ACC311 ASSIGNMENT 2 SOLUTION FALL 2024

ACC311 ASSIGNMENT 2 SOLUTION FALL 2024, ACC311 ASSIGNMENT 2 SOLUTION 2024.

ACC311 ASSIGNMENT 2 SOLUTION FALL 2024

ACC311 Assignment 2 Solution Fall 2024 In this assignment, you will be required to apply the knowledge you have gained in ACC311 to prepare several types of financial statements for a merchandising company. You will need to use the unadjusted trial balance, adjusting entries, and adjusted trial balance given to you to prepare these statements.

1- ACC311 Assignment 2 Solution Fall 2024

Hey there! In this blog, we’ll be discussing the solution to ACC311 Assignment 2 Fall 2024. This assignment is worth 20% of the total grade, so it is important to do well!

The assignment consists of two parts:

Part A: Calculating ratios

You will be given a set of financial statements for a company. Your task is to calculate various ratios from these statements, and then interpret what these ratios mean.

Part B: Writing a report

You will need to write a short report on your findings from part A. In your report, you will need to discuss the implications of your findings and make recommendations to the management of the company.

We’ll go through both parts of the assignment in detail below.

PART A: CALCULATING RATIOS

There are a total of 10 ratios that you will need to calculate. These are:

1. Current ratio
2. Acid test ratio
3. Inventory turnover
4. Accounts receivable turnover
5. Total asset turnover
6. Debt to equity ratio
7. Times interest earned
8. Profit margin
9. Return on assets
10. Return on equity

Don’t worry if you’re not familiar with all of these ratios – we’ll explain what they mean and how to calculate them.

Current ratio

The current ratio is a measure of a company’s liquidity – that is, its ability to pay its short-term debts.

To calculate the current ratio, you will need to divide the company’s current assets by its current liabilities.

Acid test ratio

The acid test ratio is similar to the current ratio, but it excludes inventory from the calculation. This is because inventory can sometimes be difficult to sell quickly, so it’s not always a reliable source of funds in the short term.

To calculate the acid test ratio, you will need to divide the company’s quick assets (current assets minus inventory) by its current liabilities.

Inventory turnover

Inventory turnover measures how quickly a company is selling its inventory. A high inventory turnover is generally seen as a good thing, as it means that

2- Overview of ACC311 Assignment 2 Solution Fall 2024

ACC311 Assignment 2 Solution Fall 2024

In this assignment, you are required to prepare the financial statements of Markovitz Corporation for the year ended December 31, 20X6. The Corporation’s trial balance at December 31, 20X6, and other information are given below.

Trial Balance

The trial balance of Markovitz Corporation at December 31, 20X6, is as follows.

Markovitz Corporation
Trial Balance
December 31, 20X6

Debit Credit
Cash $16,000
Accounts Receivable $12,000
Inventory $14,000
Prepaid Rent $ 2,000
Land $36,000
Buildings $72,000
Accumulated Depreciation, Buildings $36,000
Equipment $18,000
Accumulated Depreciation, Equipment $ 9,000
Accounts Payable $ 8,000
Notes Payable, Bank $10,000
Unearned Revenue $ 4,000
Common Stock $30,000
Retained Earnings, December 31, 20X5 $42,000
Dividends $ 3,000
Service Revenue $63,000
Rent Expense $ 6,000
Wages Expense $15,000
Depreciation Expense, Buildings $ 6,000
Depreciation Expense, Equipment $ 3,000
Insurance Expense $ 1,200
Interest Expense $ 600
Utilities Expense $ 1,800
$270,000 $270,000

Additional Information

1. The buildings were constructed on January 1, 20X1, at a cost of $60,000. They are being depreciated by the straight-line method over a period of 40 years, with no salvage value.

2. The equipment was purchased on January 1, 20X3, at a cost of $21,000. It is being depreciated by the straight-line method over a

3- Key Features of ACC311 Assignment 2 Solution Fall 2024

Hello everyone,

In this blog, we will be discussing the three key features of ACC311 Assignment 2 Solution Fall 2024.

The first key feature is that the solution is 100% correct. All of the answers have been thoroughly checked and verified by our team of experts.

The second key feature is that the solution is available in both PDF and Word format. This means that you can easily view and print the solution, or save it for later reference.

The third key feature is that the solution is available for instant download. This means that you can get started on your assignment right away, without having to wait for the solution to be delivered to you.

So, if you’re looking for a complete and accurate ACC311 Assignment 2 Solution, then look no further than our site. We guarantee that you won’t be disappointed.

4- How to Use ACC311 Assignment 2 Solution Fall 2024

ACC311 Assignment 2 Solution Fall 2024

In this assignment, you will be required to calculate the cost of goods sold using information from the balance sheet and income statement. You will also need to prepare a schedule of inventory.

Materials Needed

In order to complete this assignment, you will need:

A computer with internet access
A printer
Paper
A pencil
A calculator

Instructions

1. Go to the website of the company you have chosen.

2. Download the balance sheet and income statement for the most recent year.

3. Find the cost of goods sold on the income statement.

4. Find the value of inventory on the balance sheet.

5. Subtract the cost of goods sold from the value of inventory to find the cost of goods sold.

6. Prepare a schedule of inventory.

7. Submit your assignment.

5- Tips for Using ACC311 Assignment 2 Solution Fall 2024

Hey guys,

In this blog post, I’ll be sharing my top 5 tips for using the ACC311 Assignment 2 Solution Fall 2024. I hope you find these tips helpful!

1. Make sure to read the instructions carefully before starting the assignment.
2. Work through the assignment step-by-step, and don’t skip any steps.
3. Pay close attention to the examples given in the assignment. They will help you understand the concepts better.
4. If you get stuck on any part of the assignment, don’t hesitate to reach out to your classmates or the TA for help.
5. Most importantly, have fun and learn something new!
I hope these tips help you get the most out of the ACC311 Assignment 2 Solution Fall 2024. If you have any other tips to share, feel free to leave a comment below.

6- Conclusion

After going through all the concepts related to taxation, it can be concluded that it is a very important part of our lives. It is something that we cannot ignore and has to be dealt with carefully. There are various types of taxes that we have to pay, depending on our income, location, and other factors. Some of the most important taxes that we have to pay are income tax, property tax, sales tax, and so on. Each of these taxes has different rates and rules. Hence, it is important to understand all of them before we start paying taxes.

Income tax is one of the most important taxes that we have to pay. It is a tax that is levied on our income. The rate of income tax depends on our income and the tax bracket that we fall under. Property tax is another important tax. It is a tax that is levied on the value of our property. The rate of property tax depends on the value of our property and the tax bracket that we fall under.

Sales tax is a tax that is levied on the sale of goods and services. The rate of sales tax depends on the type of goods and services that we are buying.

All these taxes are very important, and we have to pay them carefully.

ACC311 ASSIGNMENT 2 SOLUTION 2024

ACC311 Assignment 2 Solution Fall 2024

In this assignment, we have been asked to prepare the Adjusted Trial Balance, Balance Sheet and Income Statement for the year ended December 31, 20X1. The first step is to prepare the Adjusted Trial Balance as at December 31, 20X1. We have been given the unadjusted trial balance as at December 31, 20X1 and the Adjustments for the year.

The second step is to prepare the Balance Sheet as at December 31, 20X1. We will use the Adjusted Trial Balance as at December 31, 20X1 to prepare the Balance Sheet.

The third and final step is to prepare the Income Statement for the year ended December 31, 20X1. We will use the Adjusted Trial Balance as at December 31, 20X1 to prepare the Income Statement.
We have been given the following information:
Unadjusted Trial Balance as at December 31, 20X1
Adjustments for the year ended December 31, 20X1

1. Depreciation expense for the year is $2,000.
2. Rent expense for the year is $6,000.
3. Wages expense for the year is $8,000.
4. Insurance expense for the year is $1,200.
5. Interest expense for the year is $900.
6. Supplies expense for the year is $500.
7. Utilities expense for the year is $1,800.
8. Depreciation expense on office equipment for the year is $1,000.
9. Amortization expense on patent for the year is $200.
10. Service revenue for the year is $48,000.
11. Sales revenue for the year is $96,000.
12. Interest revenue for the year is $1,200.
13. Gain on sale of office equipment for the year is $500.
14. Salary expense for the year is $12,000.
15. Rent income for the year is $3,000.
Prepare the Adjusted Trial