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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Accounting 100 Project Summer 2018

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

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.