Hello, I am needing help on this assignment. I have fallen behind and am needing help catching up on this assignment. I need to complete the Jan-Feb section on the Excel attached document. Thank you for your help.
Week Three Assignment
- Listen to the video below for the exercise/problem. The video completes the problems using the book numbers.
- Open the Guidance Report and rework the problem with the changed numbers and place your answers on the guidance report. Do not alter the guidance report.
- Submit the guidance report using the Assignment Submission tab below.
Complete the following problems and exercises:
Chapter Five, Exercise 1
Chapter Five, Problem 2
Chapter Six, Exercises 2 and 3
Chapter Six, Problem 2
Guidance_Report_Week_Three (1).xlsx Ashford University ACC205 Guidance Report Week Three LISTEN TO AUDIO/VIDEO EXPLAINING THE GUIDANCE REPORT YELLOW INDICATES ACCOUNT AMOUNTS CHANGED Change Account to: Based Upon Course Start Date Account to be changed Original Amount Ch 5 Ex 1 Inventory understated Questions Jan – Feb 4,000 Mar-Apr May-Jun Jul-Aug Sept-Oct Nov-Dec 5,000 6,000 7,000 8,000 9,000 10,000 720 150 730 140 740 130 750 120 760 110 770 100 YOUR ANSWERS BASED UPON COURSE START DATE 20X3 Sales Cost of goods sold Gross profit Expenses Net income 20X4 Sales Cost of goods sold Gross profit Expenses Net income What is the effect of the error on ending owner’s equity for 20X3 and 20X4? Account to be changed Ch 5 Pb 2 Sold Ending Inventory Questions FIFO Sales Purchases Ending inventory Cost of Goods Sold Gross Profit LIFO Sales Purchases Ending inventory Cost of Goods Sold Gross Profit Average Cost Sales Purchases Ending inventory Cost of Goods Sold Gross Profit Which of the three methods would be chosen if management’s goal is to: Produce an up-to-date inventory valuation on the balance sheet? Original Amount 710 160 YOUR ANSWERS BASED UPON COURSE START DATE Approximate the physical flow of a sand and gravel dealer? Report low earnings (for tax purposes) for a separate electronics company that has been experiencing declining purchase prices? Account to be changed Original Amount Ch 6 Ex 2 Purchase price 31,000 32,000 33,000 34,000 35,000 36,000 1,100 30000 1,200 1,300 1,400 1,500 1,600 55,000 52,800 60,000 57,800 65,000 62,800 70,000 67,800 75,000 72,800 80,000 77,800 YOUR ANSWERS BASED UPON COURSE START DATE Questions Units-of-output Straight-line Double-declining-balance Account to be changed Original Amount Ch 6 Ex 3 Cost 1000 YOUR ANSWERS BASED UPON COURSE START DATE Questions The machine’s book value on December 31, 20X5, assuming use of the straight-line depreciation method Depreciation expense for 20X4, assuming use of the units-ofoutput depreciation method. Actual washing cycles in 20X4 totaled 500. Accumulated depreciation on December 31, 20X5, assuming use of the double-declining-balance depreciation method. Account to be changed Original Amount Ch 6 Pb 2 Machine Part C Cost 50000 47800 YOUR ANSWERS BASED UPON COURSE START DATE Questions Straight line 20X3 20X4 20X5 20X6 20X7 Units-of-output 20X3 20X4 20X5 20X6 20X7 Double Declining Balance 20X3 20X4 20X5 20X6 20X7 On January 1, 20X5, management shortened the remaining service life of the machine to 20 months. Assuming use of the straight-line method, compute the company’s depreciation expense for 20X5. Briefly describe what you would have done differently in part (a) if Aussie Imports had paid $47,800 for the machinery rather than $50,000 In addition, assume that the company incurred $800 of freight charges $1,400 for machine setup and testing, and $300 for insurance during the first year of use. Read more