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ACC 206 Week 1 Assignment Chapter One Problems
ACC 206 Week 1 DQ1 Cash Flows Information
ACC 206 Week 1 DQ2 Apple’s Cash Flow
ACC 206 Week 2 Assignment Chapter Two and Three Problems
ACC 206 Week 2 DQ1 Stock Features
ACC 206 Week 2 DQ2 Role of Management Accounting
ACC 206 Week 2 Journal Institute of Management Accounting
ACC 206 Week 3 Assignment Chapter Four and Five Problems
ACC 206 Week 3 DQ1 Issues in Costing
ACC 206 Week 3 DQ2 CVP and the Airline Industry
ACC 206 Week 3 Journal Hershey Company
ACC 206 Week 4 Assignment Chapter Six and Seven Problems
ACC 206 Week 4 DQ1 Issues in Standard Costs and Budgeting
ACC 206 Week 4 DQ2 Flexible Budgets
ACC 206 Week 5 Assignment Chapter Eight Problems
ACC 206 Week 5 Assignment Final Paper
ACC 206 Week 5 DQ1 Long-term Decision Making
ACC 206 Week 5 DQ2 Responsibilities in Management Accounting
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ACC 206 Week 1 Assignment Chapter One Problems (New)
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Answer the following questions: Why are noncash transactions, such as the exchange of common stock a building, included on a statement of cash flows? How are these noncash transactions disclosed?
Chapter 1 Exercise 1:
1. Classification of activities Classify each of the following transactions as arising from an operating (O), investing (I), financing (F), or noncash investing/financing (N) activity.
a. ________ Received $80,000 from the sale of land.
b. ________ Received $3,200 from cash sales.
c. ________ Paid a $5,000 dividend.
d. ________ Purchased $8,800 of merchandise for cash.
e. ________ Received $100,000 from the issuance of common stock.
f. ________ Paid $1,200 of interest on a note payable.
g. ________ Acquired a new laser printer by paying $650.
h. ________ Acquired a $400,000 building by signing a $400,000 mortgage note.
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ACC 206 Week 1 DQ 2 Apple’s Cash Flow (New)
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Go to http://finance.yahoo.com. Enter in “AAPL” and click on the “get quote” button, and it will bring up information on Apple. On the left hand side you’ll see a section on Financials. Within that section, click on the cash flow. Review the cash flow statement for Apple. How would you summarize Apple’s cash flow position and what does this statement tell you about where the money is coming from and where it’s going? What would you suggest Apple’s do to improve its cash position and why?
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ACC 206 Week 1 DQ1 Cash Flows Information (New)
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What information does the cash flow statement provide that you cannot see in the other financial statements (income statement, balance sheet, owner’s equity)? What elements of the cash flow statement do you think are most important for company management to monitor and why? Is this different for investors?
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ACC 206 Week 2 Assignment Chapter Two and Three Problems (New)
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Please complete the following 7 exercises below in either Excel or a word document (but must be single document). You must show your work where appropriate (leaving the calculations within Excel cells is acceptable). Save the document, and submit it in the appropriate week using the Assignment Submission button.
Chapter 2 Exercise 1
1. Issuance of stock
Prepare journal entries to record the issuance of 100,000 shares of common stock at $20 per share for each of the following independent cases:
a. Jackson Corporation has common stock with a par value of $1 per share.
b. Royal Corporation has no-par common with a stated value of $5 per share.
c. French Corporation has no-par common; no stated value has been assigned
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ACC 206 Week 2 DQ 2 Role of Management Accounting (New)
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Review the roles of management accounting within a company. What is the most important role of management accounting? How is that different than financial accounting?
Guided Response: Review your peer’s responsees. Respond to at least two of your peers, adding at least two additional areas that management accountants focus on that the author didn’t include
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ACC 206 Week 2 DQ1 Stock Features (New)
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1. What is callable preferred stock? Why do corporations issue such stock? Given the different features that are associated with stock (callable, cumulative, preferred, etc.), what type of stock would you want to buy personally and why?
Guided Response :
Review your peers’ posts. Respond to at least two of your classmates, letting them know if you agree with their type of desired stock and whether your answer would change (and why) based on:
a. Different economic conditions b. State of the company (if the company is in a growth phase versus a mature state).
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ACC 206 Week 2 Journal Institute of Management Accounting (New)
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While there are many instances of overlap between financial accounting and management accounting, each group’s primary focus is different. Review the Institute of Management Accounting’s (IMA) website, specifically the “About IMA” and the “Resources and Publications” sections of the website. Are you surprised by the topics that management accountants are focusing on? Why or why not? What interests you more, financial accounting or management accounting? Carefully review the Grading Rubric for the criteria that will be used to evaluate your journal entry.
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ACC 206 Week 3 Assignment Chapter Four and Five Problems (New)
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Please complete the following 7 exercises below in either Excel or a word document (but must be single document). You must show your work where appropriate (leaving the calculations within Excel cells is acceptable). Save the document, and submit it in the appropriate week using the Assignment Submission button.
Chapter 4 Exercise 3
3. Cost flows and overhead application
Cleveland Metals uses a job cost system and applies factory overhead to production at a predetermined rate of 180% of direct labor cost. Data pertaining to recent operations follow.
Job no. 636 was the only job in process on January 1 of the current year. The Work in Process account contained a $24,600 balance on this date. ·
Jobs no. 637, 638, and 639 were started during January. ·
Total direct material requisitions and directlabor incurred during January amounted to $89,200 and $114,500, respectively. ·
The only job that remained in process on January 31 was job no. 638, with costs of $15,000 for direct materials and $20,000 for direct labor. ·
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ACC 206 Week 3 DQ 1 Issues in Costing (New)
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Describe three issues/problems that a company could encounter when trying to determine the actual cost of a good or service to be used in the cost of goods sold. For each of your issues, provide an example of a company or industry where these issues could be present.
Guided Response: Review your peers’ posts and respond to at least two of your classmates. Describe how job order costing or activity-based costing could resolve the issues your classmates mentioned in their posts.
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ACC 206 Week 3 DQ 2 CVP and the Airline Industry (New)
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We’ve all experienced (or heard about) the challenges that the airlines have been facing. Read the Zacks Investment Research article, “Airline Industry Stock Outlook — August 2012” Identify three factors that are affecting airline company’s ability to break even. For each of your factors, discuss how these have an impact on the breakeven (contribution margin, fixed costs, variable costs, a combination, etc.), and what happens if these factors increase or decrease.
Guided Response:
Review your peers’ posts and respond to at least two of your peers. In each response, add two factors that your classmate hasn’t included and explain how your additional factors influence the break-even point
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ACC 206 Week 3 Journal Hershey Company (New)
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Go the Hershey website to learn how to make Hershey chocolate. Review the process and take a look at some of the videos. Pay particular attention to the process steps of milling and pressing, mixing the ingredients, and refining.
In at least one paragraph, describe the costing system that you would recommend Hershey use to account for its cost of goods sold and why. Include a few product costs you think would be traceable, which costs should be allocated, and how Hershey should account and apply the manufacturing overhead costs.
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ACC 206 Week 4 Assignment Chapter Six and Seven Problems (New)
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Please complete the following 8 exercises below in either Excel or a word document (but must be single document). You must show your work where appropriate (leaving the calculations within Excel cells is acceptable). Save the document, and submit it in the appropriate week using the Assignment Submission button.
Chapter 6 Exercise 2
2. Schedule of cash collections Sugarland Company sells a single product and anticipates opening a new facility in Charlotte on May 1 of the current year. Expected sales during the first three months of activity are: May, $60,000; June, $80,000; and July, $85,000. Thirty percent of all sales are for cash; the remaining 70% are on account.
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ACC 206 Week 4 DQ 1 Issues in Standard Costs and Budgeting (New)
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Review the Standard costs: wake up and smell the coffee.article. When evaluating performance, many organizations compare current results with the actual results of
previous accounting periods. Is an organization that follows this approach likely to encounter any problems? Explain.
Guided Response: Review your peers’ posts and respond to at least two of your classmates. Describe how job order costing, process costing, or activity based costing could resolve or
exacerbate the issues your classmates discussed in their initial posts.
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ACC 206 Week 4 DQ 2 Flexible Budgets (New)
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Flexible budgets provide different information than static budgets. Discuss some of these differences. Is a flexible budget always better? Are there times when you’d recommend using a static budget over a flexible budget?
Guided Response: Review your peers’ posts and respond to at least two of your classmates. Discuss whether you agree or disagree with the uses of a flexible budget and why.
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ACC 206 Week 5 Assignment Chapter Eight Problems (New)
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Please complete the following 5 exercises below in either Excel or a word document (but must be single document). You must show your work where appropriate (leaving the calculations within Excel cells is acceptable). Save the document, and submit it in the appropriate week using the Assignment Submission button.
Chapter 8 Exercise 1:
1. Basic present value calculations
Calculate the present value of the following cash flows, rounding to the nearest dollar:
a. A single cash inflow of $12,000 in five years, discounted at a 12% rate of return.
b. An annual receipt of $16,000 over the next 12 years, discounted at a 12% rate of return.
c. A single receipt of $15,000 at the end of Year 1 followed by a single receipt of $10,000 at the end of Year 3. The company has a 10% rate of return.
d. An annual receipt of $8,000 for three years followed by a single receipt of $10,000 at the end of Year 4. The company has a 12% rate of return.
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ACC 206 Week 5 Assignment Final Paper (New)
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You’ve just been hired onto ABC Company as the corporate controller. ABC Company is a manufacturing firm that specializes in making cedar roofing and siding shingles. The company currently has annual sales of around $1.2 million, a 25% increase from the previous year. The company has an aggressive growth target of reaching $3 million annual sales within the next 3 years. The CEO has been trying to find additional products that can leverage the current ABC employee skillset as well as the manufacturing facilities.
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ACC 206 Week 5 DQ 1 Long-term Decision Making (New)
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List a few of the issues and considerations businesses should have when it comes to the selection of long-term investments and how those issues impact the various financial statements. Guided Response: Review your peer’s posts. Respond to at least two of your peers describing how these issues can be overcome by the tools discussed in this chapter and why (i.e., looking at IRR, NPV, cash flow).
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ACC 206 Week 5 DQ 2 Responsibilities in Management Accounting (New)
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Review the rights and responsibilities of Certified Management Accountants: http://www.imanet.org/PDFs/Public/CMA/RIghts_Responsibility_CMA.pdf What are some of the ethical responsibilities and obligations that management accountants have within an organization? Provide some examples. Are these responsibilities different than the obligations for financial accountants? Guided Response: Review your peer’s posts. Respond to at least two of your peers outlining the responsibilities that you feel are the most important to management accountants.
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