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Accounting Assignment Question

This document contains instructions for three assignments related to managerial accounting. The first assignment involves analyzing transactions for a consulting firm and preparing accounting statements. The second assignment involves calculating inventory costs and cost of goods sold under different inventory costing methods. The third assignment involves calculating inventory turnover, days in inventory, accounts receivable turnover, and average collection period for two years for two different companies. The document provides formatting guidelines for assignments, including APA style and excluding certain elements from the word count. A 30% plagiarism threshold and April 21st deadline are provided for the first assignment.

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Htun Lin Aung
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© © All Rights Reserved
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Download as PDF, TXT or read online on Scribd
106 views

Accounting Assignment Question

This document contains instructions for three assignments related to managerial accounting. The first assignment involves analyzing transactions for a consulting firm and preparing accounting statements. The second assignment involves calculating inventory costs and cost of goods sold under different inventory costing methods. The third assignment involves calculating inventory turnover, days in inventory, accounts receivable turnover, and average collection period for two years for two different companies. The document provides formatting guidelines for assignments, including APA style and excluding certain elements from the word count. A 30% plagiarism threshold and April 21st deadline are provided for the first assignment.

Uploaded by

Htun Lin Aung
Copyright
© © All Rights Reserved
Available Formats
Download as PDF, TXT or read online on Scribd
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ANAWRAHTA BUSINESS & LANGUAGE SCHOOL

MASTER OF BUSINESS ADMINISTRATION (EIU, Paris)

MGT 510 Managerial Accounting Assignment Question


Word Count – No recommended
Plagiarism – 30%
Dead Line – 21 April 2023

1. Gloria Rodd started a consulting fi rm, Rodd Consulting, on May 1, 2022. The following
transactions occurred during the month of May.
May 1 Rodd invested $8,000 cash in the business in exchange for stock.
2 Paid $800 for office rent for the month.
3 Purchased $500 of supplies on account.
5 Paid $90 to advertise in the County News.
9 Received $3,000 cash for services performed.
12 Declared and paid a $700 cash dividend.
15 Performed $3,500 of services on account.
17 Paid $2,100 for employee salaries.
20 Paid for the supplies purchased on account on May 3.
23 Received a cash payment of $2,500 for services performed on account on May 15.
26 Borrowed $5,000 from the bank on a note payable.
29 Purchased equipment for $2,600 on account.
30 Paid $150 for utilities.
Instructions (a) Show the effects of the previous transactions on the accounting equation
using the following format.
Assets Liabilities Stockholders’ Equity
Cas Account Suppli Equipment Notes Account Comm Retained earnings
h receivabl es payab payables on
es le stock
Reven Expens Divide
ue es nd
(b) Prepare an income statement for the month of May.
(c) Prepare a balance sheet at May 31, 2022.

2. Gerald D. Englehart Company has the following inventory, purchases, and sales data for the
month of March.
Beginning Inventory: March 1 200 units @ $4.00 $ 800
Purchases: March 10 500 units @ $4.50 2,250
March 20 400 units @ $4.75 1,900
March 30 300 units @ $5.00 1,500
Sales: March 15 500 units
March 25 400 units
The physical inventory count on March 31 shows 500 units on hand.
Instructions;
(a) Under a periodic inventory system, determine the cost of inventory on hand at March 31 and
the cost of goods sold for March under (a) FIFO, (b) LIFO, and (c) average-cost
(b) Under a perpectual inventory system, determine the cost of inventory on hand at March 31
and the cost of goods sold for March under (a) FIFO, (b) LIFO, and (c) average-cost.

3. (a) Early in 2015, Westmoreland Company switched to a just-in-time inventory system. Its
sales revenue, cost of goods sold, and inventory amounts for 2021 and 2022 are shown below.
2021 2022
Sales revenue $2,000,000 $1,800,000
Cost of goods sold 1,000,000 910,000
Beginning inventory 290,000 210,000
Ending inventory 210,000 50,000
Determine the inventory turnover and days in inventory for 2021 and 2022.
Discuss the changes in the amount of inventory, the inventory turnover and days in inventory,
and the amount of sales across the two years.

3.(b) In 2022, Phil Mickelson Company has net credit sales of $923,795 for the year. It had a
beginning accounts receivable (net) balance of $38,275 and an ending accounts receivable (net)
balance of $35,988.
Compute Phil Mickelson Company’s (a) accounts receivable turnover and (b) average collection
period in days. Discuss the changes in the amount of receivables
Standard Format for Assignments

All assignments should be word-processed, unless otherwise instructed by a lecturer. If


you require further information regarding this, please contact the module lecturer directly.

When you submit your paper, it should be in the following format in


English. Format- Microsoft Word file ( .docx)

Page Size - A4
Margin - Top 1”, Bottom 1”, Left 1” and Right 1’
Font Style - Time New Roman
Font Size - 12 pt
Line spacing -1.5
Justified Paragraph
Page – Single Sided
Style - APA

Assignment Report Layout should be as listed below.


(1) Front Cover Page
∙ Module Code and Name
∙ Intake
∙ Lecturer Name
∙ Student Name
∙ Submission Date
∙ Word Count
(2) Content Page
(3) Summary
(4) Introduction
(5) Discussion Sections (Appropriate headings, paragraphs and subsection in
responding to each question, In-text citations must be provided for all
secondary research material.)
(6) Conclusion
(7) Reference List

According to the instruction of the lecturer, there is no recommended word


count and an acceptable percentage of plagiarism is 30.

Unless otherwise instructed by the lecturer or school, the recommended word count
for an assignment paper is 3,000 words (+/- 200 words tolerance so your submission
should not be less than 2,800 words and no more than 3,200 words). Front Cover
Page, Table of Contents and the References List are all excluded from the total word
count.

Unless otherwise instructed by the lecturer or school, an acceptable percentage


of plagiarism is 20.

For an assignment submitted after two weeks of due date, student must pay $ 10 per
week as a penalty.

Note - The school has the right to refuse to accept work not prefaced by this form or
by an incomplete form.

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