ACC 557 Week 1 Homework Problems – Strayer NEW

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Chapter 1 Exercise 1-4             Your answer is correct.The following situations involve accounting principles and assumptions. For each of the three situations, state if the accounting method used is correct or incorrect. If correct, identify which principle or assumption supports the method used. If incorrect, identify which principle or assumption has been violated.                                                 Accounting method               Principle/Assumption1.                     Julia Company owns buildings that are worth substantially more than they originally cost. In an effort to provide more relevant information, Julia reports the buildings at fair value in its accounting repor                                                                                      2.                     Dekalb Company includes in its accounting records only transaction data that can be expressed in terms of money.                                           Monetary unit assumption                                                                       3.                     Omar Shariff, president of Omar’s Oasis, records his personal living costs as expenses of the Oasis Exercise 1-7              Collins Computer Timeshare Company entered into the following transactions during May 2014. Describe the effect of each transaction on assets, liabilities, and stockholder's equity.  1.                     Purchased computer terminals for $20,000 from Digital Equipment on account.                                                                  2.                     Paid $3,000 cash for May rent on storage space.              3.                     Received $15,000 cash from customers for contracts billed in April.                                                                4.                     Provided computer services to Schmidt Construction Company for $2,400 cash.                                                                   

5.                     Paid Central States Power Co. $11,000 cash for energy usage in May.                                                            6.                     Stockholders invested an additional $32,000 in the business.                                                  7.                     Paid Digital Equipment for the terminals purchased in (1) above.                                                                   8.                     Incurred advertising expense for May of $900 on account.        Exercise 1-11             Your answer is correct.Two items are omitted from each of the following summaries of balance sheet and income statement data for two corporations for the year 2014, Steven Craig and Georgia Enterprises. Determine the missing amounts.                        StevenCraig               GeorgiaEnterprisesBeginning of year:                                                                    Total assets                                                   Total liabilities                   Total stockholders’ equity                End of year:                                                                  Total assets                        Total liabilities                       Total stockholders’ equity               Changes during year in stockholders’ equity:                                                                      Additional investment                  Dividends                      Total revenues                                 Total expenses                   Problem 1-2A On August 31, the balance sheet of Donahue Veterinary Clinic showed Cash $9,000, Accounts Receivable $1,700, Supplies $600, Equipment $6,000, Accounts Payable $3,600, Common Stock $13,000, and Retained Earnings $700. During September, the following transactions occurred.1.                     Paid $2,900 cash for accounts payable due.2.                     Collected $1,300 of accounts receivable.3.                     Purchased additional office equipment for $2,100, paying $800 in cash and the balance on account.4.                     Earned revenue of $7,300, of which $2,500 is paid in cash and the balance is due in October.5.                     Declared and paid a $400 cash dividend6.                     Paid salaries $1,700, rent for September $900, and advertising expense $200.7.                     Incurred utilities expense for month on account $170.8.                     Received $10,000 from Capital Bank on a 6-month note payable.

1) Prepare a tabular analysis of the September transactions beginning with August 31 balances. (If a transaction causes a decrease in Assets, Liabilities or Stockholders' Equity, place a negative sign (or parentheses) in front of the amount entered for the particular Asset, Liability or Equity item that was reduced. See Illustration 1-8 for example.)b1) Prepare an income statement for September.B2) Prepare a retained earnings statement for September. (List items that increase retained earnings first.)B3) Prepare a balance sheet at September 30. (List assets in order of liquidity.)