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WCWEEK1Assignment.docx

Assignment Directions:

There are 2 Parts to this Assignment. Use the templates provided.

Prompt:

Managers within the firm, as well as the firm’s owners and lenders, keep track of the firm’s performance by reviewing its financial statements:

· income statement

· balance sheet

· statement of cash flows

PART 1:

In 675-700 words (not including title page or references) and in an APA7 formatted paper with an Introduction and Conclusion, explain the following questions.  Do not include the questions verbatim in your responses or as headings. Use the template provided.

· What is the purpose of the income statement? Identify and describe the major types of expenses that are shown on the typical income statement.

· What is the purpose of the balance sheet? Identify and describe the major types of assets and the claims of creditors and owners shown on the typical balance sheet.

· What are the three different accounts that comprise the owners’ equity (also known as stockholders' equity) section on a typical corporate balance sheet? Describe each account.

· What is a statement of cash flows? Describe the three standard sections contained in a statement of cash flows.

PART 2:

Complete both the balance sheet and income statement exercise tabs in this Excel file and submit it as a file.  Note: the file is auto-submitted to Turnitin and will result in a high score. Please disregard the score.

TIP: This entire excel exercise is add, multiply, or subtract. Look at it as a math puzzle.

Submission Instructions:

· Please name your Assignment files as LastnameFirstinitial-BUSN604 Week# 

· Submit your Assignment by 11:59 PM ET, Day 7 (Sunday).

· Part 1: 

· A Word document with all four questions answered in 675-700 content words

· Include references in APA 7 style.

· Turnitin is required. Your file is auto-submitted to Turnitin - no class code required. Review the TII report in the Assignment, not through the Gradebook. Include a minimum of t three (3) references. In the Assignment dropbox, please attach your paper as a file, do not copy & paste.

· Part 2: 

· An Excel file with two tabs for the completed statements

· balance sheet

· income statement

· Complete both the balance sheet and income statement exercises in the attached Excel file and submit as a file.  Note: the file is auto submitted to Turnitin and will result in high score. Please disregard the score.  

· Business Analysis with Microsoft Excel, 5th ed.

Chapters 1 (Income Statements on pp. 1-9) and 2 (Balance Sheet on pp. 31-33)

· The Fundamental Principles of Finance

Chapters 1, 10, 12

· Principles of Finance

Chapter 5. Financial Statements

· Principles of Finance

Chapter 5 Video

· Principles of Finance

Chapter 19 Video

· SUPPLEMENTAL VIDEO: The IMF and the World Bank Explained in One Minute

· SUPPLEMENTAL VIDEO: Introduction to Financial Statements

15 minute talk on using financial statements in real world settings. Covers: the balance sheet, the income statement, and statement of retained earnings. Then follows real world examples for each.

· SUPPLEMENTAL VIDEO: Introduction to financial reportings

· SUPPLEMENTAL: Why Money Matters

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WCBUSN604Week1EXCEL.xlsx

Balance Sheet

You learned about Balance Sheets this week. Fill in the missing items below.
Enter the answers in blue shaded cells
ASSETS LIABILITIES
Cash $10,000 Accounts payable $12,000
Accounts receivable 100,000 Notes payable 50,000
Inventory Total current liabilities
Total current assets $220,000 Long-term debt
Gross PP&E 500,000 Total Liabilities $190,000
Less accumulated depreciation
Net PP&E $375,000 EQUITY
Total Assets Common stock ($1 par; 100,000 shares)
Paid-in capital
Retained earnings 150,000
Total stockholders’ equity
Total Liabilities and Equity
Reminder: A=L+E

Income Statement

You learned about Income Statements this week. Fill in the missing items below.
Enter the answers in blue shaded cells
Sales
COGS 575,000
Gross profit $1,600,000
G&A expense 200,000
Sales & Mkting expense TIP: first determine Income before taxes and operating income
Depreciation 50,000 Find the difference between Gross Profit and Operating Income.
Operating income
Interest 100,000
Income before taxes
Income taxes (30%)
Net income $700,000
Steps:
1: Calculate Sales
2. Calculate Income before taxes. Taxes are 30%, so you know the Net Income (Y) is a percent of "Income before taxes" (X)
3. Calculate the Income taxes figure
4. Calculate Operating Income
5. Calculate Sales & Mkting Exp