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Hm1030 week 2 test

08/01/2021 Client: saad24vbs Deadline: 7 Days

 HM1030 : Week 3 Assignment Worksheet


Type your name here


Before you begin, save this document to your computer.You will need to submit your answers in the area indicated below.


DIRECTIONS:


1. Read chapters 4 and 7 of your Principles of Financial Accounting textbook.


2. Answer the following SIX (6) questions.


3. Please remember toSAVE this document to your computer or “My Documents” on your computer.


4. Submit the saved file to your “Assignment Drop Box”.


Tips for answering questions:


· Read the question more than twice, if necessary, to make sure you understand what you are asked to do.


· Find the key words in each question and construct your answer to address those key words or phrases of the question.


· Your answer should be organized and to the point.


· Keep your sentences short and simple. Pay attention to the answer length requirements (if stated).


· If necessary, go the extra mile and give examples to illustrate your point.


Before you continue:


· Did you save this document to your computer?


· No: Please save this document to your computer now.


· Yes: Great! Let’s get to work!


(See next page for part 1)


Question 1:


How does the automated system improve the efficiency and timeliness of financial


statements?


8 points


Directions to complete Question1:


· TIP 1: Consider using an introductory paragraph explaining:


a. What is an automated accounting information system?


b. What are major benefits of an automated accounting information system?


· TIP 2: See page 184 (Paragraph 2, Control Principle)


· Use short responses, in complete sentences with proper grammar and spelling


· Your answer should be no less than 8 sentences.


Answer:


Type your answer here


OPTIONAL : Feel free to go the extra mile!


If you used resources to help you answer your question (for example: your textbook, a web page, or an article) please list the name and location of your source below. Be sure to rewrite your answer in your own words. Help is available! Contact your Instructor or Academic Coaching or visit the Student Success Center.




Optional:


Type your resources here…..


SAVE YOUR ANSWERS . . . .SAVE YOUR DOCUMENT BEFORE YOU SUBMIT THIS ASSIGNMENT


(See next page for part 2)


Question 2:


How does the automated system enhance the relevance of the information provided?


8points


Directions to complete Question2:


· TIP 1: See page 184 (Paragraph 3, Relevance Principle)


· Use short responses, in complete sentences with proper grammar and spelling


· Your answer should be no less than 8 sentences.


Answer:


Type your answer here


OPTIONAL : Feel free to go the extra mile!


If you used resources to help you answer your question (for example: your textbook, a web page, or an article) please list the name and location of your source below. Be sure to rewrite your answer in your own words. Help is available! Contact your Instructor or Academic Coaching or visit the Student Success Center.




Optional:


Type your resources here…..


SAVE YOUR ANSWERS . . . .SAVE YOUR DOCUMENT BEFORE YOU SUBMIT THIS ASSIGNMENT


(See next page for part 3)


Question 3: How does the automated system enhance the decision making process?


8 points


Directions to complete Question 3:


· TIP 1: See page 184 (Paragraph 1, Accounting Information Systems and Relevance Principle)


· Use short responses, in complete sentences with proper grammar and spelling


· Your answer should be no less than 8 sentences.


Answer: Type your answer here


OPTIONAL : Feel free to go the extra mile!


If you used resources to help you answer your question (for example: your textbook, a web page, or an article) please list the name and location of your source below. Be sure to rewrite your answer in your own words. Help is available! Contact your Instructor or Academic Coaching or visit the Student Success Center.




Optional:


Type your resources here…..


SAVE YOUR ANSWERS . . . .SAVE YOUR DOCUMENT BEFORE YOU SUBMIT THIS ASSIGNMENT


(See next page for part 4)


Question 4:


At the beginning of the year, a company’s balance sheet reported the following balances: Total Assets = $125,000; Total Liabilities = $75,000; and Owner’s Capital = $50,000. During the year, the company reported revenues of $46, 000 and expenses of $30, 000. In addition, owner’s withdrawals for the year totaled $20,000. Assuming no other changes to owner’s capital, the balance in the owner’s capital account at the end of the year would be:


9points


Directions to answer Question4:


· TIP: Page 14: Expanded Accounting Equation (Last paragraph)


· From the question, enter the “Owner’s Capital at the beginning of the year” in the “Type your answer here” cell in Line 1


· From the question, enter the “Reported Revenues” in the “Type your answer here” cell in Line 2


· From the question, enter the “Expenses during the year” in the “Type your answer here” cell in Line 3


· From the question, enter the “Owner’s Withdrawals during the year” in the “Type your answer here” cell in Line 4


· Enter theresult of the underlined portion of the “Expanded Accounting Equation” in the “Type your answer here” cell in Line 5


Line 1


Owner’s Capital at the beginning of the year


Type your answer here


Line 1


Line 2


Reported Revenues


Type your answer here


Line 2


Line 3


Expenses during the year


Type your answer here


Line 3


Line 4


Owner’s Withdrawals during the year


Type your answer here


Line 4


Line 5


Expanded Accounting Equation is:


Assets = Liabilities+ {Owner Capital (Line 1) – Owner Withdrawals (Line 4) +Revenues (Line 2) – Expenses (Line 3) }/ Equity


Type your answer here


Line 5


SAVE YOUR ANSWERS . . . .SAVE YOUR DOCUMENT BEFORE YOU SUBMIT THIS ASSIGNMENT


(See next page for part 5)


Question 5:


A company had average total assets of $982,450 and net income of $190,700 and reports various segment information. Segment A had average total assets of $437,800 and segment operating income of $98,230. Segment B had average assets of $151,200 and segment operating income of $16,190. Calculate the segment return on assets for Segment A.


9points


Directions to select/identify the CORRECT answer for Question5:


· TIP: Page 22, Return on Assets


· From the question, enter the “Net Income” in the “Type your answer here” cell in Line 1


· From the question, enter the “Average Total Assets” in the “Type your answer here” cell in Line 2


· Enter the “Return on Assets” in the “Type your answer here” cell in Line 3. The “/” symbol means divide.


Line 1


Net Income


Type your answer here


Line 1


Line 2


Average Total Assets


Type your answer here


Line 2


Line 3


Return on Assets = Net Income(Line 1) / Average Total Assets(Line 2)


Type your answer here


Line 3


SAVE YOUR ANSWERS . . . .SAVE YOUR DOCUMENT BEFORE YOU SUBMIT THIS ASSIGNMENT


(See next page for part 6)


Question6:


Use the information in the adjusted trial balance presented below for the Jones Company.


Account Title


Debit


Credit


Cash


23,000


Accounts receivable


16,000


Prepaid insurance


6,600


Equipment


100,000


Accumulated Depreciation‐Equipment


50,000


Land


95,000


Accounts payable


17,000


Interest payable


2,400


Unearned revenue


5,000


Long-term notes payable


30,000


J. Jones, Capital


136,200


Totals


240,600


240,600


What is the total current assets for Jones Company?


7points


Directions to complete Question6:


· HINT: See page 148: Current Assets


· From the question, enter the “Cash” in the “Type your answer here” cell in Line 1


· From the question, enter the “Accounts Receivable” in the “Type your answer here” cell in Line 2


· From the question, enter the “Prepaid Insurance” in the “Type your answer here” cell in Line 3


· Enter the “Total Current Assets” in the “Type your answer here” cell in Line 4


Line 1


Cash


Type your answer here


Line 1


Line 2


Accounts Receivable


Type your answer here


Line 2


Line 3


Prepaid Insurance


Type your answer here


Line 3


Line 4


Total Currents Assets are:


Cash(Line 1), Short term investments, accounts receivable(Line 2), short term note receivable, good for sale (called merchandise or inventory) and prepaid expenses(Line 3) . (Add: line 1 + line 2 + line 3)


Type your answer here


Line 4


SAVE YOUR ANSWERS . . . .SAVE YOUR DOCUMENT BEFORE YOU SUBMIT THIS ASSIGNMENT


You will earn additional points if you correctly submit the worksheet to the assignment dropbox.


1 point


You will earn additional points if you use proper sentence structure, grammar and spelling.


5 points


TOTAL POINTS


55 points


NEED MORE HELP? Visit the STUDENT SUCCESS CENTER!


Contact your


INSTRUCTOR, ADVISOR, ACADEMIC COACH




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