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ACC 537 Week 1 Assignment Current Issues in
Accounting
ACC 537 Assignment IFRS Convergence with FASB (2
Papers, 1050 words each)

• Write a 700- to 1,050-word summary discussing the
  points listed below. The summary should be
  structured in a subject-by-subject format. An
  introduction and a conclusion are needed. Your
  essay should include the answers to the
  following
• Explain how accounting assists in the efficient
  use of scarce resources

• ACC 537 Assignment IFRS Convergence with FASB (2
  Papers, 1050 words each)

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ACC 537 Week 2 E8-21 LIFO Effect
ACC 537 Week 1 Textbook Problems- P7-1Francis
Equipment Co

• E8-21 (LIFO Effect) The following example was
  provided to encourage the use of the LIFO method.
  In a nutshell, LIFO subtracts inflation from
  inventory costs, deducts it from taxable income,
  and records it in a LIFO reserve account on the
  books.

• P7-1 (Determine Proper Cash Balance) Francis
  Equipment Co. closes its books regularly on
  December 31, but at the end of 2014 it held its
  cash book open so that a more favorable balance
  sheet could be prepared for credit purposes. Cash
  receipts and disbursements for the first 10 days
  of January were recorded as December
  transactions.

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ACC 537 Week 2 Textbook Problems P10-2 Lobo
Corporation (Team Paper and Solution)
ACC 537 Week 2 Textbook Problem P7-4 Bad-Debt
Reporting (Fortner Corporation)

• P7-4 (Bad-Debt Reporting) From inception of
  operations to December 31, 2014, Fortner
  Corporation provided for uncollectible accounts
  receivable under the allowance method. Provisions
  were made monthly at 2 of credit sales, bad
  debts written off were charged to the allowance
  account

• P10-2 (Classification of Acquisition Costs)
  Selected accounts included in the property,
  plant, and equipment section of Lobo
  Corporationu2019s balance sheet at December 31,
  2013, had the following balances.
• Land 300,000
• Land improvements 140,000
• Buildings 1,100,000

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ACC 537 Week 3 Textbook Problem P13-4 Otis Import
Company (Team Paper and Solution)
ACC 537 Week 3 Textbook Problem 11-4 Per Company

• ACC 537 Week 3 Textbook Problem 11-4 Per Company
  Truck

• Below is a payroll sheet for Otis Import Company
  for the month of September 2014. The company is
  allowed a 1 unemployment compensation rate by
  the state the federal unemployment tax rate is
  0.8 and the maximum for both is 7,000.

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ACC 537 Week 4 Textbook P13-13 (Liability Errors)
Millay Corporations (Memo and Solution)
ACC 537 Week 4 Assignment Leases

• Write a 700- to 1,050-word summary discussing the
  points listed below
• Identify the two recognized lease-accounting
  methods for lessees and distinguish between them.
• Distinguish between minimum rental payments and
  minimum lease Payments

• P13-13 (Liability Errors) You are the independent
  auditor engaged to audit Millay Corporation's
  December 31, 2014, financial statements. Millay
  manufactures household appliances. During the
  course of your audit, you discovered the
  following contingent liabilities.

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ACC 537 Week 5 Assignment Securities (630 Words)
ACC 537 Week 4 Textbook Problem P15-4, E21-2

• P15-4 (Stock TransactionsLump Sum) Seles
  Corporations charter authorized issuance of
  100,000 shares of 10 par value common stock and
  50,000 shares of 50 preferred stock. The
  following transactions involving the issuance of
  shares of stock were completed. Each transaction
  is independent of the others.

• Distinguish between a debt security and equity
  security
• What purpose does the variety in bond features
  (types and characteristics) serve?
• What is meant by "Yield to Maturity"?
• Identify and explain the three types of
  classifications for investments in debt
  securities.
• Conclusion

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ACC 537 Week 5 Textbook Problem P20-1
Cunningham/Harrington Company
ACC 537 Week 5 Textbook Problem P17-7 Wildcat
Company

• P17-7 (Available-for-Sale and Held-to-Maturity
  Debt Securities Entries) The following
  information relates to the debt securities
  investments of Wildcat Company.
  
  
  
  
• 1. On February 1, the company purchased 10 bonds
  of Gibbons Co

• P20-1. On Jan 1, 2014cunningham/Harrington
  company has the following defined benefit pension
  plan balances. Projected benefit obligation
  4,500,000 Fair value of plan assets 4,200,000 The
  interest (settlement) rate applicable to the plan
  is 10.

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ACC 537 Week 6 CA22-4 Analysis of Various
Accounting Changes and Errors (Solution and
Presentation)

• This Tutorial contains both Solution and
  Presentation
• CA22-4 (Analysis of Various Accounting Changes
  and Errors) Katherine Irving, controller of Lotan
  Corp.

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