Description
I need a 1 page paper with 4 financial statements in Excel format on the following information:
You are an accountant for The Flower Shoppe. Your supervisor has asked you to help her prepare the year-end financial statements. Before you do, she wants to ensure that you understand some main points.
- Explain the following:
- The elements of the balance sheet, their purposes, and how to measure them
- The elements and purpose of the statement of changes in stockholder's equity
- Based on the adjusted trial balance and additional information, prepare the following in an Excel file to give to the controller for review:
- Balance sheet
- Income statement
- Statement of retained earnings
- Statement of cash flows
The following is additional information about the Flower Shoppe that is needed for financial-statement preparation:
- Net income for the year ended December 31, 2008 was $10,845.
- Changes from the prior year's balances included the following:
- a decrease in accounts receivable of $300.
- a decrease in inventory of $450.
- an increase in accounts payable of $250.
- an decrease in accrued expenses of $100.
- Land was purchased in April for $3,500.
- Cash as of January 1, 2008 was $10,105.
The Flower Shoppe | ||
Adjusted Trial Balance | ||
December 31, 2008 | ||
Debit | Credit | |
Cash | $22,750 | |
Accounts Receivable | 3,200 | |
Inventory | 8,000 | |
Land | 27,000 | |
Building | 56,000 | |
Accumulated Depreciation | 16,800 | |
Accounts Payable | 4,600 | |
Accrued Expenses | 2,500 | |
Common Stock | 20,000 | |
Additional Paid-in Capital | 10,000 | |
Dividends | 1,200 | |
Retained Earnings | 53,405 | |
Sales | 112,020 | |
Returns | 1,300 | |
Purchases | 47,000 | |
Salaries | 38,000 | |
Supplies | 870 | |
Utilities | 5,225 | |
Telephone | 2,850 | |
Bank Charges | 330 | |
Depreciation Expense | 5,600 | |
$219,325 | $219,325 |
Explanation & Answer
Thank you once again for extending your trust, and, please let me know
if there is anything you feel needs to be addressed. I appreciate the
opportunity and looking forward to working with you again.
Intermediate Accounting Assignment
Student Name:
Course/Number:
Due Date:
Faculty Name:
Question No # 1
The purpose of the balance sheet is to provide a quick overview of company financial statements
for a particular period. The three major categories of the balance sheet are assets, liabilities, and
owner equity (Investopedia, 2016). The categories are described below.
1. Assets:
Assets are the physical things that company owns. Assets can be in form of
tangible or intangible. Assets are the resources that company acquired through transactions
that have futur...
Review
Review
24/7 Homework Help
Stuck on a homework question? Our verified tutors can answer all questions, from basic math to advanced rocket science!