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Accounting

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I need help with an assignment that is due. It has to be done in Excel.;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 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;Grading Rubrics;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 which subgroup the account belongs. This should be done according to functionality.;Preparing 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.;Preparing 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;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;150;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#74656 | Written in 18-Jul-2015

Price : $27
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