Week 3 exercises | Accounting homework help

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WEEK 3 EXERCISES

Brief Exercise 5-2 Koch Corporation’s

Exercise 5-1 Deep Blue Something, Inc

Exercise 5-4 Denis Savard Inc

Exercise 5-7 Yasunari Kawabata Company

Exercise 5-12 Scott Butler Corporation

Exercise 24-2 For each of the following subsequent

Exercise 24-3 Carlton Company

Exercise 24-4 As loan analyst for Utrillo Bank

Brief Exercise 5-2

Koch Corporation’s adjusted trial balance contained the following asset accounts at December 31, 2014: Cash $7,000; Land $40,000; Patents $12,500; Accounts Receivable $90,000; Prepaid Insurance $5,200; Inventory $30,000; Allowance for Doubtful Accounts $4,000; Equity Investments (trading) $11,000.

Prepare the current assets section of the balance sheet. (List Current Assets in order of liquidity.)

Brief Exercise 5-6

Patrick Corporation’s adjusted trial balance contained the following asset accounts at December 31, 2014: Prepaid Rent $12,000; Goodwill $50,000; Franchise Fees Receivable $2,000; Franchises $47,000; Patents $33,000; Trademarks $10,000.

Prepare the intangible assets section of the balance sheet

Exercise 5-1

Presented below are a number of balance sheet accounts of Deep Blue Something, Inc. For each of the accounts below, indicate the proper balance sheet classification.

	Balance Sheet Accounts	Balance Sheet Classification
(a)	Investment in Preferred Stock.
(b)	Treasury Stock.
(c)	Common Stock.
(d)	Dividends Payable.
(e)	Accumulated Depreciation-Equipment.
(f)(1)	Construction in Process (Constructed for another party).
(f)(2)	Construction in Process (Constructed for the use of Deep Blue Something, Inc.).
(g)	Petty Cash.
(h)	Interest Payable.
(i)	Deficit.
(j)	Equity Investments (trading).
(k)	Income Taxes Payable.
(l)	Unearned Subscription Revenue.
(m)	Work in Process.
(n)	Salaries and Wages Payable.

Exercise 5-4

Assume that Denis Savard Inc. has the following accounts at the end of the current year.

1.	Common Stock	14.	Accumulated Depreciation-Buildings.
2.	Discount on Bonds Payable.	15.	Cash Restricted for Plant Expansion.
3.	Treasury Stock (at cost).	16.	Land Held for Future Plant Site.
4.	Notes Payable (short-term).	17.	Allowance for Doubtful Accounts.
5.	Raw Materials	18.	Retained Earnings.
6.	Preferred Stock (Equity) Investments (long-term).	19.	Paid-in Capital in Excess of Par-Common Stock.
7.	Unearned Rent Revenue.	20.	Unearned Subscriptions Revenue.
8.	Work in Process.	21.	Receivables-Officers (due in one year).
9.	Copyrights.	22.	Inventory (finished goods).
10.	Buildings.	23.	Accounts Receivable.
11.	Notes Receivable (short-term).	24.	Bonds Payable (due in 4 years).
12.	Cash.	25.	Noncontrolling Interest.
13.	Salaries and Wages Payable.

Prepare a classified balance sheet in good form. (List Current Assets in order of liquidity. For Land, Treasury Stock, Notes Payable, Preferred Stock Investments, Notes Receivable, Receivables-Officers, Inventory, Bonds Payable, and Restricted Cash, enter the account name only and do not provide the descriptive information provided in the question.)

Exercise 5-7

Presented below are selected accounts of Yasunari Kawabata Company at December 31, 2014.

Inventory (finished goods)	$ 52,000	Cost of Goods Sold	$2,100,000
Unearned Service Revenue	90,000	Notes Receivable	40,000
Equipment	253,000	Accounts Receivable	161,000
Inventory (work in process)	34,000	Inventory (raw materials)	207,000
Cash	37,000	Supplies Expense	60,000
Equity Investments (short-term)	31,000	Allowance for Doubtful Accounts	12,000
Customer Advances	36,000	Licenses	18,000
Restricted Cash for Plant Expansion	50,000	Additional Paid-in Capital	88,000
		Treasury Stock	22,000

The following additional information is available

1. Inventories are valued at lower-of-cost-or-market using LIFO.

2. Equipment is recorded at cost. Accumulated depreciation, computed on a straight-line basis, is $50,600.

3. The short-term investments have a fair value of $29,000. (Assume they are trading securities.)

4. The notes receivable are due April 30, 2016, with interest receivable every April 30. The notes bear interest at 6%. (Hint: Accrued interest due on December 31, 2014.)

5. The allowance for doubtful accounts applies to the accounts receivable. Accounts receivable of $50,000 are pledged as collateral on a bank loan.

6. Licenses are recorded net of accumulated amortization of $14,000.

7. Treasury stock is recorded at cost..

Prepare the current assets section of Yasunari Kawabata Company’s December 31, 2014, balance sheet, with appropriate disclosures. (List Current Assets in order of liquidity. Enter account name only and do not provide the descriptive information provided in the question.)

Exercise 5-12

Presented below is the trial balance of Scott Butler Corporation at December 31, 2014.

	Debit	Credit
Cash	$ 197,000
Sales		$ 8,100,000
Debt Investments (trading) (cost, $145,000)	153,000
Cost of Goods Sold	4,800,000
Debt Investments (long-term)	299,000
Equity Investments (long-term)	277,000
Notes Payable (short-term)		90,000
Accounts Payable		455,000
Selling Expenses	2,000,000
Investment Revenue		63,000
Land	260,000
Buildings	1,040,000
Dividends Payable		136,000
Accrued Liabilities		96,000
Accounts Receivable	435,000
Accumulated Depreciation-Buildings		152,000
Allowance for Doubtful Accounts		25,000
Administrative Expenses	900,000
Interest Expense	211,000
Inventory	597,000
Gain (extraordinary)		80,000
Notes Payable (long-term)		900,000
Equipment	600,000
Bonds Payable		1,000,000
Accumulated Depreciation-Equipment		60,000
Franchises	160,000
Common Stock ($5 par)		1,000,000
Treasury Stock	191,000
Patents	195,000
Retained Earnings		78,000
Paid-in Capital in Excess of Par		80,000
Totals	$12,315,000	$12,315,000

Prepare a balance sheet at December 31, 2014, for Scott Butler Corporation. (Ignore income taxes). (List Current Assets in order of liquidity. List Property, Plant and Equipment in order of Land, Building and Equipment. Enter account name only and do not provide the descriptive information provided in the question.)

Exercise 24-2

For each of the following subsequent (post-balance-sheet) events, indicate whether a company should (a) adjust the financial statements, (b) disclose in notes to the financial statements, or (c) neither adjust nor disclose.

Sr. No.		Subsequent (Post-Balance-Sheet) Events
1.		Settlement of federal tax case at a cost considerably in excess of the amount expected at year-end.
2.		Introduction of a new product line.
3.		Loss of assembly plant due to fire.
4.		Sale of a significant portion of the company’s assets.
5.		Retirement of the company president.
6.		Prolonged employee strike.
7.		Loss of a significant customer.
8.		Issuance of a significant number of shares of common stock.
9.		Material loss on a year-end receivable because of a customer’s bankruptcy.
10.		Hiring of a new president.
11.		Settlement of prior year’s litigation against the company (no loss was accrued).
12.		Merger with another company of comparable size.

Exercise 24-3

Carlton Company is involved in four separate industries. The following information is available for each of the four industries.

Operating Segment	Total Revenue	Operating Profit (Loss)	Identifiable Assets
W	$60,000	$15,000	$167,000
X	10,000	3,000	83,000
Y	23,000	(2,000)	21,000
Z	9,000	1,000	19,000
	$102,000	$17,000	$290,000

Determine which of the operating segments are reportable based on the:

		Reportable Segments
(a)	Revenue test.
(b)	Operating profit (loss) test.
(c)	Identifiable assets test.

Exercise 24-4

As loan analyst for Utrillo Bank, you have been presented the following information.

	Toulouse Co.		Lautrec Co.
Assets
Cash	$120,000		$320,000
Receivables	220,000		302,000
Inventories	570,000		518,000
Total current assets	910,000		1,140,000
Other assets	500,000		612,000
Total assets	$1,410,000		$1,752,000

Liabilities and Stockholders’ Equity
Current liabilities	$305,000		$350,000
Long-term liabilities	400,000		500,000
Capital stock and retained earnings	705,000		902,000
Total liabilities and stockholders’ equity	$1,410,000		$1,752,000
Annual sales	$930,000		$1,500,000
Rate of gross profit on sales	30	%	40	%

Each of these companies has requested a loan of $50,000 for 6 months with no collateral offered. Because your bank has reached its quota for loans of this type, only one of these requests is to be granted.

Compute the various ratios for each company. (Round answer to 2 decimal places, e.g. 2.25.)

	Toulouse Co.		Lautrec Co.
Current ratio		: 1		: 1
Acid-test ratio		: 1		: 1
Accounts receivable turnover		times		times
Inventory turnover		times		times
Cash to current liabilities		: 1		: 1

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July 1, 2023

Compare the three (3) current health care financing and funding models (i.e., employee based, government based, and individual based) used with the healthcare delivery system of the United States.

· Thoroughly compared the three (3) current health care financing and funding models (i.e., employee based, government based, and individual based) used with the healthcare delivery system of the United States. Thoroughly compared and contrasted key economic goals of public and private health insurance plans. Thoroughly evaluated the success potential of key economic goals in terms of populations covered, services included, financing arrangements, reimbursement strategies, and economic competition policies. Weight: 10%

Compare and contrast key economic goals of public and private health insurance plans.

· Thoroughly compared and contrasted key economic goals of public and private health insurance plans. Thoroughly evaluated the success potential of key economic goals in terms of populations covered, services included, financing arrangements, reimbursement strategies, and economic competition policies. Weight: 10%

+ Evaluate the success potential of key economic goals in terms of populations covered, services included, financing arrangements, reimbursement strategies, and economic competition policies.
Analyze the key effects of labor market, insurance market, and competitive market factors on health care delivery requirements at your current or previous organization of employment.

· Thoroughly analyzed the key effects of labor market, insurance market, and competitive market factors on health care delivery requirements at your current or previous organization of employment. Weight: 15%

Determine what changes are occurring in the economy or concerning labor and regulatory factors that must be considered in the future.

· Thoroughly determined what changes are occurring in the economy or concerning labor and regulatory factors that must be considered in the future. Weight: 10%

Suggest the key national trends that you believe currently affect competition and pricing initiatives. Justify your response.

· Thoroughly suggested the key national trends that you believe currently affect competition and pricing initiatives. Thoroughly justified your response. Weight: 15%

Suggest the main quality indicators that typically affect health insurance pricing at the local level. Justify your response.

· Thoroughly suggested the main quality indicators that typically affect health insurance pricing at the local level. Thoroughly justified your response. Weight: 15%

Use a minimum of six (6) reputable references sources including three (3) sources from peer reviewed journals.

· Exceeds number of required references; all references high quality choices. Weight: 5%

9. Error free or almost error free grammar, spelling, punctuation, or formatting. Weight: 5%

10. In-text citations and references are error free or almost error free and consistently formatted correctly in APA style.. Weight: 5%

11. Sources are consistently integrated using effective techniques of quoting, paraphrasing, and summarizing. Weight: 5%

12. Information is provided in a clear, coherent, and consistent manner with reasons and evidence that logically support ideas.Weight: 5%

Your assignment must follow these formatting requirements:

Be typed, double spaced, using Times New Roman font (size 12), with one-inch margins on all sides; citations and references must follow APA or school-specific format. Check with your professor for any additional instructions.
Include a cover page containing the title of the assignment, the student’s name, the professor’s name, the course title, and the date. The cover page and the reference page are not included in the required assignment page length.

The specific course learning outcomes associated with this assignment are:

Assess current economic trends that influence the cost, quality, and access to care.
Analyze the impact of managed care on cost, quality, and access within managed care organizations and the health insurance market.
Use technology and information resources to research issues in health economics.
Write clearly and concisely about health economics using proper writing mechanics.

Grading for this assignment will be based on answer quality, logic / organization of the paper, and language and writing skills,

July 1, 2023

Compare the three (3) current health care financing and funding models (i.e., employee based, government based, and individual based) used with the healthcare delivery system of the United States.

Compare and contrast key economic goals of public and private health insurance plans.

+ Evaluate the success potential of key economic goals in terms of populations covered, services included, financing arrangements, reimbursement strategies, and economic competition policies.
Analyze the key effects of labor market, insurance market, and competitive market factors on health care delivery requirements at your current or previous organization of employment.

Determine what changes are occurring in the economy or concerning labor and regulatory factors that must be considered in the future.

· Thoroughly determined what changes are occurring in the economy or concerning labor and regulatory factors that must be considered in the future. Weight: 10%

Suggest the key national trends that you believe currently affect competition and pricing initiatives. Justify your response.

· Thoroughly suggested the key national trends that you believe currently affect competition and pricing initiatives. Thoroughly justified your response. Weight: 15%

Suggest the main quality indicators that typically affect health insurance pricing at the local level. Justify your response.

· Thoroughly suggested the main quality indicators that typically affect health insurance pricing at the local level. Thoroughly justified your response. Weight: 15%

Use a minimum of six (6) reputable references sources including three (3) sources from peer reviewed journals.

· Exceeds number of required references; all references high quality choices. Weight: 5%

9. Error free or almost error free grammar, spelling, punctuation, or formatting. Weight: 5%

10. In-text citations and references are error free or almost error free and consistently formatted correctly in APA style.. Weight: 5%

11. Sources are consistently integrated using effective techniques of quoting, paraphrasing, and summarizing. Weight: 5%

12. Information is provided in a clear, coherent, and consistent manner with reasons and evidence that logically support ideas.Weight: 5%

Your assignment must follow these formatting requirements:

Be typed, double spaced, using Times New Roman font (size 12), with one-inch margins on all sides; citations and references must follow APA or school-specific format. Check with your professor for any additional instructions.
Include a cover page containing the title of the assignment, the student’s name, the professor’s name, the course title, and the date. The cover page and the reference page are not included in the required assignment page length.

The specific course learning outcomes associated with this assignment are:

Assess current economic trends that influence the cost, quality, and access to care.
Analyze the impact of managed care on cost, quality, and access within managed care organizations and the health insurance market.
Use technology and information resources to research issues in health economics.
Write clearly and concisely about health economics using proper writing mechanics.

Grading for this assignment will be based on answer quality, logic / organization of the paper, and language and writing skills,

July 1, 2023

Compare the three (3) current health care financing and funding models (i.e., employee based, government based, and individual based) used with the healthcare delivery system of the United States.

Compare and contrast key economic goals of public and private health insurance plans.

+ Evaluate the success potential of key economic goals in terms of populations covered, services included, financing arrangements, reimbursement strategies, and economic competition policies.
Analyze the key effects of labor market, insurance market, and competitive market factors on health care delivery requirements at your current or previous organization of employment.

Determine what changes are occurring in the economy or concerning labor and regulatory factors that must be considered in the future.

· Thoroughly determined what changes are occurring in the economy or concerning labor and regulatory factors that must be considered in the future. Weight: 10%

Suggest the key national trends that you believe currently affect competition and pricing initiatives. Justify your response.

· Thoroughly suggested the key national trends that you believe currently affect competition and pricing initiatives. Thoroughly justified your response. Weight: 15%

Suggest the main quality indicators that typically affect health insurance pricing at the local level. Justify your response.

· Thoroughly suggested the main quality indicators that typically affect health insurance pricing at the local level. Thoroughly justified your response. Weight: 15%

Use a minimum of six (6) reputable references sources including three (3) sources from peer reviewed journals.

· Exceeds number of required references; all references high quality choices. Weight: 5%

9. Error free or almost error free grammar, spelling, punctuation, or formatting. Weight: 5%

10. In-text citations and references are error free or almost error free and consistently formatted correctly in APA style.. Weight: 5%

11. Sources are consistently integrated using effective techniques of quoting, paraphrasing, and summarizing. Weight: 5%

12. Information is provided in a clear, coherent, and consistent manner with reasons and evidence that logically support ideas.Weight: 5%

Your assignment must follow these formatting requirements:

Be typed, double spaced, using Times New Roman font (size 12), with one-inch margins on all sides; citations and references must follow APA or school-specific format. Check with your professor for any additional instructions.
Include a cover page containing the title of the assignment, the student’s name, the professor’s name, the course title, and the date. The cover page and the reference page are not included in the required assignment page length.

The specific course learning outcomes associated with this assignment are:

Assess current economic trends that influence the cost, quality, and access to care.
Analyze the impact of managed care on cost, quality, and access within managed care organizations and the health insurance market.
Use technology and information resources to research issues in health economics.
Write clearly and concisely about health economics using proper writing mechanics.

Grading for this assignment will be based on answer quality, logic / organization of the paper, and language and writing skills,

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Week 3 exercises | Accounting homework help

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