ACC 308 Final Project Workbook (1) (3)
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Southern New Hampshire University *
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Apr 3, 2024
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Southern New Hampshire University
ACC 308 - Intermediate Accounting II
Using the Peyton Approved financial data, create:
Adjusting Entries
Adjusted Trial Balance
Revised Balance Sheet
Revised Income Statement
Note:
This workbook contains instructions and financial information you will need to complete the Workbook portions of Milestones One and Two. For full instructions for the milestone and final project assignments, refer to the guidelines and rubric documents.
You can use the links below to navigate from this HOME tab to additional instructions and the worksheets for each milestone.
MILESTONE ONE
(Due in Module Three)
Milestone OneWorkbook Instructions
1. Trial Balance
2. Revised Financial Statements
Using the trial balance and preliminary financial statements, prepare:
Revised Retained Earnings Statement
Revised Statement of Cash Flows
Current Ratio (Working Capital)
Quick Ratio
A/R Turnover
Inventory Turnover
Gross Margin
Return on Sales
Return on Equity
Return on Assets
4. Management Analysis Brief
3. Ratio Analysis
Note:
Refer to the Final Project Scenario for Peyton's ratio formulas.
Using the financial statements from 2015, 2016, and revised 2017, calculate the following ratios:
Note:
This part of the project is submitted as a separate Word document. Refer to the Milestone One Guidelines and Rubric document for submission guidelines.
Your management analysis brief should explain financial information to management. Provide evidence from your accounting workbook to support your ideas where applicable.
A.
Assess the company’s financial health based on ratio analyses presented in the accounting workbook.
B.
Compare ratio analysis to trends in financial ratios over time for illustrating their impact, providing examples to support your claims.
C.
Summarize the effects of different compounding periods and interest rates on future value of money.
D.
Explain how alignment to relevant regulations and ethical reporting influenced your accounting practices and notes, providing examples to support your claims.
Using the given pro forma information, create:
Pro Forma Income Statement
Pro Forma Balance Sheet
2. Notes to the Financial Statements
Your notes must contain the following:
MILESTONE TWO (Due in Module Five)
Milestone TwoWorkbook Instructions
1. Pro Forma Financial Statements
Note:
This part of the project is submitted as a separate Word document. Refer to the Milestone Two Guidelines and Rubric document for submission guidelines.
A.
Create appropriate notes as year-to-year documentation for managing depreciation, supplies, and inventory.
B.
Create appropriate notes for long-term debt.
3. Management Analysis Brief
Note:
This part of the project is submitted as a separate Word document. Refer to the Milestone Two Guidelines and Rubric document for submission guidelines.
Your management analysis brief should explain financial information to management. Provide evidence from your accounting workbook to support your ideas where applicable.
A.
Discuss the impact of the pro forma financial statements for predicting ability to meet future expansion goals.
B.
Describe the implications of inventory costing, contingent liabilities, and revenue recognition.
C.
Identify potential issues in interpretation of financial information, providing examples to support your ideas.
FINAL PROJECT (Due in Module Seven)
Note:
The final project consists of corrected work from Milestone One and Milestone Two. Incorporate the feedback you received from your instructor.
ITEMS TO COMPLETE FOR MILESTONE ONE:
GENERAL
1. TRIAL BALANCE
2. REVISED FINANCIAL STATEMENTS
ReturnHOME
INSTRUCTIONS FOR MILESTONE ONE (Due in Module Three)
Note:
Make sure to completely review the Milestone One Guidelines and Rubric document.
Use the data from this milestone and begin working on your final project, due in Module Seven.
The tabs to complete are linked below and colored blue for convenience.
You just began a position as a financial accountant at Peyton Approved. In this role, your first task is to prepare the company’s financials for the year-end audit. Additionally, the company is interested in expanding its business within the next year. They would like your support in assessing their ability to meet their goals. Using the Peyton Approved financial data provided below:
A. Create the necessary adjusting journal entries. Use the REF column to reference the entry to each event. B. Complete the adjusted trial balance.
Trial Balance 2017
Peyton Approved's preliminary financial statements are provided in the yellow tabs.
Balance Sheet 2017
Income Statement 2017
Retained Earnings 2017
Cash Flow 2017
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Related Questions
Academic access to the FASB Codification is available through university subscriptions, obtained from the American Accounting Association. This subscription covers an unlimited number of students within a single institution. Once this access has been obtained by your school, you should log in to prepare responses to the following exercises.
CE1.1 Describe the main elements of the link labeled “Help, FAQ, Learning Guide, and About the Codification.”
CE1.2 Describe the procedures for providing feedback.
CE1.3 Briefly describe the purpose and content of the “What’s New” link.
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(Part1-3 posted just before)
Comprehensive Problem 1Part 4 and Part 6:
The following is a comprehensive problem which encompasses all of the elements learned in previous chapters. You can refer to the objectives for each chapter covered as a review of the concepts. Note: You must complete parts 1, 2 and 3 before completing parts 4 and 6. Please note that part 5 is optional.
Part 4: At the end of May, the following adjustment data were assembled. Analyze and use these data to complete parts (5) and (6).
a. Insurance expired during May is $275.b. Supplies on hand on May 31 are $715.c. Depreciation of office equipment for May is $330.d. Accrued receptionist salary on May 31 is $325.e. Rent expired during May is $1,600.f. Unearned fees on May 31 are $3,210.
Part 6: Journalize the adjusting entries. Then, post the entries to the attached spreadsheet from part 2.
a. Insurance expired during May is $275.
Date
Account Name
Post. Ref.
Debit
Credit
May 31
b.…
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Analyze and review the following items and determine the appropriate journal entry. Record the journal entry
Please include all the calculations for my reference. Thanks
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Check all attributes below that were met for a test of an expenditure. Attached is a copy of the invoice and below is information from the accounting system:
Item #
Transaction ID
Invoice Date
Vendor
Vendor Code
Object Code
Object Code Name
Amount
Created
Approved
Invoice #
Date Entered
Paid Date
Amount Paid
98
19000001101
9/22/2018
Ohio Dept of Transportation
VC0000126549
E450
Road Construction
$6,914.41
JMM03
BVZ02
101492
10/3/18
10/22/2018
$ 6,914.41
Invocie for Exam 3 TH.docx check all that apply
A.
Documentation exists
B.
Transaction had proper approval before payment
C.
Invoice agrees to journal: amount, vendor, fund, object code
D.
Invoice is mathematically correct
E.
Document was cancelled
F.
Recorded timely (5 days from reciept of goods or invoice)
G.
Invoice was paid timely
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10:04
Assignment Details
ATG-110-20A01: Financial Accounting (Session II Summer 2021)
7474 unread replies.7575 replies.
Please read and respond to TIF 12-2 on page 623. Review
the rubric to ensure you receive full points for this
discussion.
Discussion Rubric- 25 points(1)_(3).docx
*After you have posted your answers, please reply to three
other students' posts. This discussion board was set up so
that you will not be able to see others replies until you post
your own.
Search entries or author Filter replies by unreadUnread
Collapse replies
TIF 12-2
Issuing Stock
1.
ETHICS Lou Hoskins and Shirley Crothers are
organizing Red Lodge Metals Unlimited Inc. to
undertake a high-risk gold mining venture in Canada.
Lou and Shirley tentatively plan to request
authorization for 400,000,000 shares of common
stock to be sold to the general public. Lou and Shirley
have decided to establish par of $0.03 per share in
order to appeal to a wide variety of potential
investors. Lou and Shirley believe…
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Conduct the below exercise
Step-1: Click the link
The student can use any of the below links to download the same
a) https://www.imf.org/-
/media/Files/Publications/WEO/2021/Update/January/English/data/WEOJan2021updat
e.ashx
b) https://www.imf.org/en/Publications/WEO/Issues/2021/01/26/2021-world-economicoutlook-
update
(And click on download data)
Step-2: Answer the below questions
What do you understand by Real GDP? What is the Real GDP Growth Rate of India and
China in 2019? What is the estimated real GDP growth rate of India and China in 2020?
What is the projected real GDP growth rate of India and China in 2021 and 2022?
What is the estimated 2022 GDP Loss (in percentage) in comparison to pre-covid levels
(January 2020 forecast) in China and Other Emerging Economies in Asia other than
China?
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"iew
History
Bookmarks
Window Help
A education.wiley.com
WP NWP Assessment Player UI Application
DAXMED WALI FURI
Question 30 of 42
View Policies
Current Attempt in Progress
The information for preparing a trial balance on a worksheet is obtained from
general journal entries.
financial statements.
business documents.
general ledger accounts.
Save for Later
OOOO
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Comprehensive Problem 1
Part 4 and Part 6:
The following is a comprehensive problem which encompasses all of the elements learned in previous chapters. You can refer to the objectives for each chapter covered as a review of th
concepts. Note: You must complete parts 1, 2 and 3 before completing parts 4 and 6. Please note that part 5 is optional.
Part 4: At the end of May, the following adjustment data were assembled. Analyze and use these data to complete parts (5) and (6).
a. Insurance expired during May is $275.
b. Supplies on hand on May 31 are $715.
C. Depreciation of office equipment for May is $330.
d. Accrued receptionist salary on May 31 is $325.
e. Rent expired during May is $1i,600.
I Uneamed fees on May 31 are $3,210.
Part 6: Journalize the adjusting entries. Then, post the entries to the attached spreadsheet from part 2.
a. Insurance expired during May is $275.
Account Name
Post. Ref.
Debit
Credit
b. Supplies on hand on May 31 are $715.
Account Name
Post. Ref.
Debit
Credit…
arrow_forward
Required:
Record the payment that Mookie The Beagle Concierge receives from Sandy Copper in payment for services provided Remy.
1. Create Receive Payment.
a. From the Navigation Bar, select Projects > Sandy Copper: Remy
b. From the Add to project menu, select Receive payment
c. Select Payment Date: 01/23/2023
d. Select Payment Method: Check
e. Select Deposit to: 1600 Undeposited Funds
f. Select Invoice Number 1002
g. After selecting the Invoice, what is the Amount Received displayed?
Note: Answer this question in the table shown below. Round your answer 2 decimal places.
h. Select Save and close
Amount received
$
2. View the Transaction Journal for Receive Payment.
a. From the Navigation Bar, select Sales > All Sales tab
b. From the Sales Transactions List, select the Sandy Copper: Remy payment just entered
c. From the bottom of Receive Payment, select More > Transaction Journal
d. What are the Account and Amount Debited?
Debit
Credit
20.00
Note: Answer this question in the table shown…
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History
Bookmarks
Window Help
A education.wiley.c
WP NWP Assessment Player UI Application
Question 18 of 42
View Policies
Current Attempt in Progress
The double-entry system requires that each transaction must be recorded
in a journal and in a ledger.
in two sets of books.
first as a revenue and then as an expense.
in at least two different accounts.
Save for Later
arrow_forward
Complete journal entries 1-4 and show steps to solve please and thank you
arrow_forward
Comprehensive Problem 1Part 4 and Part 6:
The following is a comprehensive problem which encompasses all of the elements learned in previous chapters. You can refer to the objectives for each chapter covered as a review of the concepts. Note: You must complete parts 1, 2 and 3 before completing parts 4 and 6. Please note that part 5 is optional.
Part 4: At the end of May, the following adjustment data were assembled. Analyze and use these data to complete parts (5) and (6).
a. Insurance expired during May is $275.b. Supplies on hand on May 31 are $715.c. Depreciation of office equipment for May is $330.d. Accrued receptionist salary on May 31 is $325.e. Rent expired during May is $1,600.f. Unearned fees on May 31 are $3,210.
Part 6: Journalize the adjusting entries. Then, post the entries to the attached spreadsheet from part 2.
a. Insurance expired during May is $275.
Account Name
Post. Ref.
Debit
Credit
fill in the blank 2
fill in the blank 4
b. Supplies…
arrow_forward
Please show format for each step of calculation. Thanks in advance.
arrow_forward
Comprehensive Problem 1Part 5: Work Sheet
The following is a comprehensive problem which encompasses all of the elements learned in previous chapters. You can refer to the objectives for each chapter covered as a review of the concepts. Note: You must complete parts 1, 2, 3, 4 before completing part 5.
Part 5: Enter the unadjusted trial balance on an end-of-period spreadsheet (work sheet) and complete the spreadsheet using the following adjustment data.
Insurance expired during May is $275.
Supplies on hand on May 31 are $715.
Depreciation of office equipment for May is $330.
Accrued receptionist salary on May 31 is $325.
Rent expired during May is $1,600.
Unearned fees on May 31 are $3,210.
If an amount box does not require an entry, leave it blank or enter "0".
Kelly ConsultingEnd-of-Period Spreadsheet (Work Sheet)For the Month Ended May 31, 20Y8
Unadjusted Trial Balance
Adjustments
Adjusted Trial Balance
Income Statement
Balance Sheet
Account Title
Debit
Credit
Debit…
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you will find an article in a scholarly journal dealing with items from the reading of chapters 1 to 4 in the textbook. Topics may include Accounting Information Systems, Enterprise Systems, E-business, and understanding how accounting information systems works. Then, you will write a summary on this article, The student will post one thread of at least 1000 - 2000 words
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Prepare the necessary journal entries for the following dates for Rodney Inc.
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Close the temporary accounts: all revenue Expenses, Income summary and drawing. Use journal sheets
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Required: Prepare general journal entries for the balance day adjustments
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Question Description
Prepare the adjusting journal entries for the following situations and submit in an excel Spreadsheet. Please provide a brief explaining as to your response.
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Related Questions
- Academic access to the FASB Codification is available through university subscriptions, obtained from the American Accounting Association. This subscription covers an unlimited number of students within a single institution. Once this access has been obtained by your school, you should log in to prepare responses to the following exercises. CE1.1 Describe the main elements of the link labeled “Help, FAQ, Learning Guide, and About the Codification.” CE1.2 Describe the procedures for providing feedback. CE1.3 Briefly describe the purpose and content of the “What’s New” link.arrow_forward(Part1-3 posted just before) Comprehensive Problem 1Part 4 and Part 6: The following is a comprehensive problem which encompasses all of the elements learned in previous chapters. You can refer to the objectives for each chapter covered as a review of the concepts. Note: You must complete parts 1, 2 and 3 before completing parts 4 and 6. Please note that part 5 is optional. Part 4: At the end of May, the following adjustment data were assembled. Analyze and use these data to complete parts (5) and (6). a. Insurance expired during May is $275.b. Supplies on hand on May 31 are $715.c. Depreciation of office equipment for May is $330.d. Accrued receptionist salary on May 31 is $325.e. Rent expired during May is $1,600.f. Unearned fees on May 31 are $3,210. Part 6: Journalize the adjusting entries. Then, post the entries to the attached spreadsheet from part 2. a. Insurance expired during May is $275. Date Account Name Post. Ref. Debit Credit May 31 b.…arrow_forwardAnalyze and review the following items and determine the appropriate journal entry. Record the journal entry Please include all the calculations for my reference. Thanksarrow_forward
- Check all attributes below that were met for a test of an expenditure. Attached is a copy of the invoice and below is information from the accounting system: Item # Transaction ID Invoice Date Vendor Vendor Code Object Code Object Code Name Amount Created Approved Invoice # Date Entered Paid Date Amount Paid 98 19000001101 9/22/2018 Ohio Dept of Transportation VC0000126549 E450 Road Construction $6,914.41 JMM03 BVZ02 101492 10/3/18 10/22/2018 $ 6,914.41 Invocie for Exam 3 TH.docx check all that apply A. Documentation exists B. Transaction had proper approval before payment C. Invoice agrees to journal: amount, vendor, fund, object code D. Invoice is mathematically correct E. Document was cancelled F. Recorded timely (5 days from reciept of goods or invoice) G. Invoice was paid timelyarrow_forward10:04 Assignment Details ATG-110-20A01: Financial Accounting (Session II Summer 2021) 7474 unread replies.7575 replies. Please read and respond to TIF 12-2 on page 623. Review the rubric to ensure you receive full points for this discussion. Discussion Rubric- 25 points(1)_(3).docx *After you have posted your answers, please reply to three other students' posts. This discussion board was set up so that you will not be able to see others replies until you post your own. Search entries or author Filter replies by unreadUnread Collapse replies TIF 12-2 Issuing Stock 1. ETHICS Lou Hoskins and Shirley Crothers are organizing Red Lodge Metals Unlimited Inc. to undertake a high-risk gold mining venture in Canada. Lou and Shirley tentatively plan to request authorization for 400,000,000 shares of common stock to be sold to the general public. Lou and Shirley have decided to establish par of $0.03 per share in order to appeal to a wide variety of potential investors. Lou and Shirley believe…arrow_forwardConduct the below exercise Step-1: Click the link The student can use any of the below links to download the same a) https://www.imf.org/- /media/Files/Publications/WEO/2021/Update/January/English/data/WEOJan2021updat e.ashx b) https://www.imf.org/en/Publications/WEO/Issues/2021/01/26/2021-world-economicoutlook- update (And click on download data) Step-2: Answer the below questions What do you understand by Real GDP? What is the Real GDP Growth Rate of India and China in 2019? What is the estimated real GDP growth rate of India and China in 2020? What is the projected real GDP growth rate of India and China in 2021 and 2022? What is the estimated 2022 GDP Loss (in percentage) in comparison to pre-covid levels (January 2020 forecast) in China and Other Emerging Economies in Asia other than China?arrow_forward
- "iew History Bookmarks Window Help A education.wiley.com WP NWP Assessment Player UI Application DAXMED WALI FURI Question 30 of 42 View Policies Current Attempt in Progress The information for preparing a trial balance on a worksheet is obtained from general journal entries. financial statements. business documents. general ledger accounts. Save for Later OOOOarrow_forwardComprehensive Problem 1 Part 4 and Part 6: The following is a comprehensive problem which encompasses all of the elements learned in previous chapters. You can refer to the objectives for each chapter covered as a review of th concepts. Note: You must complete parts 1, 2 and 3 before completing parts 4 and 6. Please note that part 5 is optional. Part 4: At the end of May, the following adjustment data were assembled. Analyze and use these data to complete parts (5) and (6). a. Insurance expired during May is $275. b. Supplies on hand on May 31 are $715. C. Depreciation of office equipment for May is $330. d. Accrued receptionist salary on May 31 is $325. e. Rent expired during May is $1i,600. I Uneamed fees on May 31 are $3,210. Part 6: Journalize the adjusting entries. Then, post the entries to the attached spreadsheet from part 2. a. Insurance expired during May is $275. Account Name Post. Ref. Debit Credit b. Supplies on hand on May 31 are $715. Account Name Post. Ref. Debit Credit…arrow_forwardRequired: Record the payment that Mookie The Beagle Concierge receives from Sandy Copper in payment for services provided Remy. 1. Create Receive Payment. a. From the Navigation Bar, select Projects > Sandy Copper: Remy b. From the Add to project menu, select Receive payment c. Select Payment Date: 01/23/2023 d. Select Payment Method: Check e. Select Deposit to: 1600 Undeposited Funds f. Select Invoice Number 1002 g. After selecting the Invoice, what is the Amount Received displayed? Note: Answer this question in the table shown below. Round your answer 2 decimal places. h. Select Save and close Amount received $ 2. View the Transaction Journal for Receive Payment. a. From the Navigation Bar, select Sales > All Sales tab b. From the Sales Transactions List, select the Sandy Copper: Remy payment just entered c. From the bottom of Receive Payment, select More > Transaction Journal d. What are the Account and Amount Debited? Debit Credit 20.00 Note: Answer this question in the table shown…arrow_forward
- History Bookmarks Window Help A education.wiley.c WP NWP Assessment Player UI Application Question 18 of 42 View Policies Current Attempt in Progress The double-entry system requires that each transaction must be recorded in a journal and in a ledger. in two sets of books. first as a revenue and then as an expense. in at least two different accounts. Save for Laterarrow_forwardComplete journal entries 1-4 and show steps to solve please and thank youarrow_forwardComprehensive Problem 1Part 4 and Part 6: The following is a comprehensive problem which encompasses all of the elements learned in previous chapters. You can refer to the objectives for each chapter covered as a review of the concepts. Note: You must complete parts 1, 2 and 3 before completing parts 4 and 6. Please note that part 5 is optional. Part 4: At the end of May, the following adjustment data were assembled. Analyze and use these data to complete parts (5) and (6). a. Insurance expired during May is $275.b. Supplies on hand on May 31 are $715.c. Depreciation of office equipment for May is $330.d. Accrued receptionist salary on May 31 is $325.e. Rent expired during May is $1,600.f. Unearned fees on May 31 are $3,210. Part 6: Journalize the adjusting entries. Then, post the entries to the attached spreadsheet from part 2. a. Insurance expired during May is $275. Account Name Post. Ref. Debit Credit fill in the blank 2 fill in the blank 4 b. Supplies…arrow_forward
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