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Lesson 10 project | Accounting homework help

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 PART 1

In this hands-on project, you will be creating a new database.  The purpose of this database is to keep track of vehicles in inventory at the RSC Used Car Dealership.  You will be completing the following tasks in Microsoft Access:

  • Creating a table
  • Adding records to the table
  • Modifying records
  • Deleting records 
  • Sorting data
  • Filtering data
  • Backup, save, compact, and repair your database

Project Preparation

  1. Open Microsoft Access and select a new Blank Desktop Database. Do not use a template. 
  2. Save your file as “Lesson10_Project1_MEID.accdb” where MEID is your actual MEID.

Project Directions

  1. Add the following fields (field types provided below) to Table 1:
    • VIN Number – Short Text
    • Vehicle Make – Short Text
    • Vehicle Model – Short Text
    • Vehicle Year – Short Text
    • Purchase Price – Currency
    • Selling Price – Currency
    • Mileage – Number
  2. Change the ID field Name (Default record ID assigned by Access) to VEHICLE ID.
  3. Set Vehicle ID as the primary key. 
  4. Add the following records to Table 1. ( see attachment lesson 10 pic 1) 
  5. Save the table with Table Name “Vehicle Inventory”.
  6. Edit the selling price on record 5 to $15,300.00.
  7. Delete record number 2.
  8. Sort the table Descending, from newest to oldest Year. 
  9. Filter the table to show only Honda vehicles. 
  10. Compact, Repair and Save your database. 
  11. Submit the assignment based on the instructions provided. 

PART 2

In this hands-on project, you will be creating a new database and completing the following tasks in Microsoft Access:

  • Importing data into a database
  • Formatting tables
  • Creating table relationships
  • Backing up, saving, compacting, and repairing your database

Project Preparation

  1. Open Microsoft Access and open a new Blank Desktop Database. Do not use a template. 
  2. Save your file as “Lesson10_Project2_MEID.accdb” where MEID is your MEID.
  3. Download the L10_Project2_DataFiles.zip (see EXCEL attachment) data files to your course lesson folder. 
  4. Extract the two data files to your course lesson folder. 

Project Directions

  1. From the External Data Tab, Import the L10-Hands On Project2_Data File1.xlsx data file into your database. Import the Excel data into a new table in the current database.
  2. Accept all of the default options as you proceed through the rest of the import. 
  3. Save the table with the name “Test Scores”.
  4. Select a background color of your choice (not the default color). 
  5. Select alternate Background color of your choice (not the default color).
  6. Select Gridline color of your choice (not the default color).
  7. Click OK. (Note: The Teaching Assignments table in the navigation pane illustrated below will be added after Step 12). ( SEE ATTACHMENT LESSON 10 PIC2)
  8. From the External Data Tab, Import the L10-Hands On Project2_Data File2.xlsx data file into your database.  Import the Excel data into a new table in the current database.
  9. Accept the default options as you proceed through the rest of the import.  You will need to ensure “First Row Contains Column Headings” is selected during your import procedure.
  10. Save the table with the name “Teaching Assignments”.
  11. Adjust fields on both of the tables so all data and field headings are visible. 
  12. Create a relationship between the Teaching Assignments Table and Test Scores.  Join the Subject 1 Field with the Test Name Field. 
  13. Create another relationship between the Teaching Assignments Table and Test Scores. Join the Subject 2 Field with the Test Name Field. 
  14. Save and close the Relationships window. 
  15. Compact, Repair and Save your database.
  16. Submit the assignment based on the instructions provided.
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July 1, 2023
    

1. Ben Brown bought a home for $225,000. He put down 20%. The mortgage is at 6 1/2% for 30 years. By using the table in the handbook, his monthly payment is __________.

$1,319.04

$1,319.40

$1,216.80

$1,139.40

2. Given the following: FIFO method - 16 units left in inventory
Jan. 1 Beginning inv 9 units at $105 = $ 945
Apr. 13 Purchased 14 units at $120 = $1,680
Sep. 17 Purchased 20 units at $130 = $2,600
Ded. 10 Purchased 14 units at $140 = $1,960

The cost of goods sold is __________.

$5,000

$10,000

$4,965

$5,225

3. Given: Sales $80,000, beginning inventory $5,000, Purchases $21,800, Purchase discounts $790, and Ending Inventory $5,100. The cost of merchandise sold from the following is __________.

$21,560

$20,190

$20,910

$21,650

4. The country of Blue needs $800,000 from property tax to meet its budget requirements. The total value of assessed property in Blue is $140,000,000. What is the tax rate of Blue in mills to nearest hundredth? (Be sure to round tax rate to nearest hundred thousandths before converting to mills.)

5.72

57.24

571.24

17.50

5. Angel Hart bought 190 shares of a mutual fund with a NAV of $14.10. This fund also has a load charge of 6 3/4%. What did Angel pay for the investment?

$2,697.00

$2,859.50

$2,895.00

$2,679.00

6. Given interest of $11,900 at 6% for 50 days (ordinary interest), one can calculate the principal as __________.

$1,428,005.70

$4,128,005.70

$1,428,05.70

$1,420.70

7. A truck costs $8,000 with a residual value of $1,000. The truck is expected to have a useful life of 70,000 miles. By assuming the truck is driven 15,000 miles the first year, what would the depreciation expense would be?

$1,714

$1,500

$1,174

$1,505

8. The difference between the monthly payments on a $120,000 home at 6 1/2% versus 8% for 25 years is __________. (Use the table in the handbook.)

$81.12

$151.02

$115.20

$91.12

9. Assume the mean useful life of a particular light bulb is 2,000 hours and is normally distributed with a standard deviation of 300 hours. The useful life of light bulbs within two standard deviations of the mean is __________.

between 1,700 and 2,300 hours

longer than 2,300 hours

longer than 1,700 hours

between 1,400 and 2,600 hours

10. 9.1% of a circle graph represents __________.

32.76 degrees

37.26 degrees

42 degrees

45 degrees

11. Today the price of a Jeep is $25,000. In 1970 the price was $5,000. What is the price relative?
Answer

600

166

500

400

default image
July 1, 2023
    

1. Ben Brown bought a home for $225,000. He put down 20%. The mortgage is at 6 1/2% for 30 years. By using the table in the handbook, his monthly payment is __________.

$1,319.04

$1,319.40

$1,216.80

$1,139.40

2. Given the following: FIFO method - 16 units left in inventory
Jan. 1 Beginning inv 9 units at $105 = $ 945
Apr. 13 Purchased 14 units at $120 = $1,680
Sep. 17 Purchased 20 units at $130 = $2,600
Ded. 10 Purchased 14 units at $140 = $1,960

The cost of goods sold is __________.

$5,000

$10,000

$4,965

$5,225

3. Given: Sales $80,000, beginning inventory $5,000, Purchases $21,800, Purchase discounts $790, and Ending Inventory $5,100. The cost of merchandise sold from the following is __________.

$21,560

$20,190

$20,910

$21,650

4. The country of Blue needs $800,000 from property tax to meet its budget requirements. The total value of assessed property in Blue is $140,000,000. What is the tax rate of Blue in mills to nearest hundredth? (Be sure to round tax rate to nearest hundred thousandths before converting to mills.)

5.72

57.24

571.24

17.50

5. Angel Hart bought 190 shares of a mutual fund with a NAV of $14.10. This fund also has a load charge of 6 3/4%. What did Angel pay for the investment?

$2,697.00

$2,859.50

$2,895.00

$2,679.00

6. Given interest of $11,900 at 6% for 50 days (ordinary interest), one can calculate the principal as __________.

$1,428,005.70

$4,128,005.70

$1,428,05.70

$1,420.70

7. A truck costs $8,000 with a residual value of $1,000. The truck is expected to have a useful life of 70,000 miles. By assuming the truck is driven 15,000 miles the first year, what would the depreciation expense would be?

$1,714

$1,500

$1,174

$1,505

8. The difference between the monthly payments on a $120,000 home at 6 1/2% versus 8% for 25 years is __________. (Use the table in the handbook.)

$81.12

$151.02

$115.20

$91.12

9. Assume the mean useful life of a particular light bulb is 2,000 hours and is normally distributed with a standard deviation of 300 hours. The useful life of light bulbs within two standard deviations of the mean is __________.

between 1,700 and 2,300 hours

longer than 2,300 hours

longer than 1,700 hours

between 1,400 and 2,600 hours

10. 9.1% of a circle graph represents __________.

32.76 degrees

37.26 degrees

42 degrees

45 degrees

11. Today the price of a Jeep is $25,000. In 1970 the price was $5,000. What is the price relative?
Answer

600

166

500

400

default image
July 1, 2023
    

 

 

61. U.S. GAAP and IFRS provide for which of the following methods of accounting for long-term leases? 
A. lease option method and direct lease method.
B. direct lease method and indirect lease method.
C. lease option method and indirect lease method.
D. operating lease method and capital or financing lease method
E. primary lease method and secondary lease method.

 

62. The operating lease method is appropriate when the  
A. lessee enjoys most of the rewards and bears most of the risks of ownership.
B. lessor enjoys most of the rewards and bears most of the risks of ownership.
C. lessor enjoys most of the rewards, only.
D. lessor bears most of the risks of ownership, only.
E. lessee enjoys most of the rewards, only.

 

63. The capital lease method is appropriate when the lessee enjoys most of the _____ and bears most of the _____ of ownership.  
A. risks; rewards
B. rewards; risks
C. cash receipts; cash disbursements
D. cash disbursements; cash receipts
E. cash receipts; risks

 

64. The operating lease method is appropriate when the lessor enjoys most of the _____ and bears most of the _____ of ownership.  
A. risks; rewards
B. rewards; risks
C. cash receipts; cash disbursements
D. cash disbursements; cash receipts
E. cash receipts; risks

 

65. Upon entering in the lease agreement, capital leases require that the lessee records 
A. the leased asset, only.
B. the leased asset and  the lease liability.
C. the lease liability, only
D. nothing because the lessor owns the property.
E. the present value of future cash flows as an asset, only.

 

66. Upon entering in the lease agreement, operating leases require that the lessee records 
A. the leased asset, only.
B. the leased asset and  the lease liability.
C. the lease liability, only
D. nothing because the lessor owns the property.
E. the present value of future cash flows as an asset, only.

 

67. The operating lease method classifies all of the lease payment each period as _____. 
A. an investment use of cash on the statement of cash flows.
B. an operating use of cash on the statement of cash flows.
C. a financing use of cash on the statement of cash flows.
D. a cash expenditure.
E. none of the above

 

68. The capital lease method classifies the portion of the lease payment related to interest expense as an ________use of cash and the portion related to a reduction in the lease liability as a _________ use of cash.  
A. operating; investing
B. operating; financing
C. financing; investing
D. investing; financing
E. financing; operating

 

69. Why do lessees tend to prefer the operating lease method to the capital lease method?  
A. The capital lease method results in larger long-term debt and debt-equity ratios during the life of a lease than the operating lease method.
B. A larger debt ratio makes a firm appear more risky.
C. The operating lease method  recognizes expense more slowly over the life of the lease than the capital lease method.
D. all of the above
E. none of the above

 

70. U.S. GAAP specifies criteria for a capital lease. Which of the following is not one of the criteria? 
A. The lease transfers ownership of the leased asset to the lessee at the end of the lease term.
B.  Transfer of ownership at the end of the lease term seems likely because the lessee has a bargain purchase option.
C. The lease extends for at least 75% of the asset’s expected useful life.
D. The lease extends for at least 50% of the asset’s expected useful life.
E. The present value of the contractual minimum lease payments equals or exceeds 90% of the fair value of the asset at the time the lessee signs the lease using a discount rate appropriate for the creditworthiness of the lessee.

 

 

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