Learn How to Solve All ACC/290 Week 1 Problems

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Keys to Success in ACC290 Week 1

The problems in this lesson cover basic accounting situations in based on GAAP and IFRS rules. I will teach you how to use excel to solve these problems and keep your figures organized. If you need clarification on any particular section, just shoot me a message!

Do-It 1-3 Marsh Corporation

Do It 1-3: Marsh Corporation began operations on January 1, 2014. The following information is available for Marsh

  1. Corporation on December 31, 2014.
  2. Accounts payable $ 4,000 Notes payable $ 8,000
  3. Accounts receivable 2,200 Rent expense 10,200
  4. Advertising expense 4,000 
  5. Cash 3,300 Service revenue 25,600
  6. Common stock 15,000 Supplies 1,800
  7. Dividends 2,500 Supplies expense 1,800
  8. Equipment 26,000

Prepare an income statement for Marsh Corporation.

Solution: 

Correct Answer A

IFRS uses what we call a principles based accounting disclosure system.This makes the disclosure requirements minimal, because the is more conventions followed between companies, thus eliminating the need for extra disclosure. 

Exercise 1-3 Clear View Golf & Country Club

Exercise 1-3: QuestionThe Clear View Golf & Country Club details the following accounts in its financial statements.

(a) Classify each of the following accounts as an asset, liability, stockholders’ equity, revenue, or expense item.

(b) Classify each of the following accounts as a financing activity, investing activity, or operating activity.

Solution: 

Please Download Excel Attachment Below

Exercise 1-4 Molina Co

Exercise 1-4This information relates to Molina Co. for the year 2014.Retained earnings, January 1, 2014 $67,000

  1. Advertising expense 1,800
  2. Dividends 6,000
  3. Rent expense 10,400
  4. Service revenue 58,000
  5. Utilities expense 2,400
  6. Salaries and wages expense 30,000

After analyzing the data, prepare an income statement for the year ending December 31, 2014.

Solution: 

Please Download Excel Attachment Below

E1-4 Income Statement on Excel Spreadsheet

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This is the income statement that you can use as a template in MS excel.

Exercise 2-4: Heinz

Exercise 2-4: Suppose the following information (in thousands of dollars) is available for H.J. Heinz Company—famous for ketchup and other fine food products—for the year ended April 30, 2014.

  1. Prepaid insurance $ 125,718
  2. Buildings $4,033,369Land 76,234
  3. Cash 373,123
  4. Goodwill 3,982,867
  5. Accounts receivable 1,171,677
  6. Trademarks 757,806
  7. Accumulated depreciation—buildings 2,131,260
  8. Inventory 1,237,613

Prepare the assets section of a classified balance sheet.

Solution

Please Download Excel Attachment Below

IFRS 2-4 Ruiz Company

IFRS 2-4: The statement of financial position for Ruiz Company includes the following accounts (in British pounds): Accounts Receivable £12,500; Prepaid Insurance £3,600; Cash £15,400; Supplies £5,200; and Debt Investments (short-term) £6,700. Prepare the current assets section of the statement of financial position, listing the accounts in proper sequence.

Solution: 

Please Download Excel Attachment Below

Answers for All Problems in Excel

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Grades

f

Graded

This was a joke don't do it. I went to download the spreadsheet and it would let me, it said exceeds the limit. Just don't do it.

Av 3 c05f0a2331bbb5edd2ca59390735fb4282e43527b45e938122d3f8a941d926c4
b

Graded

There is no information on DO IT 1-3 section.
Rest was helpful, although the numbers were different then mine on the actual assignment but all the correct names were there for me.

Av 4 683c35d46801fc76e24da362c8e2a708ca71bb39a8d7aa6e7212f93b16fc4a34
c 74.0%
Academics Accounting

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