Mathematics

Student Guidance Report

Ashford University ACC205
Guidance Report
Week Four
LISTEN TO AUDIO/VIDEO EXPLAINING THE GUIDANCE REPORT Guidance Report Download Date 11/28/17 Guidance Report Revision Date 12/1/17
YELLOW INDICATES ACCOUNT AMOUNTS CHANGED
Change Account to:
Based Upon Course Start Date
Account to be changed Original Amount Jan – Feb Mar-Apr May-Jun Jul-Aug Sept-Oct Nov-Dec
Ch 7 Ex 2
Loan $ 225,000 $ 250,000 $ 260,000 $ 270,000 $ 280,000 $ 290,000 $ 450,000
Questions YOUR ANSWERS BASED UPON COURSE START DATE
a. Compute Hall’s accrued interest as of December 31, 20X1.
b. Present the appropriate balance sheet disclosure for the accrued interest and the current and long-term portion of the outstanding debt as of December 31, 20X1.
c. Repeat parts (a) and (b) using a date of December 31, 20X2, rather than December 31, 20X1. Assume that Hall is in compliance with the terms of the loan agreement.
Accrued interest 12/31/X2
Disclosure
Account to be changed Original Amount Jan – Feb Mar-Apr May-Jun Jul-Aug Sept-Oct Nov-Dec
Ch 7 Ex 4
Salary expense 50000 51,000 52,000 53,000 54,000 55,000 56,000
Questions YOUR ANSWERS BASED UPON COURSE START DATE
Salary expense
Social Security Payable
Medicare Payable
Fed Taxes Payable
State Taxes Payable
Insurance Payable
Cash
Payroll Tax Expense
Social Security Payable
Medicare Payable
State unemployment
Fed unemployment
Account to be changed Original Amount Jan – Feb Mar-Apr May-Jun Jul-Aug Sept-Oct Nov-Dec
Ch 7 Pb 2
12/1 Note payable 20000 25,000 26,000 28,000 30,000 31,000 33,000
12/1 Interest rate 15% 15% 15% 15% 15% 15% 15%
Warranty 20 $27.00 20 28 20 29 20 30 20 31 20 32 20 33
Purchase on account 16000 17,000 18,000 19,000 20,000 21,000 22,000
Note payable 5000 6,000 7,000 8,000 9,000 10,000 11,000
Warranty repair 162 172 182 192 202 222 232
Salary accural 1400 1,500 1,600 1,700 1,800 1,900 2,000
Vacation 6% 36000 6% 37,000 6% 38,000 6% 39,000 6% 40,000 6% 41,000 6% 42,000
12/26 interest $ 120 $ 120 $ 120 $ 120 $ 120 $ 120 $ 120
a. Prepare journal entries to record the preceding transactions and events.
Cash
Notes Payable
Warranty expense
Warranty Liability
Merchandise
Accounts Payable
Cash
Note Payable
Warranty Liability
Cash
Salary Expense
Salary Payable
Payroll Expense
Accrued Vacation Payable
b. Determine accrued interest as of December 31, 20XX, and prepare the necessary adjusting entry or entries.
12/1 one month accrual
12/26 60 day note-accrue 5 days
Total Interest Accrual
Prepare ournal entry:
Interest expense
Interest payable
c. Prepare the current liability section of Visconti’s December 31, 20XX balance sheet.
Current Liabilities:
Accounts payable
Note payable
Salaries payable
Vacation payable
Warranty payable
Total Current Liabilities
Account to be changed Original Amount
Ch 8 Pb 1
Par $ 10.00 $ 11.00 $ 12.00 $ 13.00 $ 14.00 $ 15.00 $ 16.00
Questions YOUR ANSWERS BASED UPON COURSE START DATE
7/1 Cash
Common Stock
C/S additional Paid-in-Capital
7/7 Attorney expense
Common Stock
C/S additional Paid-in-Capital
Cash
Common Stock
C/S additional Paid-in-Capital
Land
Common Stock
C/S additional Paid-in-Capital

http://www.screencast.com/t/7C6URyZc5a ../../cpabi_000/Documents/ACC205%20Chapters/Produced%20videos/Week%20Four/Ch%207%20Ex%202.mp4 ../../cpabi_000/Documents/ACC205%20Chapters/Produced%20videos/Week%20Four/Ch%207%20Pb%202.mp4 ../../cpabi_000/Documents/ACC205%20Chapters/Produced%20videos/Week%20Four/Ch%208%20Pb%201.mp4 ../../cpabi_000/Documents/ACC205%20Chapters/Produced%20videos/Week%20Four/Ch%207%

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