| | | Ashford University ACC205 |
| | | Guidance Report |
| | | Week Four |
| | LISTEN TO AUDIO/VIDEO EXPLAINING THE GUIDANCE REPORT | | Guidance Report Download Date | | 11/28/17 | Guidance Report Revision Date | | 12/1/17 |
| | | | YELLOW INDICATES ACCOUNT AMOUNTS CHANGED |
| | | | Change Account to: |
| | | | Based Upon Course Start Date |
| | Account to
be changed | Original
Amount | Jan - Feb | Mar-Apr | May-Jun | Jul-Aug | Sept-Oct | Nov-Dec |
| | Ch 7 Ex 2 |
| | Loan | $ 225,000 | $ 250,000 | $ 260,000 | $ 270,000 | $ 280,000 | $ 290,000 | $ 450,000 |
| | Questions | YOUR ANSWERS BASED UPON COURSE START DATE |
| | 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 |
| | Account to
be changed | Original
Amount | Jan - Feb | Mar-Apr | May-Jun | Jul-Aug | Sept-Oct | Nov-Dec |
| | Ch 7 Ex 4 |
| | Salary expense | 50000 | 51,000 | 52,000 | 53,000 | 54,000 | 55,000 | 56,000 |
| | Questions | YOUR ANSWERS BASED UPON COURSE START DATE |
| | 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 | Jan - Feb | | Mar-Apr | | May-Jun | | Jul-Aug | | Sept-Oct | | Nov-Dec |
| | Ch 7 Pb 2 |
| 12/1 Note payable | | 20000 | | 25,000 | | 26,000 | | 28,000 | | 30,000 | | 31,000 | | 33,000 |
| 12/1 Interest rate | | 15% | | 15% | | 15% | | 15% | | 15% | | 15% | | 15% |
| Warranty | 20 | $27.00 | 20 | 28 | 20 | 29 | 20 | 30 | 20 | 31 | 20 | 32 | 20 | 33 |
| Purchase on account | | 16000 | | 17,000 | | 18,000 | | 19,000 | | 20,000 | | 21,000 | | 22,000 |
| Note payable | | 5000 | | 6,000 | | 7,000 | | 8,000 | | 9,000 | | 10,000 | | 11,000 |
| Warranty repair | | 162 | | 172 | | 182 | | 192 | | 202 | | 222 | | 232 |
| Salary accural | | 1400 | | 1,500 | | 1,600 | | 1,700 | | 1,800 | | 1,900 | | 2,000 |
| Vacation | 6% | 36000 | 6% | 37,000 | 6% | 38,000 | 6% | 39,000 | 6% | 40,000 | 6% | 41,000 | 6% | 42,000 |
| 12/26 interest | | $ 120 | | $ 120 | | $ 120 | | $ 120 | | $ 120 | | $ 120 | | $ 120 |
| | a. Prepare journal entries to record the preceding transactions and events. |
| | Cash |
| | Notes Payable |
| | Warranty expense |
| | Warranty Liability |
| | Merchandise |
| | 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 | $ 10.00 | $ 11.00 | $ 12.00 | $ 13.00 | $ 14.00 | $ 15.00 | $ 16.00 |
| | Questions | YOUR ANSWERS BASED UPON COURSE START DATE |
| | 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 |
| |
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GuidanceReportWeekFour.xlsx
