Description
Week One Assignment
- Listen to the videos for each assignment listed below.
- Open the Guidance Report and rework the problem with the changed numbers noted on the guidance report and place your answers on the guidance report.
- Submit the guidance report using the Assignment Submission tab.
Complete the following problems and exercises:
- Chapter One Exercise 2
- Chapter One Exercise 3
- Chapter One Exercise 6
- Chapter One Problem 2
- Chapter One Problem 3
Chapter 1 Exercise 2
The above video can also be accessed using this link: https://ashford.mediaspace.kaltura.com/media/ACC206+Week+one+Ch+1+Ex+2+v.2/0_2d3s2udo (Links to an external site.)
Chapter 1 Exercise 3
The above video can also be accessed using this link: http://ashford.mediaspace.kaltura.com/media/ACC206A+Chapter+1+Exercise+3/0_3ubj6sol (Links to an external site.)
Chapter 1 Exercise 6
The above video can also be accessed using this link: https://ashford.mediaspace.kaltura.com/media/ACC206A+Chapter+1+Exercise+6/0_ac3htq41 (Links to an external site.)
Chapter 1 Problem 2
The above video can also be accessed using this link: http://ashford.mediaspace.kaltura.com/media/ACC206A+Chapter+1+Problem+2/0_nxfiqkdy (Links to an external site.)
Chapter 1 Problem 3
The above video can also be accessed using this link: http://ashford.mediaspace.kaltura.com/media/ACC206A+Chapter+1+Problem+3/0_7xlsf3ax (Links to an external site.)
MUST USE DECEMBER WHEN FILLING OUT GUIDANCE REPORT
Explanation & Answer
Hi there :)Please find the solutions attachedTalk to you later changesn 😎
As
LISTEN TO AUDIO/VIDEO EXPLAINING THE GUIDANCE REPORT
Exercise/
Account to
Problem
be changed
Ch 1 Ex 2 Net income
Depreciation
Accounts payable
Questions
Net Income
Accounts receivable
Inventory
Accounts payable
Depreciation
Cash Flow from Operating Activities
Account to
be changed
Ch 1 Ex 3 Net Income
Trade accounts receivable
Merchandise inventory
Accumulated depreciation: equipment
Accounts payable
Accrued liabilities
Gain on sale of investments
Original
Amount
107000
12600
21000
YOUR ANSWERS
BASED UPON
COURSE START
DATE
121000
5000
-7000
7500
21000
147500
Original
Amount
110000
245000
230000
120000
190000
38000
18000
Net Income
Trade accounts receivable
Merchandise inventory
Accumulated depreciation: equipment
Accounts payable
Accrued liabilities
Gain on sale of investments
Cash Flow from Operating Activities
Account to
be changed
Ch 1 Ex 6
New equipment purchased
Depreciation expense
YOUR ANSWERS
BASED UPON
COURSE START
DATE
120000
-53000
67000
76000
77000
-27000
-18000
242000
Original
Amount
Dec. 31, 20X4
280000
41000
YOUR ANSWERS
BASED UPON
COURSE START
DATE
Cost of equipment sold
174000
Accumulated depreciation of sold equipment
72000
Selling price of equipment sold
93000
Sale of equipment on cash flow statement
Loss on sale will be a
Ch 1 Pb 2
Account to
be changed
Accounts payable decreased
Accounts receivable increased
Prepaid expenses increased
wages payable increased
Income taxes payable decreased
Original
Amount
32800
23700
2400
5600
800
YOUR ANSWERS
BASED UPON
COURSE START
DATE
Direct Method
Cash collected
952850
CH 1 Pb 3
Less cash paid for:
Inventory
Selling & administrative
Interest expense
Income taxes
Net cash provided by operating activities
758800
145800
18000
31250
-1000
Indirect Method
Net income
Accounts payable decreased
Accounts receivable increased
Prepaid expenses increased
wages payable increased
Inventory
Income taxes payable decreased
Depreciation
Gain on sale of equipment
Net cash provided by operating activities
63000...