The goal is to analyze a dummy balance sheet, income statement, and statement of cash flows...

 

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The goal is to analyze a dummy balance sheet, income statement, and statement of cash flows and make adjustments for missing/altered transactions. It's not just about the basic journal entries but also about what changes you would recommend and which processes could be automated. *Review the attached made up balance sheet, income statement, and statement of cash flows *Use list of missing/adjusted items to make proposed joumal entries Demonstrate how these journal entries would flow into the statements *Note cash from clients (rent, security deposit, down payment) is deposited in entity account before being moved Adjust Income statement, balance sheet, and cash flow statement as needed Detail any assumptions made *Explain your rationalization for the changes Missing/Adjusted items 1. 1 property bought was not included a 123 Main St, Acquired on 6/1 for $25Ck, 3% initial Deposit, $1k title fee. $500 appraisal fee 2.1 property sold was not included a. 789 Broad St, Acquired on 5/4/19 for $200k. Sold 12/14/20 for $206k, $7k client depost 3.1 property bought with cash and financing added a. 232 Paris Rd bought for $200k on 12/10 and finaced at 80% on 12/15 4. Credit card charges missing a repair expense for $4,500 on 12/10 5. Credit Card balance Paid on 12/25 Statement of Cash Flows Year End 2020 Account Operating Activities Receipts from customers Payments to suppliers and employees Cash receipts from other operating activities Net Cash Flows from Operating Activities Investing Activities Proceeds from sale of property, plant and equipm Payment for property, plant and equipment Other cash items from investing activities Net Cash Flows from Investing Activities Financing Activities 2020 3,285,705 (4,084,966) 138,966 (660,295) 4,637,257 (48,277,793) (5,640,236) (49,280,772) Other cash items from financing activities 52,563,738 Net Cash Flows from Financing Activities 52,563,738 Net Cash Flows 2,622,671 Cash and Cash Equivalents Cash and cash equivalents at beginning of perioc 1,528,905 Net cash flows 2,622,672 Cash and cash equivalents at end of period 4,151,577 Net change in cash for period 2,622,672 The goal is to analyze a dummy balance sheet, income statement, and statement of cash flows and make adjustments for missing/altered transactions. It's not just about the basic journal entries but also about what changes you would recommend and which processes could be automated. *Review the attached made up balance sheet, income statement, and statement of cash flows *Use list of missing/adjusted items to make proposed joumal entries Demonstrate how these journal entries would flow into the statements *Note cash from clients (rent, security deposit, down payment) is deposited in entity account before being moved Adjust Income statement, balance sheet, and cash flow statement as needed Detail any assumptions made *Explain your rationalization for the changes Missing/Adjusted items 1. 1 property bought was not included a 123 Main St, Acquired on 6/1 for $25Ck, 3% initial Deposit, $1k title fee. $500 appraisal fee 2.1 property sold was not included a. 789 Broad St, Acquired on 5/4/19 for $200k. Sold 12/14/20 for $206k, $7k client depost 3.1 property bought with cash and financing added a. 232 Paris Rd bought for $200k on 12/10 and finaced at 80% on 12/15 4. Credit card charges missing a repair expense for $4,500 on 12/10 5. Credit Card balance Paid on 12/25 Statement of Cash Flows Year End 2020 Account Operating Activities Receipts from customers Payments to suppliers and employees Cash receipts from other operating activities Net Cash Flows from Operating Activities Investing Activities Proceeds from sale of property, plant and equipm Payment for property, plant and equipment Other cash items from investing activities Net Cash Flows from Investing Activities Financing Activities 2020 3,285,705 (4,084,966) 138,966 (660,295) 4,637,257 (48,277,793) (5,640,236) (49,280,772) Other cash items from financing activities 52,563,738 Net Cash Flows from Financing Activities 52,563,738 Net Cash Flows 2,622,671 Cash and Cash Equivalents Cash and cash equivalents at beginning of perioc 1,528,905 Net cash flows 2,622,672 Cash and cash equivalents at end of period 4,151,577 Net change in cash for period 2,622,672

Answer rating: 100% (QA)

To analyze the provided balance sheet income statement and statement of cash flows and make adjustments for missingaltered transactions lets go throug... View the full answer