If someone can please help me with this it would be very appreciated.I provided all the completed company accounting workbook and the template for the paper. Thank you!

General Journal

Trial Balance

Income Statement

Statement of Owners Equity

Balance Sheet

Closing Entries

Ledger Accounts

I dont need the full paper written I just need tips to the questions being asked.

After you have finished preparing all the financial statements, analyze the statements and write a short report summarizing your findings. Use the template provided in the What to Submit section to complete your report. There is also a Finat Project Walkthrough video available in Supporting Materials that will provide guidance for completing your template. In addition to the financial statement results, the owners have requested that you provide them with additional information as further growth is anticipated. They would like more input from you to support the best possible decisions for the business. In addition, the owners are requesting that you provide them with some sugrestions on simple internal controls they can integrate to ensure protection of company assets, and accuracy in the company's financial data. The owners are also considering acquiring more long-term/fied assets, such as wehicles, equipment, buildings, and so on. They would like your input on the different options available for deprediation of these costs. Adding sales of product is also a consideration for expansion. The owners want to know what accounting considerations will be invalved with this change. 3. Summary. Write a summary of what the financial statements indicate about the companys financial health and performance. A. Purpose: Discuss the accounting process and the resulting financial statements as they relate to meeting the informational necds of the user: B. Process: Explain the process used to produce accurate account balances and financial statements from the individual transaction data l. Consider what is being communicated through each of the financial statements you prepared (income statement statement of equity and balance sheet) and how this information will be used in business decision making and planning: C. Analysis. Explain the company's cash position, its net income as a percentage of sales, and its current liabilities to current assets position. D. Results: Discuss the results regarding profitability of the first month of operations. i Consider how well the company is positioned to meet current liabilities. ii. Be sure to indude the percentoge of revenues that result in nrofitmet incone and the currenit ratio when discuning prohitabivitv and linvidity based on the recorded monthis results. A Company Balance Sheet As of June 30,20XX \begin{tabular}{|c|c|c|c|c|} \hline & \multicolumn{2}{|l|}{ Assets } & \multicolumn{2}{|l|}{ Liabilities and Owners' Equity } \\ \hline & Current Assets: & & Current Liabilities: & \\ \hline & Cash & 50,650.00 & Accounts Payable & 155.00 \\ \hline & Accounts Receivable & 2,975.00 & Wages Payable & 325.00 \\ \hline & Prepaid Rent & 7,170,00 & Total Current Liabilities & 480.00 \\ \hline & Office Supplies & 750.00 & Long Term Liabilities: & \\ \hline & Prepaid Insurance & 750.00 & Notes Payable & 25,000,00 \\ \hline & Total Current Assets & 62,295.00 & Total Long Term Liabilities: & 25,000.00 \\ \hline 3 & & & & \\ \hline 4 & & & Total Liabilities: & 25,480.00 \\ \hline 5 & & & & \\ \hline 6 & & & & \\ \hline 17 & & & Owner's Equity & \\ \hline 18 & & & Owners Capital & 51,565.00 \\ \hline 19 & Non-Current Assets: & & & \\ \hline 20 & Vehicle & 15,000,00 & & \\ \hline 21 & Accumulated Depreciation & (250.00) & Total Equity & 51,565.00 \\ \hline 22 & Total Non Current/Fixed Assets & 14,750.00 & & \\ \hline 23 & & & & \\ \hline 24 & Total Assets: & 77,045.00 & Total Liabilities \& Equity & 77,045.00 \\ \hline \end{tabular} A Company General Journal Entries \begin{tabular}{|c|c|c|c|} \hline Date & Accounts & Debit & Credit \\ \hline \multirow[t]{2}{*}{1 -Jun } & Cash & 50,000.00 & \\ \hline & Owners Capital & & 50,000.00 \\ \hline \multirow[t]{2}{*}{1 -Jun } & Vehicle & 15,000.00 & \\ \hline & Cash & & 15,000,00 \\ \hline \multirow[t]{2}{*}{ 3-Jun } & Cash & 25,000.00 & \\ \hline & Notes Payable & & 25,000.00 \\ \hline \multirow[t]{3}{*}{ 5-Jun } & Rent Expense & 1,195.00 & \\ \hline & Prepaid Rent & 7,170,00 & \\ \hline & Cash & & 8,365.00 \\ \hline \multirow[t]{2}{*}{ 5-Jun } & Business License Expense & 250.00 & \\ \hline & Cash & & 250.00 \\ \hline \multirow[t]{2}{*}{5 -Jun } & Office Supplies & 750.00 & \\ \hline & Accounts Payable & & 750.00 \\ \hline \multirow[t]{2}{*}{6 -Jun } & Accounts Receivable & 1,000.00 & \\ \hline & Service Revenue & & 1,000.00 \\ \hline \multirow[t]{3}{*}{ 9-Jun } & Cash & 750.00 & \\ \hline & Accounts Receivable & 750.00 & \\ \hline & Service Revenue & & 1,500.00 \\ \hline \end{tabular} \begin{tabular}{|c|c|c|c|} \hline \multirow[t]{2}{*}{ 10-Jun } & Advertising Expense & 250.00 & \\ \hline & Cash & & 250.00 \\ \hline \multirow[t]{2}{*}{ 15-Jun } & Wages Expense & 325.00 & \\ \hline & Wages Payable & & 325.00 \\ \hline \multirow[t]{2}{*}{15 -Jun } & Prepaid Insurance & 750.00 & \\ \hline & Cash & & 750.00 \\ \hline \multirow[t]{2}{*}{ 20-Jun } & Wages Payable & 325.00 & \\ \hline & Cash & & 325.00 \\ \hline \multirow[t]{2}{*}{ 21-Jun } & Repairs and Maintainance & 210.00 & \\ \hline & Cash & & 210.00 \\ \hline \multirow[t]{2}{*}{ 22-Jun } & Owner Draw & 1,000.00 & \\ \hline & Cash & & 1,000.00 \\ \hline \multirow[t]{2}{*}{ 23-Jun } & Cash & 1,000.00 & \\ \hline & Accounts Receivable & & 1,000.00 \\ \hline \multirow[t]{2}{*}{25 -Jun } & Cash & 800.00 & \\ \hline & Service Revenue & & 800.00 \\ \hline \multirow[t]{2}{*}{ 28-Jun } & Accounts Payable & 750.00 & \\ \hline & Cash & & 750.00 \\ \hline & & & \\ \hline \multirow[t]{2}{*}{ 29-Jun } & Accounts Receivable & 2,225.00 & \\ \hline & Service Revenue & & 2,225.00 \\ \hline \end{tabular} Vehicle 1-Jun $15,000.00 $15,000.00$15,000.00 Accumulated Depreciation \$ 250.00 30-Jun Introduction [n this section, include the purpose of the report. Describe the kind of information these financial statements provide to various aspects of the business.] Process In this section you will discuss the process you used to generate accurate financial statement results for the business owner from the list of business transactions provided. Explain what is being communicated through each of the financial statements you prepared (income statement, statement of equity and balance sheet) and how this information will be used in business decision making and planning] Financial Statement Analysis [This section should center on your analysis of the financial performance of the company based on the statements you prepared. Discuss key points on your observations of results: Is the company operating profitably (what percent of revenues result in profit net income)? How well poised are they to meet liabilities (discuss liquidity and current ratio)?] Internal Controls [Provide suggestions for a simple system of internal controls to assist the owners in protecting assets and ensuring accuracy in financial data. Consider additional controls that will support the potential for adding merchandise and additional assets with business \begin{tabular}{|c|c|c|c|c|} \hline \multirow[b]{2}{*}{ 15-Jun } & \multicolumn{4}{|c|}{ Wages Expense } \\ \hline & $ & 325.00 & \multirow{4}{*}{$} & \multirow{4}{*}{ - } \\ \hline \multirow[t]{3}{*}{ 30-Jun } & $ & 325.00 & & \\ \hline & $ & 650.00 & & \\ \hline & $ & 650.00 & & \\ \hline \multicolumn{5}{|c|}{ Depreciation Expense } \\ \hline .30-Jun & $ & 250.00 & & \\ \hline & $ & 250.00 & $ & - \\ \hline & $ & 250.00 & & \\ \hline \end{tabular} Repairs \& Maint. 21-Jun \$ 210.00 $210.00$ $210.00 Advertising Expense 10 -Jun \$ 250.00 $250.00$. $250.00 Wages Expense 15-Jun \$ 325.00 30 -Jun $325.00 3. Summary: Write a summary of what the financial statements indicate about the company's financial health and performance. A. Purpose: Discuss the accounting process and the resulting financial statements as they relate to meeting the informational needs of the user. B. Process: Explain the process used to produce accurate account balances and financial statements from the individual transaction data. i. Consider what is being communicated through each of the financial statements you prepared (income statement, statement of equity and balance sheet) and how this information will be used in business decision making and planning. C. Analysis: Explain the company's cash position, its net income as a percentage of sales, and its current liabilities to current assets position. D. Results: Discuss the resuits regarding profitability of the first month of operations. i. Consider how well the company is positioned to meet current liabilities. ii. Be sure to include the percentage of revenues that result in profitet income and the current ratio when discussing profitability and liquidity based on the recorded month's results. iii. Consider key points in your observations of results is the company operating profitably (what percent of revenues result in profitet income)? How well-poised are they to meet liabilities (discuss liquidity and current ratio)? E. Recommendations: Recommend a simple system of controls that can be implemented to ensure protection of company assets and the accuracy and integrity of their financial data as they anticipate further growth. i. Consider additional controls that will support the potential for adding merchandise and additional assets with business growth/expansion. F. Asset Valuation: Discuss the treatment of current and long-term assets on the balance sheet. i. Discuss at least two differ ent methods of depreciation. Consider how the methods of depreciation will be determined. ii. Discuss how LIFO, FFO, and average methods will differ and provide examples of types of applicable merchandising: iii. Consider how accounting will change with the addition of merchandise inventork. support the potential for adding merchandise and additional assets with business growth/expansion] Summary Report Financial Statements 3 Looking to the Future [In response to the owner's request for additional information and support for future growth, discuss accounting considerations associated with the acquisition of additional long term/fixed assets, and the addition of merchandise inventory. How will the company account for the costs of long-term assets? How will the method of depreciation be determined? (Expand on 2 different methods of depreciation to demonstrate ideal application). How does accounting change with the addition of merchandise inventory? How will it be determined which inventory costing method to apply? (Discuss how the FIFO, LIFO, and Average methods differ and provide examples of the types of merchandising scenarios that would be ideally applicable in each case.)] A Company Closing Entries Month ending 06/30/20XX \begin{tabular}{|c|c|c|c|} \hline Date & Accounts & Debit & Credit \\ \hline 30-Jun & Service Revenue & 5,525.00 & \\ \hline & Income Summary & & 5,525.00 \\ \hline & Close revenues & & \\ \hline 30-Jun & Income Summary & 2,960.00 & \\ \hline & Rent Expense & & 1,195.00 \\ \hline & Business License Expense & & 250.00 \\ \hline & Telephone Expense & & 155.00 \\ \hline & Repairs and Maintenance Expense & & 210.00 \\ \hline & Advertising Expense & & 250.00 \\ \hline & Wage Expense & & 650.00 \\ \hline & Depreciation Expense & & 250.00 \\ \hline & Close Expenses & & \\ \hline 30-Jun & Income Summary & 2,565.00 & \\ \hline & Owners Capital & & 2,565.00 \\ \hline & Close Income Summary & & \\ \hline 30-Jun & Owners Equity & 1,000.00 & \\ \hline & Owners Draw & & 1,000.00 \\ \hline & Close Owners Draw & & \\ \hline & & & \\ \hline & & & \\ \hline \end{tabular} \begin{tabular}{|l|r|r|} & \multicolumn{1}{c}{ Unadjusted trial balance } \\ \hline & \multicolumn{1}{c|}{ Debit } & \multicolumn{1}{c|}{ Credit } \\ \hline Cash & 50,650.00 & \\ \hline Accounts Receivable & 2,975.00 & \\ \hline Prepaid Rent & 7,170.00 & \\ \hline Prepaid Insurance & 750.00 & \\ \hline Vehicle & 15,000.00 & \\ \hline Office Supplies & 750.00 & \\ \hline Accumulated Depreciation & & \\ \hline Notes Payable & & 250.00 \\ \hline Accounts Payable & & \\ \hline Wages Payable & & \\ \hline Owner's Capital & & \\ \hline Owner Draws & 1,000.00 & \\ \hline Service Revenue & & \\ \hline Rent Expense & 1,195.00 & \\ \hline Business License Expense & 250.00 & \\ \hline Telephone Expense & 155.00 & \\ \hline Repairs and Maintenance Expense & 210.00 & \\ \hline Advertising Expense & 250.00 & \\ \hline Wages Expense & 650.00 & \\ \hline Depreciation Expense & 250.00 & \\ \hline Total: & 81,255.00 & 81,255.00 \\ \hline \end{tabular} Company Name Statement of Owner's Equity Period Ending 06/30/20XX Beginning Capital on 6/01/20XX Increases to capital Net income/loss: Owner Contributions Subtotal: \begin{tabular}{lr} \hline & \\ $ & 2,565.00 \\ $ & 50,000.00 \\ $ & 52,565.00 \\ \hline \end{tabular} Decreases to capital Owner Draws $1,000.00 Ending Equity as of 06/30/20XX $51,565.00 \begin{tabular}{|c|c|c|c|} \hline & & . & \\ \hline \multirow[t]{2}{*}{ 30-Jun } & Telephone Expense & 155.00 & \\ \hline & Accounts Payable & & 155.00 \\ \hline \multirow[t]{2}{*}{ 30-Jun } & Wage Expense & 325.00 & \\ \hline & Wages Payable & & 325.00 \\ \hline \multirow[t]{2}{*}{ 30-Jun } & Depreciation Expense & 250.00 & \\ \hline & Accumulated Depreciation & & 250.00 \\ \hline & Total & 110,230.00 & 110,230.00 \\ \hline \end{tabular} Prepaid Insurance 15-Jun \$ 750.00 $$750.00750.00 5-Jun $750.00OfficeSupplies $$750.00750.00 Vehicle 1 -Jun $15,000.00