X120B CS accounts

X120B INTERMEDIATE ACCOUNTING

FALL 2015

1.COURSE SYLLABUS

2.TARGET CORP. ANNUAL REPORT Year-Ended 1/31/2015

3.TEXTBOOK PUBLISHER LECTURE SLIDES (CHAPTERS 9 16) NOTES VIEW

See Bookmarks in PDF FILE [Click Control B] to see Bookmarks

garykIMPORTANT NOTE: Please review syllabus and read Chapter 9 in the textbook in advance of attending Week 1 class.

COURSE SYLLABUS Course Title: X120B Intermediate Accounting Theory and Practice Quarter: Fall 2015 Location: 2317 School of Public Affairs Dates: September 21 December 7, 2015, 6:30 - 9:30 p.m. (12 x Mondays), Instructor: Gary Krausz, CPA/CFF, Partner, Gursey | Schneider LLP Office Hours: By Appointment Contact Information: [email protected] Office: (310) 691-1794 Cell: (818) 399-9647 Course Description: This is the second part in the three-course Intermediate Accounting sequence. X 120B begins with the second part of inventory accounting, and then covers accounting for long-term assets and intangibles, current and long-term liabilities, and stockholders' equity. Prerequisite: X 120A Intermediate Accounting Theory and Practice or consent of instructor. Goals & Objectives:

1. Have a strong understanding of the application of U.S. GAAP to the areas described above 2. Analyze, journalize and accounting for transactions related to the above topics 3. Properly present these items on financial statements 4. Successfully prepare for CPA exam questions on the covered topic areas 5. Place and apply accounting theory learned in context of current business environment 6. Familiarize students to International Financial Reporting Standards (IFRS) and compare /

contrast to U.S. GAAP.

Required Readings: Course Text: Kieso, Weygandt, Warfield: Intermediate Accounting, 15th Edition Recommended Readings: Wall Street Journal, Bloomberg Business Week, Fortune, Forbes, Inc., etc. At least one general business periodical We will be discussing current events and periodical materials as they relate to class topics.

Grading: Course grades will be based on participation and completion of assignments as follows: % Item 90% 3 x Quizzes at 30% each 10% Homework completion, Target assignment and In-Class participation ** Ok to Work in Groups ** Grading will be on traditional 100% of total points available scale A (90-100), B (80-90), C (70-80), D (60-70) Students are expected to be prepared for class by reading chapter and all other assigned reading materials in advance, and complete all homework assignments within week it is assigned. The key to performing well in this class is reading in advance of class, and staying current with the homework and class problems. Please bring a calculator to class. Calculators will be permitted on all exams. Please note that all grades except Incomplete ("I") are final when filed by the instructor in the Final Grade Report. The UCLA Extension Grading Scale A Superior, B Good, C Fair, D Poor, F Failure, I Incomplete (work of passing quality but incomplete; may be revised) DR Deferred Report P Passed (a grade of C or better) and NP Not Passed (less than C) More on Grades Certificate Students: All courses to be applied toward a certificate program must be taken for a letter grade and a grade of C or better is required. If you receive a grade of C- or lower, you must either repeat the course or confer with your Certificate Advisor to find a suitable substitute. Courses in which a grade of D, F, or NP was received may be repeated. In all courses in which grades are awarded, instructors may grant students up to one quarter to make up an I. After one quarter or sooner if required by instructor an I will automatically lapse to an F. Grades A, B, C, and D may be modified by the suffixes + or -. The temporary grade of DR will be posted if allegations of academic dishonesty are pending. See more about UCLA Extension grading policy click here Student Behavior Student Behavior involving cheating, copying others work, and plagiarism are not tolerated and will result in disciplinary action. Students are responsible for being familiar with the information on Student Conduct in the General Information Section of the UCLA Extension Catalog or on the website at www.uclaextension.edu or click here.

COURSE OUTLINE

Date/Topic Weekly Course Contents Week 1

September 21

Ch. 9 Inventories, Additional Valuation Issues (Part 2)

Week 2 September 28

Ch. 10 Acquisition Property, Plant and Equipment

Week 3 October 5

Ch. 11 Depreciation, Impairment and Depletion

Week 4 October 12

Ch. 12 Intangible Assets Review for Quiz

Week 5 October 19

Ch. 13 Current Liabilities and Contingencies ** Quiz #1 Covers Ch. 9, 10 and 11 **

Week 6 October 26

Review Quiz Results Ch. 13 Current Liabilities and Contingencies

Week 7 November 2

Ch. 14 Long-Term Liabilities

Week 8 November 9

Ch. 14 Long-Term Liabilities (continued) Review for Quiz

Week 9 November 16

Make-Up

Ch. 15 Stockholders Equity ** Quiz #2 Covers Ch. 12, 13, and 14 **

Week 10 November 23

Ch. 15 Stockholders Equity

Week 11 November 30

Ch. 16 Dilutive Securities and Earnings Per Share Review for Final

Week 12 December 7

Ch. 16 Dilutive Securities and Earnings Per Share Chapter 15 and 16 Supplemental Problems ** Final Exam Covers Ch. 15 & 16 **

One or Two More Guest Speakers TBA

HOMEWORK ASSIGNED

Chapter

Read Chapters **

In-Class Problems

Homework Problems Assigned (Ok to work in groups)

9

Yes and

Read AUS Topic 330

Brief Exercises 1, 3, 4, 5, 6, 7, 8,

9

Questions: 1, 5, 7, 10, 11, 18 Exercises: 7, 9 Problems: 6 Supplemental Assignment on ASU Topic 330 Target Corp.: Chapter 9 Questions

10

Yes

Brief Exercises 2 6, 8 12

Questions: 1, 4, 7, 10, 11, 12, 15 Exercises: 2, 3, 7 Problems: 6 Target Corp.: Chapter 10 Questions

11

Yes

Brief Exercises 1 4, 7

Questions: 2, 3, 7, 10, 11, 17, 19 Exercises: 1, 2, 3, 4, Target Corp.: Chapter 11 Questions

12

Yes

Brief Exercises 1 8

Questions: 1, 3, 4, 6, 7, 8, 9, 12, 17 Exercises: 3, 4, 6, 12 Problems: -- Target Corp.: Chapter 12 Questions

13

Yes and

Read Coffee Bean v.

Starbucks article

Brief Exercises 1 8, 10, and 13

Questions: 1, 3, 5, 8, 9, 10, 12, 14, 18, 20, 21 Exercises: 2, 5, 9 Target Corp.: Chapter 13 Questions

14

Yes

Brief Exercises 2 8,

10 14

Questions: 1 11, 14, 19 Exercises: 3, 4, 5 Problems: 1, 2 Target Corp.: Chapter 14 Questions

15

Yes and

Read AIG Reading

Assignment

Brief Exercises 2, 4, 5, 9, 10, 12,

13 and 14

Supplemental In-Class Exercises:

7, 8 and 18

Questions: 1 15 (Odd #s), 22, 23 and 24, Exercises: 1, 2, 14, 15 Problems: 1 Target Corp.: Chapter 15 Questions

16 Yes (including

Appendix 16B)

Brief Exercises 1, 4 7, 9, 11

14

Supplemental In-Class Exercises: 3, 11, 15, 23, 25

and 26

Questions: 2, 5, 8, 10, 12, 13, 14, 17, and 21 Exercises: 1, 7, 16 Problems: -- Target Corp.: Chapter 16 Questions

Solutions to all problems completed in class and assigned for homework will be provided to you after the materials are covered in class. * * Please read IFRS Insights in the Chapters.

Lecture PowerPoint Slides are on-line at the Intermediate Accounting 15th Edition (Student Companion Site) and are attached to the Syllabus. http://bcs.wiley.com/he-bcs/Books?action=index&itemId=1118147294&bcsId=8063 Other reading assignments and homework may be assigned during class and therefore may be covered on exams so please keep up to date with all class assignments, including those listed above. Note: Assume all homework will be collected. It is ok (and preferable) to work together in study groups. All problems above that are worked out in class (in advance or in the lecture slides) do not need to be re-performed for homework. It is very helpful to keep all homework solutions together for exam study purposes. I will distribute answers to all homework problems listed above to you the week after they are due. Helpful Hints to Your Career Management 9 Join the California Society of CPAs now student membership is FREE.

http://www.calcpa.org/Content/membershipdues.aspx

9 Join the AICPA now student membership is FREE. http://www.thiswaytocpa.com/aicpa-student-membership/

9 AICPA publishes what is known as the Content and Skill Specifications of the Uniform CPA Exam - Outline (CSO). This is the grid that discusses what is, and what is not covered on CPA exam; it changes infrequently but always good to see what is covered on each part of the exam so you know as you go through your courses. A copy is attached to the Syllabus or see below: http://www.aicpa.org/becomeacpa/cpaexam/examinationcontent/contentandskills/downloadabledocuments/csos-ssos-effective-jan-2015.pdf

9 If you have questions about obtaining a California CPA license, please read the CPA Licensing Applicant Handbook or just call the CA Board of Accountancy. Remember, each state has its own rules for CPA licensing. A copy is attached to the syllabus. http://www.dca.ca.gov/cba/publications/applbook.pdf

9 Buy a CPA Exam review book now; buy Used (very inexpensive); look to Amazon.com for low price used books. Learn the types of questions covered on CPA exam now, while you are learning the materials for the first time, not later on.

TARGET CORPORATION ASSIGNMENT QUESTIONS The following questions are provided to accompany the Target Corporation, 2014 financial statements attached to this Syllabus. These are the Target Corporation financial statements for the year ended January 31, 2015. These will be reviewed in class during the week we go over the related chapters homework assignments. Please review the Target Corporation financial statements and be prepared to discuss in class. Ok to work in groups. Chapter 9 Inventories

1. What is their composition of inventory? Costing methods employed? Any inventory financing arrangements? What is basis for determining inventory cost?

2. Any inventory allowances or impairment issues? 3. Any purchase commitments or unusual purchase arrangements? 4. Compute inventory turnover ratio? 5. Compute days to sell inventory? 6. Any purchase commitments? If so, what is committed and what is policy? Any loss recorded on

purchase commitments? 7. Under IFRS, what would be different for company for reporting inventory?

Chapter 10 Property, Plant and Equipment

1. How much did the company spend for property and equipment? 2. Did the company sell any of its property and equipment? If so, for how much money did they

receive? 3. Does the company capitalize interest? If so, how much was interest paid, interest capitalized and

interest expense? 4. What is policy for capitalizing assets? Basis for valuation? 5. What is policy for repairs and maintenance? 6. Any self-constructed assets?

Chapter 11 Depreciation, Impairments and Depletion

1. What methods of depreciation are used? What is useful lives for each asset class? 2. What is total depreciation expense during the year? 3. Any impairments of fixed assets recorded? 4. What is balance of each class of depreciable asset? What is accumulated depreciation? 5. Compute asset turnover ratio. Compute profit margin on sales ratio. Compute return on assets.

Chapter 12 Intangible Assets 1. Does Company have intangible assets? If so, what is included by each category? 2. What is the amount of each type of intangible asset? 3. Was any business acquired that resulted in goodwill? If so, what was acquired, and how much

goodwill allocated to purchase? 4. How much amortization expense was recorded during period? How much for the succeeding five

years? 5. Any impairment issues for intangible assets or goodwill? If so, what was impaired and how much

loss was recorded? 6. Any research and development costs? If so, how much? Any preopening costs? Accounting

policy?

Chapter 13- Current Liabilities 1. What items are included in accounts payable, accrued expenses and other liabilities? 2. Does the company have contingent liabilities? What is their accounting policy for accruing and/or

disclosing contingent liabilities? Are there any contingent liabilities that meet the criteria for accrual? If so, what are they? Any gain contingencies?

3. Is there debt that comes due within one year that is classified as current? Is there debt that comes due within one year that has been classified as non-current? Which ones?

4. Any dividends payable? Any asset retirement obligations? Any warranty liabilities? Any self-insurance liabilities? If so, please describe.

5. What is their accounting policy for sales tax? 6. Compute current ratio.

Chapter 14 Long-Term Liabilities

1. What are the various long-term debt that the Company has outstanding? Describe various issues including nature of liabilities, maturity dates, interest rates, call provisions, conversion privileges, and assets designated or pledged as security.

2. How much was borrowed in current year? How much was repaid? 3. What is future principal maturities over the next five years? 4. Compute Debt to Total Assets and compute Times Interest Earned.

Chapter 15 Stockholders Equity 1. Where is the company incorporated? 2. How many shares of common stock authorized, issued and outstanding? Any treasury stock? If

so, how much? Par value? 3. How many shares of preferred stock authorized, issued and outstanding? 4. How many shares of stock were sold? Treasury shares repurchased? How much were the

proceeds? 5. How much dividends were paid? On a per-share basis? 6. What is the average price per repurchased share in 2013? 7. Compute rate of return on equity, dividend payout ratio and book value per share.

Chapter 16 Dilutive Securities and Earnings per Share

1. Simple or complex capital structure? Why? 2. What are the various types of common stock equivalents are outstanding? How much of each? 3. What types of stock compensation plans does the company have? 4. How does the company determine the fair value of stock options? How is the expense recognized

and allocated? 5. Where in the income statement is stock compensation expense reported? 6. How many shares of stock were issued in exercise of stock options and awards? How much

proceeds were received? 7. What is weighted average number of `shares computed for the purposes of determining basic and

diluted earnings per share? What are the dilutive common stock equivalents? Are any securities excluded because they are antidilutive?

8. How much is Basic and Diluted EPS?

TARGET CORP. ANNUAL REPORT - 2014

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