Current liabilities are due within the current operating cycle, which is usually a year. Examples of current liabilities include accounts payable, sales tax payable, unearned revenues, and short term notes payable.
Current liabilities are due within the current operating cycle, which is usually a year. Examples of current liabilities include accounts payable, sales tax payable, unearned revenues, and short term notes payable. The payroll process also creates current liabilities. A business may know that a liability exists but not know the exact amount. In these cases, the company will estimate the amount. Common examples include bonus plans, health benefits, and warranties. A contingent liability is a potential rather than an actual liability, because it depends on future events. Let’s discuss current liabilities, and let’s do it in a new way. Reply to this discussion using the Rich Content Editor audio or video features in Canvas. Watch the “How To” videos to learn the steps for recording your response. You will need a webcam for recording video. It is recommended that you research your response and write it down before you reply for a seamless recording. If, for some reason, you cannot reply using audio or video tools, you may post a written response.
Answer the following questions in your post:
What factors determine whether contingent liabilities must be recorded?
What are the current liabilities that must be estimated? Include bonus plans, vacation, health, pension plans, and warranties in your explanation.
What liabilities are created by the payroll process? Why is this important to know?
DQ2 Forms of Business [WLOs: 1, 2, 3, 4] [CLO: 2]
Prior to beginning work on this discussion, read Chapter 12 in the textbook.
In addition, the following MyLab materials listed in the Recommended Resources section this week may provide more in-depth information for this discussion (optional).
Chapter 12 LO2 Try It (Links to an external site.)
Chapter 12 LO3 Try It (Links to an external site.)
Chapter 12 LO4 Try It (Links to an external site.)
Chapter 12 LO5 Try It (Links to an external site.)
Chapter 12 LO6 Try It (Links to an external site.)
Write: Make sure your response addressing the questions below is more than 200 words and that you include an in-text citation or a brief quote from the reading material where appropriate.
There are many forms of businesses, such as a sole proprietorship, partnerships, corporations, and limited liability corporations. Partnerships are formed to pool together talent and individuals’ money. Partnerships have many tax benefits, including the partnership not being taxed; the net income flows directly to the partner’s individual tax return.
What are the characteristics of a partnership?
What types of partnerships are there?
How are partnership profits allocated and taxed?
Why are partnerships different than a limited liability company or an S corporation?
ACC206 Principles of Accounting II
Week 2 Discussion
DQ1 Corporations [WLOs: 1, 2] [CLO: 2]
Prior to beginning work on this discussion, read Chapter 13 in the textbook. In addition, the MyLab materials listed in the Recommended Resources section this week may provide more in-depth information for this discussion (optional).
Write: Make sure your response addressing the prompt is more than 200 words and that you include an in-text citation or a brief quote from the reading material where appropriate.
A corporation is a separate legal entity that can have from one to many owners. It has many characteristics, including no personal liability to the shareholders, and it can raise money by issuing stock. Stockholders also have rights such as voting and the receipt of dividends.
When issuing stock, the journal entries can be different if the stock is issued at a premium, a discount, or at par. Common stock generally has a par value or a stated value, but may not have either. Common stock can also be traded for other assets, such as land. The company has the right to purchase its own stock in the open market.
Discuss the following in your post:
What is treasury stock and what is the journal when purchased?
What are the journal entries when the treasury stock is sold?
What are the three dates and the journal entries for recording cash dividends?
Explain the two methods and journal entries for recording stock dividends and the journal entries required for a stock split.
DQ2 Long-Term Liabilities [WLOs: 3, 4] [CLO: 1]
Prior to beginning work on this discussion, read Chapter 14 in the textbook. In addition, the MyLab materials listed in the Recommended Resources section this week may provide more in-depth information for this discussion (optional).
Write: Make sure your response addressing the prompt is more than 200 words and that you include an in-text citation or a brief quote from the reading material where appropriate.
Long-term liabilities are liabilities that do not have to be paid in the current year. Long-term liabilities can be a long-term note or a mortgage and can also be created when the company issues bonds.
What are the various types of bonds and their characteristics?
Discuss and provide examples of bonds being issued at par, at a discount, and at a premium.
Explain the two methods to amortize the bond premium and discount.
Give example journal entries for the two different amortization methods.
ACC206 Principles of Accounting II
Week 3 Discussion
DQ1 Cash Flow Statement [WLOs: 1, 3, 4] [CLO: 3]
Prior to beginning work on this discussion, read Chapter 16 in the textbook. In addition, the MyLab materials listed in the Recommended Resources section this week may provide more in-depth information for this discussion (optional).
Write: Make sure your response addressing the prompt is more than 200 words and that you include an in-text citation or a brief quote from the reading material where appropriate.
The statement of cash flows reconciles the beginning cash total to the ending cash total by showing cash inflows (sources) and cash outflows (uses). The statement shows the company’s ability to pay future cash obligations.
The statement is divided into three parts: operating, investing, and financing activities. In your post, address the following:
Describe the three parts of a cash flow statement and indicate which transactions affect each part.
Give examples of non-cash investing and financing transactions and state how they are reported.
Explain the difference between the cash flow statement indirect and direct method of reporting.
DQ2 Horizontal and Vertical Analysis [WLOs: 1, 2] [CLO: 6]
Prior to beginning work on this discussion, read Chapter 17 in the textbook. In addition, the MyLab materials listed in the Recommended Resources section this week may provide more in-depth information for this discussion (optional).
Write: Make sure your response addressing the prompt is more than 200 words and that you include an in-text citation or a brief quote from the reading material where appropriate.
Investors and creditors cannot evaluate a company’s performance by solely looking at 1 year of data. There are three main ways to analyze financial statements: horizontal, vertical, and ratio analysis.
Explain horizontal and vertical analysis and how they are prepared to analyze comparative income statements and balance sheets.
Explain trend analysis and common size statements.
ACC206 Principles of Accounting II
Week 4 Discussion
DQ1 Manufacturing Accounting [WLOs: 1, 2] [CLO: 4]
Prior to beginning work on this discussion, read Chapter 18 in the textbook. In addition, the MyLab materials listed in the Recommended Resources section this week may provide more in-depth information for this discussion (optional).
Write: Make sure your response addressing the prompt is more than 200 words and that you include an in-text citation or a brief quote from the reading material where appropriate.
Unlike service companies, manufacturing companies have three inventory accounts: raw materials, work-in-process, and finished goods. Manufacturing costs can be classified into three categories: direct material, labor, and overhead. Another method to classify costs is as product and period costs. Product costs, like raw material, can be traced directly to the product. Period costs are non-manufacturing costs, such as administrative and insurance costs.
For this discussion, do the following:
Explain manufacturing costs, prime and conversion costs, and product and period costs.
Explain the steps to calculate cost of goods manufactured and cost of goods sold.
Develop an example of a schedule of cost of goods manufactured and a manufacturing income statement.
DQ2 Direct Write-off Method and Allowance Method [WLOs: 3, 4] [CLO: 5]
Prior to beginning work on this discussion, read Chapter 21 in the textbook. In addition, the MyLab materials listed in the Recommended Resources section this week may provide more in-depth information for this discussion (optional).
Write: Make sure your response addressing the prompt is more than 200 words and that you include an in-text citation or a brief quote from the reading material where appropriate.
Cost-volume-profit (CVP) can be used to calculate the break-even point. The break-even point is the sales level at which the company does not earn a profit or loss. CVP can also be used to add in an amount of profit (target profit) in the calculation. Costs can either be fixed, variable, or mixed.
Include the following in your post:
Explain variable costs, fixed costs, and mixed costs.
What is meant by the term relevant range?
What is contribution margin and how is it calculated?
Explain the three methods: the equation approach, the contribution approach, and the contribution margin approach to calculate the break-even point.
Present a chart that depicts the four steps that are necessary to develop the CVP chart.
What is margin of safety and operating leverage?
ACC206 Principles of Accounting II
Week 5 Discussion
DQ1 Budgets [WLOs: 1, 2, 3, 4] [CLO: 6]
Prior to beginning work on this discussion, read Chapter 22 in the textbook. In addition, the MyLab materials listed in the Recommended Resources section this week may provide more in-depth information for this discussion (optional).
Write: Make sure your response addressing the prompt is more than 200 words and that you include an in-text citation or a brief quote from the reading material where appropriate.
A budget is a financial plan that managers use to coordinate a business’s activities. Budgeting provides a plan for the company’s future. The budgeting process coordinates a company’s activities requiring managers at all levels to work together. Budgeting also provides a benchmark that helps managers evaluate performance.
A master budget is a set of budgeted financial statements and supporting schedules. Budgets contain budgeted information, not actual amounts. The master budget contains three types of budgets, operating, capital expenditures and financial budgets.
In your post,
Explain each of the operating budgets, sales, production, direct materials, direct labor, manufacturing overhead, cost of goods sold, and selling and administrative expenses.
Explain the capital expenditures and the financial budgets.
DQ2 Product Costing [WLOs: 1, 2, 3, 4] [CLO: 4]
Prior to beginning work on this discussion, read Chapters 21 and 22 in the textbook In addition, the MyLab materials listed in the Recommended Resources section this week may provide more in-depth information for this discussion (optional).
Write: Make sure your response addressing the prompt is more than 200 words and that you include an in-text citation or a brief quote from the reading material where appropriate.
As presented in Chapter 21, there are two methods of determining product cost: the absorption costing method and the variable costing method.
Explain how costs are calculated using both methods.
Which method is required by the generally accepted accounting principles (GAAP)?
Develop an example in columnar format that compares the two methods of cost calculation using the following table:
The unit product cost of the company is computed as follows:
Absorption costing
Variable costing
Direct materials
Direct labor
Variable manufacturing overhead
Fixed manufacturing overhead
Total unit cost
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