ACC/543: WEEK 1: Managerial Accounting & Legal Aspects Of Business

Managerial accounting can be a complex job. As you learned in this week’s practice assignment, many different calculations need to be completed to assist an organization with its financial statements.

Write a 250-word response reflecting on your experience making the calculations from the practice assignment. In your reflection, share your thoughts on the activities within this week’s readings. Consider how calculating financial statements will help drive effective business decisions.

Address the following questions within your response:

• Which calculations were challenging for you? Why?
• Which ratios were difficult to understand?
• What will you do differently in the following weeks?

If you did not have any challenges, respond to the following questions:

• What prepared you for these calculations?
• What advice would you give a classmate who needs assistance?

Submit your assignment.

BELOW IS THE PRACTICE WORKSHEET FOR REFERENCES

********Following is the balance sheet of Vernon Company for Year 3:
 

VERNON COMPANY
Balance sheetAssets   Cash$14,650 Marketable securities 8,100 Accounts receivable 12,620 Inventory 11,150 Property and equipment 169,500 Accumulated depreciation (12,200)Total assets$203,820 Liabilities and Stockholders’ Equity   Accounts payable$8,630 Current notes payable 3,240 Mortgage payable 4,650 Bonds payable 21,060 Common stock 113,600 Retained earnings 52,640 Total liabilities and stockholders’ equity$203,820 

The average number of common stock shares outstanding during Year 3 was 870 shares. Net income for the year was $15,300.

Required
Compute each of the following: (Round your answer to 2 decimal places. For percentages, 0.2345 should be entered as 23.45.)