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Acct 207 team project | Accounting homework help

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 1 ACCT 207 TEAM PROJECT Adjusting Journal Entries and Financial Statements Purpose Improve your understanding of the relationships between the financial statements; increase your confidence in preparing and recording accounting entries; increase your ability to understand the preparation of formal financial statements. Instructions Included are the unadjusted trial balance for Sinfully Sweet Desserts at December 31, 2016, and a list of adjusting journal entries required at year-end. • First, enter the December 31, 2016, unadjusted trial balance into the electronic spreadsheet I have posted on Sakai (You MUST use this spreadsheet – it includes all necessary formulas to transfer amounts through the spreadsheet and into the financial statements. Thus, as you prepare the required adjusting entries, you will see the numbers “flowing through” the spreadsheet to the financial statements [which also include the necessary accounting formulas], similar to an actual accounting system!). • Second, record each of the adjusting entries from page three directly to the worksheet in the “Adjustments” columns. I recommend writing out the adjusting entries on a separate piece of paper before recording them in the spreadsheet. This way you can fill out the blank account spaces (highlighted in yellow) with the remaining account names. All of the other accounts you need are already included in the spreadsheet. [NOTE: When you fill in an account name under the “Accounts” column, it will automatically transfer into the relevant financial statement space, which is also highlighted in yellow – thus, only enter new account names under the “Accounts” column, DO NOT enter new account names directly into the financial statements.] • From the Adjusted Trial Balance, your accounting “system” will prepare a multiple-step income statement and statement of retained earnings for the year ended December 31, 2016, and a classified balance sheet as of December 31, 2016. • Once the financial statements have been completed, then your system will automatically post the necessary closing entries to the “Closing Entries” columns • As a reminder, the necessary formulas are also included the “Post-closing Trial Balance” columns to calculate the final balances for each account. • Appropriate formulas are also included to provide totals at the bottom of each column to ensure that debits equal credits as you are working through the project. 2 Expectations Each student team will turn in the following: • One hard copy of the spreadsheet, which should include all the columns discussed above. Accounts should remain in the proper order – one copy per team. o Even though they are included in the spreadsheet, make sure that the entire spreadsheet is turned in – i.e., both the spreadsheet and all financial statements in proper form. • Also, you or your team must email me the electronic copy of the spreadsheet at [email protected] • In addition to turning in a completed spreadsheet, you must also turn in a separate sheet explaining the steps that your accounting system went through in preparing the financial statements, preparing closing entries, etc. Your explanation should address the entire accounting cycle and address questions such as the following: After recording the necessary adjusting entries, where are the final, adjusted balances located? From where (on the spreadsheet) did the accounting system pull information to prepare the financial statements? Briefly, what is each financial statement “telling” us? Once the financial statements were completed, what did the system do in the “Closing Entries” column and what is the purpose of preparing closing entries? What is the “Post-Closing Trial Balance and why does it only contain balance sheet accounts? Student Teams You are allowed to form teams of two people (Note: You may work alone on this project, if you choose). You may work with students from my other ACCT 207 section(s). However, when you turn in the project, clearly indicate the time/section of each team member. Each person on the team will earn the same grade, so I recommend that you ensure that both members actively participate in the project. Students are encouraged to help each other. However, each student team must turn in their own work. Due Date All materials must be submitted/emailed to me by Thursday, December 7th. If you do not turn in the project by December 7th, you or your team will receive a zero – no exceptions. Further, if your team decides that it wants to turn in the project before the deadline, that’s fine by me! In fact, I encourage you to do so! ADDITIONAL TIPS • Do not wait until the last minute to do this project – things always take longer than you expect them to. I suggest you knock this project out in one shot – i.e., set aside a block of time and complete it. • For assistance with this project, I would refer to Chapter 4 in your textbook. • When you are ready to print out the project, please note that everything in the spreadsheet has already been formatted for printing (i.e., when printed, the spreadsheet and financial statements should appear on their own pages). 3 Sinfully Sweet Desserts Trial Balance December 31, 2016 Accounts Debit Credit Cash 105,800 Accounts Receivable 14,600 Allowance for Doubtful Accounts 1,900 Inventory 10,000 Prepaid Rent 1,300 Supplies 2,200 Accounts Payable 14,200 Unearned Revenue 4,000 Long-Term Note Payable 7,000 Common Stock 71,000 Retained Earnings 28,800 Sales Revenue 74,200 Cost of Goods Sold 34,200 Wages Expense 8,700 Utility Expense 3,400 Rent Expense 20,900 Adjusting Entries: December 31: While reviewing the bank statement, determined that during December, $900 in revenue had been incorrectly debited to accounts receivable instead of cash (the credit was correct). December 31: Determined that we earned $1,333 in interest on our savings account during the year. December 31: We earned $3,650 of revenue from sweets sales during December 2016 that had been paid for in advance by our customers. The cost of those sweets was $1,100. December 31: The entire year’s rent ($1,300 per month) was paid in advance on January 1, 2016 (recorded in January). December 31: Determined that there was $150 of supplies left. December 31: December utilities are $1,900. The bill will be paid in January. December 31: Unrecorded bad debt expense for the year has been estimated at $2,900. December 31: The long term note was received on August 1, 2016. The interest and the note are due on July 31, 2019. The interest rate is 12%. December 31: Calculate net income (after all of your adjustments) and then record income taxes as 35% of net income. The taxes will be paid in March 2017. [Note: your system will automatically calculate the proper tax expense amount in the income statement – take this amount and make sure the proper tax adjusting entry is entered in the “Adjustments” column] 

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July 1, 2023
    

  

Distinguishing Inductive and Deductive Reasoning 

Required Resources
Read/review the following resources for this activity:

· Textbook: Chapter 8, 9, 17 (Introduction)

· Lesson

· Minimum of 1 scholarly source (in addition to the textbook)

Click on the following tabs to review the concepts that will be addressed in this activity:

A valid structure is the way in which an argument is put together that assures it will pass the test of logical strength.

Deductive: In deductive arguments, the speaker asserts that her premises are true and, therefore, her conclusion must be accepted. Remember that in a deductive argument, logical strength does not depend on the literal truth of the premises. When we test for logical strength, we assume the premises are true. Once we determine that the argument is logically valid, we can then look at the actual – not presumed – truth of the premises.

Inductive: In inductive arguments, the speaker presents evidence that she claims support the probable truth of her conclusion – that her conclusion is the most likely true – and so you should accept it. 

The Basic Structure of Deductive and Inductive Arguments
Argument examples:

Deductive Argument Example: “Tightening laws restricting the use and possession of firearms does not protect average law-abiding citizens; it only puts them at greater risk. Enforcing licensing restrictions, trigger locks, and waiting periods makes it more difficult for law-abiding citizens to defend themselves, and, as a result, encourages criminal activity. Only criminals benefit when ordinary citizens are deprived of their right to own a firearm and protect themselves, their homes, and their families" (Lott, 2000, p. 169)

Lott, J., (2000). More guns, less crime: Understanding crime and gun-control laws. University of Chicago Press.

The argument boils down to this:

· Laws that are obeyed by ordinary citizens and not obeyed by criminals are laws that put ordinary citizens at risk.

· Tight gun laws are laws that are obeyed only by ordinary citizens.

· Tight gun laws put ordinary citizens at risk.

However, the argument itself is composed of three intertwined syllogisms:

Only ordinary citizens are persons who respect tight gun laws.
Criminal persons are not ordinary citizens.
Therefore, criminals do not respect tight gun laws.

Tight gun laws restrict only ordinary citizens.
No criminal is an ordinary citizen.
No criminal is restricted by tight gun laws.

Laws that disfavor the good are laws that favor the bad.
Tight gun laws favor the bad.
Therefore, tight gun laws disfavor the good. 

Notice that you cannot remove any of the “legs” and maintain the claim. Notice, also, that the reasons are closely connected and depend on or follow from each other. Notice, also, that the first premise (called the major premise) must be accepted as true, or the entire argument fails.

Inductive Argument: The United States is too dependent upon foreign oil. According to the U.S. Department of Energy, we rely on imported foreign oil for about 45% of our needs. Of the imported oil, most comes from Canada, but 22% comes from countries in the Middle East. Undeniably, this dependence shapes our foreign policy. We have vast oil reserves that could make us energy independent. Development of these resources would produce much-needed jobs, many of them in areas of the country suffering most from the recession. We should be developing an energy policy that makes us energy independent.

· Reason: We import 45% of our oil.

· Reason: Middle East oil imports shape our foreign policy.

· Reason: Our vast oil reserves could make us energy independent.

· Reason: Development of oil reserves could produce much needed jobs.

· Conclusion: For any or all of the above, independent reasons, we should become energy independent.

Notice that any one of these reasons, standing alone, could support the conclusions; they are not logically related to one another as they would be in a syllogism.

Initial Post Instructions
For the initial post, address the following:

· Find and post examples of deductive and inductive arguments. Do NOT use an argument example which clearly indicates it is an example of an inductive/deductive argument. 

· For each example, evaluate its logical strength, using the concepts and ideas presented in the textbook readings, the lesson, and any other source you find that helps you to evaluate the validity (deductive) or strength (inductive) of the argument. You can use examples from the text, or you can find examples elsewhere.

oEditorials and opinion columns are a good source, as are letters to the editor. Blogs will also often be based on arguments.

oUse mapping and evaluative techniques to make sure it is an argument.

· Is it inductive or deductive? Explain why.

· Does it pass the tests of validity and strength? Explain.

default image
July 1, 2023
    

  

Distinguishing Inductive and Deductive Reasoning 

Required Resources
Read/review the following resources for this activity:

· Textbook: Chapter 8, 9, 17 (Introduction)

· Lesson

· Minimum of 1 scholarly source (in addition to the textbook)

Click on the following tabs to review the concepts that will be addressed in this activity:

A valid structure is the way in which an argument is put together that assures it will pass the test of logical strength.

Deductive: In deductive arguments, the speaker asserts that her premises are true and, therefore, her conclusion must be accepted. Remember that in a deductive argument, logical strength does not depend on the literal truth of the premises. When we test for logical strength, we assume the premises are true. Once we determine that the argument is logically valid, we can then look at the actual – not presumed – truth of the premises.

Inductive: In inductive arguments, the speaker presents evidence that she claims support the probable truth of her conclusion – that her conclusion is the most likely true – and so you should accept it. 

The Basic Structure of Deductive and Inductive Arguments
Argument examples:

Deductive Argument Example: “Tightening laws restricting the use and possession of firearms does not protect average law-abiding citizens; it only puts them at greater risk. Enforcing licensing restrictions, trigger locks, and waiting periods makes it more difficult for law-abiding citizens to defend themselves, and, as a result, encourages criminal activity. Only criminals benefit when ordinary citizens are deprived of their right to own a firearm and protect themselves, their homes, and their families" (Lott, 2000, p. 169)

Lott, J., (2000). More guns, less crime: Understanding crime and gun-control laws. University of Chicago Press.

The argument boils down to this:

· Laws that are obeyed by ordinary citizens and not obeyed by criminals are laws that put ordinary citizens at risk.

· Tight gun laws are laws that are obeyed only by ordinary citizens.

· Tight gun laws put ordinary citizens at risk.

However, the argument itself is composed of three intertwined syllogisms:

Only ordinary citizens are persons who respect tight gun laws.
Criminal persons are not ordinary citizens.
Therefore, criminals do not respect tight gun laws.

Tight gun laws restrict only ordinary citizens.
No criminal is an ordinary citizen.
No criminal is restricted by tight gun laws.

Laws that disfavor the good are laws that favor the bad.
Tight gun laws favor the bad.
Therefore, tight gun laws disfavor the good. 

Notice that you cannot remove any of the “legs” and maintain the claim. Notice, also, that the reasons are closely connected and depend on or follow from each other. Notice, also, that the first premise (called the major premise) must be accepted as true, or the entire argument fails.

Inductive Argument: The United States is too dependent upon foreign oil. According to the U.S. Department of Energy, we rely on imported foreign oil for about 45% of our needs. Of the imported oil, most comes from Canada, but 22% comes from countries in the Middle East. Undeniably, this dependence shapes our foreign policy. We have vast oil reserves that could make us energy independent. Development of these resources would produce much-needed jobs, many of them in areas of the country suffering most from the recession. We should be developing an energy policy that makes us energy independent.

· Reason: We import 45% of our oil.

· Reason: Middle East oil imports shape our foreign policy.

· Reason: Our vast oil reserves could make us energy independent.

· Reason: Development of oil reserves could produce much needed jobs.

· Conclusion: For any or all of the above, independent reasons, we should become energy independent.

Notice that any one of these reasons, standing alone, could support the conclusions; they are not logically related to one another as they would be in a syllogism.

Initial Post Instructions
For the initial post, address the following:

· Find and post examples of deductive and inductive arguments. Do NOT use an argument example which clearly indicates it is an example of an inductive/deductive argument. 

· For each example, evaluate its logical strength, using the concepts and ideas presented in the textbook readings, the lesson, and any other source you find that helps you to evaluate the validity (deductive) or strength (inductive) of the argument. You can use examples from the text, or you can find examples elsewhere.

oEditorials and opinion columns are a good source, as are letters to the editor. Blogs will also often be based on arguments.

oUse mapping and evaluative techniques to make sure it is an argument.

· Is it inductive or deductive? Explain why.

· Does it pass the tests of validity and strength? Explain.

default image
July 1, 2023
    

  

Distinguishing Inductive and Deductive Reasoning 

Required Resources
Read/review the following resources for this activity:

· Textbook: Chapter 8, 9, 17 (Introduction)

· Lesson

· Minimum of 1 scholarly source (in addition to the textbook)

Click on the following tabs to review the concepts that will be addressed in this activity:

A valid structure is the way in which an argument is put together that assures it will pass the test of logical strength.

Deductive: In deductive arguments, the speaker asserts that her premises are true and, therefore, her conclusion must be accepted. Remember that in a deductive argument, logical strength does not depend on the literal truth of the premises. When we test for logical strength, we assume the premises are true. Once we determine that the argument is logically valid, we can then look at the actual – not presumed – truth of the premises.

Inductive: In inductive arguments, the speaker presents evidence that she claims support the probable truth of her conclusion – that her conclusion is the most likely true – and so you should accept it. 

The Basic Structure of Deductive and Inductive Arguments
Argument examples:

Deductive Argument Example: “Tightening laws restricting the use and possession of firearms does not protect average law-abiding citizens; it only puts them at greater risk. Enforcing licensing restrictions, trigger locks, and waiting periods makes it more difficult for law-abiding citizens to defend themselves, and, as a result, encourages criminal activity. Only criminals benefit when ordinary citizens are deprived of their right to own a firearm and protect themselves, their homes, and their families" (Lott, 2000, p. 169)

Lott, J., (2000). More guns, less crime: Understanding crime and gun-control laws. University of Chicago Press.

The argument boils down to this:

· Laws that are obeyed by ordinary citizens and not obeyed by criminals are laws that put ordinary citizens at risk.

· Tight gun laws are laws that are obeyed only by ordinary citizens.

· Tight gun laws put ordinary citizens at risk.

However, the argument itself is composed of three intertwined syllogisms:

Only ordinary citizens are persons who respect tight gun laws.
Criminal persons are not ordinary citizens.
Therefore, criminals do not respect tight gun laws.

Tight gun laws restrict only ordinary citizens.
No criminal is an ordinary citizen.
No criminal is restricted by tight gun laws.

Laws that disfavor the good are laws that favor the bad.
Tight gun laws favor the bad.
Therefore, tight gun laws disfavor the good. 

Notice that you cannot remove any of the “legs” and maintain the claim. Notice, also, that the reasons are closely connected and depend on or follow from each other. Notice, also, that the first premise (called the major premise) must be accepted as true, or the entire argument fails.

Inductive Argument: The United States is too dependent upon foreign oil. According to the U.S. Department of Energy, we rely on imported foreign oil for about 45% of our needs. Of the imported oil, most comes from Canada, but 22% comes from countries in the Middle East. Undeniably, this dependence shapes our foreign policy. We have vast oil reserves that could make us energy independent. Development of these resources would produce much-needed jobs, many of them in areas of the country suffering most from the recession. We should be developing an energy policy that makes us energy independent.

· Reason: We import 45% of our oil.

· Reason: Middle East oil imports shape our foreign policy.

· Reason: Our vast oil reserves could make us energy independent.

· Reason: Development of oil reserves could produce much needed jobs.

· Conclusion: For any or all of the above, independent reasons, we should become energy independent.

Notice that any one of these reasons, standing alone, could support the conclusions; they are not logically related to one another as they would be in a syllogism.

Initial Post Instructions
For the initial post, address the following:

· Find and post examples of deductive and inductive arguments. Do NOT use an argument example which clearly indicates it is an example of an inductive/deductive argument. 

· For each example, evaluate its logical strength, using the concepts and ideas presented in the textbook readings, the lesson, and any other source you find that helps you to evaluate the validity (deductive) or strength (inductive) of the argument. You can use examples from the text, or you can find examples elsewhere.

oEditorials and opinion columns are a good source, as are letters to the editor. Blogs will also often be based on arguments.

oUse mapping and evaluative techniques to make sure it is an argument.

· Is it inductive or deductive? Explain why.

· Does it pass the tests of validity and strength? Explain.

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