Late assignments will lose 30deg oI the earned value. No assignments will be accepted more than 24 hours late. Use the "Chart oI Accounts" Ior your account titles and the "Assignment Templates"
Late assignments will lose 30deg oI the earned value. No assignments will be accepted more than 24 hours late. Use the "Chart oI Accounts" Ior your account titles and the "Assignment Templates"
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Late assignments will lose 30deg oI the earned value. No assignments will be accepted more than 24 hours late. Use the "Chart oI Accounts" Ior your account titles and the "Assignment Templates"
Copyright:
Attribution Non-Commercial (BY-NC)
Available Formats
Download as XLSX, PDF, TXT or read online from Scribd
2. BrieI Exercises a Columns shaded require a description or account title. b Columns shaded require an amount or numerical solution. c Columns shaded require a Iormula or calculation. 3. Problems a Problems will typically be Iound on several tabs. b Columns shaded require a description or account title. c Columns shaded require an amount or numerical solution. d Columns shaded require a Iormula or calculation. e Columns shaded require a date or transaction identiIier. 4. Instructor Comments 5. Formatting a The print area Ior each assignment has been deIined to Iit onto 8 1/2" X 11" sheets in portrait or landscape mode as required. b Date and numbers have been Iormatted. 6. All work must be done using a computer. Written solutions will not receive any credit. 7. Staple Order: (1) Questions; (2) BrieI Exercises; (3) Exercises; (4) Problems; (5) FRP. 8. Late assignments will lose 30 oI the earned value. No assignment will be accepted more than 24 hours late. 9. Printing Steps - All print settings have been setup. a Click on File b Click on Print c Go to "Print What" and select Entire Workbook d Click on OK Template 6 Points Page: 724 BE: 4 5 10 Points Page: 726 E: 8 10 Points Page: 733 Prob: 2 23 Points Template 6 Points Template Financial Reporting 5 Points Template FASB CodiIication 5 Points 10 Points 25 Points BE: 4 Total Debits Credits Check E: 8 Total Debits Credits Check Prob: 2 Total Debits Credits Check No assignments will be accepted aIter being delinquent more than 24 hours. Book: Template or Iile sharing is cheating and will result in a zero Ior the assignment. Late assignments are discounted 30, Check Numbers: 39,149,900 $ Use the "Chart oI Accounts" Ior your account titles and the "Assignment Templates" Ior your work. Each student is expected to complete their own template. 100 Points Financial Reporting: 889,000.00 $ Chapter 13 Assignment Current Liabilities & Contingencies Connect Activities: LearnSmart Module Assignment Case: CPA Problems: 24,810,000 $ Investment revenue receivable Investment in HTM securities Investment in AFS securities Investment in Trading securities Premium on bond investments Discount on bond investments Fair value adjustment Investment in aIIiliate shares Loss - litigation Interest expense Cash Investment revenue Net unrealized holding gains or losses - IS Gain on sale oI investments Warranty expense WarranLy llablllLy Accounts receivable lnLeresL payable Sales Lax payable Liability - customer advance Liability - litigation Sales revenue Income summary Loss on sale oI investments Liability - reIundable deposits noLes payable Net unrealized holding gains or losses - OCI ulscounL on noLes payable Bonds payable Chart oI Accounts Name: Date: Case: Ethics & Disclosure 1. 2. 3. Treatment iI the settlement occurred on April 13: Journal entry: Learning rubric: Points will be assigned based on the Iollowing: U A VG 1 0 1 2 2 0 1 2 3 0 1 2 Total value 0 3 6 Unacceptable (U) - No or almost no component oI the question is addressed. - No or almost no use oI relevant course material. - Response is unrelated to question asked. - Solution is partially correct. - Response has spelling, grammar or Iormatting errors. Acceptable (A) - Some oI the question's components are addressed. - Some oI the relevant course material is used. - Response is at time related to question asked. - Solution is partially correct. Very Good (VG) - All major components oI the question is addressed, - All relevant course material is properly and appropriately applied. - Response is complete and is related to question asked. - Solution is correct. Treatment iI the settlement had occurred aIter April 17 Journal entry SkillSoIt is a leading provider oI content resources and complementary technologies Ior integrated enterprise learning. The company`s Iiscal year ends January 31, 2006, and it plans to Iile its Iinancial statements with the SEC on April, 17, 2006. On April 13, the company issued the Iollowing press release ( in part): NASHUA, N. H., April 13 / PRNewswire- FirstCall/ SkillSoIt PLC ( Nasdaq: SKIL), . . . has agreed . . . to settle a lawsuit Iiled against it and certain oI its Iormer and current oIIicers and directors in late 2004 related to the 2002 securities class action lawsuit. This lawsuit included substantially the same claims as those set Iorth in the previously settled 2002 securities class action lawsuit. Under the terms oI the settlement, SkillSoIt will pay a total oI $ 1.79 million to the plaintiIIs prior to April 17, 2006. Required: Treatment iI the settlement had occurred aIter April 17: Treatment oI settlement: From an accounting perspective, how should SkillSoIt have treated the settlement? Relying on the inIormation provided by the press release, re- create the journal entry SkillSoIt recorded Ior the settlement. Suppose the settlement had occurred aIter April 17. How should SkillSoIt have treated the settlement? Date Account Titles / Explanations Debit Credit Name: Date: BE: BE: 13-4 BE: 13-5 EIIective interest rate (show calc below) Discount on notes payable Date Account Titles / Explanations Debit Credit Notes payable 13-4,5 Chart oI Accounts Cash Interest expense Check: - - Date Account Titles / Explanations Debit Credit Name: Date: Ex: EX: 13-8 Required 1. Required 2. Required 3. 13-8 Chart oI Accounts Cash Sales tax payable Sales revenue Date Account Titles / Explanations Debit Credit Check: - - Accounts receivable Liability - customer advance Liability - reIundable deposits Name: Date: Prob. Requirement 1. a. No entry Ior a line oI credit until cash is actually pulled down. b. c. d. e. I. Interest payable Notes payable g. Requirement 2. Current Liabilities: Accounts payable Current portion oI bank loan Liability - reIundable deposits Sales taxes payable Accrued interest payable Total current liabilities Long-Term Liabilities: Bank loan to be reIinanced on a long-term basis 13-2 2011 Date Account Titles / Explanations Debit Credit Cash Notes payable Sales taxes payable Cash Liability - reIundable deposits Interest expense Interest payable Accounts receivable Sales revenue 2012 Cash Cash Bonds payable Blanton Plastics Liability - reIundable deposits Cash Interest expense Check - - Name: Date: Prob: 1 A CalculaLlons 8 C u 2 A CalculaLlons 8 C u 3 2011 2012 WhaL amounL should Cum reporL as esLlmaLed warranLy llablllLy ln lLs uecember 31 2012 balance sheeL? A CalculaLlons 8 C u 21000 $ 22300 $ 36000 $ CPA norLh Corp has an employee beneflL plan for compensaLed absences LhaL glves employees 10 pald vacaLlon days and 10 pald slck days 8oLh vacaLlon and slck days can be carrled over lndeflnlLely Lmployees can elecL Lo recelve paymenL ln lleu of vacaLlon days however no paymenL ls glven for slck days noL Laken AL uecember 31 2011 norLh's unad[usLed balance of llablllLy for compensaLed absences was $ 21000 norLh esLlmaLed LhaL Lhere were 130 vacaLlon days and 73 slck days avallable aL uecember 31 2011 norLh's employees earn an average of $ 100 per day ln lLs uecember 31 2011 balance sheeL whaL amounL of llablllLy for compensaLed absences ls norLh requlred Lo reporL? 13000 $ $ 0 800000 $ 1000000 $ 1300000 $ ln May 2008 Caso Co flled sulL agalnsL Wayne lnc seeklng $ 1900000 ln damages for paLenL lnfrlngemenL A courL verdlcL ln november 2011 awarded Caso $1300000 ln damages buL Wayne's appeal ls noL expecLed Lo be declded before 2013 Caso's counsel belleves lL ls probable LhaL Caso wlll be successful agalnsL Wayne for an esLlmaLed amounL ln Lhe range beLween $ 800000 and $ 1100000 wlLh $ 1000000 consldered Lhe mosL llkely amounL WhaL amounL should Caso record as lncome from Lhe lawsulL ln Lhe year ended uecember 31 2011? 2300 $ 11230 $ 14230 $ 4230 $ uurlng 2011 Cum Co lnLroduced a new producL carrylng a Lwo year warranLy agalnsL defecLs 1he esLlmaLed warranLy cosLs relaLed Lo dollar sales are 2 wlLhln 12 monLhs followlng Lhe sale and 4 ln Lhe second 12 monLhs followlng Lhe sale Sales and acLual warranLy expendlLures for Lhe years ended uecember 31 2011 and 2012 are as follows AcLual WarranLy LxpendlLures 2230 $ 7300 9730 $ Sales 130000 $ 230000 400000 $ Name: Date: ReIer to the Dell Annual Report to answer the Iollowing questions. 1 Chg. 2 Footnotes a. What Iootnote lists the breakdown oI the amounts Ior "Accrued and other"? b. What Iootnote adresses commercial paper and short-term borrowing? c. What Iootnote discusses Commitments and Contingencies? d. When does Dell record warranty liabilities? e. When does Dell accrue Ior a loss contingency? 3 In what section oI the Statement oI Cash Flows are changes in current liabilities reported? 4 Changes in accounts payable. Changes in deIerred service revenue. Changes in accrued and other liabilities. 5 FASB CodiIication Access the FASB CodiIication to prepare responses to the Iollowing . Site: http://aaahq.org/ascLogin.cIm User ID: Password: Until August 31 Password: 1 Use the master glossary to deIine "contingency". 2 What is the three digit topic reIerence Ior liabilities? Contingencies? a. Liabilities b. Contingencies 3 4 5 During the most recent year, are the Iollowing reported as cash inIlows or cash outIlows on the Statement oI Cash Flows? Current liabilities: 2009 2008 List and total the current liabilities reported on the Balance Sheet. Indicate the amount and percentage oI change Irom the prior year. $ Change Short-termdeIerred service revenue Total current liabilities Short-term debt Accounts payable Accrued and other What is the Iive digit reIerence which represents access to the "overall" inIormation on deIerred revenue? Provide total codiIication reIerences (including paragraph numbers) Ior how loss contingencies are recognized aIter the date oI the Iinancial statements: What is the seven digit reIerence which represents access to the "disclosure" inIormation on loss contingencies? Did the Company have any loss contingencies established Ior probable litigation claims? (yes or no) AAA51332 SeLxsmc S6dDwFS September 1, 2011 The FASB Accounting Standards Codification (ASC) represents the single source oI authoritative U.S. generally accepted accounting principles.