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ACC Course Project Title: Balance Sheet and Single-Step Income Statement

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Question;Course Project Title: Balance Sheet;and Single-Step Income Statement;Objective;To prepare a;comprehensive balance sheet and Single-Step Income Statement presented in good;form and derived from a list of various accounts. The amounts relative to each account will be;given and the student will learn to determine whether an account is a balance;sheet account or a temporary account that belongs to the income statement. The accounts will be comprised of all the;various subgroupings in the balance sheet (Current Assets, Investment, Fixed;Assets, Intangibles and Other Assets. As;well as Current Liabilities, Long-term Liabilities and the Equity sections).Guidelines;?;Obtain the list of accounts under;the title of Course Project in Doc Sharing;?;Determine which accounts belong to;the Balance Sheet and which accounts belong to the Income Statement;?;Determine to which sub-group each;account belongs;?;Arrange the accounts in proper order;and functionality;?;Prepare a Comprehensive Balance;Sheet in good form;?;Prepare a Single-step Income;Statement in good form;?;Put the course project in the;dropbox for the project in week 8;Grading;Rubrics;Category;Points;%;Description;Making proper selection of;accounts relative to the balance sheet or the income statement;20;20;From the provided listing of;accounts determine which accounts are Balance Sheet accounts and which;accounts are Income Statement accounts.;Putting the accounts into the;proper subgroup according to functionality;10;10;Each account belongs to a;particular subgroup. The student is to;determine which subgroup the account belongs.;This should be done according to functionality.;Prepare the balance sheet in good;form;35;35;Proper form is important in;the preparation of the balance sheet.;Examples can be found in the text.;Prepare the income statement in;good form;25;25;Proper form is important in;the preparation of the income statement.;Examples can be found in the text;Ensuring that the Balance Sheet;and the Income Statement have been computed correctly;10;10;It is important that the;balance sheet and income statement are computed correctly and have the;correct totals. An incorrect total in;any part of the financials can invalidate the entire project.;Total;100;A quality project will meet or;exceed all of the above requirements.;Course Project Listing of;Accounts;Accounts Payable $197,532;Account;Receivable 165,824;Accrued;Interest on Notes Payable 500;Accrued;Liabilities 9,500;Accumulated;Depreciations 341,200;Additional;Paid-in Capital 37,500;Administrative;Expenses 350,000;Allowance for;doubtful accounts 1,850;Building 975,800;Cash 42,485;Common Stock 400,000;Copyrights 105,000;Cost of Goods;Sold 1,000,000;Customer;Deposits (expected to be paid next;year) 420;Deposits with;Vendors (based on a long-term purchase contract) 50,000;Depreciation;Expense (40% - Selling;60% - Administrative) 100,000;Dividend;Income 30,000;Goodwill 100,000;Income Tax;Expense 82,250;Income Taxes;Payable 62,520;Interest;Revenue 25,000;Inventories 499,493;Investments;in Warren Co. 87,500;Land 125,000;Mortgage;Payable ($1,500 per month) 308,000;Notes Payable;to Banks 50,000;Notes;Receivable (due next year) 23,000;Patents 125,000;Preferred;Stock, 7% 300,000;Prepaid;Expenses 16,252;Rental Income 50,000;Retained;Earnings 162,582;Selling;Expenses 300,000;Salaries;Payable 52,000;Sales;Discounts 120,000;Sales Revenue 2,000,000;Securities;(available for sale) ? at fair;Market value 28,250;Trademarks 80,000;Twenty-year;12% Bonds, due 1/1/2013 500,000

 

Paper#40697 | Written in 18-Jul-2015

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