University of Michigan Dearborn
ACC 357 Fall 2015
Homework 5
Using the facts provided for Nothing Inc. below, complete the six income statements lettered A through F.
Something, Inc.
year ended
December 31, 2014
25% income tax rate
$
10 par value of commo
University of Michigan Dearborn
ACC 357 Fall 2015
Homework 4
Name_
Part 1.
The following bonds were issued:
Bubble Incorporated
Face value of bonds
Issued on
Number of years to maturity
$
100,000
January 1, 2010
5 years
Stated interest rate paid each Dece
University of Michigan Dearborn
ACC 357 Summer 2015
Excel Homework 1
Name_
Summary financial information is given as follows:
Upwards Airlines
Sales
Cost of goods sold
Gross margin
Selling and administrative expense
Operating income
Interest expense
Incom
INCOME STATEMENT
For the Period Ending December 31 2014
Paltry Corporation
Revenue
$
12,780,000
Income From Sub.
480,000
Total Revenue
13,260,000
Cost Of Sales
7,800,000
Operating Expenses
2,100,000
Interest Expense
160,000
Total Expenses
10,060,000
Net I
Parente' CompanSunny, Inc.
Intercompany profit in inventory,
Intercompany sales to affiliate
Intercompany profit in inventory,
January 1, 2016 $
December 31, 2016 $
100,000 $
2,200,000
80,000 $
60,000
3,700,000
75,000
Balance Sheet
As of December 31 2016
Upwards Airlines
Sales
Cost of goods sold
Gross margin
Selling and administrative expense
Operating income
Interest expense
Income after interest
Income tax expense
Net income
Average balance sheet items:
Current liabilities
Bonds payable
Common Stock
Ret
Accounting 357 Exercise Answers
Operating Assets
In Class
Page 1 of 48
Page 2 of 48
PRACTICE 102
1.
2.
3.
4.
5.
Franchise
Goodwill
Patent
Copyright
Trademark
Page 3 of 48
CATEGORIES OF INTANGIBLE NONCURRENT OPERATING ASSETS
PRACTICE 103
Equipment
Building
Introduction to Consolidated Statements
INTRODUCTION TO CONSOLIDATED STATEMENTS
Many real-world financial statements of corporations are "consolidated" - i.e., are the
combined statements of two or more companies, for which one company controls the other
Student Questionnaire
Word file on Canvas to fill out electronically. Insert picture and email to [email protected]
Course
Semester
Name
Email
Age
(optional)
Phone
Freshman
Sophomore
Junior
Senior
Home town
High School
First university
Date begin
Sonny, Inc.
Balance Sheet
As of December 31 2014
Assets
Cash
Receivables (net)
Inventories
Prepayments
Noncurrent assets
Liabilities and stockholders' equity
Current payables
Capital stock; par value of
$
Retained earnings
$
$
1,900,000
1,000,000
1,100,00
Chapter 16 Acct 3202
1.
Isaac Inc. began operations in January 2016. For certain of its property sales, Isaac recognizes income in the peri
financial reporting purposes. However, for income tax purposes, Isaac recognizes income when it collects cash fr
in
ACC 357: Intermediate Financial Accounting 2
Tentative Syllabus
Fall 2015
Intermediate Financial Acct 2 - 15781 - ACC 357 001
Instructor:
Dr. Bruce Bublitz
Office:
119 Fairlane South
Cell Phone:
313-595-2704 (best place to leave message; text if an emerge
Date
Paddle Company
January 5, 2014 Purchased business of Little company
Purchase price:
Market value of no par st $
Liabilities
$
Assets received:
Market value of receivabl $
Market value of raw mater$
Market value of land
$
Market value of building $
Ma
University of Michigan Dearborn
ACC 357 Fall 2015
Homework 5
Something, Inc.
year ended
December 31, 2014
25% income tax rate
$
10 par value of common stock
10,000,000 shares outstanding for entire year
A
$
Income before leases and depreciation
Lease and
University of Michigan Dearborn
ACC 357 Homework 2
Fall 2015
On July 1, 2013, Sunny Manufacturing Company began constructing an addition to its headquarter building. It's
fiscal year end will be on December 31, 2013 and December 31, 2014. The addition was
University of Michigan Dearborn
ACC 357 Fall 2015
Homework 3
Name_
Verb Incorporated purchased equipment when it opened on January 1, 2013.
Information on the purchase and condensed financial statements are shown below:
Verb Incorporated
Assets
Current As
University of Michigan Dearborn
ACC 357 Summer 2015
Homework 6
Name_
The following transactions and adjustments are for Paddle Company which specializes in building custom wooden boats. The
company began operations in January 2014. Assume all payments are
University of Michigan Dearborn
ACC 357 Summer 2015
Homework 7
Name_
The following transactions and adjustments are for Paddle Company which specializes in building custom wooden boats. The company
began operations in January . Assume all payments are mad
University of Michigan Dearborn
Homework 8
ACC 357
Name_
PEARSON CORPORATION and SAUDNERS CORPORATION have entered into negotiations leading to a possible business
combination. As of December 31, 2014, SAUDNERS CORPORATION condensed balance sheet was as f
University of Michigan Dearborn
Homework 9
ACC 357
Summer 2015
Name_
Paltry Corporation, purcashed all of the outstanding stock of the Slim Company on January 02, 2014, for
$2,000,000 cash.
At that date, Slim Company's assets and liabilities had the follo
University of Michigan Dearborn
Homework 10
ACC 357
Summer 2015
Name_
Padre Company, a wholesaler, purcashed 80% of the issued and outstanding stock of Sun, Inc., a retailer, on
December 31, 2012, for $120,000.
At that date, Sun, Inc. had one class of com
University of Michigan Dearborn
Homework 11
ACC 357
Summer 2015
Name_
Parente' Company, and Sunny, Inc. a 90% owned subsidiary, engage in extensive intercompany transactions
involving raw materials, component parts, and completed products.
Parente' Compan
7.12
Accounting 357 Exercise Answers
Financial Statement Analysis
In Class
(Profitability analysis for two types of retailers.) (amounts in millions of US$)
Company A is the specialty retailer because of its higher profit margin and lower
total assets tur
Verb Incorporated purchased equipment when it opened on January 1, 2013.
Information on the purchase and condensed financial statements are shown below:
Verb Incorporated
Assets
Current Assets
Investments
Equipment:
Original Cost
Less accumulated deprecia
Bubble Incorporated
Face value of bonds
$
100,000
Issued on
January 1, 2010
Number of years to maturity
5 years
Stated interest rate paid each Decemb
10% paid each December 31
Market or effective interest rate com
8% compounded annually
Useful life of equ
Group Questions
Group Questions
Name the historical event that sparked Project
Management as a practice and an area of study
Think of a unique application of Project
Management either currently using PM or
should be using PM
Chapter 1: Project Managemen
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