The objective is 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 include the following.
Obtain the list of accounts under the section Course Project Listing of Accounts.
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.
Making proper selection of accounts relative to the balance sheet or the income statement
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
Each account belongs to a particular subgroup. The student is to determine to which subgroup the account belongs. This should be done according to functionality.
Prepare the balance sheet in good form
Proper form is important in the preparation of the balance sheet. Examples can be found in the text.
Prepare the income statement in good form
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
A quality paper will meet or exceed all of the above requirements.
Course Project Listing of Accounts
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Accrued Interest on Notes Payable
Additional Paid-In Capital
Allowance for Doubtful Accounts
Cost of Goods Sold
Customer Deposits (expected to be paid next year)
Deposits With Vendors (based on a long-term purchase contract)
Depreciation Expense (40% Selling, 60% Administrative)
Income Tax Expense
Income Taxes Payable
Investments in Warren Co.
Mortgage Payable ($1,500 per month)
Notes Payable to Banks
Notes Receivable (due next year)
Preferred Stock, 7%
Securities (available for sale) at Fair Market Value
Twenty-year, 12% Bonds, Due 1/1/2015
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