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DeVry ACC 305 Full Courses-Latest 2016 Except Week 1&7 Homework And
Week 4&8 Exam
Question
Week 1 discussion
Dq1
Operational Assets
Let’s begin by defining operational assets and identifying what they are
used for in a business. Also, how do operational assets differ from other types of assets? It
can be helpful to think of an operational asset that you might have seen at
your job or a business you have visited.
Dq2
Disposition and Exchanges
How is a disposition and exchange defined? What are some ways that
companies dispose of assets? What are some reasons that companies dispose of
assets?
Week 2 discussion
Dq1
Intangible Assets
We introduced intangible assets last week, and this week we will study
them in more detail. Please define and describe in detail the term intangible asset. What major
characteristics differentiate intangible assets from other assets? How is the
useful life determined for intangibles?
Dq2
Research and Development Costs
This topic will cover research and development (R & D) costs and how
they are accounted for according to GAAP. Please define R
& D costs and explain how these are presented in the financial statements
of a company.
Week 3 discussion
Dq1
Cost Allocation and Measurement
Please define cost allocation for operational assets. What are the
various time-based and activity-based methods used to allocate these costs? How
does cost allocation differ for fixed assets, intangible assets, and natural
resources?
Dq2
Impairment of Operational Assets
What is impairment of operational assets? How do we determine whether an
impairment exists? How do we calculate the impairment loss? Goodwill impairment
has special accounting rules. How does an impairment of goodwill differ from impairments associated
with other intangible assets?
Week 4 discussion
Dq1
Investment Securities
Based upon what you have read in your e-book and lesson, including the
Becker material, identify the categories of debt and equity securities, and
describe the accounting and reporting treatment for each category. How do debt and
equity securities differ? Describe how the various levels of ownership impact
how companies account for investments.
Dq2
SFAS 115
What are the three categories of SFAS 115? How are they determined? How
do we treat unrealized gains and losses under each method? How are the
unrealized gains and losses reported?
Week 5 discussion
Dq1
Contingent Liabilities
Define contingent liability. What is the criteria to determine whether or not to report the
contingency on financial statements? What supporting documentation is required?
Please provide a detailed example of a contingent liability.
Dq2
Current Liabilities
Please identify a type of current liability. For the current
liability you select, please identify the general rule on reporting the current
liability on the financial statement.
Week 6 discussion
Dq1
Bonds and Notes Payable
Let's discuss the differences between bonds and notes payable. How do we
account for bonds when they are issued at par, at a premium, and at a discount?
What are the required disclosures for notes and bonds payable?
Dq2
Bond Features
Reflect on the materials you have reviewed for this week, including your
e-book, lesson, and Becker material. What are the key features of bonds? Let's also discuss some of the
different types of bonds. What are debenture bonds or collateralized bonds? What are callable
bonds and what are convertible bonds? How are they accounted for?
Week 7 discussion
Dq1
Capital Lease
Please define a capital lease. What is the criteria to categorize a lease as a capital lease? Which
financial statements are impacted upon the determination that a lease is a
capital lease?
Dq2
Operating Versus Capital Leases
Please define an operating lease. How is an operating lease different than a capital lease? Which
financial statements are impacted on the determination that a lease is an
operating lease?
Week 1 homework
Exercises E10-1, E10-8, E10-14, and E10-18. Please submit
completed homework in Excel to the Dropbox by Sunday at 11:59 p.m. MT.
Submit your assignment to the Dropbox, located at the top of this page. For
instructions on how to use the Dropbox, read these step-by-step instructions.
See the Syllabus section "Due Dates for Assignments &
Exams" for due date information.
Week 2 homework
Exercises E10-5, E10-6, E10-7, and E10-26.
Submit your assignment to the Dropbox, located at the top of this page. For
instructions on how to use the Dropbox, read these step-by-step instructions.
See the Syllabus section "Due Dates for Assignments &
Exams" for due date information
Week 2 – Homework
Chapter 4
8. Calculating
Rates of Return. In 2011, an 1880-O Morgan silver dollar sold for $13,113. What was the
rate of return on this investment?
17. Calculating
Present Values. Suppose you are
still committed to owning a $150,000 Ferrari (see Question 9). If you believe
your mutual fund can achieve a 10.25 percent annual rate of return, and you want to buy the car
in 10 years on the day you turn 30, how much must you invest today?
18. Calculating
Future Values. You have just
made your first $5,000 contribution to your individual retirement account. Assuming you
earn a 10.1
percent rate of return and make no additional contributions, what will your
account be worth when you retire in 45 years? What if you wait 10 years before
contributing? (Does this suggest an investment strategy?)
Chapter 5
1. Present Value
and Multiple Cash Flows. Rooster Co. has identified an investment project with the following cash flows. If the discount
rate is 10 percent, what is the present value of these cash flows? What is the
present value at 18 percent? At 24 percent?
Present Value – 10%
Present Value – 18%
Present Value – 24%
4. Calculating
Annuity Present Values. An investment offers $6,700 per year for 15 years, with the first
payment occurring 1 year from now. If the required return is 8 percent, what is the value of the
investment? What would the value be if the payments occurred for 40 years? For
75 years? Forever?
APR Compounding Formula
10% Quarters (4) (1+.10/4)^4-1
17% Monthly (12) (1+.17/12)^12-1
13% Daily (365) (1+.13/365)^365-1
9% Semi (2) (1+.09/2)^2-1
Week 3 homework
Exercises E11-1, E11-6, E11-11, E11-14, and E11-20
Brief Exercises BE11-10 and BE11-16
Submit your assignment to the Dropbox, located at the top of this page. For
instructions on how to use the Dropbox, read these step-by-step instructions.
See the Syllabus section "Due Dates for Assignments &
Exams" for due date information.
Week 4 homework
Exercises E12-1, E12-5, E12-8, and E12-14
Submit your assignment to the Dropbox, located at the top of this page. For
instructions on how to use the Dropbox, read these step-by-step instructions.
See the Syllabus section "Due Dates for Assignments & Exams"
for due date information.
Week 5 homework
Exercises E13-1, E13-7, E13-15, E13-17, and E13-21
Submit your assignment to the Dropbox, located at the top of this page. For
instructions on how to use the Dropbox, read these step-by-step instructions.
See the Syllabus section "Due Dates for Assignments &
Exams" for due date information.
Week 6 homework
Exercises E14-2, E14-3, E14-5, E 14-7, and E14-17
Submit your assignment to the Dropbox, located at the top of this page. For
instructions on how to use the Dropbox, read these step-by-step instructions.
See the Syllabus section "Due Dates for Assignments &
Exams" for due date information
Week 7 homework
Exercises E15-1, E15-3, E15-4, E15-5, and E15-8
Submit your assignment to the Dropbox, located at the top of this page. For
instructions on how to use the Dropbox, read these step-by-step instructions.
See the Syllabus section "Due Dates for Assignments &
Exams" for due date information.
Week 1 quiz
(TCO 1) The acquisition costs of property, plant, and equipment do not
include
the ordinary and necessary costs to bring the asset to its desired
condition and location for use.
the net invoice price.
legal fees, delivery charges, installation, and any applicable sales tax.
maintenance costs during the first 30 days of use.
(TCO 1) Cantor Corporation acquired a manufacturing facility on four
acres of land for a lump-sum price of $8,000,000. The building
included used but functional equipment. According to independent appraisals, the fair values were $4,500,000,
$3,000,000, and $2,500,000 for the building, land, and equipment, respectively. The initial
values of the building, land, and equipment would be which of the following?
Building
Land
Fixtures
a.
$ 4,500,000
$ 3,000,000
$ 2,500,000
b.
$ 4,500,000
$ 3,000,000
$ 500,000
c.
$ 3,600,000
$ 2,400,000
$ 2,000,000
d.
None of the above
Option a
Option b
Option c
Option d
(TCO 3) The basic principle used to value an asset acquired in a
nonmonetary exchange is to value it at
fair value of the asset(s) given up.
the book value of the asset given plus any cash or other monetary
consideration received.
fair value or book value, whichever is smaller.
the book value of the asset given.
(TCO 1) Interest is eligible to be capitalized as part of an asset's
cost, rather than being expensed immediately, when
the interest is incurred during the construction period of the asset.
the asset is a discrete construction project for sale or lease.
the asset is self-constructed, rather than acquired.
All of the above
(TCO 3) Horton Stores exchanged land and cash of $5,000 for similar land. The book value
and the fair value of the land were $90,000 and $100,000, respectively. Assuming that
the exchange has commercial substance, Horton would record land-new at and
record a gain/(loss) of
Land Gain\(Loss)
Option a
Option b
Option c
Option d
Quiz 2
(TCO 2) The exclusive right to benefit from a creative work, such as a
film, is a
patent.
copyright.
trademark.
franchise.
(TCO 2) Our company purchased all of the outstanding stock of another
company, paying $2,700,000 cash. Our company assumed all of the liabilities of the other company. Book values and
fair values of acquired assets and liabilities were as follows.
Book Value
Fair Value
Current assets, net
$ 420,000
$ 450,000
Property, plant and equipment, net
$ 1,600,000
$ 2,250,000
Liabilities
$ 500,000
$ 600,000
Our company would record goodwill of
$1,180,000.
$600,000.
$880,000.
$100,000.
(TCO 2) Research and development (R & D) costs
generally pertain to activities that occur prior to the start of
production.
may be expensed or capitalized, at the option of the reporting entity.
must be capitalized and amortized.
None of the above
(TCO 2) Under International Financial Reporting Standards, research
expenditures are
expensed in the period incurred.
expensed in the period they are determined to be unsuccessful.
capitalized if certain criteria are met.
expensed if unsuccessful, capitalized if successful.
(TCO 2) Goodwill is
IN amortized over the greater of its estimated life, or 40 years.
only recorded by the seller of a business.
the excess of the fair value of a business over the fair value of all
net identifiable assets.
None of the above
Quiz 3
(TCO 4) In the first year of an asset's life, which of the following
methods has the largest depreciation?
Straight-line
Double declining balance
Sum-of-the-years' digits
Composite or group
(TCO 4) Amortization refers to the cost allocation for
a patent.
a building.
land.
IN a silver mine.
(TCO 4) Depreciation, depletion, and amortization
all refer to the process of allocating the cost of long-term assets used
in the business over future periods.
all generally utilize the same methods of cost allocation.
are all handled the same in arriving at taxable income.
All of the above
(TCO 4) Cutter Enterprises purchased equipment for $72,000 on January 1,
2011. The equipment
is expected to have a 5-year life and a residual value of $6,000. Using the
straight-line method, depreciation for 2011 would be
$13,200.
$14,400.
$72,000.
IN None of the above
(TCO 4) A change from the straight-line method to the sum-of-years'
digits method of depreciation is handled as
a retrospective change back to the date of acquisition as though the
current estimated life had been used all along.
a cumulative adjustment to income in the current year for the difference
in depreciation under the new versus old useful life estimate.
a prospective change from the current year through the remainder of its
useful life.
None of the above
Quiz 5
(TCO 6) Which of the following is not a current liability?
Wages payable
A note payable due in 3 months
Accrued sales taxes
Prepaid insurance
(TCO 6) Each of the following but one represents collections for third
parties. Which one of
the following is not a collection for a third party?
Sales tax payable
Customer deposits
Employee insurance deductions
Social Security taxes deductions
(TCO 6) Which of the following is the best definition of a current
liability?
An obligation payable within 1 year
An obligation payable within 1 year of the balance sheet date
An obligation payable within 1 year or within the normal operating
cycle, whichever is longer
An obligation expected to be satisfied with current assets or by the
creation of other current liabilities
(TCO 6) A company should accrue a loss contingency only if the
likelihood that a liability has been incurred is
more likely than not and the amount of the loss is known.
at least reasonably possible and the amount of the loss is known.
at least reasonably possible and the amount of the loss can be
reasonably estimated.
probable and the amount of the loss can be reasonably estimated.
(TCO 6) In the current year, our company reported warranty expense of
$190,000 and the warranty liability account increased by $20,000. Which were
warranty expenditures during the year?
$190,000
$170,000
$210,000
$0
Quiz 7
(TCO 8) For the lessee to account for a lease as a capital lease, the
lease must meet
all four of the criteria specified by GAAP regarding accounting for
leases.
any one of the six criteria specified by GAAP regarding accounting for
leases.
any two of the criteria specified by GAAP regarding accounting for
leases.
any one of the four criteria specified by GAAP regarding accounting for
leases.
(TCO 8) GAAP requires that some lease agreements be accounted for as
purchases. The theoretical
justification for this treatment is that a lease of this type
complies with the concept of form over substance.
reflects the relationship of cause and effect.
satisfies the concept of historical cost.
conveys most of the risks and benefits of property ownership.
(TCO 8) One of the four criteria for a capital lease specifies that the
lease term be equal to or greater than
75% of the expected economic life of the leased property.
90% of the expected economic life of the leased property.
80% of the expected economic life of the leased property.
50% of the expected economic life of the leased property.
(TCO 8) On February 1, 2011, our company became the lessee of equipment
under a five-year, noncancelable lease. The estimated economic life of the equipment is eight years. The fair value
of the equipment was $600,000. The lease does not meet the definition of a capital lease in terms of a
bargain purchase option, transfer of title, or the lease term. However, we
must classify this as a capital lease if the present value of the minimum lease
payments is at least
$600,000.
$540,000.
$450,000.
$405,000.
(TCO 8) Which of the following would a lessee not record in connection
with a lease?
Lease Revenue
Amortization Expense
IN Interest Revenue
Lease Expense
Week 6 course project
Objective: To analyze the financial statements of a publicly traded
company
Obtain an annual report from a publicly traded corporation that is
interesting to you. Be sure the company has property and equipment, intangible assets, and
long-term debt on its balance sheet. Using techniques you have learned in the previous weeks, respond to the
following questions.
What is the amount of property and equipment on the balance sheet for
the two most recent years? What is the amount of accumulated depreciation and
the depreciation expense? What amounts are on the cash flow statement for the
most recent year that relate to depreciation, gains and sales of property and
equipment, and purchases and sale of property of equipment? What amounts are permitted
for inclusion in the capitalized cost of property and equipment?
Looking at the footnote disclosures of the company, what are the
individual components of property and equipment? For example, what are the
amounts for land, building, equipment, accumulated depreciation, and so forth?
How do companies account for nonmonetary exchange and dispositions of property
and equipment?
Does the company have intangible assets? If so, what are the types of
intangible assets (patent, copyrights, etc.) and their
amounts? What is the amount of accumulated amortization and amortization
expense? What amounts on the most recent cash flow statement relate to the
purchase and sale of intangible assets? How do intangible assets differ from
property and equipment? What costs do we include in intangible assets?
Does the company have goodwill? What are the footnote disclosures
relating to goodwill and the related acquisition? Please also describe the
calculation of goodwill and how we account for differences between fair value
and book value of assets acquired.
What are the company's depreciation methods? What is the range of
estimated useful lives used for depreciating its assets? Does the company use
the same depreciation methods for financial statements and tax returns? If not,
please describe the methods used for tax purposes.
What are the company's footnote disclosures relating to impairment?
Please also describe how to determine whether an impairment exists and how to
calculate the impairment loss.
What are the amounts and descriptions of the company's current
liabilities for the most recent year? Does the company have any contingent
liabilities? If yes, please describe them. Does the
company have any subsequent events disclosed in its footnotes? If so, please
describe them.
What are the amounts and descriptions for all of the company's long-term
liabilities on its balance sheet for the two most recent years? What is the
interest expense for the two most recent years? What amounts are included in
the cash flow statements for proceeds from issuance of debt and repayment of
debt for the most recent year? For each note payable discussed in the footnotes
disclosures, what is the interest rate, total amount borrowed, and maturity
date?
Does the company have bonds payable? If so, what are the amounts? Please
also describe how bonds payable differ from notes payable and how to account
for the issuance of bonds at par, at a discount, and at a premium. How is the
discount and premium amortized? What is the effective interest method?
Does the company have capital leases? If so, what are the amounts and
terms of the leases? What are the four criteria for a lease to be considered a
capital lease? What are the additional criteria for the lessor? What is the
difference between a sales-type lease and a direct-financing lease?
Guidelines
Papers must be 7 to 10 pages in length. Use a 12-point
font, with double spacing, and include a cover page, table of contents,
introduction, body of the report, summary or conclusion, and works cited.
Even though this is not a scientific-type writing assignment, references
are still very important. At least three authoritative, outside references are required (articles
and web pages with anonymous authors are not acceptable). These should be
listed on the Works Cited page.
Appropriate citation is required.
All DeVry University policies are in effect, including the plagiarism
policy.
Papers are due on Sunday of Week 6 of this course.
Any questions about this paper can be discussed in the weekly Q & A
Forum.
This paper is worth 125 total points and will be graded on quality of
research topic, quality of paper information, use of citations, grammar, and
sentence structure.
Milestones
See the Syllabus section "Due Dates for Assignments &
Exams" for due date information.
Grading Rubrics
Category Points % Description
Documentation and Formatting 12 10
Organization and Cohesiveness 13 10
Editing 12 10
Content 88 70
Total 125 100 A quality paper will meet or exceed all of the above
requirements.
Best Practices
The following are best practices in preparing this paper.
Cover page: Include whom you prepared the paper for, who prepared it,
and the date.
Table of contents: List the main ideas and sections of the paper and the
pages where they are located. Illustrations should be included separately.
Introduction: Use a header on your paper. This will
indicate that you are introducing the paper. The purpose of
an introduction or opening is to
introduce the subject and why the subject is important;
preview the main ideas and the order in which they will be covered; and
establish the tone of the document.
Include in the introduction a reason for the audience to read the paper. Also include an
overview of what you will cover and the importance of the material. (This should
include or introduce the questions you are asked to answer in each assignment.)
Body of the report: Use a header with the name of the project. An example is,
"The Development of Hotel X: A World Class Resort." Proceed
to break out the main ideas: State the main ideas, give the major points of
each idea, and provide evidence. Show some type of division, such as separate, labeled sections; separate
groups of paragraphs; or headers. Include the information you found during your research and investigation.
Summary and conclusion: Summarizing is similar to paraphrasing but
presents the gist of the material in fewer words than the original. An effective
summary identifies the main ideas and the major support points from the body of
the report; minor details are left out. Summarize the benefits of the ideas and how they affect the subject.
Works cited: Use the citation format specified in the Syllabus.
Additional hints on preparing the best possible project follow.
Apply a three-step process to writing: plan, write, and complete.
Prepare an outline of the research paper before going forward.
Complete a first draft and then go back to edit, evaluate, and make any
changes required.
Use visual communication to further clarify and support the written part
of the report. Examples
include graphs, diagrams, photographs, flowcharts, maps, drawings, animation,
video clips, pictograms, tables, and Gantt charts.
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