Download 2174 321 syllabus

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
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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