The final project for this course is the creation of an accounting workbook, various notes to...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
The final project for this course is the creation of an accounting workbook, various notes to the financial statements, and a management analysis memo. In the professional field, accountants are expected to perform accurate calculations and articulate how financial information impacts the company in a couple of key ways: First, an accountant is responsible for producing the financial information that will be reviewed in a year-end audit. It is important to not only record information correctly but also follow appropriate accounting reporting and recording methodologies. Second, an accountant should be able to use financial information to evaluate a company's financial health. This information is important to know so that management can make day-to-day operating decisions. In addition, the financial information that accountants provide is important for companies to be aware of as they consider pursuing other goals, such as expansion. In the management analysis memo, you will evaluate the company's current performance and explain what the financial information that you presented means for the company. The project is divided into two 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 and Five. The final product will be submitted in Module Seven. In this assignment, you will demonstrate your mastery of the following course competencies: ACC-308-01: Apply accounting rules and methodologies in finalizing financial statements ACC-308-02: Analyze basic financial statements to evaluate an organization's financial performance ACC-308-03: Generate financial records for various accounting situations Prompt You will assume the role of a financial accountant responsible for preparing for a year-end audit. In addition, management would like a report of where the company stands currently, and how it stands in relation to meeting future goals for growth. To complete this project, review the Final Project Scenario document and use the accompanying workbook. Specifically, you must address the critical elements listed below. Most of the critical elements align with a particular course competency (shown in brackets). I. Accounting Workbook: Your accounting workbook must include appropriate calculations, ratios, and notes. Be sure to complete all tabs in the spreadsheet. A. Create adjusting entries for financial statement preparation. [ACC-308-03] B. Create an adjusted trial balance for financial statement preparation. [ACC-308-03] PEYTON APPROVED FINANCIAL DATA Preliminary Financial Statements have already been prepared (2017 statements in the Final Project Workbook). Final adjusting entries have not yet been made. See table for possible adjustments that indicate what will be recorded at 12/31/17 (fiscal year end). Use the following to complete year-to-year documentation and notes for managing depreciation, inventory, and long-term debt. 1. A supplier shipped $3,000 of ingredients on 12/29/17. Peyton receives an invoice for $3,175 for the goods and freight of $175, all dated 12/29/17. Goods were shipped FOB supplier's warehouse. 2. At 12/31/17, Peyton has $200 worth of merchandise on consignment at Bruno's House of Bacon. 3. On 12/23/17, Peyton received a $1,000 deposit from Pet Globe for product to be shipped by Peyton in the second week of January. 4. On 12/03/2017, a mixer with cost of $2,000, accumulated depreciation $1,200, was destroyed by a forklift. As of 12/23/17, insurance company has agreed to pay $700 in January, 2018, for accidental destruction. The final project for this course is the creation of an accounting workbook, various notes to the financial statements, and a management analysis memo. In the professional field, accountants are expected to perform accurate calculations and articulate how financial information impacts the company in a couple of key ways: First, an accountant is responsible for producing the financial information that will be reviewed in a year-end audit. It is important to not only record information correctly but also follow appropriate accounting reporting and recording methodologies. Second, an accountant should be able to use financial information to evaluate a company's financial health. This information is important to know so that management can make day-to-day operating decisions. In addition, the financial information that accountants provide is important for companies to be aware of as they consider pursuing other goals, such as expansion. In the management analysis memo, you will evaluate the company's current performance and explain what the financial information that you presented means for the company. The project is divided into two 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 and Five. The final product will be submitted in Module Seven. In this assignment, you will demonstrate your mastery of the following course competencies: ACC-308-01: Apply accounting rules and methodologies in finalizing financial statements ACC-308-02: Analyze basic financial statements to evaluate an organization's financial performance ACC-308-03: Generate financial records for various accounting situations Prompt You will assume the role of a financial accountant responsible for preparing for a year-end audit. In addition, management would like a report of where the company stands currently, and how it stands in relation to meeting future goals for growth. To complete this project, review the Final Project Scenario document and use the accompanying workbook. Specifically, you must address the critical elements listed below. Most of the critical elements align with a particular course competency (shown in brackets). I. Accounting Workbook: Your accounting workbook must include appropriate calculations, ratios, and notes. Be sure to complete all tabs in the spreadsheet. A. Create adjusting entries for financial statement preparation. [ACC-308-03] B. Create an adjusted trial balance for financial statement preparation. [ACC-308-03] PEYTON APPROVED FINANCIAL DATA Preliminary Financial Statements have already been prepared (2017 statements in the Final Project Workbook). Final adjusting entries have not yet been made. See table for possible adjustments that indicate what will be recorded at 12/31/17 (fiscal year end). Use the following to complete year-to-year documentation and notes for managing depreciation, inventory, and long-term debt. 1. A supplier shipped $3,000 of ingredients on 12/29/17. Peyton receives an invoice for $3,175 for the goods and freight of $175, all dated 12/29/17. Goods were shipped FOB supplier's warehouse. 2. At 12/31/17, Peyton has $200 worth of merchandise on consignment at Bruno's House of Bacon. 3. On 12/23/17, Peyton received a $1,000 deposit from Pet Globe for product to be shipped by Peyton in the second week of January. 4. On 12/03/2017, a mixer with cost of $2,000, accumulated depreciation $1,200, was destroyed by a forklift. As of 12/23/17, insurance company has agreed to pay $700 in January, 2018, for accidental destruction.
Expert Answer:
Answer rating: 100% (QA)
Answer Solution 165 166 Account Titles Explanation Debit Cr... View the full answer
Related Book For
Cornerstones of Financial and Managerial Accounting
ISBN: 978-1111879044
2nd edition
Authors: Rich, Jeff Jones, Dan Heitger, Maryanne Mowen, Don Hansen
Posted Date:
Students also viewed these accounting questions
-
The final project for this course is the creation of a final paper. It will be a plan of action you will take to optimize your health and improve your chances of enjoying good health as you age. The...
-
The final project for this course is the creation of a memorandum with an appendix of supporting IRS forms and schedules . Working as an accounting associate in a financial organization requires the...
-
The final project for this course is the creation of case study analysis You will use the article The SOX Compliance Journey at Trinity Industries as a resource for this project. Companies today must...
-
The net present value and internal rate of return desirability measures for two mutually exclusive investments being considered by Stockton Corporation to follow. Year NPV IRR R 161 14.60% S 138...
-
Give an example of an erosion cost. Explain why this cost is part of the incremental cash flow of a project. Is there a case when a new product should get credit for additional revenue of another...
-
What will be the impact of the 2008 ADA Amendments Act? Explain your answer
-
Distinguish between a controller and a treasurer.
-
The project start-up phase is complete, and you are now ready to finalize the operational plan. Below are six steps that are often part of the finalization procedure. Place them in the appropriate...
-
cost of Swiss francs (SFr) 60,000. SunTime's December 31, 20X1, trial balance in SFr is as follows: Cash Accounts Receivable (net) Receivable from Popular Creek Inventory Plant and Equipment...
-
In 2018, John and Shannon O'Banion, who live at 3222 Pinon Drive, Mesa, CO 81643, file as married filing jointly. John's social security number is 412-34-5670 (date of birth 5/12/1980), and Shannons...
-
Discuss the conflict between privacy and freedom of speech
-
Simplify. 5 +()
-
Kim Shaw is considering the purchase of a 6 year bond that pays a coupon rate of 6 . 7 5 % over the life of the bond ( annual payments ) and a face value of $ 1 0 0 0 that is returned at the bond's...
-
Two objects with mass m 1 =141 kg and m 2 =629 kg are fixed in place at a separation of D=0.120 m. Find the magnitude of the net gravitational force (in newtons) exerted by these objects on a m 3...
-
Future Tech present a possible future propulsion-related technology that exists or is in the theoretical phase. Explain what it is, what is currently known about it, and how it might be applied in...
-
Norman performs poorly in school compared to his classmates. He is fidgety and aggressive and has great difficulty completing his homework assignments. His teachers are considering holding him back a...
-
100 105 110 115 inv_usdindex inv_btc 0 5000 10000 15000 20000 T 1/1/2015 1/1/2016 1/1/2017 1/1/2018 1/1/2019 1/1/2020 1/1/2021 Date 100 10 60 08 - 140 160 180 inv_gold 120 T 1/1/2015 1/1/2016...
-
Q:1 Take any product or service offered in Pakistan and apply all determinents of customer Perceived value ?
-
Consider three businesses, all of which offer price reductions to their customers. The first is an independently owned gas station located at a busy intersection in Cincinnati, Ohio, that offers a 3...
-
Patrick In c. makes industrial solvents. Budgeted direct labor hours for the first three months of the coming year are: January ..........13,140 February .........12,300 March ...........15,075 The...
-
At the beginning of the year, Shults Company had the following standard cost sheet for one of its plastic products: Direct materials (6 lbs. @ $ 5) .....$ 30.00 Direct labor (2 hrs. @ $ 12) .........
-
Gaston Manufacturing, Inc., operates a plant that produces its own regionally marketed Spicy Steak Sauce. The sauce is produced in two processes, blending and bottling. In the Blending Department,...
-
Commodore Company processes a food seasoning powder through its Compounding and Packaging departments. In the Compounding Department, direct materials are added at the beginning of the process, and...
-
Reston Manufacturing Corporation produces a cosmetic product in three consecutive processes. The costs of Department 1 for May 2019 were as follows: Department 1 handled the following units during...
Study smarter with the SolutionInn App