Competencies In this project: you will demonstrate your mastery of the following competencies: - Record and present financial information by applying the appropriate framework and guidelines of accounting for business transactions - Determine asset accounts and their disclosure in the financial statements - Determine liability and equity accounts and their disclosure in the financial statements Scenario You were recently hired as an entry-level bookkeeper for a service business that recently opened. This is the first month in operation for the business and your first task is to record business transactions for their first month using the source documents and transaction data the owner wi. provide to you. Because this is a small business that does not use computerized accounting. you will apply the accounting cycle in Excel to record transactions and generate financial reporting results for the owner. Competencies In this project: you will demonstrate your mastery of the following competencies: - Record and present financial information by applying the appropriate framework and guidelines of accounting for business transactions - Determine asset accounts and their disclosure in the financial statements - Determine liability and equity accounts and their disclosure in the financial statements Scenario You were recently hired as an entry-level bookkeeper for a service business that recently opened. This is the first month in operation for the business and your first task is to record business transactions for their first month using the source documents and transaction data the owner wi. provide to you. Because this is a small business that does not use computerized accounting. you will apply the accounting cycle in Excel to record transactions and generate financial reporting results for the owner. E. Recommendations: Recommend a simple system of controls that can be implemented to ensure protection of company assets and accuracy and integrity of their financial data as they anticipate further growth. i. Consider additional controls that will support the potential for adding merchandise and additional assets with business growth/expansion. F. Asset Valuation: Discuss the treatment of current and long-term assets on the balance sheet. i. Discuss at least two different methods of depreciation. Consider how the methods of depreciation will be determined. ii. Discuss how LIFO, FIFO, and average methods vill differ and provide examples of types of applicable merchandising: iii. Consider how accounting will change with the addition of merchandise inventory. A Company Income Statement Far the mnnth ended Mareh 31 onYY Step 1/2 Explanation Please check the above steps Statement of Owner's Equity For the month ending March 31, 20XX Balance Sheet As of March 31, 20XX Closing Entries Month Ending 31/03/20XX Expert Q\&A After you have fimished preparing all the financial statements, analyze the statements and write a short report summarizing your findings..

1. Competencies In this project: you will demonstrate your mastery of the following competencies:
- Record and present financial information by applying the appropriate framework and guidelines
of accounting for business transactions - Determine asset accounts and their disclosure in the
financial statements - Determine liability and equity accounts and their disclosure in the financial
statements Scenario You were recently hired as an entry-level bookkeeper for a service business
that recently opened. This is the first month in operation for the business and your first task is to
record business transactions for their first month using the source documents and transaction data
the owner wi. provide to you. Because this is a small business that does not use computerized
accounting. you will apply the accounting cycle in Excel to record transactions and generate
financial reporting results for the owner. Competencies In this project: you will demonstrate your
mastery of the following competencies: - Record and present financial information by applying
the appropriate framework and guidelines of accounting for business transactions - Determine
asset accounts and their disclosure in the financial statements - Determine liability and equity
accounts and their disclosure in the financial statements Scenario You were recently hired as an
entry-level bookkeeper for a service business that recently opened. This is the first month in
operation for the business and your first task is to record business transactions for their first
month using the source documents and transaction data the owner wi. provide to you. Because
this is a small business that does not use computerized accounting. you will apply the accounting
cycle in Excel to record transactions and generate financial reporting results for the owner. E.
Recommendations: Recommend a simple system of controls that can be implemented to ensure
protection of company assets and accuracy and integrity of their financial data as they anticipate
further growth. i. Consider additional controls that will support the potential for adding
merchandise and additional assets with business growth/expansion. F. Asset Valuation: Discuss
the treatment of current and long-term assets on the balance sheet. i. Discuss at least two
different methods of depreciation. Consider how the methods of depreciation will be determined.
ii. Discuss how LIFO, FIFO, and average methods vill differ and provide examples of types of
applicable merchandising: iii. Consider how accounting will change with the addition of
merchandise inventory. A Company Income Statement Far the mnnth ended Mareh 31 onYY
Step 1/2 Explanation Please check the above steps Statement of Owner's Equity For the month
ending March 31, 20XX Balance Sheet As of March 31, 20XX Closing Entries Month Ending
31/03/20XX Expert Q&A After you have fimished preparing all the financial statements,
analyze the statements and write a short report summarizing your findings. Use the template
provided in the What to Submit section to complete your report. There is also a Final Project
Walkthrough video available in Supporting Materials that will provide guidance for completing
your template. In addition to the financial statement results, the owners have requested that you
provide them with additional information as further growth is anticipated. They would like more
input from you to support the best possible decisions for the business. Inaddition, the owners are
requesting that you provide them with some suggestions on simple internal controls they can
integrate to ensure protection of company assets. and accuracy in the company's financial data.
The owners are also considering acquiring more long-term/fixed assets, such as vehicles,
equipment, buildings, and so on. They would like your input on the different options available
for depreciation of these costs. Adding sales of product is also a consideration for expansion. The
owners want to know what accounting considerations will be involved with this change 3.
Summary: Write a summary of what the financial statements indicate about the company's
financial health and performance. A. Purpose: Discuss the accounting process and the resulting
financial statements as they relate to meeting the informational needs of the user. B. Process:

2. Explain the process used to produce accurate account balances and financial statements from the
individual transaction data i. Consider what is being communicated through each of the financial
statements you prepared (income statement, statement of equity and balance sheet) and how this
information will be used in business decision making and planning. C. Analysis: Explain the
company's cash position, its net income as a percentage of sales, and its current liabilities to
current-assets position. D. Results: Discuss the results regarding profitability of the first month
of operations, 1. Consider how well the company is positioned to meet current liabilities: ii. Be
sure to include the percentage of revenues that result in profitinet income and the current ratio
when discussing profitability and liquidity based on the recorded month's results. iii. Consider
key points in your observations of results is the company operating profitably (what percent of
revenues result in profit/net income)? How well-poised are they to meet liabilities (discuss
liquidity and current ratio)? E. Recommendations: Recommend a simple system of controls that
can be implemented to ensure protection of company assets and the accuracy and integrity of
their financial data as they anticipate further growth.