ACC 421 Entire Course
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ACC 421Week 1 Discussion Question 1
ACC 421Week 1 Discussion Question 2
ACC 421 Week 2 Discussion Question 1
ACC 421 Week 2 Discussion Question 2
ACC 421 Week 3 Discussion Question 1
ACC 421 Week 3 Discussion Question 2
ACC 421 Week 3 Individual Assignment P1,P2,P3 And P4
ACC 421 Week 3 Team Assignment P4-3,E18-15 And P18-7
ACC 421 Week 4 Discussion Question 1
ACC 421 Week 4 Discussion Question 2
ACC 421 Week 4 Individual Assignment P1,P2,P3 And P4
ACC 421 Week 4 Team Assignment P5-3 And CA24-2
ACC 421 Week 5 Discussion Question 1
ACC 421 Week 5 Discussion Question 2
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Submitresponses to the individual assignment for week 4 posted in the Course-Materials forum.
Problem 1:
Grading: This problem is worth a total of 18.75 points. There are 22grading elements each worth 18.75 x 2/3 / 22= 0.5682 points. There are 18.75 x 1/3 = 6.25 points available for effort.
The FJF Company does not employ a full-time accountant. However they do employ a bookkeeper that records entries and attempts to prepare drafts of financial statements. You have been retained by the company to review the bookkeeper’s work and prepare correct financial statements for 2014. You have completed your review of the bookkeeper’s work and, based upon your review, the bookkeeper has prepared the following draft balance sheet for your review.
FJF Company
Balance sheet
For the year ended December 31, 2014
Stockholders’ s equity
Common stock, $9 par, authorized 70,000
shares, Issued 48,000 shares $432,000
Additional paid-in capital 237,000
Retained earnings
Intangible assets
Goodwill 118,000
Prepaid expenses 18,000
Cash surrender value of life insurance 133,000
Trading securities at cost (fair value $177,000) 207,000
Property,...