ACC 306 Experience Tradition/newtonhelp.com

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ACC 306 Experience Tradition/newtonhelp.com
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ACC 306 Experience Tradition/newtonhelp.com

• ACC 306 Entire Course (New)
• For more course tutorials visit
• www.newtonhelp.com
•  
•  
• ACC 306 Week 1 Assignment E13-21, E13-22, P12-1,
  P12-7,P12-10, P12-14, P13-6
• ACC 306 Week 1 Quiz
• ACC 306 Week 1 DQ 1 Equity Method
• ACC 306 Week 1 DQ 1 Accounting Pronouncements
•  ACC 306 Week 1 DQ 2 Judgment Case 13-9
• ACC 306 Week 2 Quiz
• ACC 306 Week 2 DQ 1 Ethics Case 14-8 Hunt
  Manufacturing Debt for equity swaps
• ACC 306 Week 2 DQ 2 Ethics Case 15-4 Leasehold
  Improvements
• ACC 306 Week 2 Assignment E 14-16, E 14-18, E
  15-25, P14-21, P15-3
• ACC 306 Week 3 Assignment E 16-24, E 16-25, E
  17-10, E 17-19, P 16-7, P 17-16
• ACC 306 Week 3 Quiz
• ACC 306 Week 3 Ethics Case 17-6 401(k) plan
  contributions
• ACC 306 Week 3 Integrating Case 16-5 accounting
  changes and error correction

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ACC 306 Experience Tradition/newtonhelp.com

• ACC 306 Week 1 Assignment E13-21, E13-22, P12-1,
  P12-7,P12-10, P12-14, P13-6 (Ash Course)
• For more course tutorials visit
• www.newtonhelp.com
•  
•  
• ACC 306 Week 1 Assignment E13-21, E13-22, P12-1,
  P12-7,P12-10, P12-14, P13-6

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ACC 306 Experience Tradition/newtonhelp.com

• ACC 306 Week 1 DQ 1 Accounting Pronouncements
• For more course tutorials visit
• www.newtonhelp.com
•  
•  
• Accounting Pronouncements. The Financial
  Accounting Standards Board has issued accounting
  pronouncements that affect how accounting
  transactions should be treated. These
  pronouncements may affect all companies or just
  specific industries, but no pronouncements have
  been issued that affect social media companies,
  like Zynga and Facebook. In the Forbes article,
  Social Media's Phony Accounting, written by
  Francine McKenna, the author discusses how these
  new rules are being invented. Read the article
  and then
•  
• a. Discuss the methods that have been invented
  and how management estimates can manipulate the
  resulting income from these transactions. Provide
  examples to support your opinion.
• b. Should these invented rules be implemented
  without authoritative approval?

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ACC 306 Experience Tradition/newtonhelp.com

• ACC 306 Week 1 DQ 1 Equity Method (Ash Course)
• For more course tutorials visit
• www.newtonhelp.com
•  
•  
• P 1213 -  Miller Properties - Equity method ? LO5
   LO6
• On January 2, 2011, Miller Properties paid 19 mil
  lion for 1 million shares of Marlon Companys 6 mi
  llion outstanding common shares. Millers CEO beca
  me a member of Marlons board of directors during 
  the first quarter of 2011.
• The carrying amount of Marlons net assets was 66
   million. Miller estimated the fair value of those
   net as- sets to be the same except for a patent v
  alued at 24 million above cost. The remaining amo
  rtization period for the patent is 10 years.
• Marlon reported earnings of 12 million and paid d
  ividends of 6 million during 2011. On December 31
  , 2011, Marlons common stock was trading on the N
  YSE at 18.50 per share.
• Required

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ACC 306 Experience Tradition/newtonhelp.com

• ACC 306 Week 1 DQ 2 Judgment Case 13-9 (Ash
  Course)
• For more course tutorials visit
• www.newtonhelp.com
•  
•  
• ACC 306 Week 1 DQ2 Judgment Case 13-9 
• Judgment Case 139 - Valleck Corporation - Loss co
  ntingency and full disclosure ? LO5 LO6
• In the March 2012 meeting of Valleck Corporations
   board of directors, a question arose as to the wa
  y a possible obligation should be disclosed in the
   forthcoming financial statements for the year end
  ed December 31. A veteran board member brought to 
  the meeting a draft of a disclosure note that had 
  been prepared by the controllers office for inclu
  sion in the annual report. Here is the note
• On May 9, 2011, the United States Environmental Pr
  otection Agency (EPA) issued a Notice of Violation
   (NOV) to Valleck alleging violations of the Clean
   Air Act. Subsequently, in June 2011, the EPA comm
  enced a civil action with respect to the foregoing
   violation seeking civil penalties of approximatel
  y 853,000. The EPA alleges that Valleck exceeded 
  applicable volatile organic substance emission lim
  its. The Company estimates that the cost to achiev
  e compliance will be 190,000 in addition the Com
  pany expects to settle the EPA lawsuit for a civil
   penalty of 205,000 which will be paid in 2014.

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ACC 306 Experience Tradition/newtonhelp.com

• Acc 306 Week 1 Homework (Be 13-1, Be 13-4, E
  13-2, E 13-10, Be 13-7, P 13-8, Be14-8, Be14-12,
  E14-5, E14-19, P14-3, P14-4)
• For more course tutorials visit
• www.newtonhelp.com
•  
•  
• BE 13-1
• BE 13-4
• E 13-2
• E 13-10
• BE 13-7
• P 13-8
• BE14-8
• BE14-12
• E14-5
• E14-19
• P14-3
• P14-4

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ACC 306 Experience Tradition/newtonhelp.com

• ACC 306 Week 1 Quiz (2 Set)
• For more course tutorials visit
• www.newtonhelp.com
•  
•  
• QUESTION 1
• On January 1, 2015, Watson Corp. issued 900,000
  par value, 8, three-year bonds when the market
  rate of interest was 8. Interest is payable
  semiannually each June 30 and December 31. Watson
  incurred bond issue costs of 29,000. Under IFRS,
  what is the journal entry when Watson issued the
  bonds? (Record debits first, then credits.
  Exclude explanations from any journal entries.)

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ACC 306 Experience Tradition/newtonhelp.com

• ACC 306 Week 1 Quiz
• For more course tutorials visit
• www.newtonhelp.com
•  
•  
• Question 1  Which of the following may create
  employer liabilities in connection with their
  payrolls?
• Question 2  Current liabilities are normally
  recorded at the amount expected to be paid rather
  than at their present value. This practice can be
  supported by GAAP according to the concept of
• Question 3  The investment category for which
  the investor's "positive intent and ability to
  hold" is important is
• Question 4  Which of the following investment
  securities held by Zoogle Inc. may be classified
  as held-to-maturity securities in its balance
  sheet?
• Question 5  Large, highly rated firms sometimes
  sell commercial paper
• Question 6  If Pop Company exercises significant
  influence over Son Company and owns 40 of its
  common stock, then Pop Company
• Question 7  A contingent loss should be reported
  in a footnote to the financial statements rather
  than being accrued if
• Question 8  Assume that, on 1/1/06, Matsui Co.
  paid 1,200,000 for its investment in 60,000
  shares of Yankee Inc. Further, assume that Yankee
  has 200,000 total shares of stock issued. The
  book value and fair value of Yankee's
  identifiable net assets were both 4,000,000 at
  1/1/06. The following information pertains to
  Yankee during 2006

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ACC 306 Experience Tradition/newtonhelp.com

• ACC 306 Week 2 Assignment E 14-16, E 14-18, E
  15-25, P14-21, P15-3
• For more course tutorials visit
• www.newtonhelp.com
•  
•  
• ACC 306 Week 2 Assignment E 14-16, E 14-18, E
  15-25, P14-21, P15-3

11
ACC 306 Experience Tradition/newtonhelp.com

• ACC 306 Week 2 DQ 1 Ethics Case 14-8 Hunt
  Manufacturing Debt for equity swaps
• For more course tutorials visit
• www.newtonhelp.com
•  
•  
• Ethics Case 148 - Hunt Manufacturing - Debt for
  equity swaps have your cake and eat it too ? LO5
•  
• The cloudy afternoon mirrored the mood of the
  conference of division managers. Claude Meyer,
  assistant to the controller for Hunt
  Manufacturing, wore one of the gloomy faces that
  were just emerging from the conference room.
  Wow, I knew it was bad, but not that bad,
  Claude thought to himself. I dont look forward
  to sharing those numbers with shareholders.

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ACC 306 Experience Tradition/newtonhelp.com

• ACC 306 Week 2 DQ 2 Ethics Case 15-4 Leasehold
  Improvements
• For more course tutorials visit
• www.newtonhelp.com
•  
•  
• Ethics Case 154 - American Movieplex - Leasehold
  improvements ? LO3
•  
• American Movieplex, a large movie theater chain,
  leases most of its theater facilities. In
  conjunction with recent operating leases, the
  company spent 28 million for seats and
  carpeting. The question being discussed over
  break- fast on Wednesday morning was the length
  of the depreciation period for these leasehold
  improvements. The com- pany controller, Sarah
  Keene, was surprised by the suggestion of Larry
  Person, her new assistant.

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ACC 306 Experience Tradition/newtonhelp.com

• ACC 306 Week 2 Homework (BE 15-12, E 15-5, E
  15-19, P15-3, P15-4, BE 16-6, BE 16-12, E 16-5, P
  16-5, P 16-6)
• For more course tutorials visit
• www.newtonhelp.com
•  
•  
• BE 15-12
• E 15-5
• E 15-19
• P15-3
• P15-4
• BE 16-6
• BE 16-12
• E 16-5
• P 16-5
• P 16-6
• BE 15-12

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ACC 306 Experience Tradition/newtonhelp.com

• ACC 306 Week 2 Quiz (2 Set)
• For more course tutorials visit
• www.newtonhelp.com
•  
•  
• WEEK 2 QUIZ
• QUESTION 1
• ITG Corporation issued 410,000 shares of 6 par
  value stock. The book value of ITG's common
  stockholders' equity is equal to 123 million.
  ITG implements a two-for-one stock split. What is
  the total number of shares outstanding after the
  stock split? What is the par value per share
  after the split? What is the book value of equity
  after the split?
• QUESTION 2
• On February 16, Vicky Home Goods, Incorporated
  (VHG) acquires 6,000 shares of its own shares at
  a cost of 39 per share. On April 29, VHG sells
  2,400 of the 6,000 shares of its treasury stock
  for 49 per share. On June 4, VHG sells the
  remaining 3,600 shares of treasury stock for 14
  per share.
• What are the necessary journal entries to record
  these transactions? (Record debits first, then
  credits. Exclude explanations from any journal
  entries.)

15
ACC 306 Experience Tradition/newtonhelp.com

• ACC 306 Week 2 Quiz
• For more course tutorials visit
• www.newtonhelp.com
•  
•  
• Question 1 The method used to pay interest
  depends on whether the bonds are
•  
• Question 2 Bond X and bond Y are both issued by
  the same company. Each of the bonds has a
  maturity value of 100,000 and each matures in 10
  years. Bond X pays 8 interest while bond Y pays
  9 interest. The current market rate of interest
  is 8. Which of the following is correct?
•  
• Question 3 Which of the following statements
  characterizes a leveraged lease?
•  
• Question 4 If the lessee and lessor use
  different interest rates to account for a capital
  lease, then
•  
• Question 5 Of the four criteria for a capital
  lease, which two are not applied if the lease
  begins during the final quarter of the asset's
  useful life?
•  

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ACC 306 Experience Tradition/newtonhelp.com

• ACC 306 Week 3 Assignment E 16-24, E 16-25, E
  17-10, E 17-19, P 16-7, P 17-16 (Ash Course)
• For more course tutorials visit
• www.newtonhelp.com
•  
•  
• ACC 306 Week 3 Assignment E 16-24, E 16-25, E
  17-10, E 17-19, P 16-7, P 17-16

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ACC 306 Experience Tradition/newtonhelp.com

• ACC 306 Week 3 Ethics Case 17-6 401(k) plan
  contributions
• For more course tutorials visit
• www.newtonhelp.com
•  
•  
• Ethics Case 176 - VXI International - 401(k)
  plan contributions ? LO1
•  
• You are in your third year as internal auditor
  with VXI International, manufacturer of parts and
  supplies for jet air- craft. VXI began a defined
  contribution pension plan three years ago. The
  plan is a so-called 401(k) plan (named after the
  Tax Code section that specifies the conditions
  for the favorable tax treatment of these plans)
  that permits voluntary contributions by
  employees. Employees contributions are matched
  with one dollar of employer contribution for
  every two dollars of employee contribution.
  Approximately 500,000 of contributions is
  deducted from employee paychecks each month for
  investment in one of three employer-sponsored
  mutual funds.
•  

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ACC 306 Experience Tradition/newtonhelp.com

• ACC 306 Week 3 Homework (BE 17-17, BE 17-22,
  E17-17, E17-21, P17-1, P17-6, BE18-5, BE18-6,
  E18-4, E18-10, P18-2, P18-6)
• For more course tutorials visit
• www.newtonhelp.com
•  
•  
• BE 17-17
•  
• BE 17-22
•  
• E17-17
•  
• E17-21
•  
• P17-1
•  
• P17-6
•  
• BE18-5

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ACC 306 Experience Tradition/newtonhelp.com

• ACC 306 Week 3 Integrating Case 16-5 accounting
  changes and error correction
• For more course tutorials visit
• www.newtonhelp.com
•  
•  
• Integrating Case 165 - Williams-Santana, Inc. -
  Tax effects of accounting changes and error
  correction six situations ? LO1 LO2 LO8
•  
• Williams-Santana, Inc. is a manufacturer of
  high-tech industrial parts that was started in
  1997 by two talented engineers with little
  business training. In 2011, the company was
  acquired by one of its major customers. As part
  of an internal audit, the following facts were
  discovered. The audit occurred during 2011 before
  any adjusting entries or closing entries were
  prepared. The income tax rate is 40 for all
  years.
•  
• a. A five-year casualty insurance policy was
  purchased at the beginning of 2009 for 35,000.
  The full amount was debited to insurance expense
  at the time.
•  

20
ACC 306 Experience Tradition/newtonhelp.com

• ACC 306 Week 3 Quiz New
• For more course tutorials visit
• www.newtonhelp.com
•  
•  
• QUESTION 1
• On January 1, 2015, Dillon Manufacturing leased
  another piece of machinery for use in its North
  American operations from Evans Bank. The
  nine-year, non-cancellable lease requires annual
  lease payments of 16,000, beginning January 1,
• 2015, and at each December 31 thereafter through
  2022.
• The lease agreement does not transfer ownership
  of the machinery, nor does it contain a bargain
  purchase option. The machinery has a fair value
  of 99,630 and an estimated life of 10 years.
  Dillon depreciates its leased equipment using the
  straight-line method with no residual value.
  Evans Bank's implicit rate of 11 is known to
  Dillon.

21
ACC 306 Experience Tradition/newtonhelp.com

• ACC 306 Week 3 Quiz
• For more course tutorials visit
• www.newtonhelp.com
•  
•  
• Question 1 If a company's deferred tax asset is
  not reduced by a valuation allowance, the company
  believes it is more likely than not that
•  
• Question 2 Which of the following statements
  typifies defined contribution plans?
•  
• Question 3 The annual pension expense for what
  type of pension plan(s) is recorded by a journal
  entry that includes a debit to pension expense
  and a credit to the pension asset or pension
  liability?
•  
• Question 4 Which of the following causes a
  temporary difference between taxable and pretax
  accounting income?

22
ACC 306 Experience Tradition/newtonhelp.com

• ACC 306 Week 4 Assignment E 18-18, E 18-24, E
  19-2, E 19-5, E 19-9, E 19-24, P 18-5 (Ash
  Course)
• For more course tutorials visit
• www.newtonhelp.com
•  
•  
• ACC 306 Week 4 Assignment E 18-18, E 18-24, E
  19-2, E 19-5, E 19-9, E 19-24, P 18-5

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ACC 306 Experience Tradition/newtonhelp.com

• ACC 306 Week 4 Communication Case 18-10 (Ash
  Course)
• For more course tutorials visit
• www.newtonhelp.com
•  
•  
• Communication Case 1810 Should the present
  two-category distinction between liabilities and
  equity be retained? Group interaction. ? LO1
•  
• The current conceptual distinction between
  liabilities and equity defines liabilities
  independently of assets and equity, with equity
  defined as a residual amount. The present
  proliferation of financial instruments that
  combine features of both debt and equity and the
  difficulty of drawing a distinction have led many
  to conclude that the present two-category
  distinction between liabilities and equity should
  be eliminated. Two opposing viewpoints are

24
ACC 306 Experience Tradition/newtonhelp.com

• ACC 306 Week 4 Ethics Case 19-7 International
  Network Solutions
• For more course tutorials visit
• www.newtonhelp.com
•  
•  
• Ethics Case 197 International Network Solutions
  ? LO6
•  
• International Network Solutions provides products
  and services related to remote access networking.
  The company has grown rapidly during its first 10
  years of operations. As its segment of the
  industry has begun to mature, though, the fast
  growth of previous years has begun to slow. In
  fact, this year revenues and profits are roughly
  the same as last year.
•  
• One morning, nine weeks before the close of the
  fiscal year, Rob Mashburn, CFO, and Jessica Lane,
  controller, were sharing coffee and ideas in
  Lanes office.

25
ACC 306 Experience Tradition/newtonhelp.com

• ACC 306 Week 4 Homework (BE 19-3, BE 19-11, BE
  19-5, E19-6, P19-2, P19-5, BE20-5, BE20-9, E20-9,
  E 20-11, P20-1, P20-3)
• For more course tutorials visit
• www.newtonhelp.com
•  
•  
• BE 19-3
• BE 19-11
• BE 19-5
• E19-6
• P19-2
• P19-5
• BE20-5
• BE20-9
• E20-9
• E 20-11
• P20-1
• P20-3

26
ACC 306 Experience Tradition/newtonhelp.com

• ACC 306 Week 4 Quiz New
• For more course tutorials visit
• www.newtonhelp.com
•  
•  
• QUESTION 1
• On January 1, Year 1, Sweeney Company granted an
  employee options to purchase 100 shares of
  Sweeney's common stock at 40 per share. The
  options became exercisable on December 31, Year
  1, after the employee had completed one year of
  service, and were exercised on that date. Market
  prices of the stock and fair values of the
  options were as follows

27
ACC 306 Experience Tradition/newtonhelp.com

• ACC 306 Week 4 Quiz
• For more course tutorials visit
• www.newtonhelp.com
•  
•  
• Question 1 Which of the following will require
  a recalculation of weighted-average shares
  outstanding for all years presented?
•  
• Question 2 Which of the following statements is
  true when dividends are not declared or paid on
  cumulative preferred stock?
•  
• Question 3 When treasury shares are sold at a
  price above cost
•  
• Question 4 When a property dividend is
  declared, the reduction in retained earnings is
  for
•  
• Question 5 When preferred stock is purchased by
  the issuing corporation at a price below the
  original issue price and the stock is retired,
  the transaction
•  

28
ACC 306 Experience Tradition/newtonhelp.com

• ACC 306 Week 5 Analysis Case 20-10 (Ash Course)
• For more course tutorials visit
• www.newtonhelp.com
•  
•  
• Analysis Case 2010 - DRS Corporation - Various
  changes ? LO1 through LO4
•  
• DRS Corporation changed the way it depreciates
  its computers from the sum-of-the-years-digits
  method to the straight-line method beginning
  January 1, 2011. DRS also changed its estimated
  residual value used in computing depreciation for
  its

29
ACC 306 Experience Tradition/newtonhelp.com

• ACC 306 Week 5 Assignment E 20-18, P 21-11, P
  21-14 (Ash Course)
• For more course tutorials visit
• www.newtonhelp.com
•  
•  
• ACC 306 Week 5 Assignment E 20-18, P 21-11, P
  21-14

30
ACC 306 Experience Tradition/newtonhelp.com

• ACC 306 Week 5 Ethics Case 20-5 Softening the
  blow
• For more course tutorials visit
• www.newtonhelp.com
•  
•  
• Ethics Case 205 Softening the blow ? LO1 LO2 LO3
•  
• Late one Thursday afternoon, Joy Martin, a
  veteran audit manager with a regional CPA firm,
  was reviewing documents for a long-time client of
  the firm, AMT Transport. The year-end audit was
  scheduled to begin Monday.
•  
• For three months, the economy had been in a down
  cycle and the transportation industry was
  particularly hard hit. As a result, Joy expected
  AMTs financial results would not be pleasant
  news to shareholders. However, what Joy saw in
  the preliminary statements made her sigh aloud.
  Results were much worse than she feared.
•  

31
ACC 306 Experience Tradition/newtonhelp.com

• ACC 306 Week 5 Ethics Case 21-7
• For more course tutorials visit
• www.newtonhelp.com
•  
•  
• Ethics Case 217 - Ben Naegle - Wheres the cash?
  ? LO1 LO3
•  
• After graduating near the top of his class, Ben
  Naegle was hired by the local office of a Big 4
  CPA firm in his hometown. Two years later,
  impressed with his technical skills and
  experience, Park Electronics, a large regional
  consumer electronics chain, hired Ben as
  assistant controller. This was last week. Now
  Bens initial excitement has turned to distress.
•  
• The cause of Bens distress is the set of
  financial statements hes stared at for the last
  four hours. For some time prior to his
  recruitment, he had been aware of the long trend
  of moderate profitability of his new employer.
  The reports on his desk

32
ACC 306 Experience Tradition/newtonhelp.com

• ACC 306 Week 5 Final Lease Paper (2 Papers)
• For more course tutorials visit
• www.newtonhelp.com
•  
•  
• This Tutorial contains 2 Papers of this
  Assignment
•  
• ACC 306 Week 5 Final Paper (Lease)
•  
• What is a lease and how is it used as a financing
  vehicle? How are leases accounted for within the
  firms financial reports? What is the difference
  between a capital lease and an operating lease?
  What is residual value? What are executory costs?
  What considerations are relevant in a lease or
  sell decision? Provide a discussion of all
  potential scenarios and the relevant accounting
  requirements.
• Your paper must
• Identify the main issues in the chosen area and
  accurately respond to each of the questions from
  the chosen area.
• Build upon class activities by referencing new
  learning that has occurred.
• Present specific current and/or future
  applications and relevance to the typical
  workplace.

33
ACC 306 Experience Tradition/newtonhelp.com

• ACC 306 Week 5 Homework (BE 21-7, BE 21-10, E
  21-2, E 21-2, P21-1, BE 22-6, E 22-1)
• For more course tutorials visit
• www.newtonhelp.com
•  
•  
• BE 21-7
• BE 21-10
• E 21-2
• E 21-2
• P21-1
• BE 22-6

34
ACC 306 Experience Tradition/newtonhelp.com

• ACC 306 Week 5 Quiz (2 Set)
• For more course tutorials visit
• www.newtonhelp.com
•  
•  
• QUESTION 1
• On August 31 of the current year, Harvey Co.
  decided to change from the FIFO periodic
  inventory system to the weighted-average periodic
  inventory system. Harvey uses U.S.
• GAAP,
• is on a calendar year basis, and does not present
  comparative financial statements. The cumulative
  effect of the change is determined
• QUESTION 2
• Scherer Designs, Incorporated incorrectly
  recorded a 440,000 note issued by Kloth Bank, NA
  in 2013 by debiting cash but crediting accounts
  payable. The note is due in five years with no
  principal payments due until maturity. Interest
  accruals are recorded correctly. Scherer Designs'
  auditors discovered the error in 2015.
• QUESTION 3

35
ACC 306 Experience Tradition/newtonhelp.com