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Ashford University ACC2

Guidance Report
Week One

LISTEN TO AUDIO/VIDEO EXPLAINING THE GUIDANCE REPORT

AUDIO/VIDEO EX 2 <<<<CLICK HERE YELLOW INDICATES ACCOUNT AMOU

Ch
Based U
Exercise/ Account to Original
Problem be changed Amount Jan-Feb
Ch 1 - Ex 2 Building 30,000 32,200
Fee Revenue 56,900 60,100
Loan Payable 40,000 44,200

YOUR ANSWERS
BASED UPON
Questions
COURSE START
DATE
1. Total Assets
2. Total Liabilities
3. Net Income

AUDIO/VIDEO EX 5 <<<<CLICK HERE


Account to Original
be changed Amount
Ch 1- Ex 5 January 1 Assets 45000 46,500
YOUR ANSWERS
BASED UPON
COURSE START
DATE

A. Compute the change in owner's


equity during the year by using the
Ch 1- Ex 5 accounting equation.

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.

Account to Original
be changed Amount
Ch 1- Ex 8 Income statement
Total expenses 64900 65,900
Ending owner's equity balance 70800 $ 71,150
Total liabilities 97000 $ 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 Original
be changed Amount
Surgery Revenue 175000 185,000
Cash 60000 70,000
YOUR ANSWERS
BASED UPON
COURSE START
DATE
Income Statement
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 Original
be changed Amount
Chapter One Problem Five
Services performed on account 18300 28300

YOUR ANSWERS
Prepare an income statement for BASED UPON
the month ending October 31, COURSE START
20X6. DATE
Services performed
Expenses:
Salary expense
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 Original
be changed Amount
Investment
Cash 15000 20500
Land 10000 15500
Services to Ratchford 1200 6700
Payment from Ratchford 800 6300
Salaries 250 5750
Computer 3200 8700
Collection from Ratchford 800 6300
Borrowed from West Bank 7500 13000

4/1: Received cash of


$15,000 and land valued YOUR ANSWERS
at $10,000 from Jennifer BASED UPON
Royall as an investment COURSE START
in the business. DATE
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.
Cash
Ch 2 Ex 4 Notes Payable

Account to Original
be changed Amount
Fees Earned 18900

Determine the cost of the YOUR ANSWERS


company's land by BASED UPON
preparing a trial COURSE START
balance. DATE
Debits ----Credits
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
hford University ACC205
Guidance Report
Week One

LOW INDICATES ACCOUNT AMOUNTS CHANGED

Change Account to:


Based Upon Course Start Date

Mar-Apr May-Jun Jul-Aug Sept-Oct Nov-Dec


34,400 36,600 38,800 41,000 43,200
63,300 66,500 69,700 72,900 76,100
48,400 52,600 56,800 61,000 65,200

48,000 49,500 51,000 52,500 54,000


66,900 67,900 68,900 69,900 70,900
$ 71,500 $ 71,850 $ 72,200 $ 72,550 $72,900
$ 97,750 $ 98,125 $ 98,500 $ 98,875 $99,250

195,000 205,000 215,000 225,000 235,000


80,000 90,000 100,000 110,000 120,000
38300 48300 58300 68300 78300
26000 31500 37000 42500 48000
21000 26500 32000 37500 43000
12200 17700 23200 28700 34200
11800 17300 22800 28300 33800
11250 16750 22250 27750 33250
14200 19700 25200 30700 36200
11800 17300 22800 28300 33800
18500 24000 29500 35000 40500
Jan-Feb Mar-Apr May-Jun Jul-Aug Sept-Oct Nov-Dec
21,700 24,500 27,300 30,100 32,900 35,700