Intermediate accounting I

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Intermediate Accounting I (ACCT315-2002A-01)

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Skip This Navigation Intermediate Accounting I(ACCT315-2002A-01) Intermediate Accounting I (ACCT315-2002A-01)

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Skip this navigation Current Grade: Current Grade (hidden) - Gradebook showhide 1 1 Unread Announcement LDA: 4/26/20

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Unit 4 - Group Project 

View Assignment Details for Unit 4 - Group Project as PDF

Assignment Overview

Assignment:  Unit 4 - Group Project Type:  Group Project Unit:  Inventory and COGS Valuation Due Date:  Tue,4/28/20 Grading Type:  Numeric Points Possible:  200 Points Earned:  not available Deliverable Length:  1–3 pages; Excel file View objectives for this assignment

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• Submissions
• Discussion Board
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Assignment Details

My Group: Group 4

Email Group

Group Membersortable	Contactsortable	Group Work Submissions
Southall, Sandra	[email protected]	No submissions
Rose, Elizabeth	[email protected]	No submissions
Cornelius, Wendy	[email protected]	No submissions

Assignment Description

It is the end of a reporting period. Because there are more people than usual retiring this year, your manager has asked your accounting department to create 2 things:

• A process documentation detailing the different methods of preparing income statements, specific sections of the income statement, and how to handle the special types of income statement items
• Basic financial statements for your company

Individual Portion:

1. Visit the SEC's Web site.
   • Select a company filing of your choice that contains a multiple-step income statement.
   • Communicate your selection with your group (each of you should submit a different company).
   • Submit the link to this filing as proof of your research.
2. Prepare a process documentation that
   • is prepared in a professional manner because it will be the desktop guide used by others in the event of your absence to prepare the financial statements for Music Warehouse.
   • is in the form of a memorandum or as a numbered listing of items, depending on your individual preference.
   • includes the following elements:
     • a definition and description of the specific sections of the income statement
     • a description of the different methods of preparing income statements
     • an explanation of the conceptual guidelines for reporting income
     • how to handle the special types of income statement items

Please add your file.

Your assignment will be graded in accordance with the following criteria. Click here to view the grading rubric.

Group Portion:

Using the information below, do the following:

• Prepare a multiple-step income statement for Music Warehouse.
• Prepare a statement of changes in stockholder's equity for Music Warehouse.

You may work together, or you may assign each group member a different financial statement or part of the assignment to work on.

Music Warehouse
Adjusted Trial Balance
December 31, 2008
	Debit	Credit
Cash	$24,675
Accounts Receivable	5,625
Inventory	65,980
Land	93,000
Building	289,000
Accumulated Depreciation		75,000
Notes Payable		85,000
Accounts Payable		53,600
Interest Payable		4,750
Common Stock		10,000
Additional Paid-in Capital		120,000
Dividends	10,000
Retained Earnings		59,980
Sales		937,500
Sales Discounts	22,675
Cost of Goods Sold	723,000
Salaries	81,000
Utilities	8,900
Repairs & Maintenance	5,225
Telephone	2,850
Interest Expense	4,400
Depreciation Expense	9,500
	$1,345,830	$1,345,830

The following is additional information needed for financial-statement preparation:

• Loss as a result of hurricane damage on the building: $17,000 (assume that the building is not located in an area that sustains frequent hurricane damage.)
• Loss because of the discontinuation of the cassette tape music segment: $26,875
• Beginning of the year balance of common stock: $8,000 (assume that changes are related to issuance of common stock.)
• Beginning of the year balance of additional paid-in capital: $102,000
• Effective income tax rate: 35%

Please add your file.

Please submit your assignment.

Your assignment will be graded in accordance with the following criteria. Click here to view the grading rubric.

For assistance with your assignment, please use your text, Web resources, and all course materials.

Reading Assignment

Assignment Objectives

• Classify the assets and liabilities of a balance sheet, explain the statement of changes in stockholders' equity, describe the Security and Exchange Commission (SEC) integrated disclosures and the major components of an income statement, compute income from continuing operations, and report the results from discontinued operations.
• Explain the conceptual guidelines for reporting income, and define the elements of an income statement.

Other Information

There is no additional information to display at this time.

Legend

Extra Credit View Assignment Rubric

Assignment Details

My Group: Group 4

Email Group

Group Membersortable	Contactsortable	Group Work Submissions
Southall, Sandra	[email protected]	No submissions
Rose, Elizabeth	[email protected]	No submissions
Cornelius, Wendy	[email protected]	No submissions

Assignment Description

It is the end of a reporting period. Because there are more people than usual retiring this year, your manager has asked your accounting department to create 2 things:

• A process documentation detailing the different methods of preparing income statements, specific sections of the income statement, and how to handle the special types of income statement items
• Basic financial statements for your company

Individual Portion:

1. Visit the SEC's Web site.
   • Select a company filing of your choice that contains a multiple-step income statement.
   • Communicate your selection with your group (each of you should submit a different company).
   • Submit the link to this filing as proof of your research.
2. Prepare a process documentation that
   • is prepared in a professional manner because it will be the desktop guide used by others in the event of your absence to prepare the financial statements for Music Warehouse.
   • is in the form of a memorandum or as a numbered listing of items, depending on your individual preference.
   • includes the following elements:
     • a definition and description of the specific sections of the income statement
     • a description of the different methods of preparing income statements
     • an explanation of the conceptual guidelines for reporting income
     • how to handle the special types of income statement items

Please add your file.

Your assignment will be graded in accordance with the following criteria. Click here to view the grading rubric.

Group Portion:

Using the information below, do the following:

• Prepare a multiple-step income statement for Music Warehouse.
• Prepare a statement of changes in stockholder's equity for Music Warehouse.

You may work together, or you may assign each group member a different financial statement or part of the assignment to work on.

Music Warehouse
Adjusted Trial Balance
December 31, 2008
	Debit	Credit
Cash	$24,675
Accounts Receivable	5,625
Inventory	65,980
Land	93,000
Building	289,000
Accumulated Depreciation		75,000
Notes Payable		85,000
Accounts Payable		53,600
Interest Payable		4,750
Common Stock		10,000
Additional Paid-in Capital		120,000
Dividends	10,000
Retained Earnings		59,980
Sales		937,500
Sales Discounts	22,675
Cost of Goods Sold	723,000
Salaries	81,000
Utilities	8,900
Repairs & Maintenance	5,225
Telephone	2,850
Interest Expense	4,400
Depreciation Expense	9,500
	$1,345,830	$1,345,830

The following is additional information needed for financial-statement preparation:

• Loss as a result of hurricane damage on the building: $17,000 (assume that the building is not located in an area that sustains frequent hurricane damage.)
• Loss because of the discontinuation of the cassette tape music segment: $26,875
• Beginning of the year balance of common stock: $8,000 (assume that changes are related to issuance of common stock.)
• Beginning of the year balance of additional paid-in capital: $102,000
• Effective income tax rate: 35%

Please add your file.

Please submit your assignment.

Your assignment will be graded in accordance with the following criteria. Click here to view the grading rubric.

For assistance with your assignment, please use your text, Web resources, and all course materials.

Reading Assignment

Assignment Objectives

• Classify the assets and liabilities of a balance sheet, explain the statement of changes in stockholders' equity, describe the Security and Exchange Commission (SEC) integrated disclosures and the major components of an income statement, compute income from continuing operations, and report the results from discontinued operations.
• Explain the conceptual guidelines for reporting income, and define the elements of an income statement.

Other Information

There is no additional information to display at this time.

Legend

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