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Trident ACC201 module 2 case and SLP (Summer 2014)




Question;Module 2 - CaseFINANCIAL STATEMENTSCase AssignmentThere are three main parts to this case that requires you to prepare and submit a three to five page paper. Please make sure this paper is well organized and covers all of the items below.Part ISearch the course background information, the Internet and/or the Cyber Library. Discuss the terms listed below. Your discussion should expand on the definition as given in the module background. Explain why these concepts are important to financial statements.Generally Accepted Accounting Principles (US GAAP),International Accounting Standards (IFRS),Securities and Exchange Commission (SEC),Annual report, and10-K, 10-Q, and 8-KPart IIExplain the basic formats of financial statements such as income statement, balance sheet, statement of cash flows, and statement for retained earnings.Part IIIEverything in Accounting typically falls into one of three categories, as illustrated by the Accounting Equation. State the Accounting Equation: Assets = _______________ + _______________You will note that the Accounting Equation comprises 3 "categories," each of which can be broken down further into accounts. For each of the three main categories of the Accounting Equation, list 5 or more accounts with actual amounts that would typically be classified into each. For instance, Land & Equipment would typically be categorized as Assets.To simplify your answers, complete the assignment using a basic table or diagram.Assignment ExpectationsThe submission should be 3 to 6 pages and need to include answers to all the questions listed above. Show computations, discuss the results and include references in APA format.Module 2 - SLPFINANCIAL STATEMENTSBelow find the trial balance for Nybrostrand Company. Prepare an income statement and balance sheet in good format. After you have completed the two statements comment on the success of the company. Support your answer with information from the financial statements you just prepared.Nybrostrand Company31-Dec-12Trial Balance (accounts in alphabetical order)DebitCreditAccounts payable$ 78,000Accounts receivable$ 36,500Cash30,000Common stock10,000Depreciation expense24,350Cost of goods sold307,000Equipment (net of depreciation)415,000Insurance1,400Inventory34,000Long-term debt127,000Marketing4,500Paid-in capital50,000Property taxes16,900Rent28,000Retained earnings?Revenues586,000Salaries78,500Utilities6,700Total982,850851,000SLP Assignment ExpectationsThe submission should be 2 to 4 pages and need to include answers to all the questions listed above. Show computations, discuss the results and include references in APA format.When your paper is done, send it in.


Paper#40169 | Written in 18-Jul-2015

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