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1. ACC 290 Week 5 Learning Team Weekly Reflection
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ACC 290 Week 5 Learning Team Financial Reporting Problem Part II
Access the internet to acquire a copy of the most recent annual report for the public
traded company used to complete the Financial Reporting Problem, Part 1
assignment due in week Four. Analyze the information contained in the
company’s balance sheet and income statement to answer the following questions:
Are the assets included under the company’s current assets listed in the proper
order? Explain your answer.
How are the company’s assets classified?
What are cash equivalents?
What are the company’s total current liabilities at the end of its most recent annual
reporting period?
What are the company’s total current liabilities at the end of the previous annual
reporting period?
Considering all the information you have gathered, why might this information be
important to potential creditors, investors, and employees?
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ACC 290 Week 5 DQ 2
Using examples of weak internal controls in an organization you are familiar with,
how would you improve those controls to better safeguard a company’s assets?
Would these internal controls differ with a different type of business? How could
you improve internal controls over the assets that you own? What is the Sarbanes-

2. Oxley Act of 2002? Why did it come about? How have the new rules in the
Sarbanes-Oxley Act of 2002 affected the way accounting departments and
companies operate? What are some positive outcomes from these changes?
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ACC 290 Week 5 DQ 1
What is the control environment? How does the control environment affect a
company’s internal controls? What are the negative and positive elements of a
control environment? What are two examples of strong and weak internal controls
in organizations where you have worked or have first-hand knowledge? How are
these different? How would you describe the key internal controls that should be in
place to protect cash in a cash rich environment such as a merchandiser? What are
the key internal controls that should be in place to protect inventory for a
merchandiser that sells highly desirable and very expensive inventory, such as
jewelry? Would this be different if the business had a less desirable and less
expensive inventory? Explain why or why not.
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ACC 290 Week 4 Reflection Summary
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ACC 290 Week 4 Learning Team Financial Reporting Problem Part I
Browse the Internet to acquire a copy of the most recent annual report for a
publicly traded company. Analyze the information contained in the company’s
balance sheet and income statement to answer the following questions:
What are the company’s total assets at the end of its most recent annual reporting
period? Why is this important?

3. What are the total assets at the end of the previous annual reporting period?
How much cash and cash equivalents did the company have at the end of its most
recent annual reporting period?
What amount of accounts payable did the company have at the end of its most
recent annual reporting period?
What amount of accounts payable did the company have at the end of the previous
annual reporting period?
What are the company’s net revenues for the last three annual reporting periods?
What is the change in dollars in the company’s net income from its most recent
annual reporting period to the previous annual reporting period?
What are the company’s total current assets at the end of its most recent annual
reporting period?
What are the total current assets at the end of the previous annual reporting
period?
What in the information above would be important to a potential investor,
employee, and so on?
Summarize the analysis in a 1,050-1,400 word paper in a Microsoft®
Word
document. Include a copy of the company’s balance sheet and income
statement. Format your paper consistent with APA guidelines.
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ACC 290 Week 4 Individual WileyPLUS Assignment
Problem P4-8A

4. Linda Blye opened Cardinal Window Washing Inc. on July 1, 2010. During July
the following transactions were completed.
July
1 Issued 11,000 shares of common stock for $11,000 cash.
July
1
Purchased used truck for $9,000, paying $2,000 cash
and the balance on account.
July
3 Purchased cleaning supplies for $900 on account.
July
5
Paid $1,800 cash on 1-year insurance policy effective
July 1.
July
12 Billed customers $3,200 for cleaning services.
July
18
Paid $1,000 cash on amount owed on truck and $500 on
amount owed on cleaning supplies.
July
20 Paid $2,000 cash for employee salaries.
July
21 Collected $1,400 cash from customers billed on July 12.
July
25 Billed customers $2,500 for cleaning services.
July
31
Paid $260 for gas and oil used in the truck during
month.
July
31 Declared and paid a $600 cash dividend.
1.) Journalize the July transactions.
2.) Journalize the following adjustments.
1.
Services provided but unbilled and uncollected at July 31
were $1,700.

5. 2. Depreciation on equipment for the month was $250.
3. One-twelfth of the insurance expired.
4.
An inventory count shows $360 of cleaning supplies on
hand at July 31.
5. Accrued but unpaid employee salaries were $400.
3.) Post the July transactions to the ledger accounts. (Use T accounts.) Post
adjusting entries to the T accounts. Post closing entries and complete the closing
process.
4.) Complete the Trial Balance and Adjusted Trial Balance at July 31.
5.) Complete the income statement and a retained earnings statement for July and a
classified balance sheet at July 31
6.) Journalize the post closing entries.
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ACC 290 Week 4 DQ 2
What are the three different inventory cost flow assumptions commonly used in
commerce today and allowed by generally accepted accounting principles? How
does a company determine what cost flow assumption they should use? How does
first in, first out cost flow assumption work? When it is most appropriate to use?
How does last in, first out cost flow assumption work? When it is most appropriate
to use? How does an average cost flow assumption work? When it is most
appropriate to use?
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ACC 290 Week 4 DQ 1
How would you calculate cost of goods sold? What items make up cost of goods
sold? How does beginning and ending inventory affect cost of goods sold? What

6. are the journal entries a merchandising organization would use to record the
purchase and subsequent sale of merchandise? How would these transactions differ
with a periodic versus a perpetual inventory system? Why are perpetual inventory
systems so much more popular today than back in the early 1960s and earlier?
Why would a company employing a perpetual inventory system still take a
physical inventory periodically?
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ACC 290 Week 3 Learning Team Reflection Summary
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ACC 290 Week 3 Individual WileyPLUS Assignment
Exercise BE4-1
Transactions that affect earnings do not necessarily affect cash.
Identify the effect, if any, that each of the following transactions would have upon
cash and net income. The first transaction has been completed as an example.
(a) Purchased $100 of supplies for cash.
(b)
Recorded an adjusting entry to record use of $40 of the
above supplies.
(c) Made sales of $1,300, all on account.
(d)
Received $800 from customers in payment of their
accounts.
(e) Purchased equipment for cash, $2,500.
(f) Recorded depreciation of building for period used, $600.
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7. ACC 290 Week 3 DQ 2
What are the pros and cons of using reversing entries? Why are reversing entries
optional? What is the main purpose of a financial statement worksheet and its
benefits? How has automation aided the preparation, accuracy, and use of the
financial statement worksheet?
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ACC 290 Week 3 DQ 1
What are the steps in completing the accounting cycle? How do the different steps
affect the financial statements? What is the effect on the financial statements of
missing a step when completing the accounting cycle? What are the four closing
journal entries? Why are they necessary? What are reversing entries? Why are they
used? What are the pros and cons of using reversing entries? Why are reversing
entries optional?
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ACC 290 Week 2 Learning Team Reflection Summary
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ACC 290 Week 2 Individual Wiley PLUS Assignment
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8. ACC 290 Week 2 DQ 2
What accounts are subject to adjusting journal entries and why? How would you
explain the purpose of the adjusted trial balance?
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ACC 290 Week 2 DQ 1
What is the revenue recognition principle? What is the expense recognition
principle? Why are they important to financial reporting? What are adjusting
entries and why are they necessary? What are accruals? Provide examples of
accruals. Why do accruals require adjusting entries? What are deferrals? What are
some examples of deferrals? Why do deferrals require adjusting entries?
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ACC 290 Week 1 Individual Assignment Financial Statements Paper
Prepare a 700 -1,050 word paper in which you identify the four basic financial
statements. Describe the purpose of each of the four financial statements. Discuss
how the financial statements would be useful to internal users, such as to managers
and employees. Discuss how the financial statements would be useful to external
users, such as investors and creditors.
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ACC 290 Week 1 DQ 2
What are debits and credits? How are debits and credits used to record business
transactions? Why do accountants debit asset accounts to increase them but credit
liability accounts to increase them? Why do accountants debit expenses to increase
them but credit revenues to increase them?

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ACC 290 Week 1 DQ 1
What are the four basic financial statements? What is the primary purpose of each
of the four basic financial statements? In your opinion, which financial statement is
the most important? Explain why. How would the financial statements be useful to
managers and employees? How would the financial statements be useful to
investors and creditors?
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ACC 290 Complete Course
ACC 290 Week 1 DQ 1
ACC 290 Week 1 DQ 2
ACC 290 Week 1 Individual Assignment Financial Statements Paper
ACC 290 Week 2 DQ 1
ACC 290 Week 2 DQ 2
ACC 290 Week 2 Individual Wiley PLUS Assignment
ACC 290 Week 2 Learning Team Reflection Summary
ACC 290 Week 3 DQ 1
ACC 290 Week 3 DQ 2

10. ACC 290 Week 3 Individual WileyPLUS Assignment
ACC 290 Week 3 Learning Team Reflection Summary
ACC 290 Week 4 DQ 1
ACC 290 Week 4 DQ 2
ACC 290 Week 4 Individual WileyPLUS Assignment
ACC 290 Week 4 Learning Team Financial Reporting Problem Part I
ACC 290 Week 4 Reflection Summary
ACC 290 Week 5 DQ 1
ACC 290 Week 5 DQ 2
ACC 290 Week 5 Learning Team Financial Reporting Problem Part II
ACC 290 Week 5 Learning Team Weekly Reflection
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