Case Study -AW-Q229 Online Services
Case Study 1 (Part A)
(Learning Objectives 4, 5, 6: Analyze the impact of business transactions on accounts; record (journalize and post) transactions in the books; construct and use a trial balance) During the first month of operation of Gordon Construction, Inc., completed the following transactions
|Gordon received $55,000 cash and issued common stock to the stockholders.|
|3||Purchased supplies, $3,000, and equipment, $5,200, on account.|
|4||Performed services for a client and received cash, $6,300.|
|7||Paid cash to acquire land, $37,000.|
|11||Performed services for a customer and billed the customer, $1,200. Johnson expects to collect within one month.|
|16||Paid partial for the equipment purchased June 3 on account $2,800.|
|17||Paid the telephone bill, $230.|
|18||Received partial payment from customer on account, $700.|
|22||Paid the water and electricity bills, $400.|
|29||Received $5,000 cash for repairing the pipes of a customer.|
|30||Paid employee salary, $4,300.|
|30||Declared and paid dividends of $3,000.|
- 1. Record each transaction in the journal. Key each transaction by date. Explanations are not required.
- 2. Post the transactions to the T-accounts, using transaction dates as posting references.
- 3. Prepare the trial balance of Gordon Construction, Inc., at June30, 20xx.
- 4. The manager asks you how much in total resources the business has to work with and, how much it owes.
Case Study 1 (Part B)
(Learning Objectives 3, 4: Adjust the accounts; construct the financial statements) Record the following month end adjusting entries for Gordon Construction, Inc. at June 30, 20xx
Month end accruals at June 30, 20xx
- a. Accrued advertising revenue at June 30, $3,100.
- b. Supplies used during June, $2,300.
- c. Accrued salary expense at June 30 for Monday, Tuesday, and Wednesday. The five-day weekly payroll is $6,100 and will be paid on Friday.
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Prepare adjusted trial balance for Gordon Construction at June 30, 20xx.
|ACCT504 – Case 1- Part B|
|Key each adjusting entry by letter in column i.|
|Gordon Construction, Inc.||When you plug in your adjustments below into columns j and k, the adjusted trial balance will change automatically.|
|Trial Balance Work Sheet|
|June 30, 2014||Adjusted|
|Trial Balance||Adjustments||Trial Balance|
CASE STUDY 3—Cash Budget Template
Wang Appliance Store
Collections from customers
Receipt of Interest
Total Available Cash
Budgeted Cash Payments
Purchases of inventory
Purchase of equipment
Purchase of Investments
Payment of Dividends
Payment of long-term Debt
Cash available (needed) before new financing –
Budgeted cash balance ending
Cash available for additional investments or (new financing needed)
Case Study 2
Due by Sunday of Week 5, 11:59 p.m., Mountain time
(Learning Objectives 2, 4: Explain the components of internal control; evaluate internal controls) Each of the following situations reveals an internal control weakness
Situation a. In evaluating the internal control over inventory for the Williams Oil Services Company, an auditor learns that the warehouse receiving clerk is responsible for ordering parts for supply inventory use in drilling services, counts the inventory when received at the dock, records the receipts into the inventory ledger, and takes the annual inventory, No supervisor reviews the receiving clerk’s work.
Situation b.Nicole Lopez handles employee travel and expense reports for Scott Sales Services. With the growth in the economy, the sales team began traveling extensively gaining new business. Because of the heavy volume, she no longer required the sales team to provide original airline, hotel, or car rental receipts. She told them to just keep their meals under the $100 per day per diem and no receipts were required. She allowed them to use their own credit cards so they could get the frequent flyer points. She required them to turn in a summary of the travel expenses quarterly.
Situation c. Michael Jordon is a new employee hired from Craig’s List recommended by a co-worker. Mike was hired as a Human Resource Assistant. Mike’s first day on the job he is told that he should follow his own judgments when deciding how employee issues such as hiring and firing of employees, sexual harassment, and ethical infractions should be handled.
Top of Form
- 1. Identify the missing internal control characteristic in each situation.
- 2. Identify each firm’s possible problem.
- 3. Propose a solution to the problem.
Bottom of Form
|Understanding||10||Demonstrate a strong grasp of the problem at hand. Demonstrate understanding of how the course concepts apply to the problem.|
|Analysis||30||Apply original thought to solving the business problem. Apply concepts from the course material correctly toward solving the business problem.|
|Execution||10||Write your answer clearly and succinctly using strong organization and proper grammar. Use citations correctly.|
|Total||50||A quality paper will meet or exceed all of the above requirements.|
Case Study 3
(Learning Objective 5: Construct and use a cash budget) Nathan Farmer, chief financial officer of Wang Appliance Store, is responsible for the company’s budgeting process. Farmer’s staff is preparing the Wang cash budget for 2014. A key input to the budgeting process is last year’s statement of cash flows, which follows (amounts in thousands)
Wang Appliance Store
Statement of Cash Flows
Cash Flows from Operating Activities
Collections from customers $51,000
Interest Received 500
Purchase of inventory (36,000)
Operating expenses (10,200)
Net cash provided by operating activities 5,300
Cash Flows from Investing Activities
Purchase of equipment (3,500)
Purchase of investments (500)
Sale of investments 1,000
Net cash used for investing activities (3,000)
Cash Flows from Financing Activities
Payment of long term debt (400)
Issuance of Stock 2,000
Payment of cash dividends (500)
Net cash provided by financing activities 1,100
Increase (decrease) in Cash 3,400
Cash, beginning of year 2,900
Cash, end of year6,300
- 1. Prepare the Wang cash budget for 2014. Date the budget simply “2014” and denote the beginning and ending cash balances as “beginning” and “ending.” Assume the company expects 2014 to be the same as 2013, but with the following changes
- a. In 2014, the company expects a 20% increase in collections from customers and a 30% increase in purchases of inventory.
- b. There will be no sales of investments in 2014.
- c. Wang does not plan to issue stock in 2014.
- d. Wang plans to end the year with a cash balance of $5,550.
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