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AKC Ghana is a manufacturer of “Etsedo”, a local soap. They have been in

Question: AKC Ghana is a manufacturer of “Etsedo”, a local soap. They have been in business for the last six years trading in the same product. However, in the last 18 months, the sale of their products has stagnated and there are signs that the company is about to hit a recession in their market. Discuss with management at least five ways they can stay afloat as aAKC Ghana is a manufacturer of “Etsedo”, a local soap. They have been in business for the last six years trading in the same product. However, in the last 18 months, the sale of their products has stagnated and there are signs that the company is about to hit a recession in their market. Discuss with management at least five ways they can stay afloat as a business in competition.Introduction: If your trading business is too strong, it is less likely to be exposed to risk – if it ever happens – or unexpected events. Strengthening your trading business involves more than just managing the economy.…View the full answer

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ACC/561 ACCOUNTING Week 1 – 2 online essay help

Indicate which statement you would examine to find each of the following items: income statement, balance sheet, retained earnings statement, or statement of cash flows.

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AKC Ghana is a manufacturer of “Etsedo”, a local soap. They have been in

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ACC/561 Accounting Final Exam online essay help

1) The statement of cash flows is used for _____.

A. showing the relationship of net income to changes in current assets

B. determining a company’s acceptable level of debt financing

C. revealing commitments that may restrict future courses of action

D. evaluating the creditworthiness of the organization

ACC 400 Week 2 Homework (All Questions Answered in Detail) | A+ work | Guaranteed online essay help


The bookkeeper for Biggio Corporation made these errors in journalizing and posting.

1.A credit posting of $400 to Accounts Receivable was omitted.

2.A debit posting of $750 for Prepaid Insurance was debited to Insurance Expense.

3.A collection on account of $100 was journalized and posted as a debit to Cash $100 and a credit to Accounts Payable $100.

4.A credit posting of $300 to Property Taxes Payable was made twice.

5.A cash purchase of supplies for $250 was journalized and posted as a debit to Supplies $25 and a credit to Cash $25.

6.A debit of $395 to Advertising Expense was posted as $359.


For each error, indicate (a) whether the trial balance will balance; if the trial balance will not balance, indicate (b) the amount of the difference, and (c) the trial balance column that will have the larger total. Consider each error separately. Use the following form, in which error 1 is given as an example.


On April 1 Flint Hills Travel Agency Inc. was established. These transactions were completed during the month.

1.Stockholders invested $25,000 cash in the company in exchange for common stock.

2.Paid $900 cash for April office rent.

3.Purchased office equipment for $2,800 cash.

4.Purchased $200 of advertising in the Chicago Tribune, on account.

5.Paid $500 cash for office supplies.

6.Earned $10,000 for services provided: Cash of $1,000 is received from customers, and the balance of $9,000 is billed to customers on account.

7.Paid $400 cash dividends.

8.PaidChicago Tribune amount due in transaction (4).

9.Paid employees’ salaries $1,200.

10.Received $9,000 in cash from customers billed previously in transaction (6).


(a)Prepare a tabular analysis of the transactions using these column headings: Cash, Accounts Receivable, Supplies, Office Equipment, Accounts Payable, Common Stock, and Retained Earnings (with separate columns for Revenues, Expenses, and Dividends). Include margin explanations for any changes in Retained Earnings.

(b)From an analysis of the Retained Earnings columns, compute the net income or net loss for April.


Clean Sweep Company offers home cleaning service. Two recurring transactions for the company are billing customers for services provided and paying employee salaries. For example, on March 15 bills totaling $6,000 were sent to customers, and $2,000 was paid in salaries to employees.


Write a memorandum to your instructor that explains and illustrates the steps in the recording process for each of the March 15 transactions. Use the format illustrated in the text under the heading “The Recording Process Illustrated” (pp. 120–126).


The following control procedures are used in Falk Company for over-the-counter cash receipts.

1.Cashiers are experienced; thus, they are not bonded.

2.All over-the-counter receipts are registered by three clerks who share a cash register with a single cash drawer.

3.To minimize the risk of robbery, cash in excess of $100 is stored in an unlocked attaché case in the stock room until it is deposited in the bank.

4.At the end of each day the total receipts are counted by the cashier on duty and reconciled to the cash register total.

5.The company accountant makes the bank deposit and then records the day’s receipts.


(a)For each procedure, explain the weakness in internal control and identify the control principle that is violated.

(b)For each weakness, suggest a change in the procedure that will result in good internal control.


On July 31, 2010, Fenton Company had a cash balance per books of $6,140. The statement from Jackson State Bank on that date showed a balance of $7,695.80. A comparison of the bank statement with the cash account revealed the following facts.

1.The bank service charge for July was $25.

2.The bank collected a note receivable of $1,500 for Fenton Company on July 15, plus $30 of interest. The bank made a $10 charge for the collection. Fenton has not accrued any interest on the note.

3.The July 31 receipts of $1,193.30 were not included in the bank deposits for July. These receipts were deposited by the company in a night deposit vault on July 31.

4.Company check No. 2480 issued to H. Coby, a creditor, for $384 that cleared the bank in July was incorrectly entered in the cash payments journal on July 10 for $348.

5.Checks outstanding on July 31 totaled $1,980.10.

6.On July 31 the bank statement showed an NSF charge of $690 for a check received by the company from P. Figura, a customer, on account.


(a)Prepare the bank reconciliation as of July 31.

(b)Prepare the necessary adjusting entries at July 31.

(a) Cash bal.




Alternative Distributor Corp., a distributor of groceries and related products, is headquartered in Medford, Massachusetts.

During a recent audit, Alternative Distributor Corp. was advised that existing internal controls necessary for the company to develop reliable financial statements were inadequate. The audit report stated that the current system of accounting for sales, receivables, and cash receipts constituted a material weakness. Among other items, the report focused on nontimely deposit of cash receipts, exposing Alternative Distributor to potential loss or misappropriation, excessive past due accounts receivable due to lack of collection efforts, disregard of advantages offered by vendors for prompt payment of invoices, absence of appropriate segregation of duties by personnel consistent with appropriate control objectives, inadequate procedures for applying accounting principles, lack of qualified management personnel, lack of supervision by an outside board of directors, and overall poor recordkeeping.


(a)Identify the principles of internal control violated by Alternative Distributor Corporation.

(b)Explain why managers of various functional areas in the company should be concerned about internal controls.

You have just started work for Warren Co. as part of the controller’s group involved in current online essay help

(Issues Raised about Investment Securities) You have just started work for Warren Co. as part

of the controller’s group involved in current financial reporting problems. Jane Henshaw, controller for

Warren, is interested in your accounting background because the company has experienced a series of

financial reporting surprises over the last few years. Recently, the controller has learned from the company’s

auditors that there is authoritative literature that may apply to its investment in securities. She assumes that

you are familiar with this pronouncement and asks how the following situations should be reported in the

financial statements.

Situation 1

Trading securities in the current assets section have a fair value that is $4,200 lower than cost.

Situation 2

A trading security whose fair value is currently less than cost is transferred to the available-for-sale category.

Situation 3

An available-for-sale security whose fair value is currently less than cost is classified as noncurrent but

is to be reclassified as current.

Situation 4

A company’s portfolio of available-for-sale securities consists of the common stock of one company. At

the end of the prior year the fair value of the security was 50% of original cost, and this reduction in market

value was reported as an other than temporary impairment. However, at the end of the current year

the fair value of the security had appreciated to twice the original cost.

Situation 5

The company has purchased some convertible debentures that it plans to hold for less than a year. The

fair value of the convertible debentures is $7,700 below its cost.


What is the effect upon carrying value and earnings for each of the situations above? Assume that these

situations are unrelated.

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Questions 2 and 3 have 2 additional questions that won’t come up until these are answered. I will have to post or message for the additional answers. there are just 3 questions. Thanks,



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ACC 206 Week 2 Assignment – Ch. 02 and 03 Problems (All Questions Answered) | A+ | GUARANTEED online essay help

Chapter Two and Three Problems

Please complete the following 7 exercises below in either Excel or a word document (but must be single document). You must show your work where appropriate (leaving the calculations within Excel cells is acceptable). Save the document, and submit it in the appropriate week using the Assignment Submission button.

Chapter 2 Exercise 1

1. Issuance of stock

Prepare journal entries to record the issuance of 100,000 shares of common stock at $20 per share for each of the following independent cases:

Jackson Corporation has common stock with a par value of $1 per share.

Royal Corporation has no-par common with a stated value of $5 per share.

French Corporation has no-par common; no stated value has been assigned

Chapter 2 Exercise 3

3. Analysis of stockholders’ equity

Star Corporation issued both common and preferred stock during 19X6. The stockholders’ equity sections of the company’s balance sheets at the end of 19X6 and 19X5 follow.



Preferred stock, $100 par value, 10%



Common stock, $10 par value



Paid-in capital in excess of par value







Retained earnings



Total stockholders’ equity



Compute the number of preferred shares that were issued during 19X6.

Calculate the average issue price of the common stock sold in 19X6.

By what amount did the company’s paid-in capital increase during 19X6?

Did Star’s total legal capital increase or decrease during 19X6? By what amount?

Chapter 2 Problem 1

1. Bond computations: Straight-line amortization

Southlake Corporation issued $900,000 of 8% bonds on March 1, 19X1. The bonds pay interest on March 1 and September 1 and mature in 10 years. Assume the independent cases that follow.

Case A—The bonds are issued at 100.

Case B—The bonds are issued at 96.

Case C—The bonds are issued at 105.

Southlake uses the straight-line method of amortization.


Complete the following table:

Case A

Case B

Case C

Cash inflow on the issuance date




Total cash outflow through maturity




Total borrowing cost over the life of the bond issue




Interest expense for the year ended December 31, 19X1




Amortization for the year ended December 31, 19X1




Unamortized premium as of December 31, 19X1




Unamortized discount as of December 31, 19X1




Bond carrying value as of December 31, 19X1




Chapter 3 Exercise 1

1. Product costs and period costs

The costs that follow were extracted from the accounting records of several different manufacturers:

Weekly wages of an equipment maintenance worker

Marketing costs of a soft drink bottler

Cost of sheet metal in a Honda automobile

Cost of president’s subscription to Fortune magazine

Monthly operating costs of pollution control equipment used in a steel mill

Weekly wages of a seamstress employed by a jeans maker

Cost of compact discs (CDs) for newly recorded releases of Rush, Billy Joel, and Bryan Adams Determine which of these costs are product costs and which are period costs.

For the product costs only, determine those that are easily traced to the finished product and those that are not.

Chapter 3 Exercise 2

2. Definitions of manufacturing concepts

Interstate Manufacturing produces brass fasteners and incurred the following costs for the year just ended:

Materials and supplies used

Brass $75,000

Repair parts 16,000

Machine lubricants 9,000

Wages and salaries Machine operators 128,000

Production supervisors 64,000

Maintenance personnel 41,000

Other factory overhead Variable 35,000

Fixed 46,000

Sales commissions 20,000


Total direct materials consumed

Total direct labor

Total prime cost

Total conversion cost

Chapter 3 Exercise 5

5. Schedule of cost of goods manufactured, income statement

The following information was taken from the ledger of Jefferson Industries, Inc.:

Direct labor


Administrative expenses


Selling expenses


Work in. process



Jan. 1


Finished goods

Dec. 31


Jan. 1


Direct material purchases


Dec. 31


Depreciation: factory


Raw (direct) materials on hand

Indirect materials used


Jan. 1


Indirect labor


Dec. 31


Factory taxes


Factory utilities


Prepare the following:

A schedule of cost of goods manufactured for the year ended December 31.

An income statement for the year ended December 31.

Chapter 3 Problem 3

3. Manufacturing statements and cost behavior

Tampa Foundry began operations during the current year, manufacturing various products for industrial use. One such product is light-gauge aluminum, which the company sells for $36 per roll. Cost information for the year just ended follows.

Per Unit

Variable Cost

Fixed Cost

Direct materials


$ —

Direct labor



Factory overhead









Production and sales totaled 20,000 rolls and 17,000 rolls, respectively There is no work in process. Tampa carries its finished goods inventory at the average unit cost of production.


Determine the cost of the finished goods inventory of light-gauge aluminum.

Prepare an income statement for the current year ended December 31

On the basis of the information presented:

Does it appear that the company pays commissions to its sales staff? Explain.

What is the likely effect on the $4.50 unit cost of direct materials if next year’sproduction increases? Why?

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