ACC 300 Week 3 Individual Assignment Part IV

ACC 300 Week 3 Individual Assignment Part IV
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 In the work ACC 300 Week 3 Individual Assignment Part IV you will find overview of the following tasks:


 1. Assignments from the Readings. Prepare responses to the following assignments from the e-text, Fundamentals of Financial Accounting 1st ed., by Phillips, Libby, and Libby


 a.Chapter 3: Questions 3 and 4


 b.Chapter 3: Mini-exercise M3-2


 Prepare responses to the following assignments from the e-text, Fundamentals Financial Accounting Concepts 5th ed., by Edmonds, Edmonds, McNair, and Olds


 Chapter 1: Problem 1-30A (Part A only)


 2. Define accrual accounting and contrast it with cash basis accounting.


 3. What four conditions must normally be met for revenue to be recognized under accrual basis accounting?


 4. M3-2. M3-2 Reporting Cash Basis versus Accrual Basis Income: LO1, LO2


 5. 1-30A. L.O.3,5,8 PROBLEM 1-30A Interrelationships among Financial Statements

Business - Accounting
 ACC 422 All Week 3 Assignments - Individual WileyPlus assignment

 Includes:

 Week 3 summary

 Week 3 Discussion questions 1, 2, 3, 4

 Week 3 Learning team assignment

 Week 3 Individual WileyPlus assignment as described below:

 E9-1 (Lower-of-Cost-or-Market) The inventory of Oheto Company on December 31, 2011, consistsofthe following items.
 Part No. Quantity Cost per Unit Cost to Replace per Unit
 110 600 $95 $100
 111 1,000 60 52
 112 500 80 76
 113 200 170 180
 120 400 205 208
 121a 1,600 16 14
 122 300 240 235
 aPart No. 121 is obsolete and has a realizable value of $0.50 each as scrap.

 Instructions
 (a) Determine the inventory as of December 31, 2011, by the lower-of-cost-or-market method, applying
 this method directly to each item.
 (b) Determine the inventory by the lower-of-cost-or-market method, applying the method to the
 total of the inventory.

 E9-12 (Gross Profit Method) Astaire Company uses the gross profit method to estimate  inventory for monthly reporting purposes. Presented below is information for the month of May.
 Inventory, May 1 $ 160,000
 Purchases (gross) 640,000
 Freight-in 30,000
 Sales 1,000,000
 Sales returns 70,000
 Purchase discounts 12,000

 Instructions
 (a) Compute the estimated inventory at May 31, assuming that the gross profit is 25% of sales.
 (b) Compute the estimated inventory at May 31, assuming that the gross profit is 25% of cost.

 E10-5 (Treatment of Various Costs) Allegro Supply Company, a newly formed corporation, incurred the following expenditures related to Land, to Buildings, and to Machinery and Equipment.
 Abstract company’s fee for title search $ 520
 Architect’s fees 3,170
 Cash paid for land and dilapidated building thereon 92,000
 Removal of old building $20,000
 Less: Salvage 5,500 14,500
 Interest on short-term loans during construction 7,400
 Excavation before construction for basement 19,000
 Machinery purchased (subject to 2% cash discount, which was not taken) 65,000
 Freight on machinery purchased 1,340
 Storage charges on machinery, necessitated by noncompletion of
 building when machinery was delivered 2,180
 New building constructed (building construction took 6 months from
 date of purchase of land and old building) 485,000
 Assessment by city for drainage project 1,600
 Hauling charges for delivery of machinery from storage to new building 620
 Installation of machinery 2,000
 Trees, shrubs, and other landscaping after completion of building
 (permanent in nature) 5,400

 Instructions
 Determine the amounts that should be debited to Land, to Buildings, and to Machinery and Equipment.
 Assume the benefits of capitalizing interest during construction exceed the cost of implementation. Indicate how any costs not debited to these accounts should be recorded.

 E10-12 (Entries for Asset Acquisition, Including Self-Construction) Below are transactions related to Impala Company.


 (a) The City of Pebble Beach gives the company 5 acres of land as a plant site. The market value of
 this land is determined to be $81,000.

 (b) 14,000 shares of common stock with a par value of $50 per share are issued in exchange for land
 and buildings. The property has been appraised at a fair market value of $810,000, of which
 $180,000 has been allocated to land and $630,000 to buildings. The stock of Impala Company is not listed on any exchange, but a block of 100 shares was sold by a stockholder 12 months ago
 at $65 per share, and a block of 200 shares was sold by another stockholder 18 months ago at
 $58 per share.

 (c) No entry has been made to remove from the accounts for Materials, Direct Labor, and Overhead
 the amounts properly chargeable to plant asset accounts for machinery constructed during the
 year. The following information is given relative to costs of the machinery constructed.
 Materials used $12,500
 Factory supplies used 900
 Direct labor incurred 16,000
 Additional overhead (over regular) caused by construction 2,700
 of machinery, excluding factory supplies used
 Fixed overhead rate applied to regular manufacturing operations 60% of direct labor cost
 Cost of similar machinery if it had been purchased from
 outside suppliers 44,000

 Instructions
 Prepare journal entries on the books of Impala Company to record these transactions



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