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 حل واجب be210 summer 2018

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تاريخ التسجيل : 17/10/2016

مُساهمةموضوع: حل واجب be210 summer 2018   الثلاثاء يوليو 10, 2018 7:51 am

The TMA Questions

Part (A): Cases
[25 marks in total]
Case 1:
Discuss how accrual accounting enhances the usefulness of financial statements. [10 marks].

Case 2:
You are the controller for ABC Home Media.  During the beginning of January 2017, when the company was adjusting and closing the accounting records for the calender year, you were home sick with the flu. You therefore relied on your assistant to complete much of the work. The company reported net income for 2017 of $125,000, down from $140,000 in 2016. In February, after the financial statements have been issued and distributed to the company’s investors and creditors, you discover that your assistant overlooked adjustments to insurance expense, depreciation expense and utilties expense resulting in an overstatement of net income by $12,500. You immediately inform the company president of the overstatement and suggest correcting the errors and re-issuing the financial statements.The company president is concerned that investors were not happy about the lower profits reported in 2017. He feels that 2018 is going to be a better year for the company. Therefore he prefers to keep quiet about the financial statement errors in 2017 and adjust the accounting records for the errors in 2018.

Required:
(a) Who are the stakeholders in this situation?
(b) What are the ethical issues in this situation?
(c) What would you do as controller in this situation?
         [15 marks]








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Part (B) Accounting Cycle Comprehensive Problem
[75 marks in total]

Gulf Delivery Service, Inc. completed the following transactions during January, 2018:
a. Shareholders invested in the business $25,000 cash and a delivery truck valued at $35,000 in exchange for common stock.
b. Purchased supplies for $1,000 cash.
c. Paid $2,400 for a one-year insurance policy, effective January1.
d. Performed delivery services for a customer and received $2,500 cash.
e. Completed a large delivery job for a customer on account for $8,000.
f. Paid $6,000 for employee salaries.
g. Performed delivery services for customers and received $55,000 cash.
h. Collected $4,000 in advance for delivery service to be performed later.
i. Collected $3,000 cash from a customer on account.
j. Purchased fuel for the truck , paying $1,500 with a company credit card (Credit accounts payable).
k. Performed delivery services on account, $4,500.
l. Paid office rent $2,500.
m. Paid $500 for accounts payable.
n. Paid cash dividends of $10,000.







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Requirements:
1. Record each transaction in the journal. Key each transaction by its letter (Explanations are not required).
[14 marks]
2. Post the transactions that you recorded in requirement 1 to the ledger accounts using T-accounts. The ledger for Gulf Delivery Service contains the following accounts:
Cash Service revenue
Accounts receivable Salaries expense
Supplies Depreciation expense
Prepaid insurance Insurance expense
Delivery truck Fuel expense
Accumulated depreciation rent expense
Accounts payable supplies expense
Salaries payable
Unearned service revenue
Common stock
Retained earnings
Dividends
Income summary
[10 marks]
3. Prepare a trial balance at January 31 on a worksheet and enter the following adjustments on the worksheet, and complete the worksheet.
a. Accrued but unpaid employee salaries were $2,200.
b. Depreciation expense for the month was $150.
c. Prepaid insurance expired, $800.
d. An inventory count shows $600 of supplies on hand at January 31.
e. Unearned service revenue earned during January, $1,500.
[16 marks]
4. Prepare Gulf Delivery Service’s income statement and statement of retained earnings for the month ended January 31, 2018, and the classified balance sheet on that date. On the income statement, list expenses in decreasing order by amount – that is, the largest expense first, the smallest expense last.
[12 marks]
5. Journalize and post the adjusting entries.
[10 marks]
6. Journalize and post the closing entries.
[10 marks]
7. Prepare a post-closing trial balance at January 31, 2018.
[3 marks]



End of Questions
Good




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