ACC 305 Intermediate Accounting III

ACC 305 WEEK 9 DISCUSSION Week 9 Discussion "Segmented Information and Reporting Requirements"Please respond to the following: Suppose that management is considering preparing segmented information but is unsure on how to identify a segment and is unsure on why the information is important. Outline a brief memo to management explaining the importance of segmented information, and create an action plan on the main steps management should take

7 Other / Other strayer university / ACC 305 31 Aug 2017

ACC 305 WEEK 9 ASSIGNMENT 1 Week 9 Assignment 1 Assignment 1: Full Disclosure in Financial Reporting – Verizon Communications Due Week 9 and worth 200 points According to the textbook, the goal of financial reporting is to report financial information that is transparent and complete and truthfully report the financial performance of a company. Investors and other interested parties need to read and understand all aspects of financing r

30 Other / Other strayer university / ACC 305 31 Aug 2017

ACC 305 WEEK 8 QUIZ Multiple Choice Question 45 Dream Home Inc., a real estate developing company, was accounting for its long-term contracts using the completed contract method prior to 2015. In 2015, it changed to the percentage-of-completion method. The company decided to use the same for income tax purposes. The tax rate enacted is 40%. Income before taxes under both the methods for the past three years appears below.

15 Other / Other strayer university / ACC 305 31 Aug 2017

ACC 305 WEEK 8 HOMEWORK Brief Exercise 23-4 Bloom Corporation had the following 2014 income statement. The following accounts increased during 2014: Accounts Receivable $13,290; Inventory $11,280; Accounts Payable $14,590. Prepare the cash flows from operating activities section of Bloom’s 2014 statement of cash flows using the direct method.

15 Other / Other strayer university / ACC 305 31 Aug 2017

ACC 305 WEEK 8 DISCUSSION Week 8 Discussion "IFRS and Preparing a Statement of Cash Flows"Please respond to the following: Evaluate two (2) major differences between GAAP and IFRS with respect to the statement of cash flows. Give your opinion on which method you prefer. Provide a rationale for your response. Imagine you are the senior accountant at your organization and management is unsure of the difference between the indirect method and

7 Other / Other strayer university / ACC 305 31 Aug 2017

ACC 305 WEEK 7 QUIZ Multiple Choice Question 43 The primary difference between a direct-financing lease and a sales-type lease is the allocation of initial direct costs by the lessor to periods benefited by the lease arrangements. manner in which rental receipts are recorded as rental income. recognition of the manufacturer’s or dealer’s profit at (or loss) the ince

15 Other / Other strayer university / ACC 305 31 Aug 2017

ACC 305 WEEK 7 HOMEWORK Brief Exercise 22-3 Shannon, Inc., changed from the LIFO cost flow assumption to the FIFO cost flow assumption in 2014. The increase in the prior year's income before taxes is $1,122,200. The tax rate is39%. Prepare Shannon’s 2014 journal entry to record the change in accounting principle.(Credit account titles are automatically indented when amount is entered. Do not indent m

15 Other / Other strayer university / ACC 305 31 Aug 2017

ACC 305 WEEK 7 DISCUSSION Week 7 Discussion "Changes in Accounting Principles and Changes in Accounting Estimates"Please respond to the following: From the e-Activity, discuss the accounting principles that the identified company changed, and explain the major reasons why the company changed accounting principles. Give your opinion on whether you believe the change in accounting principles was to benefit the corporation or investors and cred

7 Other / Other strayer university / ACC 305 31 Aug 2017

ACC 305 WEEK 6 HOMEWORK Brief Exercise 21-3 Rick Kleckner Corporation recorded a capital lease at $299,040on January 1, 2014. The interest rate is11%. Kleckner Corporation made the first lease payment of $52,351on January 1, 2014. The lease requires 8 annual payments. The equipment has a useful life of8years with no salvage value. Prepare Kleckner Corporation’s December 31, 2014, adjusting entries.(C

15 Other / Other strayer university / ACC 305 31 Aug 2017