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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.
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Cornerstones of Financial and Managerial Accounting
ISBN: 978-1111879044
2nd edition
Authors: Rich, Jeff Jones, Dan Heitger, Maryanne Mowen, Don Hansen
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