Different methods of inventory accounting

Assignment Help Financial Accounting

Reference no: EM13912622

1.Produce a balance sheet for a company that distinguishes between current and non- current assets and liabilities.

2.Create a balance sheet from a trial balance.

3.Create a comparison of net income based on different methods of inventory accounting.

4.Analyze a statement of cash flows and show where each line item can be found or

calculated from the other financial statements.

5.Prepare a full analysis of key financial ratios for a company and state conclusions about

the financial strength of the company compared to industry ratios.

PROJECT SUBMISSION PLAN

Project Part

Description/Requirements of Project Part

Evaluation Criteria

Title: Creating a Balance Sheet and Evaluating Inventory You will be provided with financial information about a fictional company. You will have to determine what information is relevant for Project Parts 1 and 2.

Task 1: Create a balance sheet from a trial balance for a given scenario. Make sure you classify the accounts appropriately as current or non-current.

Create a Balance Sheet from the trial balance:
		Debits	Credits	Classification

	Cash	300,000.00		Current asset

	Sales		(10,000,000.00)	Income statement

	Cost of Goods Sold	7,000,000.00		Income statement

	Selling Expenses	500,000.00		Income statement

	Other income		(50,000.00)	Income statement

	Administrative expenses	350,000.00		Income statement

	Interest Expenses	12,500.00		Income statement

	Land	300,000.00		non-current asset

	Building	2,000,000.00		non-current asset

	Long Term bond payable		(550,000.00)	non-current liability

	Accrued Liabilities		(50,000.00)	current- liability

	Accumulated Depreciation Buildings		(250,000.00)	non-current asset

	Equipment	750,000.00		non-current asset

	Receivables	100,000.00		current asset

	Allowance for doubtful accounts		(7,500.00)	current asset

	Accumulated depreciation equipment		(125,000.00)	non-current asset

	Common Stock		(200,000.00)	equity

	Payables		(115,000.00)	current Liability

	Inventories	200,000.00		current asset

	Prepaid Expenses	50,000.00		current asset

	Retained Earnings		(215,000.00)	equity



		11,562,500.00	(11,562,500.00)


Assets		Equity and Liabilities

Current Assets		Current Liabilities





Total Current Assets	-	Total Current Liabilities	-




		Total long term Liabilities	-

Total property plant and equipment	-






		Total Equity	-


Total Assets	-	Total Equity and liabilities	-

Reference no: EM13912622

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