Financial Accounting

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Note: This is a two part assignment; both parts need to be submitted for grading.

Journalizing Inventory Transactions

Review the transactions and financial position of Candies Galore for January in the Excel Template.

Requirements:

  1. Prepare the journal for the January transactions.
  2. Determine the gross profit for January.

Financial Statements and Gross Profit

Review the transactions and financial position of Ma and Pa Grocery as of December 31, 20##, in the Excel Template.

Requirements:

  1. Prepare the Income Statement for the period ending December 31, 20##.
  2. Prepare the Statement of Retained Earnings for the period ending 12/31/20##.
  3. Prepare the Balance Sheet for the period ending 12/31/20##.
  4. Calculate the gross profit % for the year.
  5. Calculate the current ratio for the year.

Submit your completed assignment to the drop box below. Please check the Course Calendar for specific due dates.

Save your assignment as an Excel document. (Mac users, please remember to append the ".xlsx" extension to the filename.) The name of the file should be your first initial and last name, followed by an underscore and the name of the assignment, and an underscore and the date. An example is shown below:

Jstudent_exampleproblem_101504

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