Practice using an accounting information system

Assignment Help Accounting Basics

Reference no: EM131061759

Project 1 Objectives

In this project, students will

practice using an accounting information system for a small business, including recording journal entries, posting to accounts, creating a trial balance, and creating financial statements.
analyze accounting information for the benefit of a manager and a potential creditor
listen to and communication accounting information.

Project 1 Assignment
Project 1

Scofield Enterprises has been operating for one year and the company needs additional working capital to expand its business. The owner doesn't really know whether the business is profitable or not, but she is sure from the increase in orders already experienced that the business concept can be successful. Now she needs to provide GAAP-compliant financial statements to the banker and may hire your company to create them. The company has been entering information in general ledger software all year and the software has generated an Unadjusted Trial Balance which is available separately in a spreadsheet. The owner of Scofield Enterprises sat down with your boss this week when she realized that the bank wasn't going to accept the computer output, and their conversation is available at ACCT 3310 Professional Application: Part I provided below in this folder.

REQUIRED:

Download the Project 1 Spreadsheet and customize your project by entering your phone number on the Start Here worksheet.

Listen to and watch the conversation between the accountant and the owner atACCT 3310 - Professional Application: Part I.
Use the unadjusted trial balance on theOriginal Trial Balanceworksheet in theProject 1 Spreadsheet,plus the information you gather from the owner / accountant's discussion to develop GAAP-compliant financial statements in the EXCEL workbook provided.
Prepare adjusting / error correction journal entries in theGeneral Journalworksheet. Skip theGeneral Ledgerworksheet.
Prepare an Adjusted Trial Balance on the Trial Balanceworksheet.
Prepare an Income Statement, Statement of Retained Earnings, and Balance Sheet in good form on the appropriate worksheets.
Prepare a memorandum in a separate WORD file to the owner that
- presents your evaluation of the company's cash management and profitability and
- explains the transformation of the unadjusted trial balance to finished financial statements.
Upload both files in the dropbox for Project 1.

Reference no: EM131061759

Questions Cloud

Separate from the demand curve : In a competitive market, a firm's supply curve dictates the amount it will supply. In a monopoly market thesame is true.

Research federal government spending and taxes : Research federal government spending and taxes over the last 3-5 years (fiscal policy). Has total government spending increased or decreased? Explain. Have income tax rates increased or decreased? Explain.

Calculate the impulse response of the system : Digital Signal Processing (ELEC 0316) - Calculate the impulse response h[n] of the system and verify the output with matlab program.

How it relates to american politics : The total length of each of your news reviews should be one to one and a half pages in length, double-spaced and in a 12 point font. They must be related to some aspect of the American Political System. DO NOT USE EDITORIALS OR OPINION ARTICLES.

Practice using an accounting information system : practice using an accounting information system for a small business, including recording journal entries, posting to accounts, creating a trial balance, and creating financial statements.

Federal government expenditures : You should be able to explain the "crowding out" effect and how this effect might be the result of some specific stimulus to the economy such as a rapid increase in federal government expenditures (assuming the economy is at full employment).

Underlying schedules themselves : You should understand the derivation of the aggregate supply and aggregate demand schedules and you should be able to distinguish between movements along these schedules and shifts in the underlying schedules themselves.

Aggregate-demand-aggregate-supply model : How can you use the aggregate-demand/aggregate-supply model to answer questions regarding the short-term and long-term performance of the economy.

Kurt kite company inc had net income : Kurt's Kite Company, Inc. had Net Income of $640,000 last year. They have interest expense of $76,000 and a tax rate of 35%. The firm did not have any deprecation during the year. If the firm bought $129,000 worth of fixed assets and did not sell ..

User Account

All Pages