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1Reflection Summary Assignment

week 1 DQ 1

How would you describe the entries to record the disposition of accounts receivables?

What is their function?

Since the majority of US thrives on the use of credit cards, the accounts receivables for a company may no longer be on a cash-to-cash basis. A company may need to sell these accounts to other companies who specialize in handling accounts receivables if they need cash more quickly or if it would be too costly to perform the necessary billing to collect on the account.The entries used to record the disposition when the receivables are sold to a factor often detail the cash received plus the service charge.

week 1 DQ 2

How are bad debts accounted for under the direct write-off method?

What are the disadvantages of this method?

Week 2 - Chapter 08 Practice - Quiz 1

Question 1

Receivables are frequently classified as accounts receivable, notes receivable, and other receivables.

Receivables are frequently classified as:

accounts receivable and general receivables.

accounts receivable, notes receivable, and employee receivables.

resp_4accounts receivable, notes receivable, and other receivables.

accounts receivable, company receivables, and other receivables.



Question 1

The time period for classifying a liability as current is one year or the operating cycle, whichever is:

longer.

possible.

shorter.

probable.

Week 2 - Individual WileyPLUS Assignment

Exercise E8-3

The ledger of Hixson Company at the end of the current year shows Accounts Receivable $120,000, Sales $840,000, and Sales Returns and Allowances $30,000.

Correct.

If Hixson uses the direct write-off method to account for uncollectible accounts, journalize the adjusting entry at December 31, assuming Hixson determines that Fell's $1,400 balance is uncollectible.Date Account/Description Debit

Dec. 31Bad debts expense

resp_0$1,400

Accounts receivable-Fell

resp_0

Week 2 - Reflection Summary


Reflection Summary Assignment

Name

ACC 291 / Principles of Accounting II

Date

Instructor Name

Identify the entries associated with acquisition, disposal, and sales of plant assets.

Recording of the acquisition of plant assets is important so the company can track their asset

and asset depreciation. The textbook explains the cost principle, “…requires that companies

record plant assets at cost." When the employee handling the accounting records the entry

they debit is applied to the asset and a credit to the corresponding account allocated.


week 2 DQ 1

What are the differences among valuation, depreciation, amortization, and depletion?

Is it appropriate to calculate depreciation using two different methods? Why?

What does the Annual Report you are using for class say about depreciation?

week 2 DQ 2

What types of industries have unearned revenue?

Why is unearned revenue considered a liability?

When is the unearned revenue recognized in the financial statements?

What does your Annual Report say about unearned revenue?


Question 1

Which of the following is not a primary reason why corporations invest in debt and equity securities?

They have excess cash.

They wish to move into a new line of business.

They are required to by law.


They wish to gain control of a competitor.

Question 2

Debt investments are initially recorded at:

cost.

cost plus accrued interest.

fair value.

None of the above.

Exercise E10-15

Correct.

Leoni Co. receives $240,000 when it issues a $240,000, 10%, mortgage note payable to finance the construction of a building at December 31, 2011. The terms provide for semiannual installment payments of $20,000 on June 30 and December 31.

Prepare the journal entries to record the mortgage loan and the first two installment payments. (For multiple debit/credit entries, list amounts from largest to smallest e.g. 10, 5, 3, 2.)

Date Account/Description Debit Credit2011

Dec. 31 Cash resp_0 240,000

Mortgage notes payable resp_0 240,000




Name


Date

Instructor Name

Apply ratio, vertical, and horizontal analyses to financial statements

Ratio analyses are used by companies to gather information in a company’s financial

statement. Ratios and numbers from a company’s current year are compared to previous years

and sometimes even the economy to judge the company’s performance. There are several


ratios such as profitability ratios, liquidity ratios, activity ratios, leverage ratios and market

ratios that can be used to calculate financial information. In vertical analyses, each entry of

the assets, liabilities and equities in a balance sheet is represented as a proportion of the total

account of the financial statement. In horizontal analysis a company’s ratios are compared in

the financial statements over a period of time. Horizontal analysis can be used from revenues

to earnings per share.

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

Exercise Do It! 11-1

Indicate whether each of the following statements is true or false.

1. The corporation is an entity separate and distinct from its owners.True

resp_0

2.The liability of stockholders is normally limited to their investment in the corporation.

True

resp_0

3.The relative lack of government regulation is an advantage of the corporate form of business.

False

resp_0


Impact of Unethical Behavior Analysis

Name

ACC/291

Date

Instructor Name

Unethical practices and behavior in accounting may often go unchecked because the

actions may be the result of management or executives. Fear of negative reactions from

management or other peers may silence a person causing them to turn a “blind eye”.

Falsifying or altering business documents such as sales receipts, or tampering with reports

may lead to unethical practices.




Name


Date

Instructor Name


Identify situations that might lead to unethical accounting practices.

Unethical accounting practices are considered as a type of unethical behavior. There are

certain

situations that might lead an accountant or CFO to perform unethical accounting practices.

There

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