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ACCT 216 Week 4 Homework Suppose Robotics, Inc.’s inventory records for a particular item indicated the following transactions in September: September 1 Beginning Inventory 10 units @ $29 September 9 Purchase 18 units @ $32 September 23 Purchase 9 units @ $30 September 28 Purchase 6 units @ 31 Required: The company sold 24 units on September 30. Compute the ending inventory and cost of goods sold using each of the following methods: 1.LIFO 2.FIFO 3.Average Cost Hello…

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ACCT 216 Accounting Theory and Applications Entire Course ACCT 216 Week 1 Homework (v 1) 1.Please write a four-to-six sentence paragraph on the following question. Good business and accounting practices require the exercise of good judgment. How should ethics be incorporated into making accounting judgments? Why is ethics important? 2.Tammy Shot is a realtor. She organized her business, called TS Realty, as a corporation on April 1, 2013. Tammy started the business by depositing $85,000…

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ACCT 216 Week 1 Homework (v 2) 1.Please write a four-to-six sentence paragraph on the following question. Good business and accounting practices require the exercise of good judgment. How should ethics be incorporated into making accounting judgments? Why is ethics important? 2.Sharon Kent is a realtor. She organized her business, called SK Realty, as a corporation on April 1, 2013. Sharon started the business by depositing $105,000 in cash into the business bank account and issued…

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ACCT 216 Week 2 Homework Please write a 4-6 sentence paragraph on the following question. Describe each of the 4 basic financial statements. What is the relationship between them? During the first month of operations (March 2011) Jerry Enterprises completed the following selected transactions: a. The business received $12,000 in cash and a building valued at $52,000. The corporation issued stock to the contributors of these. b. Borrowed $15,800 from the bank and signed a note payable to…

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ACCT 216 Week 3 Homework 1.Classify the following items as (a) an addition to the bank balance, (b) a subtraction from the bank balance, (c) an addition to the book balance, or (d) a subtraction from the book balance: 2.During 2013, Jimmy Enterprises completed the following transactions: a.Sales revenue on account, $550,000. b.Collections on account, $325,000 c.Write-offs of uncollectibles, $13,000 d.Uncollectible account expense, 5% of sales revenue Required: 1.Prepare the journal entries…

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ACCT 216 Week 1 Homework (v 1) 1. Please write a four-to-six sentence paragraph on the following question. Good business and accounting practices require the exercise of good judgment. How should ethics be incorporated into making accounting judgments? Why is ethics important? 2. Tammy Shot is a realtor. She organized her business, called TS Realty, as a corporation on April 1, 2013. Tammy started the business by depositing $85,000 in cash into the business bank account and issued herself…

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ACCT 216 Week 5 Homework A Suppose the Atlanta Falcons purchased a new set of goal posts for $20,000 each. The Falcons expect the goal posts to have a useful life of five years and a salvage value of $1,000 each when they sell them to a local high school. Required: Compute the first years depreciation using the following methods: 2.Suppose the team depreciates the asset based on number of goals scored. The team anticipates goals to be 40 in the first year, 46 in the second year, 38 in the…

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ACCT 216 Week 5 Homework A Suppose the Atlanta Falcons purchased a new set of goal posts for $20,000 each. The Falcons expect the goal posts to have a useful life of five years and a salvage value of $1,000 each when they sell them to a local high school. Required: Compute the first years depreciation using the following methods: 2.Suppose the team depreciates the asset based on number of goals scored. The team anticipates goals to be 40 in the first year, 46 in the second year, 38 in the…

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ACCT 216 Week 6 Homework A During August 2013, DB Inc. completed the following transactions: a.8/1/13 – Purchased a new piece of equipment for $50,000 signing a 6 month, 8% note payable. b.8/10/13 – Issued 15,000 shares of $2.00 par stock at $8.00 per share. c.8/15/13 – Received an invoice for their telephones for $450.00 that will be paid next month. d.8/16/13 – Sold $320,000 in product sales and accrued 5% for warranty liability. e.8/30/13 – Received a summons that the company was being…

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ACCT 216 Week 7 Homework A Please write a 4-6 sentence paragraph on the following questions. a.What is the difference between an exempt and non-exempt employee? b.How would you decide whether to hire someone as an employee or independent contractor? 2.Cindy Lou makes $30,000 per year as an exempt employee. She worked 15 hours of overtime in the month of September. Payday for wages earned in the month of September is October 7. Ignoring Federal and State income tax withholdings, how much…

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