share = price per share * number of pref. share = $25 * 100000 = $2,500,000

1. Discuss methods (Accounting Policies) your chosen company uses to account for its various items of assets, liabilities, and shareholder equity:

1. Which of the following bodies has the ultimate authority to issue accounting pronouncements in