Hooper, Inc., has current assets of $200 million; property, plant, and equipment of $350
million; and other assets totaling $160 million. Current liabilities are $170 million and
long-term liabilities total $320 million.
1. Use these data to write Hooper'
Targeted Homework Chapter 10 (answers on last page):
1) Stockholders of a corporation directly elect the:
A) Board of directors.
B) President of the corporation.
C) Chief Financial Officer of the corporation.
D) Chairperson of the Board.
2) If a corporati
Chapter 7 Items & Definitions
Pages 373 - 375 Plant Assets, Natural Resources, & Intangible Assets
Page 376 Distinguish a capital expenditure from an immediate expense *very important!
Page 377 Read about WorldCom, it will give you a real life example of
Chapter 8 Items & Definitions:
Page 443 Refer to the bottom of pg 443 for Investments in Available for Sale Securities & Accounting Methods for Long Term
Stock Investments (the pie chart in particular). The pie chart refers to the percent of ownership you
Key Items & Definitions related to Chapter 6:
Page 312: Sales Price vs Cost of inventory
Page 314: Cost Per Unit of Inventory & Accounting for Inventory in the Perpetual System
Page 316: What goes into Inventory cost? (understand that there are other item
For each of the following questions, indicate which financial statement would most likely
be used to provide the information. Use the following abbreviations: Income statement
(I), Statement of retained earnings (R). Balance sheet (B), and Statement of ca
Following are partially completed financial statements (income statement, statement of
retained earnings, and balance sheet) for Masterton Corporation. Complete the financial
statements. All amounts are in millions.
Solve in this order:
ACCT 505 - Accounting Essentials
Class #2 September 12, 2016
Governance & Oversight Related to Accounting in the United
Relevant Federal Laws:
Securities Act of 1933
Securities Act of 1934
Sarbanes Oxley Act of 2002
Explain how accrual accounting
differs from cash-basis
Explain H ow AccrualAccounting D iff
From Cash-Basis Accounting
Learning O bjective O ne
Account for short-term
Account for Short-Term
Reasons to Invest in Other
Companies invest in debt or equity
securities of other companies for at
least two reasons:
What is a transaction?
A transaction is any event that has a
financial impact on the business and can be
Provides objective information about the
financial impact on an exchange
Accounting Project (Research Paper)
5 page research paper (double spaced) Due Date: October 17, 2016.
Use one of the established formatting styles for example: MLA, Chicago Manual of Style, etc. I do not care w
Course: ACCT 505
Instructor: Sean Murphy
Home Work: Question from Exam 1
Create Financial Statements from a series of Transactions for Shamrock Travel
Targeted Homework Chapter 7 (answers on last page):
1) The distinction between a capital expenditure and an immediate expense for a plant asset requires judgment.
Answer: TRUE or FALSE?
2) Expenditures that extend a plant asset's useful life should be cap
Targeted Homework Chapter 5:
1) When a company sells a short-term available-for-sale security, the Gain on the Sale of the Investment in Available-for-Sale
Securities account is reported on the:
A) revenues section of the income statement.
B) current asse
Learning O bjective O ne
Show how to account for
Exhibit 6-1 |Contrasting a Service
Com pany w ith a M erchandising
Com pany (1 of2)
Merchandisers have two accounts that service entities dont need:
Cost of goods sold on the in