Accounting II homework Help!!!!

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ACC 227: Principles of Accounting II

Module 3 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 Chapter 15:

• Problem Set A: Problem 15-1A
• Problem Set A: Problem 15-2A
• Problem Set B: Problem 15-3A
• Serial Problem: SP 15, Business Solutions (course-long project)

Please complete the following exercises found at the end Chapter 16:

• Problem Set A: Problem 16-1A
• Problem Set A: Problem 16-2A
• Problem Set B: Problem 16-3A
• Problem Set A: Problem 16-4A
• Serial Problem: SP 16, Business Solutions (course-long project)

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 8 total parts to the course-long project. You will have 1 week to complete each part.

This course-long project is a serial problem taken from your textbook. You can view the problem starting in Chapter 13. It will continue through Chapter 25. Please use the Generic Working Papers Excel Workbook found in the Course Resources to complete this project.

COURSE-LONG PROJECT: PART III (Module 3)

Scenario: On October 1, 2015, Santana Rey launched a computer services company, Business Solutions, that is organized as a proprietorship and provides consulting services, computer system installations, and custom program development. Rey adopts the calendar year for reporting purposes and expects to prepare the company’s first set of financial statements on December 31, 2015.

Chapter 15: Serial Problem: SP 15, Business Solutions

Please complete the following:

While reviewing the March 31, 2016, balance sheet of Business Solutions, Santana Rey notes that the business has built a large cash balance of $68,057. Its most recent bank money market statement shows that the funds are earning an annualized return of 0.75%. S. Rey decides to make several investments with the desire to earn a higher return on the idle cash balance. Accordingly, in April 2016, Business Solutions makes the following investments in trading securities:

Apr. 16 Purchases 400 shares of Johnson & Johnson stock at $50 per share plus a $300 commission.

Apr. 30 Purchases 200 shares of Starbucks Corporation at $22 per share plus a $250 commission.

On June 30, 2016, the per share market price (fair value) of the Johnson & Johnson shares is $55 and the Starbucks shares is $19.

Required

• Prepare journal entries to record the April purchases of trading securities by Business Solutions.
• On June 30, 2016, prepare the adjusting entry to record any necessary fair value adjustment to its portfolio of trading securities.

Chapter 16: Serial Problem: SP 16, Business Solutions

Please complete the following:

Santana Rey, owner of Business Solutions, decades to prepare a statement of cash flows for her business. (Although the serial problem allowed for various ownership changes in earlier chapters, we will prepare the statement of cash flows using the following financial data.)

Required

Prepare a statement of cash flows for Business Solutions using the indirect method for the three months ended March 31, 2016. Recall that owner Santa Rey contributed $25,000 to the business in exchange for additional stock in the first quarter of 2016 and has received $4,800 in cash dividends.