Reference no: EM132246445

Intermediate Accounting Assignment -

Final Project Part I -

Overview - The production and analysis of financial statements are core tasks for accounting professionals. The activities for this final project have traditionally been performed monthly by accountants in most organizations. However, with automation making accounting more efficient, many executives are requiring even more frequent financial statements. This new reality further underscores the need for accurate transaction collection and adjustment computations. Additionally, external users rely on ratio analyses to draw informed conclusions about a company's financial health. This information often will factor heavily into their investment and lending decisions.

In your final project, you will assume the role of an accountant and complete the year-end adjustment process for your company using a provided workbook. This workbook is the first deliverable (Part I) of your final project. In Part II, you will analyze the provided financials of the same company and create a report documenting your findings.

In this assignment, you will demonstrate your mastery of the following course competencies:

• Demonstrate the year-end adjustment process in the preparation of a business's financial documentation.
• Apply generally accepted accounting principles in preparing financial statements.

Prompt - Review the Final Project Scenario document for information about the financial background of your hypothetical company. Use the provided workbook to complete Part I of your final project.

Specifically, you must address the critical elements listed below. Most of the critical elements align with a particular course competency (shown in brackets).

I. Part I: Final Project Workbook

A. Demonstrate the year-end adjustment process:

1. Prepare the adjusting journal entries in the Adjusting Entries tab in the provided workbook.

2. Transfer the values from the Adjusting Entries tab to the proper cells of the Adjusting Entries columns in the Worksheet tab.

3. Create the adjusted trial balance by computing the Adjusted Trial Balance columns using the Worksheet tab.

4. Close temporary accounts by completing the Closing Entries tab.

B. Prepare the financial statements:

1. Prepare an income statement for the provided company by completing the Income Statement tab in your workbook.

2. Prepare a statement of retained earnings by completing the Statement of Retained Earnings tab.

3. Prepare a balance sheet by completing the Balance Sheets tab.

Final Project Part II -

Overview - The production and analysis of financial statements are core tasks for accounting professionals. The activities for this final project have traditionally been performed monthly by accountants in most organizations. However, with automation making accounting more efficient, many executives are requiring even more frequent financial statements. This new reality further underscores the need for accurate transaction collection and adjustment computations. Additionally, external users rely on ratio analyses to draw informed conclusions about a company's financial health. This information often will factor heavily into their investment and lending decisions.

In your final project, you will assume the role of an accountant and complete the year-end adjustment process for your company using a provided workbook. This workbook is the first deliverable (Part I) of your final project. In Part II, you will analyze the provided financials of the same company and create a report documenting your findings.

In this assignment, you will demonstrate your mastery of the following course competency:

• Identify issues in financial reporting using key ratios and generally accepted accounting principles.

Prompt - Use the provided workbook and the Final Project Part II template to create your report.

Specifically, you must address the critical elements listed below. Most of the critical elements align with a particular course competency (shown in brackets).

I. Part II: Ratio Analysis Report

A. Abstract: Summarize the story of profitability and liquidity for your company. In other words, highlight the most important aspects of your report, including your major conclusions.

B. Computations: Identify and describe your computations from the Financial Analysis tab of your workbook. Be sure to format your key results in table or graphical format, as appropriate. Explain why each cited figure was included in your report in terms of its importance for the organization.

C. Comparison: Evaluate the financials of the company by comparing current ratios to both historical and industry-average ratios. Clearly identify all unexpected or aberrant figures.

D. Conclusion: Draw informed conclusions based on your computations and comparisons in the previous paragraphs. Be sure to justify your claims with specific evidence and examples.

Milestone Three -

Overview: In your final project, you will assume the role of an accountant and complete the year-end adjustment process for your company using a provided workbook. This workbook is the first deliverable (Part I) of your final project. In Part II, you will analyze the provided financials of the same company and create a report documenting your findings.

For your third milestone, you will complete a draft of your ratio analysis report so that you can gain feedback and improve your work prior to the final submission in Module Eight. Note that you do not need feedback from Milestone Two to successfully complete this assignment. You should use the provided Final Project Part II template to structure your submission.

Prompt: Specifically, the following critical elements must be addressed:

I. Abstract: Summarize the story of profitability and liquidity for your company. In other words, highlight the most important aspects of your report, including your major conclusions.

II. Computations: Identify and describe your computations from the Financial Analysis tab of your workbook. Be sure to format your key results in a table or graphical format, as appropriate. Explain why each cited figure was included in your report in terms of its importance for the organization.

III. Comparison: Evaluate the financials of the company by comparing current ratios to both historical and industry-average ratios. Clearly identify all unexpected or aberrant figures.

IV. Conclusion: Draw informed conclusions based on your computations and comparisons in the previous paragraphs. Be sure to justify your claims with specific evidence and examples.

Attachment:- Assignment Files.rar