Accounting

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Student Guidance Report

		Ashford University ACC205
		Guidance Report
		Week One
LISTEN TO AUDIO/VIDEO EXPLAINING THE GUIDANCE REPORT			Guidance Report Download Date		11/28/17	Guidance Report Revision Date		12/1/17
AUDIO/VIDEO EX 2 <<<<CLICK HERE			YELLOW INDICATES ACCOUNT AMOUNTS CHANGED
			Change Account to:
			Based Upon Course Start Date
Exercise/ Problem	Account to be changed	Original Amount	Jan-Feb	Mar-Apr	May-Jun	Jul-Aug	Sept-Oct	Nov-Dec
Ch 1 - Ex 2	Building	30,000	32,200	34,400	36,600	38,800	41,000	43,200
	Fee Revenue	56,900	60,100	63,300	66,500	69,700	72,900	76,100
	Loan Payable	40,000	44,200	48,400	52,600	56,800	61,000	65,200
	Questions	YOUR ANSWERS BASED UPON COURSE START DATE
	1. Total Assets
	2. Total Liabilities
	3. Net Income
AUDIO/VIDEO EX 5 <<<<CLICK HERE
	Account to be changed	Original Amount
Ch 1- Ex 5	January 1 Assets	45000	46,500	48,000	49,500	51,000	52,500	54,000
		YOUR ANSWERS BASED UPON COURSE START DATE
Ch 1- Ex 5	A. Compute the change in owner's equity during the year by using the accounting equation.
	2. Assume that there were no owner investments or withdrawals during the year. What is the probable cause of the change in owner's equity from part (a)?
	3. Assume that there were no owner investments during the year. If the owner withdrew $17,000, determine and compute the company's net income or net loss.
	4. If owner investments and withdrawals amounted to $13,000 and $2,000, respectively, determine whether the company operated profitably during the year.
	Account to be changed	Original Amount
Ch 1- Ex 8	Income statement
	Total expenses	64900	65,900	66,900	67,900	68,900	69,900	70,900
	Ending owner's equity balance	$ 70,800	$ 71,150	$ 71,500	$ 71,850	$ 72,200	$ 72,550	$ 72,900
	Total liabilities	$ 97,000	$ 97,375	$ 97,750	$ 98,125	$ 98,500	$ 98,875	$ 99,250
		YOUR ANSWERS BASED UPON COURSE START DATE
Ch 1- Ex 8	Total revenues for the year
	Total owner investments
	Total assets
Reference Video
Ch 1 Pb 3
	Account to be changed	Original Amount
	Surgery Revenue	175000	185,000	195,000	205,000	215,000	225,000	235,000
	Cash	60000	70,000	80,000	90,000	100,000	110,000	120,000
		YOUR ANSWERS BASED UPON COURSE START DATE
	Income Statement
	Surgery Revenue
	Total Revenue
	Expenses:
	Surgical Expenses
	Salaries Expense
	Utilities Expense
	Rent Expense
	Total Expenses
	Net Income(Loss)
	Statement of owner's equity
	Beginning Capital
	Add: Net Income(loss)
	Add: Owner Investments
	Deduct Withdrawals
	Ending Capital
	Balance sheet
	Assets:
	Cash
	Accounts Receivable
	Office Equipment
	Surgical Equipment
	Total Assets
	Liabilities:
	Accounts Payable
	Loan Payable
	Total Liabilities
	Capital (This is the ending capital from the owners equity statement)
	Total Liabilities and Capital
Ch 1 Pb 5
	Account to be changed	Original Amount
	Chapter One Problem Five
	Services performed on account	18300	28300	38300	48300	58300	68300	78300
	Prepare an income statement for the month ending October 31, 20X6.	YOUR ANSWERS BASED UPON COURSE START DATE
	Services performed
	Expenses:
	Salary expense
	Advertising expense
	Taxes
	Postage
	Utilities
	Interest
	Misc
	Total expenses
	Net Income
	Prepare a statement of owner's equity for the month ending October 31, 20X6.
	Beginning balance
	Investments
	Withdrawals
	Net Income
	Ending balance
	Prepare a balance sheet as of October 31, 20X6.
	Assets:
	Cash
	Accounts receivable
	Office equipment
	Decorator furnishings
	Van
	Total Assets
	Liabilities:
	Accounts payable
	Bank loan
	Total liabilities
	Owners equity
	Total liabilities & Owners equity
Ch 2 Ex 3
	Account to be changed	Original Amount
	Investment
	Cash	15000	20500	26000	31500	37000	42500	48000
	Land	10000	15500	21000	26500	32000	37500	43000
	Services to Ratchford	1200	6700	12200	17700	23200	28700	34200
	Payment from Ratchford	800	6300	11800	17300	22800	28300	33800
	Salaries	250	5750	11250	16750	22250	27750	33250
	Computer	3200	8700	14200	19700	25200	30700	36200
	Collection from Ratchford	800	6300	11800	17300	22800	28300	33800
	Borrowed from West Bank	7500	13000	18500	24000	29500	35000	40500
	4/1: Received cash of $15,000 and land valued at $10,000 from Jennifer Royall as an investment in the business.	YOUR ANSWERS BASED UPON COURSE START DATE
	Cash
	Land
	Owners Equity
	4/5: Provided $1,200 of services to Jason Ratchford, a client.
	Accounts Receivable
	Revenue
	4/5: Ratchford agreed to pay $800 in 15 days and the remaining amount in May.
	No transaction occurred, so no entry.
	4/9: Paid $250 in salaries to an employee.
	Salary Expense
	Cash
	4/19: Acquired a new computer for $3,200; Royall will pay the dealer in May.
	Computer Equipment
	Accounts Payable
	4/20: Collected $800 from Jason Ratchford for services provided on April 5.
	Cash
	Accounts Receivable
	4/24: Borrowed $7,500 from Best Bank by securing a 6-month loan.
	Cash
Ch 2 Ex 4	Notes Payable
	Account to be changed	Original Amount		Jan-Feb	Mar-Apr	May-Jun	Jul-Aug	Sept-Oct	Nov-Dec
	Fees Earned	18,900		21,700	24,500	27,300	30,100	32,900	35,700
	Determine the cost of the company's land by preparing a trial balance.	YOUR ANSWERS BASED UPON COURSE START DATE
		Debits	Credits
	Accounts Payable
	Accounts Receivable
	Advertising Expense
	Bob Brighton, Capital
	Cash
	Fees Earned
	Interest Expense
	Loan Payable
	Salaries Expense
	Utilities Expense
	Land amount =
	Determine the firm's net income for the period ending March 31.
	Revenue:
	Fees earned
	Expenses:
	Advertising Expense
	Interest Expense
	Salaries Expense
	Utilities Expense
	Total Expense
	Net Income

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