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Course Project Title: 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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