Accounting

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

 

 

 

 

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