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ACCOUNTING 450/550 Review Project part I
ACCOUNTING 450/550 Review Project
This is an individual
assignment. You may confer with one another, but remember
that conferring does not mean allowing others to just copy your work. Everyone should be working hard on this!
Due: Tuesday 7/2/13âat the beginning of
class. Part 1: Adjusting entries, 2014: 2024 – Essay Writing Service. Custom Essay Services Cheap adjusted trial
balance and corrected 12/31/11 balance sheet.
Due: Tuesday 7/9/13âat the beginning of
class. Part 2: Using the solution to part 1 which will be
made available after part 1 is turned in on blackboard, you are to prepare the income statement, statement of
stockholdersâ equity, statement of cash flows, balance sheet; all in proper
form You have the option of preparing a
statement of comprehensive income or to incorporate that into the statement of
stockholdersâ equity.
Both parts must be typed in 10 or 12 font.
NOTE: Important! Make a copy of
your solution. The solution to the
problem will be posted on blackboard after you turn in the project.
Purpose
of this assignment:
Review the adjustment/correction process
including sophisticated topics from accounting 350/351/352.Prepare all of the financial statements in proper
form.
These
are foundational to this course and your career as accountants.
Setting:
You have been hired by Dillard to prepare
adjusting entries and financial statements for 2014: 2024 – Essay Writing Service. Custom Essay Services Cheap. Previously Rinky Dink Accounting had been
performing such tasks.
Ignore tax effects.
The trial balance at 12/31/12 before you
work your magic and the balance sheet at 12/31/11 are included in a separate
excel file.
The
investments account at 12/31/12 contains stocks that were all purchased
during 2011. In discussions with
the CFO, you determine that they were made to invest excess cash. The company expects that they will need
the cash within the next year.
Here is information that you gather regarding that portfolio (in
000âs):
Company
Initial
Investment Cost
Market
Value at 12/31/11
Market
Value at 12/31/12
DAG
$300
$330
$320
GLS
50
55
40
HRG
100
78
95
You also discuss with the CFO the
Investment in Timberside Corporation.
You discover that this Investment was first made 3 years ago on 1/1/10
and that the investment cost was $700,000 .
The investment in 30% of the voting stock of Timberside was made in
order to be able to have representation on its board since Timberside is a key
supplier of the inventory that Dillard sells.
Dillard wants to have a say in the quality control and other decisions
that Timberside makes. You dig around
and realize that the $700,000 investment
cost was exactly equal to 30% of the book value of equity of Timberside on
1/1/10. You also determine that Dillard
has been recording dividend revenue when it receives payment. During 2010 – Essay Writing Service: Write My Essay by Top-Notch Writer, Dillard received $10,000 in
dividends, in 2011 $25,000 and are
$25,000 in 2014: 2024 – Essay Writing Service. Custom Essay Services Cheap. Timberside has reported
income during 2010 – Essay Writing Service: Write My Essay by Top-Notch Writer, 2011 and 2014: 2024 – Essay Writing Service. Custom Essay Services Cheap of $300,000, $350,000 and $330,000 respectively.
On 1/1/08, Dillard purchased 300, $1,000
face 8% Mickey Mouse Corporation bonds, interest paid semi-annually on 7/1 and
12/31, with a maturity term of 10 years.
The purchase price was $280,488.
You discover that Dillard bought and installed equipment for
$170,000 on 1/1/10. The equipmentâs
use will result in environmental damage that will need to be cleaned up
when the equipment is retired. The
estimated life of the equipment is 10 years on 1/1/10. The environmental clean-up cost is
estimated to be $50,000. The $50,000
will all be paid at the end of the equipmentâs life. You notice that the equipment was
expensed when originally purchased.
A discount rate of 6% is reasonable discount rate for the clean-up
cost. Straight-line with no salvage
value is appropriate.
The company uses the
percentage of accounts receivable method and historically does not collect
5% of its ending accounts receivable.
The company has been recording warranty expense as it has been
paid. The company first warranted
its products, 4 years ago, beginning 1/1/09. Warranty costs paid by year are listed
below:
Year
Warranty costs paid
2009
$7,000
2010 – Essay Writing Service: Write My Essay by Top-Notch Writer
$10,000
2011
$12,000
2014: 2024 – Essay Writing Service. Custom Essay Services Cheap
$11,000
After exploring the timing of sales during
the year and what seems like the company will pay given experience, you compute
the following warranty liabilities at each year âend.
Original Sale year
Estimated liability on 12/31/09
Estimated liability on 12/31/10
Estimated liability on 12/31/11
Estimated liability at 12/31/12
2009
$4,000
$1,000
0
0
2010 – Essay Writing Service: Write My Essay by Top-Notch Writer
9,000
$1,000
0
2011
7,000
$2,000
2014: 2024 – Essay Writing Service. Custom Essay Services Cheap
4,000
Total
$4,000
$10,000
$8,000
$6,000
Additional information: Dillard purchased equipment for $300,000
cash this year. This transaction
was properly recorded.
You discover that the reported ending inventory for 2010 – Essay Writing Service: Write My Essay by Top-Notch Writer, 2011
and 2014: 2024 – Essay Writing Service. Custom Essay Services Cheap were all wrong. This is
first detected by you this year.
Inventory on 12/31/10 was understated by $50,000, on 12/31/11
understated by $80,000 and on 12/31/12 overstated by $90,000. These appear to be independent errors.
The 10-year $400,000, 8% note payable was issued on 4/1/08 and
pays interest on 3/31 and 9/30 each year.
On 1/1/10, Dillard entered into a 5-year lease agreement for
equipment. The equipmentâs
estimated life was 6 years. The 5
annual lease payments are due on 12/31 each year except there were two
payments the first year, on on 1/1 and one on 12/31. The lease payments
are $10,000 each. Dillard
guarantees a residual value of $10,000.
An incremental borrowing rate of 7% would be appropriate.
2011 is the first year
that Dillard had a separate Treasury Stock account.
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