ACCT 550 Wk

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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.

Grading Rubric

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 to which subgroup the account belongs. This should be done according to functionality.

Prepare 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.

Prepare 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

A quality paper will meet or exceed all of the above requirements.

Total

150

100

Course Project Listing of Accounts

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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 1/1/2015

500,000

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