ACC-201-H7193 Financial Accounting 21EW5

For your project submission, build on the work you did for your milestones and complete the financial statements for the company in the project scenario. You should submit your company accounting workbook and a separate report summarizing your analysis of the company’s financial statements. Your submission should be a complete, polished artifact reflecting the incorporation of feedback gained throughout the course.Submit your assignment here. Make sure you’ve included all the required elements by reviewing the requirements and rubric.In this project, you will demonstrate your mastery of the following competencies:Record and present financial information by applying the appropriate framework and guidelines of accounting for business transactionsDetermine asset accounts and their disclosure in the financial statementsDetermine liability and equity accounts and their disclosure in the financial statementsScenarioYou are a certified public accountant (CPA) who is working with a small bakery to prepare their financial statements for three months of the current fiscal year. Because the company is a startup and so small, the accounting is done manually in Microsoft Excel. You have been given the accounts and information you need to prepare their financial statements, but you will need to use the accounting cycle to report accurate information to the finance department. The business owners have also asked you to summarize the company’s performance based on the financial statements.DirectionsCompany Accounting WorkbookUse accepted accounting principles to follow and record your business transactions for a three-month period from the first step of the accounting cycle through the reporting process. You will build on your work from Milestones One and Two to complete your workbook using the Company Accounting Workbook Template (linked in the What to Submit section).Your completed accounting workbook will consist of journal entries for each transaction and postings of transactions to account ledgers. You will develop a trial balance from ledger balances and adjust revenue and expense accounts, as necessary, to ensure that revenues and expenses are reported in the appropriate period under the accrual accounting method. The adjusted trial balance will be used to prepare the income statement, the statement of owner’s equity, and the balance sheet. After the preparation of the financial statements, closing entries will be entered to transfer earnings to equity and prepare temporary accounts for the new accounting period.Use the instructions below to complete your workbook.Record Financial Data: Use accepted accounting principles to accurately capture business transactions for October, November, and December using the data provided in the accounting data appendix (linked in the Supporting Materials section). You will need to address the following:Accuracy: Prepare entries that are accurate in that they fully reflect the appropriate information.Completeness: Prepare entries that are complete for each month, including transferring posted entries to T accounts.Inventory Valuation: Prepare entries for the month of December to reflect the new line of products offered by the company, which includes using the data from the “Inventory Valuation” tab of the company accounting workbook.Accrual Basis: Apply the accrual basis of accounting and prepare adjusting entries to ensure accurate accounting for expenses that lack transactions in the current period.Unadjusted Trial Balance: Prepare the unadjusted trial balance portion of the “Trial Balance” tab of the company accounting workbook, ensuring that the total debits and credits match.Adjusting Entries: Prepare the “Adjusting Entries” tab of the company accounting workbook.Adjusted Trial Balance: Prepare the adjusted trial balance on the “Trial Balance” tab, ensuring that the debit and credit totals match.Financial Statements: Create financial statements using appropriate methods based on accepted accounting principles. Be sure to prepare these financial statements in the order listed, as there are important interdependencies among them.Income Statement: Prepare the income statement using the adjusted trial balance.Statement of Owner’s Equity: Prepare the statement of owner’s equity using the adjusted trial balance.Balance Sheet: Prepare the balance sheet using the adjusted trial balance.Closing Entries: Complete the “Closing Entries” tab of the company accounting workbook by closing all temporary income statement amounts to create closing entries.Post-Closing Trial Balance: Prepare the “Post-Closing Trial Balance” tab of the company accounting workbook in preparation for the next accounting period.Summary ReportAfter you have completed preparing all the financial statements, analyze the statements and write a short report summarizing your findings. Use the template provided in the What to Submit section to complete your report.Summary: Write a summary of what the financial statements indicate about the company’s financial health and performance.Purpose: What kind of information would these financial statements provide to various aspects of the business?Analysis: What is the company’s cash position, its net income as a percentage of sales, and its current liabilities to current assets position?What to SubmitTo complete this project, you must submit the following:Company Accounting WorkbookYour workbook should be completed and submitted as a Microsoft Excel file based on the template provided.Project Summary ReportUse this template to submit a 1- to 2-page Word document summarizing the financial statements you created.Supporting MaterialsThe following resources support your work on the project:Resource: Accounting Data AppendixThis resource includes all of the existing financial information needed to complete your project.Tutorial: Infobase Microsoft Excel TutorialThis tutorial from Infobase provides helpful information on how to use the basic features of Microsoft Excel. Use the table of contents to select the tutorials that best suit your needs.Project RubricCriteria Exemplary (100%) Proficient (85%) Needs Improvement (55%) Not Evident (0%) ValueRecord Financial Data: Accuracy Prepares accurate entries with no errors Prepares accurate entries with minimal errors Prepares entries that have significant inaccuracies Does not attempt criterion 5Record Financial Data: Completeness Prepares entries that are complete for each month, including transferring posted entries to T accounts, with no errors Prepares entries that are complete for each month, including transferring posted entries to T accounts, with minimal errors Prepares entries that are complete for each month, including transferring posted entries to T accounts, with significant errors Does not attempt criterion 5Record Financial Data: Inventory Valuation Prepares entries for the month of December that reflect the new line of products offered by the company with no errors Prepares entries for the month of December that reflect the new line of products offered by the company with minimal errors Prepares entries for the month of December that reflect the new line of products offered by the company with significant errors Does not attempt criterion 5Accrual Basis: Unadjusted Trial Balance Prepares the unadjusted trial balance accurately, ensuring the total debits and credits match with no errors Prepares the unadjusted trial balance with minimal errors Prepares the unadjusted trial balance with significant errors Does not attempt criterion 5Accrual Basis: Adjusting Entries Prepares adjusting entries with no errors Prepares adjusting entries with minimal errors Prepares adjusting entries with significant errors Does not attempt criterion 10Accrual Basis: Adjusted Trial Balance Prepares the adjusted trial balance with no errors Prepares the adjusted trial balance with minimal errors Prepares the adjusted trial balance with significant errors Does not attempt criterion 5Financial Statements: Income Statement Prepares the income statement using the adjusted trial balance with no errors Prepares the income statement using the adjusted trial balance with minimal errors Prepares the income statement using the adjusted trial balance with significant errors Does not attempt criterion 15Financial Statements: Statement of Owner’s Equity Prepares the statement of owner’s equity using the adjusted trial balance with no errors Prepares the statement of owner’s equity using the adjusted trial balance with minimal errors Prepares the statement of owner’s equity using the adjusted trial balance with significant errors Does not attempt criterion 15Financial Statements: Balance Sheet Prepares the balance sheet using the adjusted trial balance with no errors Prepares the balance sheet using the adjusted trial balance with minimal errors Prepares the balance sheet using the adjusted trial balance with significant errors Does not attempt criterion 15Financial Statements: Closing Entries Completes closing entries by closing all temporary income statement amounts to create closing entries with no errors Completes closing entries by closing all temporary income statement amounts to create closing entries with minimal errors Completes closing entries by closing all temporary income statement amounts to create closing entries, but there are significant errors Does not attempt criterion 5Financial Statements: Post-Closing Trial Balance Prepares the post-closing trial balance in preparation for the next accounting period with no errors Prepares the post-closing trial balance in preparation for the next accounting period with minimal errors Prepares the post-closing trial balance in preparation for the next accounting period with significant errors Does not attempt criterion 5Summary Report Exceeds proficiency in an exceptionally clear, insightful, sophisticated, or creative manner Writes a report with a summary of what kind of information the financial statements provide and what these statements indicate about the company’s financial performance, including the company’s cash position, its net income as a percentage of sales, and its current liabilities to current assets position Shows progress toward proficiency but with errors or omissions; areas for improvement may include describing the kind of information the statements provide to different business aspects, and including all relevant details about the company’s financial performance, such as the company’s cash position, its net income as a percentage of sales, and its current liabilities to current assets position Does not attempt criterion 10Total: 100%

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