ACC225: Principles of Accounting I Module 5 Homework Assignment

Homework
Assignment 5

 

 

 

 

 

 

 

 

Homework
Assignment 5

Stephanie
Noland

Allied
American University

 

 

 

 

 

 

 

 

Author
Note

This
paper was prepared for ACC 225, Homework Assignment 5 taught by Debbie Wilson

 

 

ACC225: Principles
of Accounting I

Module 5 Homework
Assignment

 

Directions:
Please use an Excel Spreadsheet to present your homework (note: if you have a
Mac, you may use Pages). Accounting
homework cannot be accomplished in Microsoft Word. Please use the presentations that have been
provided with the course as reference. Also,
you may use the Generic Working Papers Excel Workbook found in the Course
Resources to complete this assignment.
Please visit the Course Resources section. Please note that you may have additional
written homework alongside these application assignments.

 

Please complete the following exercises found at the
end of Chapter 7:

• Exercise
  7-10
• Exercise
  7-11
• BTN
  7-5 (Taking It to the Net)
  • Answer
    questions #1-5. For question #5,
    please note the following:

Question 5.
Read the following papers and analysis of Dell by IDC. Discuss how Dell is showing a 513% Return on
Investment for its flash storage and why this is important globally. Since cloud storage is an intangible asset,
how do you think this affects Dell’s global portfolio? (Note
that Dell became a private company in late 2013; therefore, it no longer
reports to the SEC.)

BTN 7-8 (Global Decision) The
five regional segments are Korea, China, America, Europe and finally Asia.

Samsung does have a dominant
regional segment, which is Korea. The footnote shows that Korea brought the
most revenue to Samsung.

This information is important
because it shows investors and the company itself where its main market is and
which segment Samsung has to focus on, to receive more revenue. (As posted in
discussion board this week)

 

COURSE-LONG
PROJECT DIRECTIONS: This course contains
a course-long project in which you will work on a variety of problems in
regards to a computer services company called Business Solutions. Each module will build upon one another, so
it is important to complete each part successfully.

 

Please note that
there are 4 total parts to the course-long project. You will have 2 weeks to complete each
part. Please note the schedule below:

 

• Part 1 will be due at the end of Module 2.
• Part II will be due at the end of Module 4.
• Part III will be due at the end of Module 6.
• Part IV will be due at the end of Module 8.

This course-long
project is a serial problem taken from your textbook. You can view the problem starting in Chapter
1. It will continue through Chapter
4. Please use the Generic Working Papers
Excel Workbook found in the Course Resources to complete this project.

 

COURSE-LONG PROJECT: PART III (Modules 5 and 6)

 

Scenario:
After the success of the company’s first two months, Santana Rey continues to
operate Business Solutions.
(Transactions for the first two months are described in the serial
problem of Chapter 2.) The November 30,
2015, unadjusted trial balance of Business Solutions (reflecting its
transactions for October and November of 2015) follows.

 

Business
Solutions had the following transactions and events in December 2015.

 

The following
additional facts are collected for use in making adjusting entries prior to
preparing financial statements for the company’s first three months:

 

1. The
   December 31 inventory count of computer supplies shows $580 still
   available.
2. Three
   months have expired since the 12-month insurance premium was paid in
   advance.
3. As
   of December 31, Lyn Addie has not been paid for four days of work at $125
   per day.
4. The
   computer system, acquired on October 1, is expected to have a four-year
   life with no salvage value.
5. The
   office equipment, acquired on October 1, is expected to have a five-year
   life with no salvage value.
6. Three
   of the four months’ prepaid rent has expired.

Please complete the following:

 

1. Prepare
   journal entries to record each of the December transactions and events for
   Business Solutions. Post those
   entries to the accounts in the ledger.
2. Prepare
   adjusting entries to reflect a through f. Post those entries to the
   accounts in the ledger.
3. Prepare
   an adjusted trial balance as of December 31, 2015.
4. Prepare
   an income statement for the three months ended December 31, 2015.
5. Prepare
   a statement of owner’s equity for the three months ended December 31,
   2015.
6. Prepare
   a balance sheet as of December 31, 2015.

Note:
You will submit your work at the end of the Module 6 Homework Assignment.