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BUS 321 INTERMEDIATE ACCOUNTING TR 9-11 room 03-209 Tad Miller Room 319 756-2831 office hrs MW 1:00-2:00 & TR 1:00-2:30 http://clubs.cob.calpoly.edu/~cmiller/ Spring 2017 [email protected] I do not hold office hours on the day of a test 1.Catalog Description Comprehensive coverage of financial reporting issues. BUS 321 covers financial statements, assets other than investments and intangibles, and liabilities. Prerequisite; BUS 214; BUS 319 Text Intermediate Accounting, eighth ed. Spiceland, Sepe, Nelson 2. Grading Exams must be taken with the class on the scheduled day. I do not give make-up exams or quizzes. If you must miss a quiz or exam, you must notify ME prior to the exam. If the reason is acceptable to me then I will re-weight your other quiz and exam scores. They may be announced to encourage preparation. If you believe a question on an exam was graded incorrectly, please discuss this with me prior to the next exam. I no longer review grading issues after the subsequent exam. Actg Cycle Project Due Quiz (1-4) Exam (5 & 7) Fri Tue Thu Lindsay's 31st birthday Mothers' Day Patti's xxth birthday Day in the Park / Spring Banquet Exam (8 & 9) Final exam Total Pts Apr 14 Apr 18 May 4 15 60 100 8 8 May 5 May 14 May 15 May 20 Jun 15 + 87.0 + 77.0 D Tue May 23 THURS @ 10:10 A B C . 100 8 100 375 . 8 407 93.0 83.0 73.0 (-) 90.0 (-) 80.0 (-) 70.0 60.0 3. Attendance The Cal Poly catalog states "Students are expected to be regular in class attendance to keep the quality and quantity of work high. Absence from classes is regarded as serious, and work missed is not excused. 4. Preparation You need to learn much of the material from the textbook, before class. Lectures will assume you have read the material and worked homework problems prior to class. Lectures should be difficult to follow if you are not prepared. Class time will be used to explain concepts and help with material you found difficult to learn on your own. This requires you to identify areas where you need help, prior to class, and ask for help in class. On the syllabus (q) indicates questions, (be) basic exercises, (e) exercises and (p) problems from the end of the chapter. A copy of the solutions manual will be available on PolyLearn 5. Study Groups are very helpful. I strongly encourage you to study in a group. 6. Final Exam Final exams will be given at the scheduled time. Please do not make any arrangements that will conflict with the university’s final exam schedule. Financial Statements are our product - make sure you are very familiar with the Financial Statements Illustrative Income Statements p. 173 Illustrative Balance Sheet p. 114 State of Cash Flows p. 200/201 Web address for Connect http://connect.mheducation.com/class/t-miller-bus-321-2168 Connect recommends that you use your Cal Poly email to register to Connect Wall Street Journal student offer www.wsj.com/studentoffer Comprehensive Accounting Problem Stumble & Fall, Inc. BUS 321 - Intermediate Accounting Spring 2017 - Tad Miller Instructions This project is most easily completed in an Excel workbook with several worksheets. You The first worksheet should be a cover sheet Skip a line between journal entries Account titles need to be the same on the chart of accounts, T-Accounts and journal entries Accounts in Trial Balance and T-accounts should be arranged by account number There is only one General Journal (one set of T-accounts). All entries need to be recorded in the same General Journal and posted to the same set of T-accounts. No late assignments. Prepare journal entries to record each of the following transactions. You do not need to write explanations below the journal entries. 2. Create T-accounts for each account in the chart of accounts and post each of the journal entries to an existing T-account. I will provide an excel template to save time. 3. Prepare an unadjusted trial balance 1. Prepare adjusting journal entries. In addition to the information provided for adjusting journal entries, review the transactions and review your unadjusted trial balance for any other adjusting journal entries you may need to prepare. 5. Post each of the adjusting journal entries to the same T-accounts you previously created. 6. Total the T-accounts prior to preparing the unadjusted trial balance. 7. Prepare an adjusted trial balance 4. 8. Prepare the following financial statements, in good form o Multistep income statement you do not need to distinguish between selling expense and general & administrative expenses o Statement of retained earnings o Classified balance sheet Apr 1 Apr 1 Apr 1 Apr 2 Apr 3 Apr 4 Apr 4 Apr 5 Apr 9 Apr 11 Apr 12 Apr 20 Apr 20 Apr 22 Apr 23 Apr 24 Apr 25 Apr 26 Apr 29 Apr 29 Issued 10,000 shares of $1 par value common stock for $13 per share. Borrowed $30,000 for Coast National Bank by issuing a $30,000 note due in two years with 10% interest payable annually. Purchased the assets of a distressed competitor for $75,000 in cash. The assets consisted of inventory with an estimated market value of $80,000; supplies worth $6,000 and equipment worth $14,000. Paid rent on building for 12 months in advance, $7,200. Purchased display equipment from Northern Supply for $10,000. Paid $2,000 cash and the balance is to be paid with in 60 days. Purchased merchandise on account from Quick Wholesale. Cost of the merchandise was $44,100, terms were 1/20 n/45. We use the perpetual inventory method. Paid $1,800 for supplies. Made a $25,000 credit sale to Ace Nursery, terms 2/10 n/30. Cost of Goods Sold was $17,500. Purchased merchandise costing $30,000 on account from Plants, Inc, terms were 2/30 n/60. Paid trucking company $250 cash for freight charges. Received $11,760 cash of the amount due from Ace Nursery (in the discount period) Paid salaries totaling $3,000 Cash sales of $15,000 before the 2% sales discount. Cost of Goods Sold was $10,500. Received $300 for subleasing an office in the building for $300 per month. The payment covers rent from 4/20/17 until 5/20/17. Received $5,000 from the sale of gift certificates. Paid the amount due to Quick Wholesale (in the discount period) Purchased temporary investments in the stock of Miller Motor Co. at a cost of $3,600. Returned defective merchandise costing $1,200 to Plants, Inc. $24,000 sale to Best-Way, which paid $5,880 cash and the remaining $18,000 was on account, terms 2/10 n/30. Cost of Goods Sold was $16,800. Purchased $6,000 of merchandise on account for Quick Wholesale, terms 1/20 n/45. Cash sales (before any sales discount) of $18,000. Cost of Goods Sold was $12,600. 101 · Cash 111 · Accounts receivable 119 · Allowance for uncollectible accounts 121 · Inventory 122 · Purchases 123 · Purchase discounts 124 · Purchase returns & allow 125 · Transportation in 131 · Investments 141 · Prepaid rent 151 · Supplies 171 · Equipment 179 · accumulated depreciation 201 · Accounts payable 211 · Interest payable 221 · Salaries payable 251 · Unearned revenue: gift certificates 256 · Unearned revenue: rent 261 · Notes payable 301 · Common stock 311 · Additional paid in capital 399 Retained earnings 401 · Sales 409 · Sales discount 501 · Cost of goods sold 511 · Bad debt expense 512 · Depreciation expense 513 · Rent expense 514 · Salary expense 515 · Supplies expense 591 · Rent revenue 599 · Interest expense Additional information Our rent expense is $600 per month (not our sublease revenue) Supplies used during Jan $1,300 Rent revenue earned during the last 10 days of January Gift certificates redeemed - $3,500 with $2,450 Cost of Goods Sold Interest expense on Bank Note Salaries earned but not yet paid $2,500 Depreciation $341.67- 5-year life Uncollectible accounts - $215 (estimate) Ending inventory - $78,859 These assignments are from prior editions