ACC 300 CSU Global Campus Week 8 Closing the Gap Between College and Career Report
***Attachments are below for accounting***
Option #1: The Accounting Cycle and Stockholders' Equity Analysis
Portfolio Project Option #1 is for accounting students who are sensing learners and learn best from concrete materials and examples. If this is your learning style preference, you are practical and careful with detail. For this assignment, you are required to complete Part 1, Part 2, and Part 3. You will present Parts 1 and 2 in Excel, and Part 3 of the Portfolio Project in a Word document, following the exact instructions that accompany each part. (The templates can be found in Module 8, and by clicking "Next" at the bottom of this page.)
Use the assignment templates are attached below.
Part 1:
Katy McCall opens a tax consulting business called Horizon Consultants Inc. and completes the following transactions in March:
March 1: As a sole shareholder, McCall invested $125,000 cash along with $45,000 of office equipment in the company.
March 2: Horizon Consultants Inc. completed services for a client and immediately received $4,000 cash.
March 3: Horizon made credit purchases for office equipment for $1,500 and office supplies for $2,100. Payment is due within 10 days.
March 6: Horizon Consultants Inc. pre-paid $6,000 cash for six months' rent for their office.
March 10: Horizon completed a $4,250 project for a client who must pay within 45 days.
March 12: Horizon paid $3,600 cash to settle the account payable created on March 3.
March 19: Horizon paid a $6,000 cash premium on a 12-month insurance policy.
March 22: Horizon received $3,250 cash as a partial payment for the work completed on March 10.
March 25: Horizon completed work for another client for $4,250 on credit.
March 29: McCall paid herself a dividend of $3,000 cash.
March 30: Horizon purchased $750 of additional office supplies on credit.
March 31: Horizon paid $350 cash for this month's utility bill.
Instructions:
Using the following chart of accounts and template, prepare journal entries for the above economic transactions. Include the effect that each transaction has on the accounting equation. Enter your journals to the general ledger using the same file name.
Chart of accounts: cash, office equipment, capital stock, prepaid rent, prepaid insurance, office supplies, accounts payable, consulting revenue, accounts receivable, dividend, utility expense.
Part 2:
The following unadjusted trial balance is for Groenke Construction Company as of year-end for the December 31, 20x7 fiscal year. The December 31, 20x6 credit balance of the stockholders' equity account is $61,900, and the stockholders invested $45,000 cash in the company during 20x7.
Account Title Debit Credit
101 Cash $15,000
126 Supplies $8,500
128 Pre-paid insurance $11,200
167 Equipment $175,000
168 Accumulated depreciation - equipment $19,000
201 Accounts payable $9,250
251 Long-term notes payable $45,000
301 Shareholders' equity $106,900
302 Dividends $15,750
401 Construction Revenue $153,000
623 Wage expense $61,800
633 Interest expense $6,250
640 Rent expense $15,750
683 Property tax expense $12,500
684 Repairs expense $6,100
690 Utilities expense $5,300
TOTALS $333,150 $333,150
Instructions:
Use the template provided to:
Journalize the following adjusting entries as of fiscal year-end December 31, 20x7.
Post the adjusting entries to an unadjusted trial balance and prepare the adjusted trial balance.
Create financial statements, namely: i) the income statement, ii) statement of stockholders' equity, and iii) the balance sheet for 20x7.
Adjustments needed:
The supplies available at the end of the fiscal year 20x7 are at a cost of $5,700.
The company's employees have earned $3.500 in accrued wages for the fiscal year.
The cost of expired insurance for the fiscal year is $8,600.
The rent expense not yet paid or recorded in the fiscal year is $2,250.
Annual depreciation on equipment is $8,000; no other depreciation adjustment was made in 20x7.
The $450 accrued interest for December has not yet been paid and reported.
Additional property taxes of $625 have been assessed for the fiscal year but have not yet been paid or recorded in the accounts.
The December utilities expense of $425 is not included in the adjusted trial balance, because the bill arrived after the trial balance was prepared. The $425 amount owed needs to be recorded.
The company paid dividends of $15,575 to its shareholders on record.
Part 3
Assume you are the chief accountant making a presentation during the stockholders' annual meeting for your corporation. Provide a brief explanation to stockholders on each of the following questions:
Shares
In what ways can shares be "preferred"? In which ways are they similar and different from common shares? Give real-world examples.
How does the book value of shares of stock differ from the market value of shares of stock? Use a real-world example in your answer.
Dividends
Discuss at least three main issues a board of directors considers when making a dividend declaration decision.
How does a share dividend differ from a share split?
Retained Earnings
e) Explain why companies place restrictions on some of their retained earnings.
Reminder: Your Part 3 paper should be two to three pages in length total and conform to CSU-Global Guide to Writing and APA (Links to an external site.). Include scholarly references as needed in addition to the course textbook to support your views. The CSU-Global Library (Links to an external site.) is a good place to find these references.
***ENG102***
Your argument research essay will be driven by the questions you explored in your discussion groups and your critical thinking assignments based on one of the following themes:
Closing the gap between College and Career
Closing the gap between military service and civilian career
Science Writing and the Public (Secular Science)
Enterprising America and the World
If you deeply engage in the lecture content, group discussions, and your critical thinking assignments, you will find that the work for your final portfolio will be a compilation of your efforts throughout the term. With your final portfolio paper, you will share your "answer" to your inquiries throughout the term in an argument essay.
Use the template to complete the project:
Argumentative Paper Format and Outline Template (Template found in the Module folder.)
Your essay must address the following:
Be persuasive in purpose, i.e. have an argument
Be directed at a specific audience
Have a thesis statement, which includes a claim and reasons
Support the thesis through evidence from research
Summarize and respond to counter arguments
Document sources both within the essay (parenthetical citations) and in an APA formatted References page
When you initially read these instructions in Week 1 of this course, this may sound like a lot of work, but you will find that as you move through the term you will engage in critical thinking, researching, and writing about this issue in the weeks leading up to the completion of your research paper. The purpose of this course is to teach you aspects of writing as process. Remember that your task as you move through the term is to take what you have learned and shape it into a specific argument for a persuasive purpose.
Purpose: to persuade audience to accept a claim about a debatable issue
Audience: specific/narrow group who can make change regarding this issue, e.g. state or local government
Voice: Third-person (no "you" voice; limited "I" voice for personal stories/examples)
Length: 1,800+ words (not including References page)
Citations: APA parenthetical/in-text citations throughout and APA References page com Score: 5-20% range.
Sources: 8 or more research sources used and cited within the essay (and on the References page)
3+ peer-reviewed scholarly articles from the library databases
2+ magazine/newspaper/government document/book/eBook sources (or peer-reviewed articles)
2+ other credible sources, such as more general websites (may include any of the more credible source types above)
1+ personal interview
A Successful Argument Essay*
Essay is persuasive, utilized rhetorical devices, demonstrating largely effective logical and persuasive skill.
Essay is directed at a specific/narrow audience.
Successful focus on topic and stance; thesis is a viable, well-worded opinion (claim + reasons format) leading to focused argument.
Thesis and body strongly aligned throughout: flows in an organized manner that matches the thesis "map."
Utilizes topic sentences, transitions, etc. well and paragraph content is focused, purposeful, and smooth.
Support is extensive, varied, and sophisticated throughout the paper:
Informs audience about the background/context of the issue.
Offers strong support for thesis by developing the reasons listed in the thesis.
Cites and incorporates evidence from multiples sources for each reason.
Employs research from at least 8 credible sources, meeting requirement. Sources are current (published within last five years).
Synthesizes research with writer's own ideas.
Source materials are smoothly integrated with successful interpretation/accreditation; avoids "dropped"/"dumped" quotations.
Successfully synthesizes opposing points-of-view, i.e. fairly acknowledges and responds to possible counterarguments.
Cites paraphrases, summaries, and quotations with APA parenthetical citations.
Point-of-view is appropriate and sustained with third-person voice.
Language usage, voice, style, and tone are appropriate and effective; insignificant padding, redundancy, and/or overstatement.
Errors in surface features largely non-existent; minor errors do not distract from reading.
Is double-spaced, alphabetized, and indented as prescribed by APA conventions, uses level headers to separate sections of content for ease of reading.
Meets the length requirement of 1,800 or more words.
Has a Turnitin.com originality score in the 5-20% range, meaning a relatively small portion of the essay contains direct language from others/outside source, minimally repurposes previous work. Should you need to repurpose prior work from English 101, or another class, please inform your instructor of your intentions to do so.
References page included in same document as the essay, as the final page.
Contains citations in proper and consistent APA format (6th edition).
Is double-spaced, alphabetized, and indented for second and following lines of each entry.
Is relatively free of errors in punctuation and mechanics.