Introduction to Accounting unit 2 Essay

Introduction to Accounting unit 2 Essay

BAM 110 Introduction to Accounting
Writing Assignment for Unit Two
• Include your name, student number, course number, course title and unit number with your writing assignment.
• Begin each writing assignment by identifying the question number you are answering followed by the actual question itself (in bold type).
• Use a standard essay format for responses to all questions (i.e., an introduction, middle paragraphs and conclusion).
• Responses must be typed double-spaced, using a standard font (i.e. Times New Roman) and 12 point type size.
Word count is NOT one of the criteria that is used in assigning points to writing assignments. However, students who are successful in earning the maximum number of points tend to submit writing assignments that fall in the following ranges:
Undergraduate courses: 350 – 500 words or 1 – 2 pages. Graduate courses: 500 – 750 words or 2 – 3 pages. Doctoral courses: 750 – 1000 words or 4 – 5 pages.
Plagiarism
All work must be free of any form of plagiarism. Put written answers into your own words. Do not simply cut and paste your answers from the Internet and do not copy your answers from the textbook. Be sure to refer to the course syllabus for more details on plagiarism and proper citation styles.
Please answer ONE of the following:
1. On January 1 the Prepaid Insurance account had a balance of $6,000 that represented 6 months’ worth of advance payment. It is now the end of March and there have been no adjustments to the account balance. Determine the amount of expense to record at the end of March.
2. The College Credit Card Services has a signi cant increase in business each spring due to a large increase in new applicants from graduating college students. Subsequently, each spring 40 temporary workers are hired for a 12-week period, working 40 hours per week at $10 per hour and then they are laid off. College’s permanent employment total is 350 workers. Because of these yearly layoffs, College’s state unemployment merit tax rate is 9%. If the number of layoffs could be reduced, the merit tax rate could be reduced to 4.1%. As the payroll specialist for College, you have been asked to evaluate the following and determine the pros/cons of each decision:
a. Should College stop hiring temporary employees and ask its full-time workers to work overtime to handle the extra load?
b. Should College get its temporary employees from a temporary employment agency and therefore not be subject to the extra taxes?
Unit 2 Examination
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Question 3 continued on the next page.

Writing Assignment for Unit Two Continued
3. A summary of selected ledger accounts appear below for S. Ball for the current calendar year.
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Answer the following questions.
a. What was the total amount of withdrawals for the year? b. What was the net income?
c. What was the total revenue?
d. What were the total expenses?

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