Balance Sheet (IP)

| September 29, 2018

Assignment Type:Individual ProjectDeliverable Length:1 page typed and 4 financial statements in Excel formatAPA formatted ReferencesPoints Possible:125Due Date:4/14/2013 11:59:59 PM CTYou 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 themThe elements and purpose of the statement of changes in stockholder’s equityBased on the adjusted trial balance and additional information, prepare the following in an Excel file to give to the controller for review:Balance sheetIncome statementStatement of retained earningsStatement of cash flowsThe 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 ShoppeAdjusted Trial BalanceDecember 31, 2008DebitCreditCash$22,750Accounts Receivable3,200Inventory8,000Land27,000Building56,000Accumulated Depreciation16,800Accounts Payable4,600Accrued Expenses2,500Common Stock20,000Additional Paid-in Capital10,000Dividends1,200Retained Earnings53,405Sales112,020Returns1,300Purchases47,000Salaries38,000Supplies870Utilities5,225Telephone2,850Bank Charges330Depreciation Expense5,600$219,325$219,325Please submit your assignment.The following grading criteria will apply to this assignment:Grading CriteriaExplain the elements of the balance sheet, their purposes, and how to measure them.20%Explain the elements and purpose of the statement of changes in stockholder’s equity.25%Prepare the balance sheet.15%Prepare the income statement.15%Prepare the statement of retained earnings.15%Prepare the statement of cash flows.10%Good format, grammar and APA.10%TOTAL100%

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