Prepare an unadjusted trial balance

Reference no: EM131949515

Question: Using the same data in the Unit 3 Submission and incorporating the feedback you received from your instructor on Submission 3, perform the steps below to complete the final project.

Adjustment Data: • One month's insurance coverage has expired.

• The company occupied the office space for the month of December.

• At the end of the month, $600 of office supplies are still available.

1. Create journal entries to record the transactions that occurred during the month of December. (Completed in Unit 3)

2. Prepare an unadjusted trial balance (Completed in Unit 3)

3. Create adjusting journal entries at the end of the year, December 31 based on the adjustment data.

4. Prepare an adjusted trial balance.

5. Prepare an income statement, statement of stockholders' equity, and classified balance sheet.

6. Create closing journal entries to close all temporary accounts.

7. Prepare post-closing trial balance.

8. In addition, answer TWO of the questions below in 1-2 fully developed paragraphs. A fully developed paragraph should have a major point with 3 to 5 support sentences. One or two sentences is not acceptable or does not discuss the question. Be sure to show what you know!!!

1. Trap Adventures, Inc. is looking for an accountant. In your own words, explain to Trap's hiring team the role of accountant and accounting within business. Provide examples of the expectations of the accountant.

2. Discuss the financial position of Trap Adventures, Inc. using the following ratios:

1. Current ratio

2. Return on equity: For each ratio, provide the calculation and an explanation of the meaning. Is this a positive or negative result for the Trap Adventures, Inc.?

3. Using Trap Adventures, Inc.'s income statement, evaluate the operations for the month of December. Complete a common-size income statement using sales as the base number. What is the largest percentage? What is the smallest percentage? What recommendations could be made to increase Trap's net income?

4. Currently, Trap Adventures, Inc. does not own any loans or bank notes (long-term liabilities). What would happen if Trap decides to obtain a bank loan for $25,000 to fund daily operations? How would this transaction impact the financial statements - which accounts would be affected? What is the debt to equity ratio? What does the debt to equity ratio represent.

Reference no: EM131949515

Questions Cloud

Discuss the rise of non-physician practitioners : Discuss the rise of non-physician practitioners. Be sure to discuss if these professionals will be able to meet not only current demand of primary care service.

What are some of the consequences that could happen : What are some of the consequences that could happen to both the patient and the organization if health information is breached?

Calculate and analyze the ratios for your selected company : Calculate and analyze the following ratios for your selected company for the last two years from the SEC Form 10-K: Equity Multiplier.

Write a brief discussion of the middle-range theorys origin : Write a brief discussion of the middle-range theory's origins and a discussion of how the middle-range theory has been previously applied.

Prepare an unadjusted trial balance : Create journal entries to record the transactions that occurred during the month of December. (Completed in Unit 3). Prepare an unadjusted trial balance.

Describe a health care organization or a network : Describe a health care organization or a network that spans several states within the U.S. (Example: United Healthcare, Vanguard, Banner Healthcare, etc.).

Recommendation on what to purchase to meet needs : Mary is a business student and is considering purchasing a new computer. She is looking for a recommendation on what to purchase to meet her needs.

Compare one of the straight couples : Compare/contrast two couples from your readings (at least one couple must be from Unit 5 or Unit 6), taking into consideration the cultural religious values

Evaluate diagnosis of pediatric bipolar depression disorder : Evaluate diagnosis of pediatric bipolar depression disorder. Analyze consequences to diagnosing/failing to diagnose pediatric bipolar depression disorder.

User Account

All Pages