ACCT 550 Course Project Balance Sheet and Single Step Income
Statement
ACCT 550 Course Project Balance
Sheet and Single Step Income Statement
Objective
To prepare a
comprehensive balance sheet and Single-Step Income Statement presented in good
form and derived from a list of various accounts. The amounts relative to each
account will be given and the student will learn to determine whether an
account is a balance sheet account or a temporary account that belongs to the income
statement. The accounts will be comprised of all the various subgroupings in
the balance sheet (Current Assets, Investment, Fixed Assets, Intangibles, and
Other Assets, as well as Current Liabilities, Long-term Liabilities, and the
Equity sections).
Guidelines
·
Obtain the list of
accounts under the title of Course Project in Doc Sharing
·
Determine which
accounts belong to the Balance Sheet and which accounts belong to the Income
Statement
·
Determine to which
subgroup each account belongs
·
Arrange the accounts
in proper order and functionality
·
Prepare a
Comprehensive Balance Sheet in good form
·
Prepare a Single-step
Income Statement in good form
·
Put the Course Project
in the Dropbox for the project in Week 8
Grading Rubrics
|
Category
|
Points
|
%
|
Description
|
|
Making proper
selection of accounts relative to the balance sheet or the income statement
|
30
|
20
|
From the provided
listing of accounts determine which accounts are Balance Sheet accounts and
which accounts are Income Statement accounts.
|
|
Putting the accounts
into the proper subgroup according to functionality
|
15
|
10
|
Each account belongs
to a particular subgroup. The student is to determine which subgroup the
account belongs. This should be done according to functionality.
|
|
Preparing the
balance sheet in good form
|
45
|
30
|
Proper form is
important in the preparation of the balance sheet. Examples can be found in
the text.
|
|
Preparing the income
statement in good form
|
45
|
30
|
Proper form is
important in the preparation of the income statement. Examples can be found
in the text.
|
|
Ensuring that the
Balance Sheet and the Income Statement have been computed correctly
|
15
|
10
|
It is important that
the balance sheet and income statement are computed correctly and have the
correct totals. An incorrect total in any part of the financials can
invalidate the entire project.
|
|
Total
|
150
|
100
|
A quality project
will meet or exceed all of the above requirements.
|
Course Project Listing of
Accounts:
Accounts
Payable
$197,532
Account
Receivable
165,824
Accrued Interest on
Notes
Payable
500
Accrued
Liabilities
9,500
Accumulated
Depreciations
341,200
Additional Paid-in
Capital
37,500
Administrative
Expenses
350,000
Allowance for doubtful
accounts
1,850
Building
975,800
Cash
42,485
Common
Stock
400,000
Copyrights
105,000
Cost of Goods
Sold
1,000,000
Customer Deposits
(expected to be paid
next year)
420
Deposits with Vendors
(based on a long-term
purchase contract) 50,000
Depreciation Expense
(40% – Selling, 60% –
Administrative)
100,000
Dividend
Income
30,000
Goodwill
100,000
Income Tax
Expense
82,250
Income Taxes
Payable
62,520
Interest Revenue
25,000
Inventories
499,493
Investments in Warren
Co.
87,500
Land
125,000
Mortgage Payable
($1,500 per month)
308,000
Notes Payable to
Banks
50,000
Notes Receivable (due
next
year)
23,000
Patents
125,000
Preferred Stock,
7%
300,000
Prepaid
Expenses
16,252
Rental
Income
50,000
Retained
Earnings
162,582
Selling
Expenses
300,000
Salaries
Payable
52,000
Sales
Discounts
120,000
Sales
Revenue
2,000,000
Securities (available
for sale) – at fair
Market
value
28,250
Trademarks
80,000
Twenty-year, 12%
Bonds, due 1/1/2013 500,000
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