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Accounting, ACC 100, Coursework

Accounting 100 Project

Accounting 100 Project 

Financial Statements

Balance Sheet
Assets 2015 2016 2017
Current Assets
Cash             12,996                       14,500 17286
Accounts receivable             34,620                       31,000 49317
Net Sale           511,773                     468,065 611893
Inventory             48,201                       46,000 53716
Prepaid expenses
Short-term investments
Total current assets           607,590                     559,565           732,212
Fixed (Long-Term) Assets
Land 80030                       80,030 121300
Plant           121,300                     121,300 80030
Equipment             83,005                       83,005
Intangible assets
Total fixed assets           204,305                     284,335           201,330
Other Assets
Marketable Securities               4,000                         9,000 5000
Other

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Ledger/T-Accounts

Date Debit Credit Balance
01-Jan Invested Cash  $              25,000
02-Jan
03-Jan Bank loan  $              20,000
04-Jan Equipment Purchased  $       12,000
05-Jan Office Supplies Purchased  $         2,600
06-Jan
07-Jan Advertising Cost  $            2,500
08-Jan Revenue earned on Account  $                7,500
09-Jan
10-Jan Revenue earned as Cash  $                1,250
11-Jan Revenue earned on Account  $              10,000
12-Jan
13-Jan Account Payable(Paid)  $            750
14-Jan
15-Jan Revenue earned on Account  $                     2,750 Employee Wages  $         2,750
16-Jan Revenue Earned in Cash  $                     4,300
17-Jan Advertisement  $         2,500
18-Jan Received in Check  $                1,500
19-Jan Revenue on Account  $                1,600
20-Jan Paid toward Account Payable  $            750
21-Jan Equipment Purchased  $         8,500
22-Jan Revenue in Cash  $              10,000
23-Jan
24-Jan Utility Bills Paid  $         1,000
25-Jan Revenue on Account  $                3,000
26-Jan Advertising Cost  $         2,500
27-Jan Account Payable(Paid)  $            800
28-Jan Revenue in Cash  $                9,100
29-Jan Employee Wages  $         2,750
30-Jan Bank Loan Paid  $         1,000
Total  $                  96,000  $          40,400
Balance  $                  55,600

Chart of Accounts-listing of all accounts with identification numbers

ASSETS
100 Cash
101 Revenue in Cash  $    9,100.00
102 Revenue in Cash  $  10,000.00
103 Received in Check  $    1,500.00
104 Revenue Earned in Cash  $    4,300.00
105 Revenue earned as Cash  $    1,250.00
106 Invested Cash  $  25,000.00
107 Bank loan  $  20,000.00
Total  $  71,150.00
110 Short-Term Investments
111 Advertising Cost  $    2,500.00
112 Employee Wages  $    2,750.00
113 Utility Bills Paid  $    1,000.00
114 Advertisement  $    2,500.00
115 Employee Wages  $    2,750.00
Total  $  11,500.00
120 Accounts
121 Account #  $    7,500.00
121 Account #2  $  10,000.00
122 Account #3  $    2,750.00
123 Account #4  $    3,000.00
Total  $  23,250.00
130 Liabilities Equipment Purchased  $  12,000.00
131 Employee Wages  $    2,750.00
132 Advertisement  $    2,500.00
133 Utility Bills Paid  $    1,000.00
134 Advertising Cost  $    2,500.00
135 Account Payable(Paid)  $       800.00
136 Bank Loan Paid  $    1,000.00
137 Employee Wages  $    2,750.00
138 Office Supplies Purchased  $    2,600.00
139 Advertising Cost  $    2,500.00
140 Account Payable(Paid)  $       750.00
Total  $  31,150.00

Balance Sheet

ASSETS
Cash and Equivalents
Revenue in Cash  $          9,100
Revenue in Cash  $       10,000
Received in Check  $          1,500
Revenue Earned in Cash  $          4,300
Revenue earned as Cash  $          1,250
Invested Cash  $       25,000
Bank loan  $       20,000
Revenue in Account 1  $          7,500
Revenue in account 2  $       10,000
Revenue in account 3  $          2,750
Revenue in account 4  $          3,000
Total Assets  $       94,400
Liability
Equipment Purchased 12000
Employee Wages 2750
Advertisement 2500
Utility Bills Paid 1000
Advertising Cost 2500
Account Payable(Paid) 800
Bank Loan Paid 1000
Employee Wages 2750
Office Supplies Purchased 2600
Advertising Cost 2500
Account Payable(Paid) 750
Total Liability 31150
Owners Equity
Invested Cash  $       25,000
Liability and Owner Equity  $       56,150

Written Analysis

Question 1

The company seems to have a positive cash flow. According to Debt Ratio, in 2015, the company had a more significant burden in debt. The company has been able to reduce its deficit over the two years. The asset-to-equity ratio has been maintained over the three years. Overall, 2017 was a good year for investors and the company in terms of income.

Question 2

The company has a positive balance sheet. It has managed to have more income than expenses. By the end of the month, the company recorded incoming cash flow of $9600 and costs totaling $40,400 hence a profit of $55,600. The company expects to pay the borrowed loan comfortably. With the current payment rate of $1,000, the bank loan will be fully paid within three years.

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Question 

Accounting 100 Project Summer 2018

This is a formal project, and the following standards are to be applied:

Accounting 100 Project

Accounting 100 Project

If help is needed, you may consult with the instructor. Ou are encouraged to send the instructor drafts of your work to ensure you are on the right track.  t is imperative that your initial category assignments, income statement, and balance sheet are correct for problem one.

  1. All items must be typed (using Excel spreadsheets would be helpful, but Word documents are also acceptable).
  2. Work must be collated in the following manner:
  3. Cover Sheet
  4. Problem 1 work (Financial Statements with proper headings) and brief written Analysis.
  5. General Journal Entries (problem 2)
  6. Chart of Accounts-listing of all accounts with identification numbers (problem 2)
  7. Ledger/T-Accounts (problem 2)
  8. Financial Statements (problem 2)
  9. Written Analysis (problem 2)
  10. No projects will be accepted after the deadline.  o exceptions. He project submission deadline is on or before Wednesday, August 1 at 11:59 PM.  our task must be uploaded to Blackboard. Arly submission will be accepted and is encouraged.
  11. This project is worth 20 % of your overall course grade.