University of Phoenix ACC 290 Principles Of Accounting I Stu

University of Phoenix ACC 290 Principles Of Accounting I Study Guides and Answers
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DESCRIPTION FOR THIS STUDY GUIDE:
Week 5 – Financing Strategy Problem
Problem 1 – Chapter 20
Firm A has $10,000 in assets entirely financed with equity. Firm B also has $10,000 in assets, but these assets are financed by $5,000 in debt (with a 10 percent rate of interest) and $5,000 in equity. Both firms sell 10,000 units of output at $2.50 per unit. The variable costs of production are $1, and fixed production costs are $12,000. (To ease the calculation, assume no income tax.)
A. What is the operating income (EBIT) for both firms?
B. What are the earnings after interest?
C. If sales increase by 10 percent to 11,000 units, by what percentage will each firm’s earnings after interest increase? To answer the question, determine the earnings after taxes and compute the percentage increase in these earnings from the answers you derived in part b.
D. Why are the percentage changes different?
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University of Phoenix
ACC 290 Principles Of Accounting I Study Guides and Answers
This course covers the fundamentals of financial accounting as well as the identification, measurement, and reporting of the financial effects of economic events on an enterprise. Students will learn to examine financial information from the perspective of management. Other topics include decision-making, planning, and controlling from the perspective of a practicing manager.

Basic Accounting Principles and Concepts
Identify the four basic financial statements.
Classify transactions using the rules of debit and credit.
Journalize basic transactions.
Post transactions from journals to ledgers.
Starting the Accounting Cycle
Differentiate between accrual basis and cash basis accounting.
Create adjusting entries.
Prepare an adjusted trial balance.
Completing the Accounting Cycle
Prepare closing entries, reversing entries, and a post-closing trial balance.
Prepare a classified income statement, retained earnings statement, and balance sheet.
Inventory
Analyze the elements in the cost of goods sold calculation.
Analyze the impact of inventory methods on net income or loss.
Record the transactions that involve the purchase and sale of merchandise.
Calculate ending inventory using the LIFO, FIFO, LCM, and average cost methods.
Internal Controls
Summarize strengths and weaknesses of an internal control system.
Recommend improvements to internal control systems.
Explain the effects of the Sarbanes-Oxley Act of 2002 on internal controls.