ACCT110 - Accounting Principles I

Memo: Create and Analyze Basic Financial Statements Assignment

This assignment is worth 10% of your grade

Deadline

Outcomes

Completing this Assessment will help you to meet the following:

Course Outcomes

Analyze basic financial statements using computerization.

Interpret and apply Generally Accepted Accounting Principles (GAAP) to analyze, record, and report financial information for a service business using computerization.

Institutional Outcomes

Quantitative and Scientific Reasoning - Follow established methods of inquiry and mathematical reasoning to form conclusions and make decisions.

Directions

From the trial balance you are to complete the three basic financial statements in the correct order (income, capital, and balance sheet). After completing the financial statements, you are to comment on how the company is doing.

Required:

Create the three financial statements from the trial balance below.

Your name

Trial Balance

31-Dec-19

Account

Debit

Credit

Cash

86600

A/R

0

Furniture

810

Office Equipment

2000

A|P

810

Notes Payable

1900

Capital

80000

Fees Earned

8100

Rent Expense

1200

Utilities Expense

200

90810

90810

Create the financial statements using excel and a word document using the attachment given