Category Archives: ACC 537

UOP ACC 537 Homework Assignment Percy Electric Company NEW

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Attached are the T-Account, Income statement, and balance sheet.

1. Prepare the statement of cash flows of Percy Electric Company for the year ended December 31, 2016, using the direct method to report operating activities. Also prepare the accompanying schedule of noncash investing and financing activities.

2. Use Percy Electric’s 2016 income statement and information from its selected balance sheet data to prepare a supplementary schedule of cash flows from operating activities by using the indirect method.

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ACC 537 Week 1 Assignment (E2-39 and P3-59A) NEW

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Barbara Miracle, Certified Public Accountant, operates as a professional corporation (PC). The business completed these transactions during the first part of August 2016:

Aug 2 Received $10,000 cash from Miracle, and issued common stock to her.

2 Paid monthly office rent, $600.

3 Paid cash for a Dell computer, $2,700, with the computer expected to remain in service for five years.

4 Purchased office furniture on account, $4,500, with the furniture projected to last for five years.

5 Purchased supplies on account, $800.

9 Performed tax services for a client and received cash for the full amount of $1,400.

12 Received and paid utility expenses, $300.

18 Performed consulting services for a client on account, $ 1,900.


1. Journalize the transactions for Barbara Miracle, Certified Public Accountant. Explanations are not required.

2. Post to the T-accounts. Key all items by date and determine the ending balance in each account. Denote an account balance on August 18, 2016, as Bal.

3. Using Excel, prepare a trial balance at August 18, 2016. In the Serial Exercise of Chapter 3, we add transactions for the remainder of August and will require a trial balance at August 31.

October 1 Prepaid insurance for October through rs$3,900.
4 Purchased office furniture for cash,$4,500.
5 Performed services and received cash,$1,000.
8 Paid advertising expense,$500.
11 Performed service on account,$3,200.
19 Purchased computer on account,$1,900.
24 Collected for October 11 service.
26 Paid acoount payable from October 19.
29 Paid salary expense,$800.
31 Adjusted for October insurance expense (see October 1).
31 Earned revenue of $800 that was collected in advance back in September.
31 Recorded October depreciation expense on all fixed assets,$460.


1. Show how each transaction would be handled (in terms of recognizing revenues and expenses) using the cash basis and the accrual basis.
2. Compute October income (loss) before tax under each accounting method.
3. Indicate which measure of net income or net loss is preferable. Use the transactions on October 11 and October 24 to explain.

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UOP ACC 537 Week 2 Assignment Calder Company NEW

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Calder Company’s inventory records for the most recent year contain the following data:

Beginning inventory Quantity: 10,000

Beginning inventory Unit Cost: $12.00

Purchases during year Quantity: 30,000

Purchases during year Unit cost:$15.00

Calder Company sold a total of 38,000 units during the year.

Using the average-cost method, compute the cost of goods sold. (Round the average cost per unit to the nearest cent.)

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UOP ACC 537 Week 2 Assignment

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LO 4 E5-22A. (Leaning Objective 4: Apply GAAP to uncollectible receivables) At December 31 ,2016,before any year-end adjustment, the accounts receivable balance of Turf Tri

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UOP ACC 537 Week 3 Homework UOP Pizza NEW

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UOP Pizza bought a used Chevy delivery van on January 2, 2016 for $22,800. The van was expected to remain in service for four years (48,750 miles). At the end of its useful life, UOP officials estimated that the van’s residual value would be $2,500. The van traveled 15,000 miles the first year, 17,000 miles the second year, 12,500 miles the third year, and 4,250 miles in the fourth year.

Prepare a schedule of depreciation expense per year for the van under the three depreciation methods. Which method best tracks the wear and tear on the van? Which method would UOP prefer to use for income tax purposes? Explain in detail why UOP would prefer this method.

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UOP ACC 537 Week 4 Apollo Corporation NEW

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Apollo Corporation issued $560,000 of 7%, 12-year bonds payable on March 31, 2016. The market interest rate at the date of issuance was 10%, and the Apollo Corporation bonds pay interest semiannually. Apollo Corporation’s year-end is March 31.

Calculate the issue price of the bonds using the PV function in Microsoft® Excel®.

Prepare an effective-interest amortization table for the bonds through the first three interest payments. Round amounts to the nearest dollar.

Record Apollo Corporation’s issuance of the bonds on March 31, 2016, and payment of the first semiannual interest amount and amortization of the bond discount on September 30, 2016.

Note. Explanations are not required.

Show all calculations for your solution.

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