Hello,

I need help answering the following (3) assignments. The July/Aug numbers are the ones that are supposed to be used.

Ashford Universit Guidance Re Week Fou LISTEN TO AUDIO/VIDEO EXPLAINING THE GUIDANCE REPORT Account to be changed Ch 7 Ex 2 Loan $ Questions a. Compute Hall's accrued interest as of December 31, 20X1. b. Present the appropriate balance sheet disclosure for the accrued interest and the current and long-term portion of the outstanding debt as of December 31, 20X1. c. Repeat parts (a) and (b) using a date of December 31, 20X2, rather than December 31, 20X1. Assume that Hall is in compliance with the terms of the loan agreement. Accrued interest 12/31/X2 Disclosure Original Amount 225,000 YOUR ANSWERS BASED UPON COURSE START DATE Account to be changed Original Amount Ch 7 Ex 4 Salary expense 50000 YOUR ANSWERS BASED UPON COURSE START DATE Questions Salary expense Social Security Payable Medicare Payable Fed Taxes Payable State Taxes Payable Insurance Payable Cash Payroll Tax Expense Social Security Payable Medicare Payable State unemployment Fed unemployment Account to be changed Original Amount Ch 7 Pb 2 12/1 Note payable 12/1 Interest rate Warranty Purchase on account Note payable Warranty repair Salary accural Vacation 12/26 interest 20 6% a. Prepare journal entries to record the preceding transactions and events. Cash Notes Payable Warranty expense Warranty Liability Merchandise 20000 0 27 16000 5000 162 1400 36000 120 Accounts Payable Cash Note Payable Warranty Liability Cash Salary Expense Salary Payable Payroll Expense Accrued Vacation Payable b. Determine accrued interest as of December 31, 20XX, and prepare the necessary adjusting entry or entries. 12/1 one month accrual 12/26 60 day note-accrue 5 days Total Interest Accrual Prepare ournal entry: Interest expense Interest payable c. Prepare the current liability section of Visconti's December 31, 20XX balance sheet. Current Liabilities: Accounts payable Note payable Salaries payable Vacation payable Warranty payable Total Current Liabilities Account to be changed Original Amount Ch 8 Pb 1 Par 10 YOUR ANSWERS BASED UPON COURSE START DATE Questions 7/1 Cash Common Stock C/S additional Paid-in-Capital 7/7 Attorney expense Common Stock C/S additional Paid-in-Capital Cash Common Stock C/S additional Paid-in-Capital Land Common Stock C/S additional Paid-in-Capital Ashford University ACC205 Guidance Report Week Four YELLOW INDICATES ACCOUNT AMOUNTS CHANGED Change Account to: Based Upon Course Start Date Jan - Feb $ Mar-Apr 250,000 $ May-Jun 260,000 $ Jul-Aug 270,000 $ Sept-Oct 280,000 $ Nov-Dec 290,000 $ 450,000 Jan - Feb Mar-Apr 51,000 52,000 May-Jun 53,000 Jan - Feb 20 6% 25,000 15% 28 17,000 6,000 172 1,500 37,000 $ 120 Jul-Aug 54,000 Sept-Oct 55,000 Mar-Apr 20 6% 26,000 15% 29 18,000 7,000 182 1,600 38,000 $ 120 Nov-Dec 56,000 May-Jun 20 6% Jul-Aug 28,000 15% 30 19,000 8,000 192 1,700 39,000 ### 20 6% $ 11.00 $ 12.00 $ 13.00 $ 14.00 $ 15.00 $ 16.00 Jul-Aug 30,000 15% 31 20,000 9,000 202 1,800 40,000 $ 120 Sept-Oct 20 6% 31,000 15% 32 21,000 10,000 222 1,900 41,000 $ 120 Nov-Dec 20 6% 33,000 15% 33 22,000 11,000 232 2,000 42,000 $ 120 Ashford University ACC Guidance Report Week Three LISTEN TO AUDIO/VIDEO EXPLAINING THE GUIDANCE REPORT Account to be changed Original Amount Ch 5 Ex 1 Inventory understated Questions 4,000 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? 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? Original Amount 710 160 YOUR ANSWERS BASED UPON COURSE START DATE Account to be changed Ch 6 Ex 2 Purchase price Questions Original Amount 30000 YOUR ANSWERS BASED UPON COURSE START DATE Units-of-output Straight-line Double-declining-balance Account to be changed Ch 6 Ex 3 Cost Original Amount 1000 Questions YOUR ANSWERS BASED UPON COURSE START DATE 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. Ashford University ACC205 Guidance Report Week Three YELLOW INDICATES ACCOUNT AMOUNTS CHANGED Change Account to: Based Upon Course Start Date Jan - Feb 5,000 Mar-Apr 6,000 May-Jun 7,000 Jul-Aug 8,000 Sept-Oct 9,000 Nov-Dec 10,000 720 150 730 140 740 130 750 120 760 110 770 100 31,000 32,000 33,000 34,000 35,000 36,000 1,100 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 Browser Must be Open to Access Video LISTEN TO AUDIO/VIDEO EXPLAINING THE GUIDANCE REPORT Exercise/ Problem Ch 3 Ex 4 Account to be changed Fish Trip Boat rental Questions Prepare journal entries to record (1) the collection of monies from tourists and (2) the revenue generated during January. Cash Unearned Fish Trips Unearned Fish Trips Earned Fish Trips Calculate Hawaii-Blue's total obligation to tourists at the end of January On what financial statement and in which section would this amount appear? What section of the financial statement would this amount appear? Prepare journal entries to record (1) the payment to Pacific Yacht Supply and (2) the subsequent adjustment on January 31. Prepaid Boat Rental Cash Boat Rental Expense Prepaid Boat Rental On what financial statement would HawaiiBlue's January boat rental cost appear? Account to be changed Original Amount Ch 3 Ex 8 Miguel Gomez, Drawing Service Revenue Rent Expense 2,500 38,000 9,000 Service Revenue Capital Capital Rent Expense Insurance Expense Advertising Expense Utilities Expense Capital Drawing Ch 3 Pb 3 Account to be changed Unrecorded interest Total Tuition in advance Depreciation Rent Salaries Feb 1 20X2 Jan 1 20X3 Original Amount 275 60000 3000 21000 400 540 912 YOUR ANSWERS BASED UPON COURSE START DATE Unrecorded interest owed to the center totaled $275 as of December 31. Interest Expense Interest Payable All clients pay tuition in advance, and their payments are credited to the Unearned Tuition Revenue account. The account was credited for $75,500 on August 31. With the exception of $15,500, which represented prepayments for 10 months' tuition from several well-to-do families, all amounts were for the current semester ending on December 31. Unearned Tuition Revenue Tuition Revenue Depreciation on the school's van was $3,000 for the year. Depreciation Expense Accumulated Depreciation On August 1, the center began to pay rent in 6-month installments of $21,000. Kathy wrote a check to the owner of the building and recorded the check in Prepaid Rent, a new account. Rent Expense Prepaid Rent Two salaried employees earn $400 each for a 5-day week. The employees are paid every Friday, and December 31 falls on a Thursday. Salary Expense Salaries Payable Kathy's Day Care paid insurance premiums as follows, each time debiting Prepaid Insurance: Date Feb. Jan. Aug. Paid 1, 20X2 1, 20X3 1, 20X3 Policy No. 1033MCM19 7952789HP XQ943675ST Insurance Expense Prepaid Insurance Ch 4 Ex 3 Balance per bank Note collected by bank Balance per bank Deposits in transit Outstanding checks Adjusted Bank Balance Balance per company records Bank service charge for January Interest on note collected by bank Note collected by bank NSF check returned by the bank with the bank statement Adjusted Book Balance Ch 4 Ex 6 Account to be changed 5% of credit sales 14% of accounts receivable (1) Uncollectible accounts are estimated to be 5% of Credit Sales. Uncollectible Accounts Expense Allowance for Uncollectible Accounts (2) Uncollectible accounts are estimated to be 14% of Accounts Receivable. Uncollectible Accounts Expense Allowance for Uncollectible Accounts How would Maverick's Accounts Receivable appear on the December 31 balance sheet under assumption (1) of part (a)? Accounts Receivable Less: Allowance for Uncollectible Accounts How would Maverick's Accounts Receivable appear on the December 31 balance sheet under assumption (2) of part (a)? Accounts Receivable Less: Allowance for Uncollectible Accounts Net Receivables Ch 4 Pb 3 Account to be changed Percentage of Accounts Expected to Be Collected What is the company's Uncollectible Accounts expense for 20X2? Compute the net realizable value of Accounts Receivable at the end of 20X2. Accounts receivable Less: Allowance for Uncollectible Accounts Net Realizable Value Compute the net realizable value at the end of 20X2 as a percentage of respective yearend receivables balances. Analyze your findings and comment on the president's decision to close the credit evaluation department. Ashford University ACC205 Guidance Report Week Two YELLOW INDICATES ACCOUNT AMOUNTS CHANGED Change Account to: Based Upon Course Start Date Original Amount 125 72,000 YOUR ANSWERS BASED UPON COURSE START DATE Jan-Feb 150 78,000 Mar-Apr 175 84,000 May-Jun 200 90,000 Jul-Aug 225 96,000 Sept-Oct 250 102,000 Nov-Dec 275 108,000 3000 39000 9500 YOUR ANSWERS BASED UPON COURSE START DATE 3500 40000 10000 4000 41000 10500 3500 47000 17000 5000 49000 17500 5500 50000 18000 Jan-Feb Mar-Apr May-Jun Jul-Aug Sept-Oct Nov-Dec 300 325 350 370 376 377 70000 71000 74000 75000 79000 83000 4000 4100 4200 4300 4400 4500 24000 30000 36000 42000 48000 54000 500 600 700 800 900 950 600 610 620 640 650 660 1000 1050 1060 1070 1090 1095 Length of Poli Amount 1 year $540 1 year 912 2 years 840 6150 1000 YOUR ANSWERS BASED UPON COURSE START DATE $6,252 1,102 $6,354 1,204 $6,456 1,306 $6,558 1,408 $6,660 1,510 $6,762 1,612 Original Amount 0 0 0.06 0.07 0.08 0.09 0.1 0.11 0.15 0.16 0.17 0.18 0.19 0.2 YOUR ANSWERS BASED UPON COURSE START DATE Original Amount 1 96% 93% 90% 87% 84% 81% YOUR ANSWERS BASED UPON COURSE START DATE Net Realizable value 20X2 20X2