Chat with us, powered by LiveChat The production and analysis of financial statements are core tasks for accounting professionals. The activities for this final project have traditionally been | WriteDen

The production and analysis of financial statements are core tasks for accounting professionals. The activities for this final project have traditionally been

 The production and analysis of financial statements are core tasks for accounting professionals. The activities for this final project have traditionally been performed monthly by accountants in most organizations. However, with automation making accounting more efficient, many executives are requiring even more frequent financial statements. This new reality further underscores the need for accurate transaction collection and adjustment computations. Additionally, external users rely on ratio analyses to draw informed conclusions about a company’s financial health. This information often will factor heavily into their investment and lending decisions 

Chart of Accounts

Asset Accounts Liability Accounts Equity Accounts
Acct # Acct # Acct #
Cash 101 Notes Payable 201 Common Stock 301
Baking Supplies 102 Accounts Payable 202 Dividends 302
Prepaid Rent 103 Wages Payable 203
Prepaid Insurance 104 Interest Payable 204
Baking Equipment 105 Loans Payable 205
Office Supplies 106
Accounts Receivable 107
Accumulated Depreciation 108
Trademark 109
Leasehold Improvements 110
Accumulated Amortization 111
Revenue Accounts
This chart of accounts should help you identify the appropriate accounts to record to as you are analyzing and journaling transactions for this workbook. There is nothing to complete on this page; this is simply a resource for you. Acct #
Bakery Sales 401
Merchandise Sales 402
Expense Accounts
Acct #
Baking Cost of Goods Sold 501
Merchandise Cost of Goods Sold (FIFO) 502
Rent Expense 503
Insurance Expense 504
Misc. Expense 505
Business License Expense 506
Advertising Expense 507
Wages Expense 508
Telephone Expense 509
Interest Expense 510
Depreciation Expense 511
Amortization Expense 512
Office Supplies Expense 513

Worksheet

Peyton Approved
Trial Balance
2017
Unadjusted trial balance Adjusting entries Adjusted trial balance
Account Debit Credit Debit Credit Debit Credit
Cash 64,713.72 64,713.72
Baking Supplies 165,250.00 165,250.00
Merchandise Inventory (FIFO) 25,750.00 25,750.00
Prepaid Rent 7,500.00 7,500.00
Prepaid Insurance 2,400.00 2,400.00
Baking Equipment 17,000.00 17,000.00
Accumulated Depreciation 3,285.72 3,285.72
Leasehold Improvements 10,000.00 10,000.00
Accumulated Amortization 2,000.00 2,000.00
Trademark 2,300.00 2,300.00
Office Supplies 1,600.00 1,600.00
Accounts Receivable 30,401.00 30,401.00
Notes Payable 10,000.00 10,000.00
Interest Payable – 0
Accounts Payable 27,325.00 27,325.00
Wages Payable – 0
Loans Payable 21,000.00 21,000.00
Common Stock 30,000.00 30,000.00
Dividends 20,000.00 20,000.00
Bakery Sales 335,675.00 335,675.00
Merchandise Sales 35,200.00 35,200.00
Baking Cost of Goods Sold – 0
Rent Expense 90,000.00 90,000.00
Interest Expense – 0
Insurance Expense – 0
Depreciation Expense – 0
Amortization Expense – 0
Misc. Expense 2,780.00 2,780.00
Office Supplies Expense – 0
Business License Expense 375.00 375.00
Advertising Expense 5,200.00 5,200.00
Wages Expense – 0
Telephone Expense 3,456.00 3,456.00
Merchandise COGS (FIFO) 15,760.00 15,760.00
Total 464,485.72 464,485.72 – 0 – 0 464,485.72 464,485.72

Adjusting Entries

Peyton Approved
Adjusting Journal Entries
2017
Date Accounts Debit Credit
31-Dec Depreciation Expense
Accumulated depreciation
31-Dec Amortization Expense
Accumulated Amortization
31-Dec Interest Expense
Interest Payable
31-Dec Insurance Expense
Prepaid Insurance
31-Dec Baking Cost of Goods Sold
Baking Supplies
31-Dec Office Supplies Expense
Office Supplies
31-Dec Wages Expense
Wages Payable
– 0 – 0

Income Statement

Peyton Approved
Income Statement
For Year Ending 12/31/2017
Bakery Sales
Merchandise Sales
Total Revenues – 0
Merchandise Cost of Goods Sold (FIFO)
Baking Cost of Goods Sold
Gross Profit – 0
Operating Expenses:
Rent Expense
Interest Expense
Insurance Expense
Depreciation Expense
Amortization Expense
Misc. Expense
Office Supplies Expense
Business License Expense
Advertising Expense
Wages Expense
Telephone Expense
Total Operating Expenses: – 0
Net Income – 0

Closing Entries

Peyton Approved
Closing Entries
For Year Ending 12/31/2017
Date Accounts Debit Credit
31-Dec Bakery Sales
Merchandise Sales
Income Summary – 0
31-Dec Income Summary – 0
Baking Cost of Goods Sold
Rent Expense
Interest Expense
Insurance Expense
Depreciation Expense
Amortization Expense
Misc. Expense
Office Supplies Expense
Business License Expense
Advertising Expense
Wages Expense
Telephone Expense
Merchandise Cost of Goods Sold (FIFO)
31-Dec Income Summary – 0
Retained Earnings – 0
31-Dec Retained Earnings
Dividends
– 0 – 0

Statement of Retained Earnings

Peyton Approved
Statement of Retained Earnings
For Year Ending 12/31/2017
Beginning Balance: – 0
plus Net Income
less Dividends:
Ending Balance: – 0

Balance Sheet

Peyton Approved
Balance Sheet
As of December 31, 2017
Assets Liabilities and Owners' Equity
Current Assets: Current Liabilities:
Cash Accounts Payable
Baking Supplies Wages Payable
Merchandise Inventory (FIFO) Interest Payable
Prepaid Rent Total Current Liabilities – 0
Prepaid Insurance
Office Supplies Long Term Liabilities:
Accounts Receivable Notes Payable
Total Current Assets – 0 Loans Payable
Total Long Term Liabilities: – 0
Total Liabilities: – 0
Long Term/Fixed Assets:
Baking Equipment Common Stock
Accumulated Depreciation Retained Earnings
– 0
Leasehold Improvements Total Equity – 0
Accumulated Amortization – 0
Trademark
Total Assets: – 0 Total Liabilities & Equity – 0

Financial Analysis

2017 2016 2015 Industry Standard
Quick Ratio 2.2 2.8 1.75
Gross Margin 0.55 0.7 0.7
Net Margin 0.22 0.32 0.24
Return on Equity 0.9 0.78 0.8

,

1

ACC 307 Final Project Part I Guidelines and Rubric

Overview The production and analysis of financial statements are core tasks for accounting professionals. The activities for this final project have traditionally been performed monthly by accountants in most organizations. However, with automation making accounting more efficient, many executives are requiring even more frequent financial statements. This new reality further underscores the need for accurate transaction collection and adj ustment computations. Additionally, external users rely on ratio analyses to draw informed conclusions about a company’s financial health. This information often will factor heavily into their investment and lending decisions. In your final project, you will assume the role of an accountant and complete the year-end adjustment process for your company using a provided workbook. This workbook is the first deliverable (Part I) of your final project. In Part II, you will analyze the provided financials o f the same company and create a report documenting your findings. The project is divided into three milestones, which will be submitted at various points throughout the course to scaffold learning and ensure quality final submissions. These milestones will be submitted in Modules Three, Five, and Six. Final Project Part I will be submitted in Module Seven; Final Project Part II is due in Module Eight. In this assignment, you will demonstrate your mastery of the following course competencies:

• ACC-307-01: Demonstrate the year-end adjustment process in the preparation of a business’s financial documentation

• ACC-307-03: Apply generally accepted accounting principles in preparing financial statements

Prompt Review the Final Project Scenario document for information about the financial background of your hypothetical company. Use the provided workbook to complete Part I of your final project. Specifically, you must address the critical elements listed below. Most of the critical elements align with a particular course competency (shown in brackets).

I. Part I: Final Project Workbook A. Demonstrate the year-end adjustment process:

1. Prepare the adjusting journal entries in the Adjusting Entries tab in the provided workbook. [ACC-307-01] 2. Transfer the values from the Adjusting Entries tab to the proper cells of the Adjusting Entries columns in the Worksheet tab. [ACC-307-

01] 3. Create the adjusted trial balance by computing the Adjusted Trial Balance columns using the Worksheet tab. [ACC-307-01] 4. Close temporary accounts by completing the Closing Entries tab. [ACC-307-01]

2

B. Prepare the financial statements: 1. Prepare an income statement for the provided company by completing the Income Statement tab in your workbook. [ACC-307-03] 2. Prepare a statement of retained earnings by completing the Statement of Retained Earnings tab. [ACC-307-03] 3. Prepare a balance sheet by completing the Balance Sheets tab. [ACC-307-03]

Milestones Milestone One: Partial Workbook In Module Three, you will submit the first part of your final project workbook, including the adjusting entries, adjusted trial balance, closing entries, and income statement. This milestone will be graded with the Milestone One Rubric. Milestone Two: Completed Workbook In Module Five, you will submit the second part of your final project workbook, including the statement of retained earnings and the balance sheet. This milestone will be graded with the Milestone Two Rubric. Final Project Part I Submission: Final Workbook In Module Seven, you will submit the first part of your final project, which is the final version of the project workbook. It should be a complete, polished artifact containing all of the critical elements of Final Project Part I. It should reflect the incorporation of feedback gained throughout the course. This submission will be graded with the Final Project Part I Rubric.

Final Project Part I Rubric Guidelines for Submission: All tabs should be completed in your final workbook submission.

Critical Elements Exemplary Proficient Needs Improvement Not Evident Value

Year-End Adjustment Process: Adjusting

Journal entries [ACC-307-01]

Accurately prepares all adjusting entries (100%)

Prepares adjusting entries, but there are gaps or inaccuracies (55%)

Does not prepare adjusting entries (0%)

12.25

Year-End Adjustment Process: Transfer

[ACC-307-01]

Meets “Proficient” criteria and all values are accurate based on the provided data (100%)

Transfers values from their Adjusting Entries tab to the proper cells of the Adjusting Entries columns in the Worksheet tab based on the values from the previous step (85%)

Transfers values to the Adjusting Entries columns in the Worksheet tab, but there are gaps or inaccuracies (55%)

Does not transfer values to the Adjusting Entries columns in the Worksheet tab (0%)

12.25

3

Critical Elements Exemplary Proficient Needs Improvement Not Evident Value

Year-End Adjustment Process: Adjusted

Trial Balance [ACC-307-01]

Meets “Proficient” criteria, and all values are accurate based on the provided data (100%)

Accurately prepares the adjusted trial balance based on the values from the previous step (85%)

Prepares the adjusted trial balance, but there are gaps or inaccuracies (55%)

Does not prepare the adjusted trial balance (0%)

12.25

Year-End Adjustment Process: Closing

Entries [ACC-307-01]

Meets “Proficient” criteria, and all values are accurate based on the provided data (100%)

Accurately prepares all closing entries based on the values from the previous step (85%)

Prepares closing entries, but there are gaps or inaccuracies (55%)

Does not prepare closing entries (0%)

12.25

Financial Statements: Income

Statement [ACC-307-03]

Meets “Proficient” criteria, and all values are accurate based on the provided data (100%)

Accurately prepares the income statement based on the values from the previous step (85%)

Prepares the income statement, but there are gaps or inaccuracies (55%)

Does not prepare the income statement (0%)

17

Financial Statements: Statement of

Retained Earnings [ACC-307-03]

Meets “Proficient” criteria, and all values are accurate based on the provided data (100%)

Accurately prepares the statement of retained earnings based on the values from the previous step (85%)

Prepares statement of retained earnings, but there are gaps or inaccuracies (55%)

Does not prepare statement of retained earnings (0%)

17

Financial Statements: Balance

Sheet [ACC-307-03]

Meets “Proficient” criteria, and all values are accurate based on the provided data (100%)

Accurately prepares the balance sheet based on the values from the previous step (85%)

Prepares the balance sheet, but there are gaps or inaccuracies (55%)

Does not prepare the balance sheet (0%)

17

Total 100%

,

ACC 307 Final Project Scenario I

Scenario for adjusting entries: Year end is December 31, 2017. Peyton Baking Company uses the following accounting practices:

 Inventory: Periodic, FIFO for both baking and merchandise

o Baking supplies: $27,850 ending inventory  Equipment: Straight line method used for equipment

o Mixing machine: $5,000 initial cost, $500 salvage value, 3rd year of use of 7 total ($642.86 per year)

o Ovens: $8,000 initial cost, $1,000 salvage value, 3rd year of use of 7 total ($1,000 per year)

o Other depreciable equipment: $4,000 initial cost, $0 salvage value, 1st year of use of 4 total ($1,000 per year)

o Bakery Leasehold Improvements: $10,000, 2nd year of use ($2,000 per year) o Trademark for company name: Initial cost, $2,300, 3rd year of use

 Office supplies: Periodic, FIFO. Ending balance is $250.  Pay period is every 2 weeks. Last pay period ended December 27.

o 60 employees with a daily pay of $5,700. All receive pay through December 31.  Financing:

o 6% interest note payable was made on January 31, 2017, and is due February 1, 2019. o 5-year loan was made on June 1, 2017. Terms are 7.5% annual rate, interest only until

due date.  Insurance: Annual policy covers 12 months, purchased in February, covering March 2017–

February 2018. No monthly adjustments have been made. Other information: An employee slipped and fell in the baking area and has filed a lawsuit. The company lawyer indicates that it is probable that the company will be found liable. No additional information is available.

HOW OUR WEBSITE WORKS

Our website has a team of professional writers who can help you write any of your homework. They will write your papers from scratch. We also have a team of editors just to make sure all papers are of 
HIGH QUALITY & PLAGIARISM FREE.

Step 1

To make an Order you only need to click ORDER NOW and we will direct you to our Order Page at WriteDen. Then fill Our Order Form with all your assignment instructions. Select your deadline and pay for your paper. You will get it few hours before your set deadline.
 Deadline range from 6 hours to 30 days.

Step 2

Once done with writing your paper we will upload it to your account on our website and also forward a copy to your email.

Step 3
Upon receiving your paper, review it and if any changes are needed contact us immediately. We offer unlimited revisions at no extra cost.

Is it Safe to use our services?
We never resell papers on this site. Meaning after your purchase you will get an original copy of your assignment and you have all the rights to use the paper.

Discounts

Our price ranges from $8-$14 per page. If you are short of Budget, contact our Live Support for a Discount Code. All new clients are eligible for 20% off in their first Order. Our payment method is safe and secure.

Please note we do not have prewritten answers. We need some time to prepare a perfect essay for you.