Acct120 Class #13 Creating A Balance Sheet Formatting And Rules

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Introduction to Accounting 120 Mr. Binet Moncton High School Class #13: Creating a Balance Sheet – Formatting and Rules

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BUS599/Business Plan Financials Guide 2.26.2016_final.doc NON-ALCOHOLOIC BEVERAGE COMPANY Business Plan Financials Worksheet Guidance Below is guidance for data entry into cells of each of the separate Excel worksheets of the overall Business Plan Financials. This is the base pro-forma financial statements for your business. Please note: Many of the cells in the Business Plan Financials (BPF) are already prepopulated with suggested/default values. Use the default numbers unless otherwise indicated. Only cells with BLUE text can be changed. The cells in black will be filled in automatically, based on your setup assumptions, or will be carried over from numbers you entered earlier on other worksheets. Work in order – as every cell you complete will carry over to all other applicable Excel worksheets (for example, if you enter a figure in the Staff Budget, that figure will carry over to your Income Statement and Cash Flow Statement). You are encouraged to work through the guide as early as possible. (Review the Course Guide for specific due dates on specified worksheets; as assignments are due throughout the course.) Worksheet #1 - Set Up and Assumptions Line 9: the month the academic quarter starts Line 12: enter the year the academic quarter starts Line 15: Two (students can chose the number of product lines to include up to 10 lines) Line 18: they will sell 55% on credit Line 21: 30 days (standard default; however, can be adjusted as needed) Line 43: $16,500 (estimate of net sales after six month of weekend sales) Line 49: 1.00% (Dodd-Frank Act of 2011 allows businesses to receive interests on business accounts, per the agreement of the financial institution [range 0 to 1.50%]) Worksheet #2 - Sales Projections Each student must determine this for their business—speculate on how your company will grow and how much you will sell. Reflect this in/from your Operations Plan Worksheet #3 – Inventory Line 7: Ingredients Line 8: Bottles/caps Line 9: Labels Line 10: Cartons Repeat these four lines for each product line. Worksheet #4 - Capital Expenditures (Note: This applies to purchased equipment, not leased equipment.) Facilities section: Students are not purchasing facilities (facility is already provided) Equipment section: Capital Purchases should be additional expenses that each student might decide to purchase. (Note – after the first year of business) Current vans and other equipment should be captured in Line 23 as part of “Other Assets” on the Balance Sheet, Worksheet 11. Computer Hardware/Software Section: Capital Purchases should be additional expenses that each student might decide to purchase. Current computer hardware/software should be captured as part of “Other Assets” on the balance sheet, along with equipment mentioned above. Worksheet #5 - Staffing Budget Account for every paid employee using the appropriate Lines for the six categories of employees (Management, Administrative/Suppor ...

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Complete two problems in which you prepare a variety of financial documents (income statement, statement of stockholders' equity, and balance sheet), practice using T-accounts, and compute and analyze financial data for hypothetical companies. Note: Some of the assessments in this course build upon each other, so you are strongly encouraged to complete them in the order in which they are presented. Show Less Preparing accurate financial statements is an essential skill used as the basis for making strategic decisions. The ability to determine the financial impact of transactions is another important skill that all business professionals should possess. T-accounts provide a valuable tool for analyzing the effects of transactions. By successfully completing this assessment, you will demonstrate your proficiency in the following course competencies and assessment criteria: Competency 1: Apply theories, models, and practices of accounting in the construction and analysis of financial statements. Prepare a summarized income statement for a company using appropriate financial data. Prepare a statement of retained earnings for a company using appropriate financial data. Prepare a balance sheet for a company using appropriate financial data. Create T-accounts for a company using each account on the balance sheet. Accounting lies at the heart of business performance. Accounting systems classify and record the financial transactions of an organization to reflect the impact of the transactions on the organization's financial condition. Understanding the financial condition of a company, or the impact of particular transactions, requires an understanding of the accounting model and the methods used to record and analyze accounting data. Show Less As you examine the accounting model, consider the structure and purpose of its elements as well as the approaches and methods used to discern information from it. Develop an understanding of the structure of financial statements and the important information that they communicate to the knowledgeable reader. Assessment Instructions Note: Some of the assessments in this course build upon each other, so you are strongly encouraged to complete them in the order in which they are presented. For this assessment, complete Problems 1 and 2. You may use Word or Excel to complete the assessments throughout this course, but you will find Excel to be most helpful for creating spreadsheets. Tutorials for using Excel are provided in the Supplemental Resources in the left navigation menu. If you use Excel, submit the assessment in one Excel document, using separate tabs for each spreadsheet. Templates for both problems are linked in the Suggested Resources under the Capella Resources heading. Problem 1: Preparing an Income Statement, a Statement of Retained Earnings, and a Balance Sheet At the end of its first year of operations (December 31, 2012), the Acme Company released the financial data shown in Table 1 below: Tab.

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Chapter 3 The Accounting System Learning Objectives • Understand the need for and general characteristics of a proper accounting system. • Understand accounts and how they are impacted by the debit/credit rules. • Know how to prepare journal entries to describe the effects of transactions and events. • Post accounts to the general ledger and prepare a trial balance. • Apply features and tools that are used to enhance and improve accounting systems and processes. Martin Barraud/OJO Images/Getty Images eps81189_03_c03.indd 37 12/20/13 8:49 AM CHAPTER 3Section 3.1 Exploring Accounting Systems Chapter Outline Introduction 3.1 Exploring Accounting Systems 3.2 Chart of Accounts 3.3 Accounts and Debits/Credits Debit and Credit Rules T-Accounts 3.4 Transaction Analysis Critical Thinking About Transaction Analysis An Applied Example of Transaction Analysis 3.5 General Journal Posting the General Ledger Review of the Sequence of Transaction Recording A Balanced Trial Balance: No Guarantee of Correctness Special Journals 3.6 Source Documents 3.7 Thinking About Automation 3.8 Critical Thinking About Debits and Credits Introduction Exhibit 2.5 shows how transactions systematically impact the accounting equation and resulting financial statements. Although this system works fine as an introduction to the accounting equation, it is not adequate for managing an actual business. Too many transactions originate in too many places for a single tabulation to capture all business activity reliably. Many small businesses have tried to use a simple schedule or spreadsheet to record and process all their activities; however, chaos quickly rules. A more complete and controlled accounting system is needed to manage today’s complex businesses. In this chapter, we will explore the design and use of modern accounting practices. 3.1 Exploring Accounting Systems Large and successful healthcare businesses have invariably developed robust account-ing information systems. This suggests that the pathway to business success entails more than just providing excellent medical services. It also entails thoughtful develop- ment of well-designed accounting information systems. It is far better to establish a proper system at the outset of launching a healthcare business than to come back later and try to repair an inadequate system. By the time a business discovers that its system is deficient, it is often too late. The business may well have lost control of necessary information for proper business management. The results are often disastrous. eps81189_03_c03.indd 38 12/20/13 8:49 AM CHAPTER 3Section 3.2 Chart of Accounts This naturally leads you to wonder about the core elements of a proper system. Clearly, the accounting system must provide a basis for preparing financial statements. This is the end objective and reflects the aggregation of all activity. Thus, the goal of an accounting system is to process transactions and events ...

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