Corporate Accounting- Week 2 INDIVIDUAL
Problem 2-3A Classified Balance Sheet
The following balance sheet items, listed in alphabetical order, are available from the records of
Singer Company at December 31, 2012:
Week 3 Individual
Intro to corporate accounting
Exercise 3-6 Normal Account Balances
Each account has a normal balance. For the following list of accounts, indicate whether
the normal balance of each is a debit or a credit.
Problem 11-13 Effects of Stockholder's Equity Transactions on the Balance Sheet, page 627
The following transactions occurred at Horton Inc. during its first year of operation:
a. Issued 100,000 shares of common stock at $5 each; 1,000,000 shares are auth
Individual 1/ Week 1
Intro to Corporate Accounting
Problem 1-5 Income Statement, statement of Retained Earnings, and Balance Sheet
The following list, in alphabetical order, shows the various items that regularly appear on
the financial stateme
Week 1 Individual Assignment
1. How can using personal financial planning tools help you improve your financial
situation? Describe changes you can make in at least three areas.
Financial planning tools will help you set realistic goals and hel
Tax Accounting/Week 1 Individual
1. Jason and Mary are married taxpayers in 2014. They are both under 65 and in good
health. For this tax year, they have a total of 41,000 in wages and $500 in interest
income. Jason and Marys deductions for adj
How does financial planning incorporate investment planning, retirement planning, and
Financial planning is incorporated into investment planning, retirement planning and
estate planning because they all each of equal importance to each
Wk 5 Individual
2. In 2014, Margaret and John Murphy (both over age 65) are married taxpayers who file a joint
tax return with AGI of $25,000. During the year they incurred the following expenses:
Hospitalization insurance premiu
Individual Wk 9
Assume that Mary Boyle had a homeowners insurance policy with $ 150,000 of coverage on the
dwelling. Would a 90 percent co- insurance clause be better than an 80 percent clause in such a
policy? Give reasons to support your answ
Week 10- Individual 2
Define investing and speculating.
Investing is considered to take a long- term perspective and is viewed as a process of purchasing securities
wherein stability of value and level of return are somewhat predictable.
Week 12 Individual Work
1. Jacqueline Strauss, a 25- year- old personal loan officer at Second National Bank,
understands the importance of starting early when it comes to saving for retirement. She
has committed $ 3,000 per year for her retire
Personal Financial Goals
April 28, 2015
Short-Term Goals (1 year or less)
Prority Target Date Cost Estimate
Purchase New Vehicle
Purchase new Home
Pay off Credit Cards
Week 10-Individual 1
1. Use Worksheet 11.1. Linda Scales is now employed as the managing editor of a
well-known business journal. Although she thoroughly enjoys her job and the
people she works with, what she would really like to do is open a b
1. Debbie Snyder has just graduated from college and needs to buy a car to commute to
work. She estimates that she can afford to pay about $ 450 per month for a loan or lease
and has about $ 2,000 in savings to use for a down payment. Develop a plan to gu
2. Suppose that someone stole your ATM card and withdrew $ 950 from your checking
account. How much money could you lose (according to federal legislation) if you
reported the stolen card to the bank: ( a) the day the card was stolen, ( b) 6 days after th
What are the signs of credit overuse?
You are late or cannot afford to make your monthly payments, no available credit on your credit cards, and only making the
minimum monthly payments
Do you think credit has done more harm than good to the average consu
2. For each pair of funds listed below, select the fund that would be the least risky and
briefly explain your answer.
a. Growth versus growth- and- income: Growth fund is less riskier because a growthand-income fund usually lags those of pure growth fund
What is the relationship between financial services and overall financial planning?
Financial planning is your overall plan of how you will meet the goals you have set for yourself. It
determines how much you will save and how much you need to save to me
Individual 1/ Finance/ Week 11
2. An investor is thinking about buying some shares of Razortronics, Inc., at $ 75 share.
She expects the price of the stock to rise to $ 115 a share over the next three years.
During that time, she also expects t
As an investor, why would you purchase a bond?
Bonds offer a return on capital gain, you are lending your money for a certain period of time and will in
return get your money plus interest payments out of it. With bonds, when interest rates fall, bond pr
The Company currently anticipates that two U
What is the principle of life insurance?
The principle of life insurance is the expectation of the length of life and the expected deaths.
Why do people buy life insurance?
People purchase life insurance to protect their dependents from financial loss i
DETERMINING AMOUNT OF INVESTMENT CAPITAL
1. Targeted Financial Goal (see Note 1)
2. Projected Average Return on Investments
A. Finding a Lump Sum Investment:
3. Future Value Factor, from Appendix A
8 years to target date and a pr
What are some signs that you are being approached by a predatory lender?
Early pay off penalties, acceptance of bad credit, high fees, falsifying information, not
counting taxes and insurance, being overly persistent, inflated interest rates
How can you
What are the advantages and disadvantages of owning a home?
Advantages: tax deductions for the interest and property taxes; homes typically increase in value
Disadvantages: responsibility of costly repairs, long term financial commitment; the financial s
1. Mary Watson is 24 years old and single, lives in an apartment, and has no
dependents. Last year she earned $ 45,000 as a sales assistant for Focused
Business Analytics: $ 3,910 of her wages was withheld for federal income taxes.
In addition, she had in