Article Review on the differences between the generations within the workplace
January 11, 2021
Answer the question of grant Application
January 11, 2021

Typical Adjusting Entries

  • 2nd attempt to find a good tutor to answer this assignment

    The resources provided here are optional. You may use other resources of your choice to prepare for this assessment; however, you will need to ensure that they are appropriate, credible, and valid. They provide helpful information about the topics in this unit. The MBA-FP6014 – Financial Accounting Library Guide can help direct your research. The Supplemental Resources and Research Resources, both linked from the left navigation menu in your courseroom, provide additional resources to help support you.The following resources are assessment specific templates for completing the assessment.

    The following resources provide relevant financial accounting methods and practices.

    • Doran, D. T. (2012). Financial reporting standards: A decision-making perspective for non-accountants. New York, NY: Business Experts Press.
      • Chapter 3, “Inventory and Cost of Goods Sold,” pages 58-88
      • Chapter 4, “Operational Assets,” pages 89-124
    • Libby, R., Libby, P., & Hodge, F. (2017). Financial accounting (9th ed.). New York, NY: Irwin. – Available from the bookstore
      • Chapter 7, “Reporting and Interpreting Cost of Goods Sold and Inventory,” pages 326–357.
      • Chapter 8, “Reporting and Interpreting Property, Plant, and Equipment; Natural Resources; and Intangibles,” pages 380–419.
  • Assessment Instructions

    Note: Some of the assessments in this course build upon each other, so you are strongly encouraged to complete them in the order in which they are presented.For this assessment, complete Problems 1 and 2. You may use Word or Excel to complete the assessments throughout this course, but you will find Excel to be most helpful for creating spreadsheets. Tutorials for using Excel are provided in the Supplemental Resources in the left navigation menu. If you use Excel, submit the assessment in one Excel document, using separate tabs for each spreadsheet.To complete the first problem, you may choose to use the Assessment 6, Problem 1 Template linked in the Suggested Resources under the Capella Resources heading.

    Problem 1: The Effects of Different Cost Flow Assumptions for Inventory

    At the end of January 2011, the records of Sheldon and Blair showed the following for a particular item that sold at $20 per unit:

    Problem 1, Table 1: Records of Sheldon and Blair
    Transactions Units Total Amount
    Inventory, January 1, 2011 500 @ $6.00 $3,000
    Purchase, January 12 600 @ $7.00 $4,200
    Purchase, January 26 200 @ $7.10 $1,420
    Sale (400 units sold for $20 each)
    Sale (300 units sold for $20 each)

    Based on the information provided in the table above, complete the following. An optional template, Assessment 6, Problem 1 Template, is provided in the Suggested Resources under the Capella Resources heading.

    1. Assuming the use of a periodic inventory system, prepare a summarized income statement through gross profit for the month of January under each method of inventory listed below. Show the inventory computations for each method in detail.
      • a. Average cost. (Round the average cost per unit to the nearest cent.)
      • b. First in, first out (FIFO).
      • c. Last in, first out (LIFO).
      • d. Specific identification. (Assume that the first sale was selected from the beginning inventory and the second sale was selected from the January 12 purchase.)
    2. Of FIFO and LIFO, which method would result in the higher pretax income? Which would result in the higher EPS?
    3. Of FIFO and LIFO, which method would result in the lower income tax expense? Explain, assuming a 35 percent average tax rate.
    4. Of FIFO and LIFO, which method would produce the more favorable cash flow? Explain.

    Problem 2: The Effects of Differing Depreciation Methods

    Total Workout, Inc. purchased three ï¬ï¿½tness machines from Ace Used Equipment at the beginning of the year. All three were used machines that had to be overhauled and installed before they were put into use. The costs of the machines and their renovation and installation are shown in Table 1 below:

    Problem 2, Table 1: Equipment Costs
    Account Machine A Machine B Machine C
    Amount paid for asset $21,000 $30,750 $8,000
    Installation cost $500 $1,000 $200
    Renovation costs prior to use $2,000 $1,000 $1,500

    By the end of the first year, each machine had been operating 4,800 hours. Depreciation estimates are shown in Table 2 below:

    Problem 2, Table 2: Equipment Depreciation
    Machine Life Residual Value Depreciation Method
    A 5 years $1,000 Straight-line
    B 60,000 hours $2,000 Units-of-production
    C 4 years $1,500 Double-declining balance

    Using the data provided above, complete the following:

    1. Compute the cost of each machine.
    2. Give the entry to record depreciation expense at the end of the first year, using all three depreciation methods listed in Table 2.
    Inventory Analysis and Depreciation Methods Scoring Guide

    VIEW SCORING GUIDEUse the scoring guide to enhance your learning.How to use the scoring guide

“Get 15% discount on your first 3 orders with us”
Use the following coupon
FIRST15

Order Now

Place Order

Hi there! Click one of our representatives below and we will get back to you as soon as possible.

Chat with us on WhatsApp