Acc201 Module 3

Module 3 – CaseBalance SheetAssignment OverviewThe main purpose of this Module is to review the balance sheet in more detail. Is there a difference in approach to valuation by US GAAP and IFRS? Discuss and note two or three specific differences. Additionally, clearlyDistinguish between an expense (expired cost) and an asset. Distinguish between current and long-term assets. Distinguish between current and long-term liabilities. Review Apples balance sheet and provide two examples of each of the above categories. Discuss retained earnings and how income or loss and dividends affect this account. Review Apples retained earnings account and explain how it changes between the two past years. Comment on at least three differences between Apples and Samsungs balance sheets. Does Apple or Samsung have more debt?Which of the two companies is the bigger one? Explain your reasoning. Assignment ExpectationsThe submission should be 3- to 5-pages and need to include answers to all the questions listed above. Show computations, discuss the results, and include references in APA format. When your paper is done, submit it. Module 3 – SLPBalance SheetWe’re continuing to analyze the same company as in Modules 1 and 2. Additional information added in Module 2One client indicated that they were interested in purchasing $42,500 worth of products. However, the client has not actually committed to the purchase. The bookkeeper already corrected the sales account. However, the bookkeeper may have made a mistake when computing cost of goods sold. She included total production costs for 2014 and did not adjust ending inventory for the $42,500 worth of units left at the end of the year. The amount of ending inventory was determined using a physical count. Additional information for Module 3The company made a secondary offering of stock and raised an additional $180,000 which includes $150,000 of Paid-in Capital. The company had already paid $15,000 in dividends before deciding on the offering. The company now has cash to invest in a piece of raw land on which to build in the future. The investment takes place before year end. The cost of the land is $400,000, the down payment is $40,000 and a note to the bank covers the rest. Nybrostrand Company31-Dec-14Trial Balance (accounts in alphabetical order)DebitCreditAccounts payable$ 78,000Accounts receivable$ 36,500Cash30,000Common stock10,000Depreciation expense24,350Cost of goods sold307,000Equipment (net of depreciation)415,000Insurance1,400Inventory34,000Long-term debt127,000Marketing4,500Paid-in capital50,000Property taxes16,900Rent28,000Retained earnings?Revenues586,000Salaries78,500Utilities6,700Total982,850982,850SLP Assignment ExpectationsPrepare a balance sheet for the company in good format. Update the balance sheet for the changes to income in Module 2 and also consider the effect of paying the dividend. You do not need to include the income statement. The submission should be 2- to 4-pages and need to include answers to all the questions listed above. Show computations, discuss the results, and include references in APA format. When your paper is done, submit it.

Originally posted 2018-07-04 13:55:17. Republished by Blog Post Promoter