ACC 2101- Final Exam Guide - Comprehensive Notes for the exam ( 103 pages long!)

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amethystbat202

30 Nov 2017

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Accounting chapter 3 lecture notes: revenue that has been earned but not collected (cash assets, revenue recognized first, and then cash received second, transaction, revenue recognized, debit accounts receivable (asset) Not collect: report this estimate in allowance account. It"s a contra-asset account: two ways to determine the allownace, percentage of receivables, estimate bad debt expense as percentage of accounts receivable, credit allowance, example #1, net realizable value of accounts receivable, 50,000 10,000 = 40,000. = 2,300: = 1,000, reverse write-offs, no estimate of future events, no allowance recorded, we way for the customer to not pay, and then make the write-off at that point, not gapp. Income statement (rent, salaries: investing, purchasing and long term assets, financing cash flows, borrowing money, issue stockholders, paying dividends, link between the different financial statements: Measure business activities and communicate it: managerial accounting: methods accountants use to provide information to internal businesses, financial accounting: business activities and communicating it to external business partners.

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Case 2.1 Intel Case The 2013 Intel Form 10-K can be found at the following Web site: www.pearsonhighered.com/fraser. Using the Form 10-K, answer the following questions: Prepare a common-size balance sheet for Intel for all years presented. Describe the types of assets Intel owns. Which assets are the most significant to the company? Using the notes to the financial statements, discuss the accounting methods used to value assets. What other information can be learned about the asset accounts from the notes? Have there been significant changes to the asset structure from 2012 to 2013? Analyze the accounts receivable and allowance for doubtful accounts. Describe the types of liabilities Intel has incurred. Which liabilities are the most significant to the company? Have there been significant changes to the liability and equity structure from 2012 to 2013? Describe the commitments and contingencies of Intel. Under which classification(s) are deferred taxes listed? What item is the most significant component of deferred taxes? What equity accounts are included on the balance sheet of Intel? Case 2.2 Applied Materials Comprehensive Analysis Case Using the Financial Statement Analysis Template Each chapter in the textbook contains a continuation of this problem. The objective is to learn how to do a comprehensive financial statement analysis in steps as the content of each chapter is learned. Using the 2013 Applied Materials Form 10-K that can be found at www.pearsonhighered.com/fraser, complete the following requirements: Open the financial statement analysis template that you saved from the Chapter 1 Applied Materials problem and input the data from the Applied Materials balance sheet. Be sure to read the notes to the financial statements to determine the correct numbers to input on the template. For example, the company has combined asset and liability accounts and property, plant and equipment has been recorded net of accumulated depreciation. See Note 7 to help you reorganize the data for the template. When you have finished inputting the data, review the balance sheet to make sure there are no red blocks indicating that your numbers do not match the cover sheet information you input from the Chapter 1 problem. Make any necessary corrections before printing out both your input and the common-size balance sheet that the template automatically creates for you. Analyze the balance sheet. Write a summary that includes important points that an analyst would use in assessing the financial condition of Applied Materials.

taupefrog166

GOOGLE: MorningstarÂ® Document Research FORM 10-K GENERAL MILLS INC - GIS Filed: June 29, 2017 (period: May 28, 2017) Annual report with a comprehensive overview of the companyâ FOR THE ANNUAL REPORT

Instructions: Use the financial statements from the annual report for the year ended 5/28/2017 for General Mills. The Annual Report is on MOODLE. Answer the questions after each question. Use a different font to distinguish your answer from the question. All answers should be in your own words. Do not cut and paste from the annual report. Answers will be graded for content and written communication skills. Use complete sentences.

*****MAKE A NOTATION HERE IF THE DOLLAR AMOUNTS ARE STATED IN MILLIONS.

1. Who are the external auditors for General Mills? What does their Report of Independent Registered Public Accounting firm indicate about the amounts represented in the companyâs financial statements?

2. What specific title does General Mills use for its income statement? What type of income
statement does General Mills issue? (multi-step, singleâstep, or condensed multi-step)
Explain.

3. Did they disclose EPS as discussed in class? Explain. What about the EPS presentation
did we not discuss in ACC 3100?

4. How does General Mills define Cash Equivalents? Is this consistent with the textbook?

5. What is the amount of cash and cash equivalents reported for the year ended at May 28, 2017 and for the year ended at May 29, 2016. By how much has cash and cash equivalents increased/decreased? Show calculations.

6. Create a table illustrating the amount General Mills reports for net cash flows from operating, investing, and financing activities in its statement of cash flow for the year ended May 28, 2017. (Note: Include any effect of exchange rates on cash.) Show calculations. Compare your answers to question 5.

7. What amount is the balance in the Allowance for Doubtful Accounts at 5/28/2017? How is the estimate for Allowance for Doubtful Accounts determined?

8. What was the gross balance of trade receivables at 5/28/2017? What was the dollar amount of bad debt expense for the year ended 5/28/2017? How many accounts were written off (Dollar amount)?

9. What inventory method is used to value inventory in and out of the US?

10. What is the balance of their LIFO reserve account 5/28/2017?

11. What impact (dollar amount and increase or decrease) did the LIFO Reserve adjustment have on Cost of Goods Sold?

12. Which depreciation method(s) is used for PP& E? What estimates are made for the useful life of the different categories of assets?

13. What was total depreciation and amortization expense fiscal year ended 5/28/2017? Where were these amounts reported in the financial statements?

14. What was the major component of total PP&E? What was its amount and what percentage was it of the total for the year ended 5/28/2017?

15. What percentage of total PP&E has been depreciated as of 5/28/2017?

16. Did General Mills capitalize any interest in the fiscal year ended 5/28/2017? If so, what was the amount?

17. Did General Mills dispose of any property and equipment during the year ended 5/28/2017? If so, what was the cash proceeds?

18. Did General Mills issue more new long term debt than they paid in long term debt payments for the year ended 5/28/2017? Explain, show amounts.

19. Create a table to show the components of Comprehensive Income that was attributable to General Mills for the year ending 5/28/2107?

20. Create a table to show the components and amounts of General Millsâ Accumulated Other Comprehensive income(loss) for the year ending 5/28/2017 and 5/29/2016?

21. When does General Mills review impairment for long-lived assets? What is their measurement of an impairment loss based on for long-lived assets?

22. What is the amount of General Mills goodwill? Did General Mills have an impairment loss on Goodwill during fiscal year ended 5/28/2017? What are the standards for testing goodwill(How often and how is it tested)?

23. List any other indefinite life intangibles? How much was the impairment loss General Mills recorded for fiscal year ending 5/31/2015 and why was impairment indicated?

24. The Financial Accounting Standards Board (FASB) issued two new accounting requirements in 2017 that were mentioned in General Millsâ annual report? What are the standards and what is the expected impact of these new standards to the financial statements?

25. General Mills uses the three-level fair value hierarchy for disclosure. What level are the majority of their assets and liabilities measured at 5/28/2017? According to your textbook, how is this level defined?

26. When does General Mills recognize revenue? Do they handle consistently with the material presented in ACC 3100?

27. What was General Millsâ current ratio and working capital as of 5/28/2017? Show calculations.

28. Is the Statement of Changes in Stockholderâs Equity (Consolidated Statements of Total Equity, and Redeemable Interest) consistent with what we learned in class? Explain-indicate similarities and differences.

29. According to the MD&A (begins on p. 15) did General Millsâ Selling, general, and
administration expenses increase or decrease in fiscal year ended 5/28/2017? What was
the primary reason for the change?

30. In two detailed paragraphs, indicate a couple of interesting items you learned while
reading this annual report.

harlequinbat245

Practical Completion Point 1

Minnie Armim runs a business Min Armim Wasteage that specialises in energy saving products and advice. She has contacted you for some assistance in setting up a new accounting system. Minnie has managed to collect enough information to create a chart of accounts for you to work from.

This completion point comprises two tasks. Setting up a new system by completing an opening entry and any other relevant journal entries then posting these appropriately; and entering a set of transactions into the general journal and then recording these in the relevant ledgers. After completing these task you will need to review your work and submit.

Task 1

You have been provided with an Excel File which contains the General Journal and Ledger Accounts. The necessary accounts as well as blank accounts to be used if needed have been included. You will need to complete this task by entering the relevant information into the excel spreadsheet provided.

Enter the information below from the chart of accounts and schedules in order to set up Richardâs new system as an Opening Entry into General Journal and post the relevant information to the General Ledger Accounts provided in the excel file.

Min Armim Wasteage - Chart of Accounts as at 1 July 2017
103	Petty Cash	250.00
105	Bank	3,860.00
107	Accounts Receivable Control	15,038.00
109	Allowance for Bad and Doubtful Debts	462.00
111	Inventory on Hand	8,208.00
113	Stationery on Hand	130.00
115	Prepaid Insurance	1,800.00
116	Prepaid Rent	10,000.00
140	Premises	140,000.00
150	Vehicle	23,000.00
151	Acc. Depreciation âVehicle	229.00
160	Equipment	6,400.00
161	Accumulated Depreciation â Equip	1,460.00
199	GST Receivable	1,000.00
207	Accounts Payable Control	5,687.00
205	Wages Expense Payable	862.00
210	Accrued Telephone Expense	481.00
220	Office Supplies Owing	186.00
299	GST Payable	1,950.00
250	Big 4 Bank Mortgage Loan (5-year)	123,000.00
303	Capital â Minnie Armim	75,369.00

Additional Notes

Schedule of Accounts Receivable

as at 1 July 2017

Acc. No.

10701 Unplugged Limited 660

10703 Vin Walker 1,795

10705 The Charity Stores 480

10707 Developing Naturally 6,111

10709 Dental Services SA 2,552

10711 Hotels United 3,440

15,038

Schedule of Accounts Payable

as at 1 July 2017

20701 Get Connected Limited 4,250

20703 Reduce, Reuse, Get Rich 568

20705 Flooded Industries 869

5,687

You will need to enter this information into the appropriate subsidiary ledger accounts.

Task 2

Using the excel file you have already been working on, enter the transactions below into the General Journal and then update the Ledger accounts as required.

Transactions

July 1 Sold 40 Energy Saving light globes on credit to Unplugged Ltd for $440 (including GST).

July 2 Received a cheque for $575 from Vin Walker as part payment of their account.

July 5 Issued Cheque number 718 to Flooded Industries. The cheque amount was $782.10 and a discount of $86.9 (including GST of $7.90) was received for early payment.

July 8 Purchased 200 metres of premium low voltage cabling from Get Connected for $4 per metre, plus a total freight charge of $50 and total GST of $85.

July 12 Received $450 cash (net of GST) from Ms Elvia Marks for a full house inspection and energy usage report.

July 13 Purchased 1000 Energy Saving light globes for $3 each from Get Connected Ltd. The delivery charge was $100. All amounts are net of GST. Their invoice No: 726.

July 15 Cash Sale of 12 Energy Saving light globes to Ms Christa Heathers for $10 each (net of GST)

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ACC 2101- Final Exam Guide - Comprehensive Notes for the exam ( 103 pages long!)

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