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*Started Course 23rd Aug* Listen to the Guidance Report Video.
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*Started Course 23rd Aug*


Listen to the Guidance Report Video.

Listen to the video below for the exercise/problem. The video completes the problems using the book numbers.

Open the Guidance Report and rework the problem with the changed numbers and place your answers on the guidance report. Do not alter the guidance report.

Submit the guidance report using the Assignment Submission tab below.

Complete the following problems and exercises:

Chapter One, Exercises 2, 5, and 8

Chapter One, Problems 3 and 5

Chapter Two, Exercises 3 and 4


Week One Guidance Report




Video Transcript


Video can also be accessed using this link:

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Video Transcript


Video can also be accessed using this link:

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Video can also be accessed using this link:

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Video can also be accessed using this link:

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Video can also be accessed using this link:

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*SEE THE ATTACHMENT*


Ashford University ACC20

 

Guidance Report

 

Week One

 

LISTEN TO AUDIO/VIDEO EXPLAINING THE GUIDANCE REPORT

 

AUDIO/VIDEO EX 2 <<<<CLICK HERE

 


 

YELLOW INDICATES ACCOUNT AMOUNT

 


 

Chan

 


 

Based Up

 

Exercise/

 

Problem

 

Ch 1 - Ex 2

 


 

Account to

 

be changed

 

Building

 

Fee Revenue

 

Loan Payable

 


 

Questions

 


 

Original

 

Amount

 

Jan-Feb

 

30,000

 

32,200

 

56,900

 

60,100

 

40,000

 

44,200

 


 

YOUR ANSWERS

 

BASED UPON

 

COURSE START

 

DATE

 


 

1. Total Assets

 

2. Total Liabilities

 

3. Net Income

 


 

AUDIO/VIDEO EX 5 <<<<CLICK HERE

 


 

Ch 1- Ex 5

 


 

Account to

 

be changed

 

January 1 Assets

 


 

Original

 

Amount

 

45000

 

YOUR ANSWERS

 

BASED UPON

 

COURSE START

 

DATE

 


 

Ch 1- Ex 5

 


 

A. Compute the change in owner's

 

equity during the year by using the

 

accounting equation.

 


 

46,500

 


 

2. Assume that there were no

 

owner investments or withdrawals

 

during the year. What is the

 

probable cause of the change in

 

owner's equity from part (a)?

 


 

3. Assume that there were no

 

owner investments during the year.

 

If the owner withdrew $17,000,

 

determine and compute the

 

company's net income or net loss.

 


 

4. If owner investments and

 

withdrawals amounted to $13,000

 

and $2,000, respectively, determine

 

whether the company operated

 

profitably during the year.

 


 

Ch 1- Ex 8

 


 

Account to

 

be changed

 

Income statement

 

Total expenses

 

Ending owner's equity

 

Total liabilities

 


 

Original

 

Amount

 

64900

 

70800

 

97000

 


 

65,900

 

$ 71,150

 

$ 97,375

 


 

YOUR ANSWERS

 

BASED UPON

 

COURSE START

 

DATE

 

Ch 1- Ex 8

 


 

Total revenues for the year

 

Total owner investments

 

Total assets

 


 

Reference Video

 

Ch 1 Pb 3

 

Account to

 

be changed

 

Surgery Revenue

 

Cash

 


 

Original

 

Amount

 

175000

 

60000

 

YOUR ANSWERS

 

BASED UPON

 

COURSE START

 

DATE

 


 

Income Statement

 


 

185,000

 

70,000

 


 

Surgery Revenue

 

Total Revenue

 

Expenses:

 

Surgical Expenses

 

Salaries Expense

 

Utilities Expense

 

Rent Expense

 

Total Expenses

 

Net Income(Loss)

 

Statement of owner's equity

 

Beginning Capital

 

Add: Net Income(loss)

 

Add: Owner Investments

 

Deduct Withdrawals

 

Ending Capital

 

Balance sheet

 

Assets:

 

Cash

 

Accounts Receivable

 

Office Equipment

 

Surgical Equipment

 

Total Assets

 

Liabilities:

 

Accounts Payable

 

Loan Payable

 

Total Liabilities

 

Capital (This is the ending capital

 

from the owners equity statement)

 

Total Liabilities and Capital

 

Ch 1 Pb 5

 

Account to

 

be changed

 

Chapter One Problem Five

 

Services performed on account

 


 

Prepare an income statement for

 

the month ending October 31,

 

20X6.

 

Services performed

 

Expenses:

 

Salary expense

 


 

Original

 

Amount

 

18300

 


 

YOUR ANSWERS

 

BASED UPON

 

COURSE START

 

DATE

 


 

28300

 


 

Advertising expense

 

Taxes

 

Postage

 

Utilities

 

Interest

 

Misc

 

Total expenses

 

Net Income

 


 

Prepare a statement of owner's

 

equity for the month ending

 

October 31, 20X6.

 

Beginning balance

 

Investments

 

Withdrawals

 

Net Income

 

Ending balance

 


 

Prepare a balance sheet as of

 

October 31, 20X6.

 

Assets:

 

Cash

 

Accounts receivable

 

Office equipment

 

Decorator furnishings

 

Van

 

Total Assets

 

Liabilities:

 

Accounts payable

 

Bank loan

 

Total liabilities

 

Owners equity

 

Total liabilities & Owners equity

 

Ch 2 Ex 3

 

Account to

 

be changed

 

Investment

 

Cash

 

Land

 

Services to Ratchford

 

Payment from Ratchford

 

Salaries

 

Computer

 


 

Original

 

Amount

 

15000

 

10000

 

1200

 

800

 

250

 

3200

 


 

20500

 

15500

 

6700

 

6300

 

5750

 

8700

 


 

Collection from Ratchford

 

Borrowed from West Bank

 


 

4/1: Received cash of

 

$15,000 and land valued

 

at $10,000 from Jennifer

 

Royall as an investment

 

in the business.

 

Cash

 

Land

 

Owners Equity

 

4/5: Provided $1,200 of

 

services to Jason

 

Ratchford, a client.

 

Accounts Receivable

 

Revenue

 

4/5: Ratchford agreed to

 

pay $800 in 15 days and

 

the remaining amount in

 

May.

 

No transaction occurred,

 

so no entry.

 

4/9: Paid $250 in

 

salaries to an employee.

 

Salary Expense

 

Cash

 

4/19: Acquired a new

 

computer for $3,200;

 

Royall will pay the

 

dealer in May.

 

Computer Equipment

 

Accounts Payable

 

4/20: Collected $800 from

 

Jason Ratchford for

 

services provided on

 

April 5.

 

Cash

 

Accounts Receivable

 

4/24: Borrowed $7,500

 

from Best Bank by

 

securing a 6-month loan.

 


 

Ch 2 Ex 4

 


 

Cash

 

Notes Payable

 


 

800

 

7500

 


 

YOUR ANSWERS

 

BASED UPON

 

COURSE START

 

DATE

 


 

6300

 

13000

 


 

Account to

 

be changed

 

Fees Earned

 


 

Determine the cost of the

 

company's land by

 

preparing a trial

 

balance.

 

Accounts Payable

 

Accounts Receivable

 

Advertising Expense

 

Bob Brighton, Capital

 

Cash

 

Fees Earned

 

Interest Expense

 

Loan Payable

 

Salaries Expense

 

Utilities Expense

 

Land amount =

 

Determine the firm's net

 

income for the period

 

ending March 31.

 

Revenue:

 

Fees earned

 

Expenses:

 

Advertising Expense

 

Interest Expense

 

Salaries Expense

 

Utilities Expense

 

Total Expense

 

Net Income

 


 

Original

 

Amount

 

18900

 


 

YOUR ANSWERS

 

BASED UPON

 

COURSE START

 

DATE

 

Debits

 

Credits

 


 

hford University ACC205

 

Guidance Report

 

Week One

 


 

LOW INDICATES ACCOUNT AMOUNTS CHANGED

 

Change Account to:

 

Based Upon Course Start Date

 

Mar-Apr

 

34,400

 

63,300

 

48,400

 


 

May-Jun

 

36,600

 

66,500

 

52,600

 


 

Jul-Aug

 

38,800

 

69,700

 

56,800

 


 

Sept-Oct

 

41,000

 

72,900

 

61,000

 


 

Nov-Dec

 

43,200

 

76,100

 

65,200

 


 

48,000

 


 

49,500

 


 

51,000

 


 

52,500

 


 

54,000

 


 

66,900

 

$ 71,500

 

$ 97,750

 


 

67,900

 

$ 71,850

 

$ 98,125

 


 

68,900

 

$ 72,200

 

$ 98,500

 


 

69,900

 

$ 72,550

 

$ 98,875

 


 

70,900

 

$72,900

 

$99,250

 


 

195,000

 

80,000

 


 

205,000

 

90,000

 


 

215,000

 

100,000

 


 

225,000

 

110,000

 


 

235,000

 

120,000

 


 

38300

 


 

48300

 


 

58300

 


 

68300

 


 

78300

 


 

26000

 

21000

 

12200

 

11800

 

11250

 

14200

 


 

31500

 

26500

 

17700

 

17300

 

16750

 

19700

 


 

37000

 

32000

 

23200

 

22800

 

22250

 

25200

 


 

42500

 

37500

 

28700

 

28300

 

27750

 

30700

 


 

48000

 

43000

 

34200

 

33800

 

33250

 

36200

 


 

11800

 

18500

 


 

17300

 

24000

 


 

22800

 

29500

 


 

28300

 

35000

 


 

33800

 

40500

 


 

Jan-Feb

 

21,700

 


 

Mar-Apr

 

24,500

 


 

May-Jun

 

27,300

 


 

Jul-Aug

 

30,100

 


 

Sept-Oct

 

Nov-Dec

 

32,900 35,700

 


 

 







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