accounting law week one assignment

I will provide the canvas account.

WEEK ONE: Week One is the introductory week to the class. Please take a minute to introduce yourself in the Introduction – Discussion Forum. Tell the rest of the class a little bit about yourself. Tell us where you are from (city and high school), whether this is your first semester at Iowa Western and why you are taking accounting. Then, take some time to go through the responses and learn about your fellow classmates.

You should also complete the homework and take the exams for Chapters Thirteen and Fourteen this week.

Be sure to read through Chapter Thirteen in your textbook (the chapter on Corporations) and make sure you can get logged on to the MyAccountingLab site (MAL). There is an explanatory sheet in the Introduction block at the top of the page that explains how to get registered at the site. Please take some time to navigate through the site and familiarize yourself with the features available in MAL. We will be doing most of our classwork in the Assignments section on MAL. If you click on it, you can see the Do Homework option and I encourage you to try working on the first few problems. Do not worry about answering questions incorrectly. The important thing is to start using the system. Also, be sure to look over the PowerPoint presentations in the Chapter Resources option.

Chapter Thirteen discusses the accounting for Corporations. Prior to this you have only been preparing financial statements for sole proprietor operations. With corporations, you will notice a difference in the equity accounts as you record the issuance of stock, payment of dividends, and closing of the income summary balance. The equity section of a corporation is divided into two sections, the Paid-In Capital section and the Retained Earnings section. Pay careful attention in your text to the discussion of these items. Chapter Thirteen also discusses Stockholder’s Equity in a coporate setting and focuses on the issues of stock dividends, stock splits, treasury stock and restrictions on retained earnings. The chapter also covers the presentation of the income statement for a corporation.

Chapter Fourteen is concerned with Long-Term Liabilities and you should focus on how interest calcualtions are made, the journal entries required for the issuance of bonds, the interest payment on bonds, and the ultimate retirement of bonds. Bonds can be sold at par, at a discount, or at a premium and you should be able to record the journal entries and do the calculations for those three methods of issuance. You should also be able to record journal entries and do appropriate calculations for long-term notes and mortgages.

Students typically have questions about grading, so let me clarify some grading procedures as you get started in this class. First, you are not penalized for missing questions while doing the homework assignments. Homework is designed to help learn the steps necessay in accounting. If you could get everything correct on every homework assignment, there would be no need in taking this class. If you attempt the homework problems, you will earn your ten points per chapter for the homework grading component. Second, MyAccountingLab will automatically grade your exams when you have compelted them and you will see a score on that exam. Be aware that I will go in and re-grade all exams and your official grade will be entered in your ROC gradebook. Hopefully this will make more sense after the first few chapters, but please feel free to ask questions if you are unsure about grading procedures.

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