Accounting 211
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Accounting 211

Course: ACCTG 211, Spring 1999

School: Penn State

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Accounting 211 Thursday, January 21st, 1999 Announcements: none Lecture notes: Example: 7/1/98 $36,000 is received from a tenant. The payment covers the 2 year period beginning 7/1/98 and ending 6/30/98. Cash <a href="/keyword/unearned-revenue/" >unearned revenue</a> 36,000 36,000 Deferral: covers the next 2 years, we don't recognize revenue because we haven't earned it Adjusting Entry...

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Accounting 211 Thursday, January 21st, 1999 Announcements: none Lecture notes: Example: 7/1/98 $36,000 is received from a tenant. The payment covers the 2 year period beginning 7/1/98 and ending 6/30/98. Cash <a href="/keyword/unearned-revenue/" >unearned revenue</a> 36,000 36,000 Deferral: covers the next 2 years, we don't recognize revenue because we haven't earned it Adjusting Entry (12/31/98): <a href="/keyword/unearned-revenue/" >unearned revenue</a> Revenue 9,000 9,000 What is the impact on financial statements if the adjusting entry is now made? Income Statement: Revenues are too high, Net Income is too low Balance Sheet: Liabilities are too high, SE is too low As of 12/31/98: Revenue Unearned $9,000 $27,000 Revenue <a href="/keyword/retained-earnings/" >retained earnings</a> Illustration (assumptions--business began in 1991) 1991 Net Income 1991 Dividends 12/31/91 <a href="/keyword/retained-earnings/" >retained earnings</a> 1992 Net Income 1992 Dividends 12/31/92 <a href="/keyword/retained-earnings/" >retained earnings</a> $15,000 -$3,000 $12,000 $21,000 -$7,000 $26,000 *<a href="/keyword/retained-earnings/" >retained earnings</a> are the accumulative undistributed profits of an organization Page 122, Exercise #10: PREPAID INSURANCE Beginning Balance 1450 X Ending Balance 1200 Credits are greater than debits by $250 X = Insurance Payments = $1,900 Insurance Expense Adjustment 2150 Accrual: recognition of the expense before the cash flow WAGES PAYABLE Cash Payment Change = 500 Cash Payments are greater than Accrued Wages by $500 Cash Payments = $9,750 <a href="/keyword/unearned-revenue/" >unearned revenue</a> Revenue Earned Cash Collections Change = 1,150 Accrued Wages Cash Collections are greater than Revenue Earned by $1,150 Cash Collections = $4,450 Page 123, Exercise #13: PREPAID RENT Rent Payments <a href="/keyword/rent-expense/" >rent expense</a> Made Recognition Change = 900 Rent Payment made is greater than <a href="/keyword/rent-expense/" >rent expense</a> by $900 Rent Payments = $6,100 Answers to other 2 parts: #2--$9,000 #3--$78,400 Example: A company recognized revenue during 1997 which should have been deferred (recognized) until (in) 1998. What is the impact of this error? 1997 Income Statement: Revenues are too high, Net Income is too high 1997 Year End Balance Sheet: Liabilities are too low, SE is too high Revenue should have been deferred Example: A company failed to accrue wages earned by its employees. What is the impact? Income Statement: Expenses are too low, Net Income is too high Balance Sheet: Liabilities are too low, SE is too high The Closing Process 1. Close the revenue accounts to the income summary account. Revenues Income Summary XX XX 2. Close the expense accounts to the income summary account. Income Summary Expenses (1 &amp; 2 together represent net income) XX XX 3. Close the income summary account balance to the <a href="/keyword/retained-earnings/" >retained earnings</a> account. 1) Income Summary <a href="/keyword/retained-earnings/" >retained earnings</a> OR: 2) <a href="/keyword/retained-earnings/" >retained earnings</a> Income Summary XX XX XX XX *Choose #1 if Revenue is greater than Expenses. 4. Close the dividends (temporary account) to the <a href="/keyword/retained-earnings/" >retained earnings</a> account. <a href="/keyword/retained-earnings/" >retained earnings</a> Dividends XX XX

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Penn State - ACCTG - 211
Accounting 211Monday, January 25th, 1999Announcements: TA Info: Shelley, Office Hours-Wednesday 9:30-12:30, Email-mlh257 Lecture notes:Chapter 1 Homework:Questions:3. Management accounting involves the internal decision makers who run the busi
Penn State - ACCTG - 211
Accounting 211Tuesday, January 26th, 1999Announcements: none Lecture notes:Page 171, Problem B1:adjusted-after adjusted entries trial balance-list of accounts by debit / credit balance Closing Entries Prepared_ __General Journal_ Date_ Descript
Penn State - ACCTG - 211
Accounting 211Thursday, January 28th, 1999Announcements: 1st exam is next Thursday, check syllabus for room assignment. If you have a conflict contact Mike Powell. There is a review session Tuesday in class and Wednesday night. For recitation next
Penn State - ACCTG - 211
Accounting 211Monday, February 1st, 1999Announcements: none Lecture notes:Chapter 4 Homework:Questions:2. Closing entries clear revenue, expense, and dividend accounts of their balances which sets the stage for the next period and they summari
Penn State - ACCTG - 211
Accounting 211Tuesday, February 9th, 1999Announcements: Exam #1: Range = 21-100, Average = 67% There will be a curve at the end of the semester. Read chapters 9 &amp; 11 for this week and chapters 10 &amp; 8 for next week. Lecture notes:Chapter 9 Illust
Penn State - ACCTG - 211
Accounting 211Thursday, February 11th, 1999Announcements: Do not do Exercise #8 in chapter 11 homework. Lecture notes:Gross Profit Method:Beginning Inventory = Net Purchases = Trans In = Net Sales = Gross Profit = Sales - Cost of Goods Sold Gro
Penn State - ACCTG - 211
Accounting 211Monday, February 15th, 1999Announcements: none Lecture notes:Chapter 9 HomeworkQuestions:1. Merchandise Inventory is all goods owned and held for sale. The primary objective of measuring it is to determine how much money was made
Penn State - ACCTG - 211
Accounting 211Tuesday, February 16th, 1999Announcements: none Lecture notes:Example:Machine Cost = $50,000 Estimated Life = 8 years Estimated Residual Value = $12,000 Estimated Output = 50,000 units Purchase Date = 1/1/98Straight Line Depreci
Penn State - ACCTG - 211
Accounting 211Thursday, February 18th, 1999Announcements: none Lecture notes:Example:Refer back to problem on 2/16/99: During 1998 it is determined that customer A is unable to pay the $500 due to the NL Corporation. Allowances for Uncollectabl
Penn State - ACCTG - 211
Accounting 211Monday, February 22nd, 1999Announcements: none Lecture notes:Chapter 8 HomeworkQuestions8. To be competitive and to increase sales. 9. It makes no attempt to match revenues and expenses. 11. No. 18. An unconditional promise to pa
Penn State - ACCTG - 211
Accounting 211Tuesday, February 23rd, 1999Announcements: none Lecture notes:Components of Stockholder's EquityCommon Stock Preferred Stock Paid-in Capital in Excess of Par Value -common stock -preferred stock Retained Earnings Treasury StockA
Penn State - ACCTG - 211
Accounting 211Thursday, February 25th, 1999Announcements: Office Hours next week: Monday 2:30-3:30, Wednesday 9-10, Thursday 13 Lecture notes:Page 537, Problem A51/19 Cash Common Stock PICE (SV) 31,500 15,000 16,5001/21Organization Costs Co
Penn State - ACCTG - 211
Accounting 211Monday, March 1st, 1999Announcements: none Lecture notes:Chapter 12 HomeworkQuestions1. A corporation is a body of persons granted a charter legally recognizing them as a separate entity having its own rights, privileges, and lia
Penn State - ACCTG - 211
Accounting 211Tuesday, March 16th, 1999Announcements: Exam #2 Results: Range = 30-96, Average = 70.7% Lecture notes:Cash Flow Statement ClassificationsOperations: everyday profit seeking activities Investing: acquisitions and dispositions of lo
Penn State - ACCTG - 211
Accounting 211Thursday, March 18th, 1999Announcements: none Lecture notes:Example:1/1/98 Buildings AD 75,000 38,000 12/31/98 95,000 49,000Loss from sale of buildings = $4,000 The book value of the buildings sold during 1998 was $30,000 (AD =
Penn State - ACCTG - 211
Accounting 211Monday, March 22nd, 1999Announcements: none Lecture notes:Chapter 27 HomeworkQuestions3. Statement of cash flows shows how a company's operating, investing, and financial activities have affected cash during an accounting period
Penn State - ACCTG - 211
Accounting 211Tuesday, March 23rd, 1999Announcements: none Lecture notes:Page 1280, Problem A3b) Current Assets / Current Liabilities (increase) = decrease c) Net Income / Average SE (increase) = decreased) Total Debt (increase) / SE = increa
Penn State - ACCTG - 211
Accounting 211Thursday, March 25th, 1999Announcements: none Lecture notes:Example:1/1/98 Raw Material WIP Finished Goods 10,000 39,000 74,000 12/31/98 15,000 31,000 87,00098 Raw Material Purchases = 20,000 Raw Materials Used in Production = 2
Penn State - ACCTG - 211
Accounting 211Monday, March 29th, 1999Announcements: none Lecture notes:Chapter 15 HomeworkQuestions4. They are both responsible for summarizing and reporting information for interested parties. 6. Financial accounting is for those outside an
Penn State - ACCTG - 211
Accounting 211Tuesday, March 30th, 1999Announcements: no class on Thursday Lecture notes:Example:Net Sales - VC CM - FC Net Income 900,000 630,000 270,000 300,000 - 30,000Sales price per unit = $300 Units = net sales / price per unit = 900,00
Penn State - ACCTG - 211
Accounting 211Monday, April 5th, 1999Announcements: none Lecture notes:Chapter 19 HomeworkQuestions5. Extra machinery and equipment kept on standby. 6. The average annual level of operating capacity needed to meet expected sales demand. 7. The
Penn State - ACCTG - 211
Accounting 211Tuesday, April 13th, 1999Announcements: Exam #3 Results: Range = 13-100, Average = 67.4%, Average to date = 68.2% At this point, A = 88, B = 78, C = 68, D = 58 Lecture notes:Example:Sales - VC CM - FC Net Income 800,000 600,000 20
Penn State - ACCTG - 211
Accounting 211Thursday, April 15th, 1999Announcements: Bring book to class on Tuesday Lecture notes:Example:Budgeted Raw Materials Finished Goods 4/1/99 15,000 units 50,000 units 4/30/99 23,000 units 41,000 unitsBudgeted April Sales = 75,000
Penn State - ACCTG - 211
Accounting 211Monday, April 19th, 1999Announcements: none Lecture notes:Chapter 20 HomeworkQuestions9. All levels of personnel take part in the budgeting process in a meaningful, creative way. It is necessary to identify them in order to achie
Penn State - ACCTG - 211
Accounting 211Tuesday, April 20th, 1999Announcements: Office hours during finals week: Tuesday 9-11, Wednesday 1-3, and by appointment Read appendixes B &amp; C before your reading of chapter 24 Lecture notes:Manufacturing Costs:Direct materials Di
Penn State - ACCTG - 211
Accounting 211Thursday, April 22nd, 1999Announcements: none Lecture notes:Example:The Nittany Kitten division reports the following results for 1998: CM Fixed costs Avoidable Unavoidable Net loss 95,000 50,000 20,000 125,000Cost to manufactur
Penn State - ACCTG - 211
Accounting 211Monday, April 26th, 1999Announcements: none Lecture notes:Chapter 23 HomeworkQuestions5. It is comprised of future cost, revenue, and resource usage data that are different for each alternative. The information should be relevant
Penn State - ACCTG - 211
Accounting 211Tuesday, April 27th, 1999Announcements: Final Exam Room Assignments: Sections 1-5, 23 Sections 6-11, 24 Sections 12-17 Sections 18-22 102 Forum 108 Forum 105 Forum 111 ForumOn sample exam #4, skip questions 1-9, 39, 40, 42-44, 52-5
Penn State - ART - 112
Art History 112SECTION 3 Thursday April 29, 1999 Announcements: Emily will have office hours on Wednesday 5/5/99 from 1:30-3:00 more about the exam o 5 identification o 2 definition of terms o 2 compare/contrast essays o 1 comprehensive essays (artw
Penn State - ART - 112
Art History 112Recitation Section 003 Thursday, January 28, 1999 Announcements: Emily (the T.A.) will e-mail us with homework assignments if we are responsible for knowing specific images for the exam, our T.A. will let us know homework assignment:
Penn State - ART - 112
Art History 112 (ART H 112)Monday January 11 1999 Announcements: Two spots were added to section 001 for those who may be interested in trying to add this class. Contact Dina in the Art History Department office to add the class. The recitation sect
Penn State - ART - 112
Art History 112Thursday, February 4, 1999 Announcements: homework: look through Janson for Renaissance Architecture in Italy, Mannerist Architecture, and Baroque Architecture o which do you like the best and why? o think of 5 adjectives to describe
Penn State - ART - 112
Art History 112Wednesday, January 27, 1999 Announcements: information about summer study abroad in Italy was distributed the reading assignments (page numbers) that have been assigned are not correct; correct page numbers will be distributed soon Le
Penn State - ART - 112
Art History 112Monday, January 25, 1999 Announcements: the handout with the information usually provided on the overheads will be available on Wednesday there will be an optional Andy Warhol lecture and trip Lecture notes: The green text refers to s
Penn State - ART - 112
Art History 112 (ART H 112)Monday, January 18, 1999 Announcements: Those who do not yet have a syllabus, should contact a teaching assistant. A handout with slide and artwork information is forthcoming (end of this week, beginning of next). Lecture
Penn State - ART - 112
Art History 112Wednesday, February 3, 1999 Announcements: the slide list (of images for which we are responsible for exam one) was handed out Lecture notes: Venetian Painting o Venetian Kingdom encompassed much of Northern Italy was water locked, w
Penn State - ASTRO - 1
Astro 1 Section 1 Professor BrandtWednesday February 23rd 1999Announcements: Lecture notes: Class 20 Now that we've gone through all the needed terminology and background we can start talking about how people first worked out the size and shape of
Penn State - ASTRO - 1
Astro 1 Section 1 Professor BrandtMonday February 15th 1999Announcements: Lecture notes: Class 16 At 8 pm tonight find Polaris so facing N then turning 180 degrees so facing S. The brightest star you'll see is Sirius which is in Canis Major. Siriu
Penn State - ASTRO - 1
Astro 1 Section 1 Professor BrandtWednesday February 3rd 1999Announcements: Lecture notes: Class 11 Nuclear fusion powers the sun. H -&gt; He Only occurs in the core (very center) of the sun Core has T of about 14-15 million degrees very hot - &gt; make
Penn State - ASTRO - 1
Astro 1 Section 1 Professor BrandtFriday February 5th 1999Announcements: Lecture notes: Class 12 Now we will move beyond the sun and start talking about other stars We shall see that the same basic principles we learned about for the sun apply to
Penn State - ASTRO - 1
Astro 1 Section 1 Professor BrandtMonday February 8th 1999Announcements: Lecture notes: Class 13Cassopeia - M shaped constellation formed by 5 bright stars - Ethiopian queen - wife of Cepheus - Circumpolar Pegasus - the winged horse Andromeda -
Penn State - ASTRO - 1
Astro 1 Section 1 Professor BrandtWednesday February 10th 1999Announcements: Lecture notes: Class 14. We talked about how L T are two of the most important properties used to describe stars. Talked about the H-R diagram L versus T. Saw that most s
Penn State - ASTRO - 1
Astro 1 Section 1 Professor BrandtFriday February 12th 1999Announcements: Lecture notes: Class 15.In the last class we talked about the life of a star like our sun - will review and stress new points. 1 M(.) star. Proto Star - contracting from g
Penn State - ASTRO - 1
Astro 1 Section 1 Professor BrandtWednesday February 17th 1999Announcements: Lecture notes: Class 17Review for Quiz 2 What to expect? -50 questions multiple choice scan sheets. Emphasis is on material from class but you are also responsible for
Penn State - ASTRO - 1
Astro 1 Section 1 Professor BrandtMonday February 22nd 1999Announcements: Lecture notes: Class 19. One issue to review from the test. The mass of a star does NOT greatly increase when it becomes a red giant. Mass represents amount of matter presen
Penn State - L ARCH - 060
LARCH 060Tuesday, Arpil 20th, 1999Announcements: Lecture notes: LANDSCAPE ARCHITECTURE: MODERNISM AND ART Socio-cultural milieu: Modern-funtionalist (analytical) architecture Rising professional/middle classes Non-elite approach to modern architec
Penn State - L ARCH - 060
LARCH 060Thursday, April 22nd, 1999Announcements:Slide review for final is on Thursday April 29, at 7-8 pm in 105 Forum Lecture notes: MODERNISM: Rational form without meaning Simplicity A-Historical POST-MODERNISM: Pluralistic form with meaning:
Penn State - L ARCH - 060
LARCH 060Tuesday, April 27th, 1999Announcements: none Lecture notes: THE AMERICAN DREAM - A NEW VISION?: &quot;Old Dream&quot;: Nuclear Family, small homes on small lots Suburban Landscape Progress=land development (economic/cultural success) Had a core are
Penn State - L ARCH - 060
LARCH 060Thursday April 8th, 1999Announcements: none Lecture notes: Main points on the lecture from Tuesday's class: Penn State was influenced by Beaux Arts, it also had neo-classical and classic revival Lowrie: the first master plan with the quad
Penn State - L ARCH - 060
LARCH 060Tuesday, April 13th, 1999Announcements: Thursday April 29th from 7-8pm is the slide review. Room will be announced Option of taking the final exam on April 30 (friday) from 7-8pm. Sign up with the professor Lecture notes: .continued from
Penn State - L ARCH - 060
Larch 060Thursday April 1, 1999Announcements: Lecture notes: SUBURB/GARDEN CITIES: Land/environment: Anti-urban, new urban Socio-cultural milieu: Nature = health (physical, moral, spiritual, emotional) Transportation/commuter (trains, cars) Design
Penn State - L ARCH - 060
LARCH 060Thursday April 29, 1999Announcements: FINAL EXAM: Tuesday May 4th at 10:10am in 121 Sparks Lecture notes: What is historic landscape preservation?: It is placing value on landscapes that tell human stories. It looks at the meaning of this
Penn State - L ARCH - 060
Earth 2Tuesday March 30th, 1999Announcements: Lecture notes: CITY BEAUTIFUL (late 10C-early 20C): a political movement trying to change the look/design of cities Land/environment: UrbanSocio-cultural milieu: Eclectic -romantic, not classic Moder
Penn State - L ARCH - 060
LARCH 060Thursday April 15th, 1999Announcements: There is an option of taking the final exam on Friday April 30th at 6:45 in 115 E.E. West. The regular final exam is Tuesday May 4th at 10:10 in 121 Sparks Lecture notes: LANDSCAPE ARCHITECTURE AS A
Penn State - L ARCH - 060
LARCH 060Tuesday, April 6th, 1999Announcements: Today we had a guest speaker on Penn State history Lecture notes: PENN STATE: THE HISTORY AND EVOLUTION~ Old Main- once completed it housed everything.it was the only building. It housed the students
Penn State - L ARCH - 060
LARCH 060Tuesday, March 23rd, 1999Announcements: Exam #2 on Thursday March 25th during classtime. A-O names in 121 Sparks, P-Z in 112 Buckhout. Slide review tonight at 101 Thomas from 7-8pm Lecture notes FREDRICK LAW OLMSTEAD 2: Land/environment:
Penn State - L ARCH - 060
LARCH 060Tuesday, March 16th, 1999Announcements: There was no class on Thursday March 4th. Exam review on March 23rd from 7-8pm in 101 Thomas. Lecture notes: PARKS MOVEMENT-EUROPE (19C.): Land/environment: Theraputic Landscapes Socio-cultural mili
Penn State - L ARCH - 060
LARCH 060Tuesday, March 2nd, 1999Announcements: none Lecture notes: ENGLISH LANDSCAPE SCHOOL IN THE EARLY US. (C. 1800): Land/environment: All of American Landscape Bountiful/ seemingly boundless Desire to preserve and conquer Socio-cultural milie
Penn State - L ARCH - 060
LARCH 060Thursday February 25th, 1999Announcements: none Lecture notes: ENGLISH LANDSCAPE SCHOOL (later): Land/environment: Agricultural Landscape The ideal VS the real Nature's aesthetic (picture), health Socio-cultural milieu: The beautiful VS t
Penn State - L ARCH - 060
LARCH 060Thursday February 18th, 1999Announcements: none Lecture notes: FRENCH CHATEAUX (Baroque 17-18C.): Land/Environment: Controlled and flat land Humans seen as conquerors over nature, went beyond the bounds of humanism Socio-cultural milieu:
Penn State - L ARCH - 060
LARCH 060Tuesday, February 16th, 1999Announcements: none Lecture notes: ITALIAN VILLA (15-16C.): Land/environment: Hillsides and mountainous Countryside as a refuge Nature affords learning, awareness to control over learning Socio-cultural milieu: