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Devry ACCT 301 All Weeks Homework Assignment Latest
Devry ACCT 301 Week 2 Homework Latest
Week 2 Homework
- 1.In two to three paragraphs, describe the Sarbanes-Oxley Act and why it is important to the accounting profession.(15 points)
- 2.Name and briefly describe the five components of COSO’s internal control framework.(10 points)
- 3.Describe the relationship between the Sarbanes-Oxley Act and COSO.(10 points)
- 4.Tom Jackson is a CPA who really likes to go to Las Vegas, play poker, and bet on football games.Tom knows that the accounting profession disapproves of gambling, but because he spends a lot of time studying sports facts and how to win at poker, he feels that he is simply making educated decisions based on facts. He says that this is no different from using accounting information to buy stocks. Use the fraud triangle as a basis to comment on Tom’s gambling activities. (15 points)
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Problem 1
Required: Identify the financial statement on which each of the following items appears by making an X in the appropriate column.The first one is done for you.
(15 points total, 1 point each)
Income Balance Statement of
Item Statement Sheet Cash Flows
Accounts Payable X
Accounts Receivable
Advertising Expense
Common Stock
Dividends
Equipment
Financing Activities
Investing Activities
Land
Operating Activities
Rent Expense
Retained Earnings
Revenue
Salaries Payable
Utility Expense
Problem 2
Problem 2
Required: Show the effects on the financial statements using a horizontal statement model as outlined below. The first one is done for you.
(35 points total, 5 points each)
1 Sold $30,000 in merchandise for cash
2 Paid $5,000 for rent with cash
3 Paid $10,000 in salaries to employees with cash
4 Sold $25,000 in merchandise and customer paid on credit
5 Collected $10,000 cash for transaction #4
6 Purchased a building for $100,000 and took out a loan for the money
7 Paid the $1,200 telephone bill with cash
Devry ACCT 301 Week 3 Homework Latest
Week 3
Problem 1
Required: Express each income statement component as a percentage of sales, and comment on the trends in each line from 2013 to 2014.
(25 points)
2014 % Sales 2013 % Sales
Sales $10,00,000 $12,00,000
Cost of goods sold $4,50,000 $6,00,000
Gross margin $5,50,000 $6,00,000
Operating expenses $6,00,000 $4,50,000
Net income $(50,000) $1,50,000
Problem 2
Required: Compute (1) accounts receivable turnover for 2014, (2) the inventory turnover for 2014, and (3) the net margin for 2014.
(25 points)
2014 2013
Balance sheet items
Accounts receivable $3,80,000.00 $3,76,000.00
Allowance for doubtful accounts $(20,000.00) $(16,000.00)
Net accounts receivable $3,60,000.00 $3,60,000.00
Inventory $4,80,000.00 $4,40,000.00
Income statement items
Sales $34,00,000.00 $30,80,000.00
Cost of goods sold $16,00,000.00 $14,40,000.00
Operating expenses $7,80,000.00 $6,80,000.00
Devry ACCT 301 Week 4 Homework Latest
Week 4
Problem 1
Required: Use the following information to complete the below schedule of cost of goods manufactured.
(25 points)
Purchases of raw materials $1,20,000.00
Raw materials available for use $1,48,000.00
Cost of direct raw materials used $1,24,000.00
Manufacturing overhead $24,000.00
Total manufacturing costs $3,10,000.00
Ending work-in-process inventory $(46,000.00)
Cost of goods manufactured $3,06,000.00
Schedule of Cost of Goods Manufactured
Beginning inventory, raw materials
Plus: Purchases of raw materials
Raw materials available for use $-
Less: Ending raw materials inventory
Cost of direct raw materials used $-
Direct labor
Manufacturing overhead
Total manufacturing costs $-
Plus: Beginning work-in-process inventory
Total work in process $-
Less: Ending work-in-process inventory
Cost of goods manufactured $-
Problem 2
Required: JZ is a musician who is considering whether to independently produce and sell a CD. JZ estimates fixed costs of $10,000 and variable costs of $4.00 per unit. The expected selling price is $12 per CD. What is JZ’s break-even point in units and dollars?
(25 points)
Break-even point in units Fixed Costs
Contribution margin per unit
Devry ACCT 301 Week 5 Homework Latest
Week 5
| Problem 1 | ||
| Required:Identify each of the following as either a direct or indirect cost. | ||
| (20 points) | ||
| Direct or Indirect? | ||
| Material used in production | ||
| Salary of manufacturing supervisor | ||
| Wages of manufacturing worker | ||
| Telephone costs | ||
| Rent |
Problem 2
Required: GH Company is trying to decide whether to replace a current piece of machinery with a new machine. Using the below data, determine the relevant costs of the old machine and the new machine. Should GH Company purchase the new machine?
(30 points)
Old Machine New machine
Original cost 1,00,000
Accumulated depreciation (50,000)
Book value 50,000
Market value (now) 25,000 30,000
Salvage value (in 5 years) 5,000 8,000
Annual depreciation expense 11,000
Operating expenses
Per year 9,000 4,500
Times number of years 4 4
Total operating expenses 36,000 18,000
Devry ACCT 301 Week 6 Homework Latest
Week 6
| Problem 1 | ||
| Required:In the space below, describe the advantages of budgeting. | ||
| (10 points) |
| Problem 2 | |||
| Required: Compute the ROI for each division below to two decimal places. (30 points) Which division has the best performance? (10 points) |
|||
| (40 points total) | |||
| Division A | Division B | Division C | |
| Operating income | 2,45,000 | 1,25,000 | 3,50,000 |
| Operating assets | 12,00,000 | 7,75,000 | 15,00,000 |
Devry ACCT 301 Week 7 Homework Latest
Week 7
| Problem 1 | ||
| Required: In the space below, describe the net present value method of capital budgeting. | ||
| (10 points) |
| Problem 2 | |||||
| Required:Compute the average annual cash inflows. (20 points) Compute the payback period using the accumulation method. (20 points) |
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| (40 points total) | |||||
| 2013 | 2014 | 2015 | 2016 | 2017 | |
| Incremental revenue | 6,000 | 2,000 | 4,000 | 2,000 | 1,000 |
| Cost of new machine | 12,000 |
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