ACC 291T All Discussions

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ACC 291T All Discussions
ACC 291T All Discussions
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ACC 291T Wk 1 Discussion – Credit Memos

Post a total of 3 substantive responses over 2 separate days for full participation. This includes your initial post and 2 replies to other students.

Due Day 3

Credit memos are created when a product is returned. Credit memos reduce accounts receivable (A/R) by crediting the account, and it writes off the invoice. This also records a debit to the Sales Returns and Allowances account.

You have noticed that the A/R clerk has created an abnormally high number of credit memos. You also notice the inventory does not reflect the additional inventory resulting from the sales returns.

Respond to the following in a minimum of 175 words:

  • What would you do, and how would you document your decision?

Due Day 7

Reply to at least 2 of your classmates. Be constructive and professional in your responses.

 

ACC 291T Wk 2 Discussion – Employee Ethics

Post a total of 3 substantive responses over 2 separate days for full participation. This includes your initial post and 2 replies to other students.

Due Day 3

An executive in a merchandising company receives an annual bonus equal to 5% of net income. Historically, the company has calculated the cost of goods sold and ending inventory using LIFO and has maintained 30,000 units in inventory for the last 10 years. The executive is recommending the company reduce the number of units in year-end inventory to 1,000. Over the 10-year period, the cost per unit of inventory has increased from $60 per unit to $110 per unit.

Respond to the following in a minimum of 175 words:

  • In what ways would a reduction in inventory help the company?
  • In what ways would the change from LIFO to FIFO help the executive personally?
  • Would you approve the proposal to move from LIFO to FIFO? Why or why not?

Due Day 7

Reply to at least 2 of your classmates. Be constructive and professional in your responses.

 

ACC 291T Wk 3 Discussion – Ethical Decision-Making

Post a total of 3 substantive responses over 2 separate days for full participation. This includes your initial post and 2 replies to other students.

Due Day 3

You oversee the $250 petty cash for your company. When an employee needs a special item that is not in inventory, you take money from petty cash to purchase that item.

One day, you are short on cash for lunch. You decide to borrow $10 each day for the next 3 days until payday for a total of $30 from petty cash. After payday, you do not have enough to repay petty cash, so you decide to record a cash short/over expense of $30.

Respond to the following in a minimum of 175 words:

  • Since this is the first time you have ever done this, is this a problem?
  • If so, what steps should be taken to fix this problem? If not, why not?

 

Due Day 7

Reply to at least 2 of your classmates. Be constructive and professional in your responses.

 

ACC 291T Wk 4 Discussion – Ethics

Post a total of 3 substantive responses over 2 separate days for full participation. This includes your initial post and 2 replies to other students.

Due Day 3

Historically, your company has calculated bad debts using an aging of accounts receivable. Near the end of the fiscal year, the company is in a cash crunch and needs to borrow money from the bank, using accounts receivable as collateral. The owner of the company knows that many of the accounts receivable are more than 90 days past due, resulting in net receivables equal to only 80% of total receivables.

Respond to the following in a minimum of 175 words:

  • The owner asks you to change the method of estimating bad debts to a flat 3% of receivables. What should you do?

Due Day 7

Reply to at least 2 of your classmates. Be constructive and professional in your responses.

 

ACC 291T Wk 5 Discussion – Standard Accounting Procedure

Post a total of 3 substantive responses over 2 separate days for full participation. This includes your initial post and 2 replies to other students.

Due Day 3

Your company has always depreciated assets using the straight-line method. Your tax accountant has explained that a switch to the double-declining balance method would minimize taxes in the current year, but you are concerned about the impact this change would have on the value of long-term assets on the balance sheet and future tax liabilities.

 

Respond to the following in a minimum of 175 words:

  • Assuming your projected sales (and, therefore, tax bracket) are predicted to increase dramatically over the next 5 years, what should you do?

Due Day 7

Reply to at least 2 of your classmates. Be constructive and professional in your responses.