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Assignment Details

You are an accountant for The Flower Shoppe. Your supervisor has asked you to help her prepare the year-end financial statements. Before you do, she wants to ensure that you understand some main points.

Explain the following:
- The elements of the balance sheet, their purposes, and how to measure them
- The elements and purpose of the statement of changes in stockholder's equity
Based on the adjusted trial balance and additional information, prepare the following in an Excel file to give to the controller for review:
- Balance sheet
- Income statement
- Statement of retained earnings
- Statement of cash flows

The following is additional information about the Flower Shoppe that is needed for financial-statement preparation:

Net income for the year ended December 31, 2008 was $10,845.
Changes from the prior year's balances included the following:
- a decrease in accounts receivable of $300.
- a decrease in inventory of $450.
- an increase in accounts payable of $250.
- a decrease in accrued expenses of $100.
Land was purchased in April for $3,500.
Cash as of January 1, 2008 was $10,105.

The Flower Shoppe
Adjusted Trial Balance
December 31, 2008
	Debit	Credit
Cash	$22,750
Accounts Receivable	3,200
Inventory	8,000
Land	27,000
Building	56,000
Accumulated Depreciation		16,800
Accounts Payable		4,600
Accrued Expenses		2,500
Common Stock		20,000
Additional Paid-in Capital		10,000
Dividends	1,200
Retained Earnings		53,405
Sales		112,020
Returns	1,300
Purchases	47,000
Salaries	38,000
Supplies	870
Utilities	5,225
Telephone	2,850
Bank Charges	330
Depreciation Expense	5,600
	$219,325	$219,325

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Grading Rubric

Project Criteria	Exceeds: 90%–100%	Very good: 80%–89%	Meets: 70%–79%	Needs Improvement: Below 70%
Content (75%)	Response covers all topics indicated in the assignment and adds additional content.	Response covers most topics indicated in the assignment.	Response covers many of the topics indicated in the assignment.	Response covers none to some of the topics indicated in the assignment.
Effective Communication (10%)	Demonstrates outstanding or exemplary application of written, visual, or oral skills. Demonstrates outstanding expression of topic, main idea, and purpose. Audience is addressed appropriately. Language clearly and effectively communicates ideas and content relevant to the assignment. Errors in grammar, spelling, and sentence structure are minimal. Organization is clear. Format is consistently appropriate to assignment. Presentation and delivery are confident and persuasive (where applicable). The writing was of collegiate level with no errors in spelling or grammar.	Demonstrates very good written, visual, or oral skills. Demonstrates sound expression of topic, main idea, and purpose. Audience is usually addressed appropriately. Language does not interfere with the communication of ideas and content relevant to the assignment. Errors in grammar, spelling, and sentence structure are present, but do not distract from the message. Organization is apparent and mostly clear. Format is appropriate to assignment, but not entirely consistent. The writing was of collegiate level with two or less errors in spelling or grammar.	Demonstrates acceptable written, visual, or oral skills. Demonstrates reasonable expression of topic, main idea, and purpose. Sometimes, audience is addressed appropriately. Language does not interfere with the communication of ideas and content relevant to the assignment. Errors in grammar, spelling, and sentence structure are present and may distract from the message. Organization is a bit unclear. Format is inconsistent. The writing was of collegiate level with several errors in spelling or grammar.	Demonstrates inadequate or partially proficient application of written, visual, or oral skills. Demonstrates inadequate or partial expression of topic, main idea, and purpose. Audience is often not addressed appropriately. Language often impedes the communication of ideas and content relevant to the assignment. Errors in grammar, spelling, and sentence structure are frequent and often distract from meaning or presentation. Organization is inadequate, confusing, and distracting. Format is inadequate and obscures meaning. The writing was less than collegiate level with numerous errors in spelling or grammar.
Supporting Analysis (15%)	Analysis exceeds minimum requirements. Sources are used to support analysis, are appropriate, and are properly referenced.	Basic analysis provided to support assertions. Sources are cited, appropriate, and properly referenced.	Limited analysis provided to support assertions. Some sources are cited, appropriate, and properly referenced.	No or inaccurate analysis, no sources are cited when needed, analysis and/or sources are not appropriate. When sources used, are not properly referenced.

Intermediate accounting I

Unit 3 - Submission Assignment

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ACCT315 Unit 3 Submission

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