Please review and answer separately, some of the papers need to have APA format and citation accordingly, if you have any question send me a message. Also, some of the work is in Excel spread sheet with the analysis. I. Purpose of Assignment The purpose of this assignment is to help students become familiar with the presentation of the income statement and the retained earnings statement, including how parts of the financial statement is evaluated to determine the operational success of the business. Assignment Steps Resources: Financial Accounting: Tools for Business Decision Making, p. 36 Scenario: On June 1, 2017, Elite Service Co. was started with an initial investment in the company of $22,100 cash. Below are the assets, liabilities, and common stock of the company June 30, 2017, and the revenues and expenses for the month of June, its first month of operations: Cash $ 4,600 Notes payable Accounts receivable 4,000 Accounts payable $12,000 500 Service revenue 7,500 Supplies expense Supplies 2,400 Maintenance and repairs expense Advertising expense 400 Utilities expense Equipment 26,000 Salaries and wages expense Common stock 22,100 1,000 600 300 1,400 In June, the company issues no additional stock but paid dividends of $1,400. Prepare an income statement, retained earnings statement, and balance sheet analyzing your findings using the questions below, in a total of 1,050 words: • Briefly address whether the company's first month of operations was a success. • Discuss the company's decision to distribute a dividend. Use the Excel® spreadsheet to show your work and submit it with your analysis. II. Purpose of Assignment The purpose of this assignment is to help you become familiar with examining transactions and how it affects the balance sheet. Assignment Steps Resources: Financial Accounting: Tools for Business Decision Making Write a minimum 150-word response to each of the following scenarios from Exercise E3-1 in Financial Accounting (p. 132) describing the effect of each transaction on assets, liabilities, and stockholder's equity: • Selected transactions for Thyme Advertising Company, Inc. o Issued common stock to investors in exchange for cash received from investors. o Paid monthly rent. o Received cash from customers when service was performed. o Billed customers for services performed. o Paid dividend to stockholders. o Incurred advertising expense on account. o Received cash from customers billed in (4). o Purchased additional equipment for cash. o Purchased equipment on account. Use the Excel® spreadsheet to record your answers and submit with your responses. III. Purpose of Assignment The purpose of this assignment is to help you become familiar with the parts of the multiple‐step income statement. Assignment Steps Resources: Financial Accounting: Tools for Business Decision Making Scenario: An inexperienced accountant prepared this condensed income statement for Simon Company, a retail firm that has been in business for a number of years. SIMON COMPANY Income Statement For the Year Ended December 31, 2017 Revenues Net sales $850,000 Other revenues 22,000 872,000 Cost of goods sold 555,000 Gross profit 317,000 Operating expenses Selling expenses 109,000 Administrative expenses 103,000 212,000 Net earnings $105,000 As an experienced, knowledgeable accountant, you review the statement and determine the following facts: 1. Net sales consist of: sales $911,000, less freight-out on merchandise sold $33,000, and sales returns and allowances $28,000. 2. Other revenues consist of sales discounts $18,000 and rent revenue $4,000. 3. Selling expenses consist of salespersons' salaries $80,000, depreciation on equipment $10,000, advertising $13,000, and sales commissions $6,000. The commissions represent commissions paid. At December 21, $3,000 of commissions have been earned by salespersons but have not been paid. All compensation should be recorded as Salaries and Wages Expense. 4. Administrative expenses consist of office salaries $47,000, dividends $18,000, utilities $12,000, interest expense $2,000, and rent expense $24,000, which includes prepayments totaling $6,000 for the first quarter of 2018. Prepare a detailed multi-step income statement with a brief explanation of 700 words. Assume a 25% tax rate. Show your work on the Excel® spreadsheet and submit with your explanation. Click the Assignment Files tab to submit your assignment. IV. Purpose of Assignment The purpose of this assignment is to evaluate the inventory section of two companies using basic comparative analysis, and to interpret the data to gain insight about the company's inventory management. Assignment Steps Resources: Appendices D and E located in Financial Accounting: Tools for Business Decision Making Note: While the data are not from the same year, inferences can be drawn regarding inventory management of the two companies. Write a 1,050-word comparative analysis using the financial statements of Amazon.com, Inc. presented in Appendix D, and the financial statements for WalMart Stores, Inc., presented in Appendix E, including the following: Compute the 2014 values for Amazon.com and the 2015 values for Wal-Mart based on the information in the financial statements: Inventory turnover (Use cost of sales and inventories) Days of inventory Conclusions concerning the management of the inventory can you draw from this data. Show work on Excel® spreadsheet and submit with analysis. V. Purpose of Assignment Reconciling bank accounts is a good way to help maintain internal controls over cash. With time lags and posting errors it is easy for cash transactions to be omitted, recorded in a different accounting period, or reflect incorrect amounts. This assignment with give you practical experience in reconciling the cash balance as noted on the company books to the bank's records. Assignment Steps Resources: Financial Accounting: Tools for Business Decision Making Scenario: Daisey Company is a very profitable small business. It has not, however given much consideration to internal control. For example, in an attempt to keep clerical and office expenses to a minimum, the company has combined the jobs of cashier and book-keeper. As a result, Bret Turrin handles all cash receipts, keeps the accounting records, and prepares the monthly bank reconciliations. The balance per the bank statement on October 31, 2017, was $18,380. Outstanding checks were No. 62 for $140.75, No. 183 for $180, No. 284 for $253.25, No. 862 for $190.71, No. 863 for $226.80, and No. 864 for $165.28. Included with the statement was a credit memorandum of $185 indicating the collection of a note receivable for Daisey Company by the bank on October 25. This memorandum has not been recorded by Daisey. The company's ledger showed one Cash account with a balance of $21,877.72. The balance included undepositied cash on hand. Because of the lack of internal controls, Bret took for personal use all of the undeposited receipts in excess of $3,795.51. He then prepared the following bank reconciliation in an effort to conceal his theft of cash: Cash balance per books, October 31 $21,877.72 Add: Outstanding checks No. 862 $190.71 No. 863 226.80 No. 864 165.28 482.79 22,360.51 Less: Undeposited receipts 3,795.51 Unadjusted balance per bank, October 31 18,565.00 Less: Bank credit memorandum 185.00 Cash balance per bank statement, $18,380.00 October 31 Prepare a 1,050-word bank reconciliation report (hint: deduct the amount of the theft from the adjusted balance per books) including the following: • Indicate the three ways that Bret attempted to conceal the theft and the dollar amount involved in each method. • What principles of internal control were violated in this case? Show all work in the Excel® spreadsheet and submit with the reconciliation report. Book id from Accounting 1 Financial Accounting: Tools for Business D… Author: Paul D. Kimmel; Jerry J. Weygandt; Donald E. Kieso ISBN: 9781119228301 P1-3A Prepare an income statement, retained earnings statement and balance sheet; discuss results On June 1, 2017, Elite Service Co. was started with an initial investment in the company of $22,100 cash. Here are the assets, liabilities, and common stock of the company at June 30, 2017, and the revenues an expenses for the month of June, its first month of operations: Cash Accounts receivable Service revenue Supplies Advertising expense Equipment Common Stock $4,600 4,000 7,500 2,400 400 26,000 22,100 In June, the company issued no additional stock but paid dividends of $1,400. Instructions (a) Prepare an income statement and retained earnings statement for the month of June and a balance at June 30, 2017. (b) Briefly discuss whether the company's first month of operations was a success. (c ) Discuss the company's decision to distribute a dividend. NOTE: Enter a number in cells requesting a value; enter either a number or a formula in cells with (a) ELITE SERVICE CO. Income Statement For the Month Ended June 30, 2017 Revenues Service revenue Expenses Salaries and wages expense Supplies expense Maintenance and repairs expense Advertising expense Utilities expense Total expenses Net income $7,500 $1,400 300 400 1,000 600 ELITE SERVICE CO. Retained Earnings Statement For the Month Ended June 30, 2017 Retained earnings, June 1 3,700 $3,800 Value Add: Net income 3,800 ? -1,400 $2,400 Less: Dividends Retained earnings, June 30 ELITE SERVICE CO. Balance Sheet June 30, 2017 Assets Cash Accounts receivable Supplies Equipment Total assets $4,600 4,000 2,400 26,000 $37,000 Liabilities and Stockholders' Equity Liabilities Accounts payable Notes payable Total liabilities Stockholders' equity Common stock Retained earnings Total liabilities and stockholders' equity $500 12,000 12,500 22,100 2,400 24,500 $37,000 Apparently it seems that the first month was success as the company has generted net income. As the company has earned enough net income and there is no problem of cash flow therefore the has paid dividend to shareholders, the company has paid around 37% of its dividend. ent and balance sheet; discuss results vestment in the company of $22,100 cash. ny at June 30, 2017, and the revenues and Notes payable Accounts payable Supplies expense Maintenance and repairs expense Utilities expense Salaries and wages expense nds of $1,400. ement for the month of June and a balance sheet ations was a success. ther a number or a formula in cells with a "?" . $12,000 500 1,000 600 300 1,400 Analyzing the Effect of Transactions Grading Guide ACC/290 Version 7 Principles of Accounting I Copyright Copyright © 2017, 2015, 2014, 2013, 2012, 2011 by University of Phoenix. All rights reserved. University of Phoenix® is a registered trademark of Apollo Group, Inc. in the United States and/or other countries. Microsoft®, Windows®, and Windows NT® are registered trademarks of Microsoft Corporation in the United States and/or other countries. All other company and product names are trademarks or registered trademarks of their respective companies. Use of these marks is not intended to imply endorsement, sponsorship, or affiliation. Edited in accordance with University of Phoenix® editorial standards and practices. Analyzing the Effect of Transactions Grading Guide ACC/290 Version 7 Individual Assignment: Analyzing the Effect of Transactions Purpose of Assignment The purpose of this assignment is to help you become familiar with examining transactions and how it affects the balance sheet. Resources Required Financial Accounting: Tools for Business Decision Making Grading Guide Content Met Partially Met Not Met Total Available Total Earned 6 #/6 Partially Met Not Met Comments: Wrote a minimum 150-word response describing the effect of each transaction on assets, liabilities, and stockholder’s equity. Answered the following scenarios: • • • • • • • • • Issued common stock to investors in exchange for cash received from investors. Paid monthly rent. Received cash from customers when service was performed. Billed customers for services performed. Paid dividend to stockholders. Incurred advertising expense on account. Received cash from customers billed in (4). Purchased additional equipment for cash. Purchased equipment on account. Writing Guidelines The paper—including tables and graphs, headings, title page, and reference page—is consistent with APA formatting guidelines and Met Comments: 2 Analyzing the Effect of Transactions Grading Guide ACC/290 Version 7 Writing Guidelines Met Partially Met Not Met Total Available Total Earned 3 #/3 9 #/9 meets course-level requirements. Intellectual property is recognized with in-text citations and a reference page. Paragraph and sentence transitions are present, logical, and maintain the flow throughout the paper. Sentences are complete, clear, and concise. Rules of grammar and usage are followed including spelling and punctuation. Assignment Total Additional comments: # Comments: 3 Comparative Analysis Problem: Amazon.com, Inc. vs. Wal-Mart Stores, Inc. Grading Guide ACC/290 Version 7 Principles of Accounting I Copyright Copyright © 2017, 2015, 2014, 2013, 2012, 2011 by University of Phoenix. All rights reserved. University of Phoenix® is a registered trademark of Apollo Group, Inc. in the United States and/or other countries. Microsoft®, Windows®, and Windows NT® are registered trademarks of Microsoft Corporation in the United States and/or other countries. All other company and product names are trademarks or registered trademarks of their respective companies. Use of these marks is not intended to imply endorsement, sponsorship, or affiliation. Edited in accordance with University of Phoenix® editorial standards and practices. Comparative Analysis Problem: Amazon.com, Inc. vs. Wal-Mart Stores, Inc. Grading Guide ACC/290 Version 7 Individual Assignment: Comparative Analysis Problem: Amazon.com, Inc. vs. Wal-Mart Stores, Inc. Purpose of Assignment The purpose of this assignment is to evaluate the inventory section of two companies using basic comparative analysis, and to interpret the data to gain insight about the company’s inventory management. Resources Required Financial Accounting: Tools for Business Decision Making. Note: While the data are not from the same year, inferences can be drawn regarding inventory management of the two companies. Grading Guide Content Met Partially Met Not Met Total Available Total Earned 6 #/6 Partially Met Not Met Comments: Write a comparative analysis using the financial statements of Amazon.com, Inc. presented in Appendix D, and the financial statements for Wal-Mart Stores, Inc., presented in Appendix E. Included the 2014 values for Amazon based on the following: • Inventory turnover (Use cost of sales and inventories) • Days of inventory Included the 2015 values for Walmart based on the following: • Inventory turnover (Use cost of sales and inventories) • Days of inventory Included conclusions concerning the management of the inventory. The analysis was 1,050 words in length. Writing Guidelines Met Comments: 2 Comparative Analysis Problem: Amazon.com, Inc. vs. Wal-Mart Stores, Inc. Grading Guide ACC/290 Version 7 Writing Guidelines Met Partially Met Not Met Total Available Total Earned 3 #/3 9 #/9 The paper—including tables and graphs, headings, title page, and reference page—is consistent with APA formatting guidelines and meets course-level requirements. Intellectual property is recognized with in-text citations and a reference page. Paragraph and sentence transitions are present, logical, and maintain the flow throughout the paper. Sentences are complete, clear, and concise. Rules of grammar and usage are followed including spelling and punctuation. Assignment Total Additional comments: # Comments: 3 Preparing a Multiple‐Step Income Statement Grading Guide ACC/290 Version 7 Principles of Accounting I Copyright Copyright © 2017, 2015, 2014, 2013, 2012, 2011 by University of Phoenix. All rights reserved. University of Phoenix® is a registered trademark of Apollo Group, Inc. in the United States and/or other countries. Microsoft®, Windows®, and Windows NT® are registered trademarks of Microsoft Corporation in the United States and/or other countries. All other company and product names are trademarks or registered trademarks of their respective companies. Use of these marks is not intended to imply endorsement, sponsorship, or affiliation. Edited in accordance with University of Phoenix® editorial standards and practices. Preparing a correct Multiple‐Step Income Statement Grading Guide ACC/290 Version 7 Individual Assignment: Preparing a correct Multiple‐Step Income Statement Purpose of Assignment The purpose of this assignment is to help you become familiar with the parts of the multiple‐step income statement. Resources Required Financial Accounting: Tools for Business Decision Making. Grading Guide Content Prepared a correct detailed multi-step income statement, assuming a 25% tax rate, with a brief explanation of 700 words. Based the statement and explanation on the following scenario: An inexperienced accountant prepared this condensed income statement for Simon Company, a retail firm that has been in business for a number of years. Determined the following: Net sales consist of sales $911,000, less freight-out on merchandise sold $33,000, and sales returns and allowances $28,000. Determined the following: Other revenues consist of sales discounts $18,000 and rent revenue $4,000. Met Partially Met Not Met Comments: 2 Preparing a correct Multiple‐Step Income Statement Grading Guide ACC/290 Version 7 Content Met Partially Met Not Met Total Available Total Earned 5 #/5 Partially Met Not Met Total Available Total Earned 3 #/3 8 #/8 Comments: Selling expenses consist of salespersons’ salaries $80,000, depreciation on equipment $10,000, advertising $13,000, and sales commissions $6,000. The commissions represent commissions paid. At December 21, $3,000 of commissions have been earned by salespersons but have not been paid. All compensation should be recorded as Salaries and Wages Expense. Determined the following: Administrative expenses consist of office salaries $47,000, dividends $18,000, utilities $12,000, interest expense $2,000, and rent expense $24,000, which includes prepayments totaling $6,000 for the first quarter of 2018. Showed work. Writing Guidelines Met The paper—including tables and graphs, headings, title page, and reference page—is consistent with APA formatting guidelines and meets course-level requirements. Intellectual property is recognized with in-text citations and a reference page. Paragraph and sentence transitions are present, logical, and maintain the flow throughout the paper. Sentences are complete, clear, and concise. Rules of grammar and usage are followed including spelling and punctuation. Assignment Total # Comments: 3 Preparing a correct Multiple‐Step Income Statement Grading Guide ACC/290 Version 7 Assignment Total Additional comments: # 8 #/8 4 
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