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ACCT 550 Week 1 Homework


CA1-1 (FASB and Standard-Setting)Presented below are four statements which you are to identify as true or false. If false, explain why the statement is false.

  1. GAAP is the term used to indicate the whole body of FASB authoritative literature
  2. Any company claiming compliance with GAAP must comply with most standards and interpretations but does not have to follow the disclosure requirements
  3. The primary governmental body that has influence over the FASB is the SEC.
  4. The FASB has a government mandate and therefore does not have to follow due process in issuing a standard.

CA1-2 (GAAP and Standard-Setting) Presented below are four statements which you are to identify as true or false. If false, explain why the statement is false.

  1. The objective of financial statements emphasizes a stewardship approach for reporting financial information

CA1-3 (Financial Reporting and Accounting Standards)Answer the following multiple-choice questions.

GAAP stands for

Chapter 2 E2-5 (Elements of Financial Statements) Ten interrelated elements that are most directly related to measuring the performance and financial status of an enterprise are provided below.


Distributions to owners



Comprehensive income





E3-1 (Transaction Analysis—Service Company) Christine Ewing is a licensed CPA. During the first month of operations of her business (a sole proprietorship), the following events and transactions occurred

E3-5 (Adjusting Entries) The ledger of Chopin Rental Agency on March 31 of the current year includes the following selected accounts before adjusting entries have been prepared



ACCT 550 Week 2 Homework Assignment


Chapter 4: E4-4

  1. A) Webster Company

Multiple-Step Income statement

For the Year Ended December 31, 2012

Sales $96,500

Cost of Goods Sold 63,570

Gross Profit on Sales 32,930

  1. B) Webster Company

Single-Step Income Statement

For the Year Ended December 31, 2012


Sales 96,500

Rent Revenue

Chapter 4: E4-12

Net Income:

Income from continuing operations

Before income tax 21,650,000

Income tax (21,650,000 x 35%) 7,577,500

Income from continuing operations 14,072,500

Chapter 4: P4-1

Dickinson Company

Income Statement

For the Year Ended December 31, 2012



ACCT 550 Week 3 Homework Assignment



ACCT 550 Week 4 Homework Assignment



ACCT 550 Week 5 Homework Assignment



E8-3 Assume that in an annual audit of Webber Inc. at December 31, 2012, you find the following transactions near the closing date.


1.A special machine, fabricated to order for a customer, was finished and specifically segregated in the back part of the shipping room on December 31, 2012. The customer was billed on that date and the machine excluded from inventory although it was shipped on January 4, 2013.

2.Merchandise costing $2,800 was received on January 3, 2013, and the related purchase invoice recorded January 5. The invoice showed the shipment was made on December 29, 2012, f.o.b. destination.

3.A packing case containing a product costing $3,400 was standing in the shipping room when the physical inventory was taken. It was not included in the inventory because it was marked “Hold for shipping instructions.” Your investigation revealed that the customer’s order was dated December 18, 2012, but that the case was shipped and the customer billed on January 10, 2013. The product was a stock item of your client.

4.Merchandise costing $720 was received on December 28, 2012, and the invoice was not recorded. You located it in the hands of the purchasing agent; it was marked “on consignment.”

5.Merchandise received on January 6, 2013, costing $680 was entered in the purchases journal on January 7, 2013. The invoice showed shipment was made f.o.b. supplier’s warehouse on December 31, 2012. Because it was not on hand at December 31, it was not included in inventory.


Assuming that each of the amounts is material, state whether the merchandise should be included in the client’s inventory, and give your reason for your decision on each item.


P8-4 Hull Company’s record of transactions concerning part X for the month of April was as follows:


E9-1 The inventory of Oheto Company on December 31, 2013, consists of the following items.


Part No. 121 is obsolete and has a realizable value of $0.50 each as scrap.


(a)Determine the inventory by the lower-of-cost-or-market method, applying the method to the total of the inventory.

(b)Determine the inventory as of December 31, 2013, by the lower-of-cost-or-market method, applying this method directly to each item.


P9-12 Late in 2009, Joan Seceda and four other investors took the chain of Becker Department Stores private, and the company has just completed its third year of operations under the ownership of the investment group. Andrea Selig, controller of Becker Department Stores, is in the process of preparing the year-end financial statements. Based on the preliminary financial statements, Seceda has expressed concern over inventory shortages, and she has asked Selig to determine whether an abnormal amount of theft and breakage has occurred. The accounting records of Becker Department Stores contain the following amounts on November 30, 2012, the end of the fiscal year.


ACCT 550 Week 6 Homework Assignment



Chapter 10 – E10-1,


Chapter 10 – E10-3


Chapter 10 – E10-7


Chapter 10 – P10-8



ACCT 550 Week 7 Course Project



ACCT 550 Week 7 Homework

ACCT 550 INTERMEDIATE ACCOUNTING IHomework Assignment - Week 7, Chapter 11Exercises from Chapter 11E11-4E11-9E11-11E11-17



ACCT 550 Week 7 Homework Assignment



Chapter 11 / E11-4 Depreciation Computations—Five Methods


Chapter 11 / E11-9 Composite Depreciation


Chapter 11 / E11-11 Depreciation—Change in Estimate

Chapter 11/ E11-17 Impairment




ACCT 550 Week 8 Course Project


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