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Accounting

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Prepare written answers to the following assignments from Chapter 3 of the text, Financial Accountin - $5.29

Week 3:

Individual Assignments

Assignments from the Readings

Prepare written answers to the following assignments from Chapter 3 of the text, Financial Accounting 6th ed:

a.         Questions 2, 3, 4 and 8

b.         Exercise E3-7

c.         Exercise E3-8

ACC 280 Week 3 DQs - $5.29

Week 3:

What are the steps in completing the accounting cycle? Discuss the relationship between the amounts on the adjusted trial balance for an account and its ledger? Discuss the relationship of the adjusted trial balance and the amount on the financial statements? What is the affect on the financial statements of missing a step when completing the accounting cycle?

What are the main financial statements? In order of importance, list the statements. Why did you rank the statements in the order you did? Why does GAAP require all statements? Why is it necessary to prepare the formal financial statements if all the data are on the adjusted trial balance?

What are reversing entries? Why are reversing entries needed? What would be the affect if not made? What are the pros and cons of using reversing entries? What types of transactions may require reversing entries?

Prepare written answers to the following assignments from Chapter 3 Exercise E3-2 Problem P3-2A - $5.29

Week 3:

Learning Team Assignments

Assignments from the Readings

Prepare written answers to the following assignments from Chapter 3 of the text, Financial Accounting 6th ed:

a.         Exercise E3-2

b.         Problem P3-2A

Create a 15- to 20-slide Microsoft® PowerPoint® presentation using and illustrating your research fr - $5.29

Week 4

Learning Team Assignments

Executive Summary Presentation

Create a 15- to 20-slide Microsoft® PowerPoint® presentation using and illustrating your research from the Executive Summary, and revising for facilitator feedback.

Include speaker’s notes with each slide.

Format APA citations on a slide titled References.

Prepare written answers to the following assignments from Chapter 4 of the text - $5.29

Week 4

Individual Assignments

Assignments from the Readings

Prepare written answers to the following assignments from Chapter 4 of the text, Financial Accounting 6th ed:

a.         Exercise E4-2

b.         Exercise E4-3

c.         Exercise E4-4

Prepare written answers to the following assignments from Chapter 4 of the text Problem P4-2A - $5.29

Learning Team Assignments

Assignments from the Readings

Prepare written answers to the following assignments from Chapter 4 of the text, Financial Accounting 6th ed:

Problem P4-2A

ACC 280 Week 5 - $10.00

Week 5:

Individual Assignments

Assignments from the Readings

Prepare written answers to the following assignments from the text, Financial Accounting 6th ed:

a. Chapter 7:

Questions 1 and 2

b.Chapter 8:

Exercise E8-5

c.Chapter 15:

1)         Exercise E15-1

2)         Exercise E15.2

3)         Exercise E15-11

 

 

Learning Team Assignments

Assignments from the Readings

Prepare written answers to the following assignments from the text, Financial Accounting 6th ed:

Chapter 8:

BYP8-6 – Ethics Case

Chapter 15:

Problem P15-1

Problem P15-6

Be sure to show your calculations for each ratio using Excel (the details of the data used to calculate)

Discussion Questions:

Of the several regulatory bodies, which has the most affect on companies? Why? Do both public and nonpublic or not-for-profit organizations comply with the regulations of all regulatory bodies? Why or why not? Are there gray areas? How do companies assure compliance with regulations? How does your company comply? Any thoughts on how to streamline the regulatory process over accounting and finance?

What are some internal controls related to cash? Why is control over cash important? What are the pros and cons of segregation of duties over cash? Why is a bank reconciliation considered an internal control over cash? How does it provide control? What control violations might the bank reconciliation highlight?

What is an example of a potentially unethical accounting situation? Why is the situation unethical? What is meant by the statement, “You cannot teach ethics”? How do ethics affect the financial results of a company?

ACC 280 Week 5 DQs - $5.29

Week 5:

Of the several regulatory bodies, which has the most affect on companies? Why? Do both public and nonpublic or not-for-profit organizations comply with the regulations of all regulatory bodies? Why or why not? Are there gray areas? How do companies assure compliance with regulations? How does your company comply? Any thoughts on how to streamline the regulatory process over accounting and finance?

What are some internal controls related to cash? Why is control over cash important? What are the pros and cons of segregation of duties over cash? Why is a bank reconciliation considered an internal control over cash? How does it provide control? What control violations might the bank reconciliation highlight?

What is an example of a potentially unethical accounting situation? Why is the situation unethical? What is meant by the statement, “You cannot teach ethics”? How do ethics affect the financial results of a company?

The New Millenium Linen Company is a small family company that produces and sells towels. Millenium - $7.29

ACC403 - Principles of Accounting

Module 4 – Activity Based Costing

Case Assignment Task: The New Millenium Linen Company is a small family company that produces and sells towels. Millenium sells the towels to three types of stores: department stores, mid-sized specialty stores and small gift shops. The company is doing well and the CEO wants to expand the business. The contribution margin ratio is the highest for the small gift shops, so the CEO feels that those are the type of retail outlets to pursue.

Below find Millenium's income statement for last year.

Millenium Linen Company

For the year ended 12-31-XX




Sales


$500,000

Variable Production Costs


150,000

Contribution Margin


$350,000

Fixed Costs:



Production Overhead

$120,000


Sellling & Distribution Costs

180,000

300,000

Net Operating Income


$50,000



======

Customer support & distribution costs are pretty high at Millenium. The total amount was $180,000 last year. The marketing manager has recently been to a seminar and learned about applying ABC to analyze customer and distribution costs. He suggests that the company analyze overhead costs associated with supporting different types of customers before proceeding with an expansion. The marketing manager knows that the small shops require a lot of attention and is somewhat dubious about the CEO's proposed strategy. The CEO accepts the suggestion and you are brought in as a consultant to prepare the analysis. The table below provides some information that may be pertinent for the analysis.






Description

Customer Support & Distribution Costs

Department Stores

Activity Level

Specialty Shops

Activity Level

Gift Shops

Activity Level

Sales (units)


10,000

5,000

5,000

Revenues


$150,000

$100,000

$250,000

Contribution margin ratio


50%

75%

80%

No of customers


5

45

250

Total costs/No of orders places

$40,000

10

90

900

Total costs/No of sales calls

80,000

5

195

800

Total costs/No of shipments

60,000

20

480

1,000

Required:
1.    Calculate the customer support and distribution costs associated with the three types of customers.

  • Use a simple strategy first and allocate the costs based on revenues.
  • Recalculate the allocations using activity based costing (ABC).

2.    Determine contribution margin less customer support and distribution costs for both approaches above.
3.    Which type of customer should the company support and why? Refer to your analysis in your response.

Modular Case Assignment Expectations:

The submission should be 2 to 4 pages and need to include computations in good format as well as a discussion interpreting the analysis. Answer all questions and include references in APA format.

Are we using actual or estimated costs for planning purposes? - $3.79

ACC403 Discussion Questions

Are we using actual or estimated costs for planning purposes?

Why do companies allocate costs?

If non-traceable costs are not allocated to the various operating units within an organization, who ends up paying these costs?