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ACCT 550 Wk




Question;The objective;is 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 include the;following.;Obtain the;list of accounts under the section Course Project Listing of Accounts.Determine;which accounts belong to the balance sheet and which accounts belong to;the income statement.Determine;to which subgroup 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 Rubric;Category;Points;%;Description;Making;proper selection of accounts relative to the balance sheet or the income;statement;30;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;15;10;Each;account belongs to a particular subgroup. The student is to determine to;which subgroup the account belongs. This should be done according to;functionality.;Prepare;the balance sheet in good form;45;30;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;45;30;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;15;10;A;quality paper will meet or exceed all of the above requirements.;Total;150;100;Course Project Listing of;Accounts;Back to Top;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 1/1/2015;500,000


Paper#51832 | Written in 18-Jul-2015

Price : $29