ACC340-1304A-01 Financial Accounting - NEED WITHIN 2 HOURS

SoccerBoss
Category:
Business & Finance
Price: $10 USD

Question description

Part 1  

ACC340_Journal_Ledger_Workbook_Template2.xlsx

Key Assignment

Part 1 Tasks ( this part is completed I do not need done - attached to see what I have completed)

Scenario

It is time for the staff accountants to begin preparing daily accounting transactions. In preparation of the upcoming audit, the accountants must ensure that these transactions are correct and are free from any misstatement. Because this is a new subsidiary of the company, there are no beginning balances.

As a staff accountant, your job is to do the following:

  • Prepare the 10 transactions below by posting to the general journal. You should use an Excel spreadsheet to accomplish this task.
  • Post the general journal entries to the general ledger in the Excel spreadsheet.
  • Prepare a trial balance from the ending balances on the ledger. You should also use an Excel file for the trial balance.

Transactions

  1. Invested $50,000 in the business
  2. Paid $100 for phone service
  3. Purchased $35,000 equipment on credit
  4. Paid $3,000 for 3 months rent
  5. Paid $5,500 for 6 months of insurance 
  6. Paid $1,000 for advertising on credit (Note: This is an expense to the company)
  7. Customer purchased $2,000 on account
  8. Customer in #7 paid $1,000 on account
  9. Paid for #6 advertising
  10. Sold to customer and received $5,000 cash 

Part 2 Tasks (Week 5) (THIS IS WHAT I NEED COMPLETED) (FINANCIAL STATEMENT TEMPLATE)

Complete a set of financial statements based on the transactions and general ledger from the Phase 4 IP. The financials to be completed on an Excel spreadsheet are the following:

  • Income statement
  • Statement of owners' equity
  • Balance sheet

Based on the financial statements, prepare a memo to the President of LMO Company as to the financial performance of your company. Include the following:

  • 3 strategies that the company can employ to improve its performance and increase net income
  • Explanation of who might use the financial statements    
    • Be sure to include internal and external users.


 

Studypool has helped 1,244,100 students
Ask your homework questions. Receive quality answers!

Type your question here (or upload an image)

1828 tutors are online

Related Business & Finance questions

12/04/2013
11/12/2013
11/12/2013
11/11/2013
11/11/2013

Brown University





1271 Tutors

California Institute of Technology




2131 Tutors

Carnegie Mellon University




982 Tutors

Columbia University





1256 Tutors

Dartmouth University





2113 Tutors

Emory University





2279 Tutors

Harvard University





599 Tutors

Massachusetts Institute of Technology



2319 Tutors

New York University





1645 Tutors

Notre Dam University





1911 Tutors

Oklahoma University





2122 Tutors

Pennsylvania State University





932 Tutors

Princeton University





1211 Tutors

Stanford University





983 Tutors

University of California





1282 Tutors

Oxford University





123 Tutors

Yale University





2325 Tutors