I need Milestone completed rubric is attahced
acc_307_final_project_workbook.xlsx
acc307milestone1.pdf
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Asset Accounts
Acct #
Cash
Baking Supplies
Prepaid Rent
Prepaid Insurance
Baking Equipment
Office Supplies
Accounts Receivable
Accumulated Depreciation
Trademark
Leasehold Improvements
Accumulated Amortization
101
102
103
104
105
106
107
108
109
110
111
This chart of accounts should help you identify the appropriate accounts to record to as you are analyzing and
journaling transactions for this workbook. There is nothing to complete on this page; this is simply a resource for
you.
Liability Accounts
Acct #
Notes Payable
Accounts Payable
Wages Payable
Interest Payable
Loans Payable
e appropriate accounts to record to as you are analyzing and
nothing to complete on this page; this is simply a resource for
you.
201
202
203
204
205
Equity Accounts
Acct #
Common Stock
Dividends
301
302
Revenue Accounts
Acct #
Bakery Sales
Merchandise Sales
401
402
Expense Accounts
Acct #
Baking Cost of Goods Sold
Merchandise Cost of Goods Sold
Rent Expense
Insurance Expense
Misc. Expense
Business License Expense
Advertising Expense
Wages Expense
Telephone Expense
Interest Expense
Depreciation Expense
Amortization Expense
Office Supplies Expense
501
502
503
504
505
506
507
508
509
510
511
512
513
Account
Cash
Baking Supplies
Merchandise Inventory (FIFO)
Prepaid Rent
Prepaid Insurance
Baking Equipment
Accumulated Depreciation
Leasehold Improvements
Accumulated Amortization
Trademark
Office Supplies
Accounts Receivable
Notes Payable
Interest Payable
Accounts Payable
Wages Payable
Loans Payable
Common Stock
Dividends
Bakery Sales
Merchandise Sales
Baking Cost of Goods Sold
Rent Expense
Interest Expense
Insurance Expense
Depreciation Expense
Amortization Expense
Misc. Expense
Office Supplies Expense
Business License Expense
Advertising Expense
Wages Expense
Telephone Expense
Merchandise COGS (FIFO)
Total: (FIFO)
Peyton Approved
Trial Balance
2017
Unadjusted trial balance
Debit
Credit
55,428.00
165,250.00
25,750.00
7,500.00
2,400.00
26,000.00
3,000.00
10,000.00
2,000.00
2,300.00
1,600.00
30,401.00
10,000.00
27,325.00
21,000.00
30,000.00
20,000.00
335,675.00
35,200.00
90,000.00
2,780.00
375.00
5,200.00
3,456.00
15,760.00
464,200.00
464,200.00
Approved
Balance
017
Adjusting entries
Debit
Credit
–
–
Adjusted trial balance
Debit
Credit
55,428.00
165,250.00
25,750.00
7,500.00
2,400.00
26,000.00
3,000.00
10,000.00
2,000.00
2,300.00
1,600.00
30,401.00
10,000.00
27,325.00
21,000.00
30,000.00
20,000.00
335,675.00
35,200.00
90,000.00
2,780.00
375.00
5,200.00
3,456.00
15,760.00
464,200.00
464,200.00
Peyton Approved
Adjusting Journal Entries
2017
Date
Accounts
Debit
Credit
31-Dec Depreciation Expense
Accumulated depreciation
31-Dec Amortization Expense
Accumulated Amortization
31-Dec Interest Expense
Interest Payable
31-Dec Insurance Expense
Prepaid Insurance
31-Dec Baking Cost of Goods Sold
Baking Supplies
31-Dec Office Supplies Expense
Office Supplies
31-Dec Wages Expense
Wages Payable
–
–
Peyton Approved
Income Statement
For Year Ending 12/31/2017
Bakery Sales
Merchandise Sales
Total Revenues
Cost of Goods Sold (FIFO)
Baking Cost of Goods Sold
Gross Profit (FIFO)
–
–
Operating Expenses:
Rent Expense
Interest Expense
Insurance Expense
Depreciation Expense
Amortization Expense
Misc. Expense
Office Supplies Expense
Business License Expense
Advertising Expense
Wages Expense
Telephone Expense
Total Operating Expenses:
–
Net Income (FIFO)
–
Peyton Approved
Closing Entries
For Year Ending 12/31/2017
Date
Accounts
Debit
30-Sep Bakery Sales
Merchandise Sales
Income Summary
30-Sep Income Summary (FIFO)
Baking Cost of Goods Sold
Rent Expense
Interest Expense
Insurance Expense
Depreciation Expense
Amortization Expense
Misc. Expense
Office Supplies Expense
Business License Expense
Advertising Expense
Wages Expense
Telephone Expense
Cost of Goods Sold (FIFO)
30-Sep Income Summary (FIFO)
Retained Earnings FIFO
–
–
30-Sep Retained Earnings
Dividends
–
Credit
–
–
–
Peyton Approved
Statement of Retained Earnings
For Year Ending 12/31/2017
Beginning Balance:
plus Net Income
less Dividends:
Ending Balance:
–
–
Peyton Approved
Balance Sheet
As of December 31, 2017
Assets
Current Assets:
Cash
Baking Supplies
Merchandise Inventory (FIFO)
Prepaid Rent
Prepaid Insurance
Office Supplies
Accounts Receivable
Total Current Assets
–
Long Term/Fixed Assets:
Baking Equipment
Accumulated Depreciation
Leasehold Improvements
Accumulated Amortization
–
Trademark
Total Assets:
–
Peyton Approved
Balance Sheet
As of December 31, 2017
Liabilities and Owners’ Equity
Current Liabilities:
Accounts Payable
Wages Payable
Interest Payable
Total Current Liabilities
–
Long Term Liabilities:
Notes Payable
Loans Payable
Total Long Term Liabilities:
Total Liabilities:
–
Common Stock
Retained Earnings
Total Equity
–
Total Liabilities & Equity
–
2017
Quick Ratio
Gross Margin
Net Margin
Return on Sales
Return on Equity
2016
2015 Industry Standard
2.2
0.55
0.22
0.24
0.9
2.8
0.7
0.32
0.26
0.78
1.75
0.7
0.24
0.23
0.8
ACC 307 Final Project Part I Guidelines and Rubric
Overview
The production and analysis of financial statements are core tasks for accounting professionals. The activities for this final project have traditionally been
performed monthly by accountants in most organizations. However, with automation making accounting more efficient, many executives are requiring even
more frequent financial statements. This new reality further underscores the need for accurate transaction collection and adjustment computations.
Additionally, external users rely on ratio analyses to draw informed conclusions about a company’s financial health. This information often will factor heavily into
their investment and lending decisions.
In your final project, you will assume the role of an accountant and complete the year-end adjustment process for your company using a provided workbook.
This workbook is the first deliverable (Part I) of your final project. In Part II, you will analyze the provided financials of the same company and create a report
documenting your findings. The project is divided into three milestones, which will be submitted at various points throughout the course to scaffold learning and
ensure quality final submissions. These milestones will be submitted in Modules Three, Five, and Six. Final Project Part I will be submitted in Module Seven;
Final Project Part II is due in Module Eight.
In this assignment, you will demonstrate your mastery of the following course competencies:
ACC-307-01: Demonstrate the year-end adjustment process in the preparation of a business’s financial documentation
ACC-307-03: Apply generally accepted accounting principles in preparing financial statements
Prompt
Review the Final Project Scenario document for information about the financial background of your hypothetical company. Use the provided workbook to
complete Part I of your final project.
Specifically, you must address the critical elements listed below. Most of the critical elements align with a particular course competency (shown in brackets).
I.
Part I: Final Project Workbook
A. Demonstrate the year-end adjustment process:
1. Prepare the adjusting journal entries in the Adjusting Entries tab in the provided workbook. [ACC-307-01]
2. Transfer the values from the Adjusting Entries tab to the proper cells of the Adjusting Entries columns in the Worksheet tab. [ACC-30701]
3. Create the adjusted trial balance by computing the Adjusted Trial Balance columns using the Worksheet tab. [ACC-307-01]
4. Close temporary accounts by completing the Closing Entries tab. [ACC-307-01]
1
B. Prepare the financial statements:
1. Prepare an income statement for the provided company by completing the Income Statement tab in your workbook. [ACC-307-03]
2. Prepare a statement of retained earnings by completing the Statement of Retained Earnings tab. [ACC-307-03]
3. Prepare a balance sheet by completing the Balance Sheets tab. [ACC-307-03]
Milestones
Milestone One: Partial Workbook
In Module Three, you will submit the first part of your final project workbook, including the adjusting entries, adjusted trial balance, closing entries, and income
statement. This milestone will be graded with the Milestone One Rubric.
Milestone Two: Completed Workbook
In Module Five, you will submit the second part of your final project workbook, including the statement of retained earnings and the balance sheet. This
milestone will be graded with the Milestone Two Rubric.
Final Project Part I Submission: Final Workbook
In Module Seven, you will submit the first part of your final project, which is the final version of the project workbook. It should be a complete, polished artifact
containing all of the critical elements of Final Project Part I. It should reflect the incorporation of feedback gained throughout the course. This submission will be
graded with the Final Project Part I Rubric.
Final Project Part I Rubric
Guidelines for Submission: All tabs should be completed in your final workbook submission.
Critical Elements
Exemplary
Proficient
Needs Improvement
Year-End Adjustment
Process: Adjusting
Journal entries
[ACC-307-01]
Accurately prepares all adjusting Prepares adjusting entries, but
entries (100%)
there are gaps or inaccuracies
(55%)
Year-End Adjustment Meets “Proficient” criteria and
Process: Transfer
all values are accurate based on
[ACC-307-01]
the provided data (100%)
Transfers values from their
Adjusting Entries tab to the
proper cells of the Adjusting
Entries columns in the
Worksheet tab based on the
values from the previous step
(85%)
2
Not Evident
Does not prepare adjusting
entries (0%)
Transfers values to the Adjusting Does not transfer values to the
Entries columns in the
Adjusting Entries columns in the
Worksheet tab, but there are
Worksheet tab (0%)
gaps or inaccuracies (55%)
Value
12.25
12.25
Critical Elements
Exemplary
Proficient
Needs Improvement
Not Evident
Value
Year-End Adjustment Meets “Proficient” criteria, and
Process: Adjusted
all values are accurate based on
Trial Balance
the provided data (100%)
[ACC-307-01]
Accurately prepares the adjusted Prepares the adjusted trial
trial balance based on the values balance, but there are gaps or
from the previous step (85%)
inaccuracies (55%)
Does not prepare the adjusted
trial balance (0%)
12.25
Year-End Adjustment Meets “Proficient” criteria, and
Process: Closing
all values are accurate based on
Entries
the provided data (100%)
[ACC-307-01]
Accurately prepares all closing
Prepares closing entries, but
entries based on the values from there are gaps or inaccuracies
the previous step (85%)
(55%)
Does not prepare closing entries
(0%)
12.25
Financial Statements: Meets “Proficient” criteria, and
Income Statement all values are accurate based on
[ACC-307-03]
the provided data (100%)
Accurately prepares the income
statement based on the values
from the previous step (85%)
Prepares the income statement,
but there are gaps or
inaccuracies (55%)
Does not prepare the income
statement (0%)
17
Financial Statements: Meets “Proficient” criteria, and
Statement of Retained all values are accurate based on
Earnings
the provided data (100%)
[ACC-307-03]
Accurately prepares the
statement of retained earnings
based on the values from the
previous step (85%)
Prepares statement of retained
earnings, but there are gaps or
inaccuracies (55%)
Does not prepare statement of
retained earnings (0%)
17
Financial Statements: Meets “Proficient” criteria, and
Balance Sheet
all values are accurate based on
[ACC-307-03]
the provided data (100%)
Accurately prepares the balance
sheet based on the values from
the previous step (85%)
Prepares the balance sheet, but
there are gaps or inaccuracies
(55%)
Does not prepare the balance
sheet (0%)
17
Total
3
100%
…
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