Acct 550 Course Project Balance Sheet and Single-Step Income Statement

An accounting cycle is a process, or a series of activities, that consists of collecting an organization’s transactions at the end of a reporting period to prepare essential financial statements of a business (Fleury, 2015). The accounting cycle is a strict, methodical set of rules used to ensure the accuracy and conformity of financial statements (Investopedia, 2017). The steps involved with an accounting cycle, the roles each of the step facilitate, the impact of omission, and what financial statements are assembled from the accounting cycle data.

income statements and balance sheets, comparative income statements and balance sheets, and various financial statement ratios such as

Payton Approved, a new dog bakery opened in July 2014. To measure the businesses success the first six months are reviewed. The first topic will discover the steps of the accounting cycle with descriptions of each process. Next, one will learn and analyze a report of the importance of each step for the accounting process to measure success. The last analyzed step will discuss how the omission of one step can impact the success of the company.

Accounting is commonly described as the language of business. It is very important for all business owners to have very good understanding of their finances. Having the knowledge of your business finance, you will know where the money is going. Every business owner should have a good understanding of finance. To have a good understanding business owners needs to understand basic accounting steeps, how does accounting play a role in their business, how to define a financial statement and how the omission of any of these steps would affect the success of a business. Once you have an understanding of accounting/finance and the how it plays

ACCT 324 Federal Tax Accounting I Entire Course http://www.devryguiders.com/downloads/acct-324-federal-tax-accounting-i-entire-course/ ACCT 324 Week 1 DQ 1 ACCT 324 Week 1 DQ 2 ACCT 324 Week 1 Quiz – Federal Tax Law and Process ACCT 324 Week 2 DQ 1 ACCT 324 Week 2 DQ 2 ACCT 324 Week 2 Quiz – Income Inclusions, Exclusions & Accounting Methods ACCT 324 Week 2 You Decide ACCT 324 Week 3 Course Project: Deductions, Losses & Depreciation ACCT 324 Week 3 DQ 1 ACCT 324 Week 3 DQ 2 ACCT 324 Week 3 Quiz – Deductions, Losses & Depreciation ACCT 324 Week 4 DQ 1 ACCT 324 Week 4 DQ 2 ACCT 324 Week 4 Midterm Exam – Deductions, Losses & Passive Activities ACCT 324 Week 5 Course Project ACCT 324 Week 5 DQ 1 ACCT 324 Week 5 DQ 2 ACCT

In HCS 405 week 1, there will be teaching of balance sheet. Balance sheet is defined as the financial

Comparative balance sheets, a current income statement, and certain transaction data all provide information necessary for preparation of the statement of cash flows. Comparative balance sheets indicate how assets, liabilities, and

Separately, the balance sheet reports a company’s financial position while the income statement reports a company’s fiscal year profits and losses. The balance sheet measures a company’s financial position by reporting its assets, liabilities, and owner’s (shareholder’s) equity. The income statement measures a company’s financial performance by reporting its revenues, expenses, and net income/loss. When combined, they serve two vital purposes: (1) expand the accounting equation and (2) enable analysis using ratios to determine industry position or potential material misstatements. The increase or decrease in owner’s (shareholder’s) equity on the balance sheet is a direct result of the net

1. How is the income statement related to the balance sheet? The income statement and balance sheet work cohesively together in order to show the company 's equity by determining and summarizing how all of their assets and liabilities were utilized. This is accomplished by reporting all financial assets, losses, gains, and liabilities within the organization during any unambiguous time frames.

1. The percentage analysis of increases and decreases in individual items in comparative financial statements is called

The Balance Sheet table below shows the Pro-Forma Balance Sheet projections. As is illustrated, the asset base will grow through accumulated cash balance and retained earnings will grow through accumulated net profits. Based on these financial projections, the management of DELIGHT TYME expects to build a business with a solid balance sheet for years to come.

Consolidated financial statements require preparation of a three-part consolidated worksheet consisting of a balance sheet, income statement and statement of retained earnings which aides in combining the amounts of the separate companies and allows for adjustments necessary to combine balances to reflect the amounts that will essentially be reported as a single company. Balances of relevant accounts from Greene and the subsidiaries are entered into the consolidation worksheet prior to preparation of the consolidated financial statements. All accounts within the consolidated worksheet are presented in the standard sequence of a companies’ financial statements, however, two additional consolidation columns are added so that appropriate double-entry form adjustments can be entered. A completed consolidated worksheet reflects a “consolidated” column in which entries are summed algebraically across the individual accounts. Totals from the consolidated worksheet, are then presented in their respective consolidated financial statements. Overall guidance on consolidations is provided by Accounting Standards Codification Topic 810-10 and additional guidance to address presentation matters is provided by ASC 810-10-45.

document the end-of-period entries. A work sheet is only an accounting tool and not part of the formal accounting records. Therefore, work sheets may vary in format; some are prepared in pencil so that errors can be corrected easily. Other work sheets are prepared on personal computers with spreadsheet software. Accountants prepare work sheets each time financial statements are needed—monthly, quarterly, or at the end of the accounting year. This chapter illustrates a 12-column work sheet that includes sets of columns for an unadjusted trial balance, adjustments, adjusted trial balance, income statement, statement of retained earnings, and balance sheet. Each set has a debit and a credit column. (See Illustration 4.2 on page 136.) Accountants use these initial steps in preparing the work sheet. The following sections describe the detailed steps for completing the work sheet. 1. 2. 3. 4. Enter the titles and balances of ledger

Financial statements (or reports) are extremely important for a company, and these statements need to be kept on hand to have financial information readily available to show the company’s overall financial status for each time period. A financial statement is a brief summary of the current or previous financial position and performance of a company (Kumar, 2011). The financial report is prepared to give an overall understanding of the financial status of a company without having to check through all of the company’s receipts of transactions. The four main financial statements are the balance sheet, income statement, statement of retained earnings (owner’s equity), and the statement of cash flows (Four, 2015).

5. It is the expenditure incurred for extending or improving an existing asset to increase its productivity or to increase the earning capacity