ACCOUNTING

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ACCT205U3U5IPAlternateExcelAnswerTemplate.xlsx
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Journal Entries

Dec 1
2
2
3
10
14
24
28
29
30
30

Unadjusted Trial Balance

Trap Adventures, Inc.
Unadjusted Trial Balance
December 31, 2015
Totals $ - 0 $ - 0

Adjusting Entries

Dec 31
31
31
31
31

Adjusted Trial Balance

Trap Adventures, Inc.
Adjusted Trial Balance
December 31, 2015
Totals $ - 0 $ - 0

Financial Statements

Trap Adventures, Inc. NOTE that there are THREE Statements included on this sheet.
Income Statement
For the year ended December 31, 2015
Revenues:
$ - 0
Expenses:
Total Expenses - 0
Net Income $ - 0
Trap Adventures, Inc.
Statement of Stockholder's Equity
For the year ended December 31, 2015
Common Stock Retained Earnings Totral Stockholder's Equity
Beginning Balance, December 1, 2015 $ - 0 $ - 0 $ - 0
- 0
- 0
- 0
Ending Balance, December 31, 2015 $ - 0 $ - 0 $ - 0
Trap Adventures, Inc.
Balance Sheet
December 31, 2015
Assets Liabilities
Current Assets: Current Liabilities:
$ - 0
Total Current Liabilities $ - 0
Total Current Assets $ - 0
Long-term Assets:
$ - 0
Stockholder's Equity
Total Long-term Assets $ - 0 $ - 0
Total Stockholder's Equity - 0
Total Assets $ - 0 Total Liabilities and Stockholder's Equity $ - 0

Closing Entries

Dec 31
31
31

Post-Closing Trial Balance

Trap Adventures, Inc.
Post-Closing Trial Balance
December 31, 2015
Totals $ - 0 $ - 0

Writing Portion

NOTE that this tab should be used for the writing portion of the Unit 5 IP Assignment.
Answer two of the questions below in 1-2 fully developed paragraphs.  A fully developed paragraph should have a major point with 3 to 5 support sentences. One or two sentences is not acceptable or does not discuss the question. Be sure to show what you know!!!
1. Trap Adventures, Inc. is looking for an accountant.  In your own words, explain to Trap’s hiring team the role of accountant and accounting within business.  
Provide examples of the expectations of the accountant.
2. Discuss the financial position of Trap Adventures, Inc using the following ratios: 
Current ratio
Return on equity
For each ratio, provide the calculation and an explanation of the meaning. 
Is this a positive or negative result for the Trap Adventures, Inc.?
3. Using Trap Adventures, Inc.’s income statement, evaluate the operations for the month of December.  Complete a common-size income statement using sales as the base number.
What is the largest percentage? 
What is the smallest percentage?
What recommendations could be made to increase Trap’s net income?
4. Currently, Trap Adventures, Inc. does not own any loans or bank notes (long-term liabilities).
What would happen if Trap decides to obtain a bank loan for $25,000 to fund daily operations?
How would this transaction impact the financial statements – which accounts would be affected? 
What is the debt to equity ratio? 
What does the debt to equity ratio represent?