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You will describe elements of the accounting environment and prepare an income statement, balance sheet, and statement of retaine


You will describe elements of the accounting environment and prepare an income statement, balance sheet, and statement of retaine

You will describe elements of the accounting environment and prepare an income statement, balance sheet, and statement of retained earnings.

Introduction

Imagine you are trying to grow your business by attracting investors, clients, or securing a loan. You’ll need to tell a compelling story that demonstrates your understanding of business finance and the language it speaks—the language of accountants. Accounting is often called the language of business, and rightfully so, because effective business organizations set up an accounting information system to communicate data to help internal and external stakeholders make better decisions. Reporting the results of an organization’s business transactions to these stakeholders requires the preparation of financial reports such as a balance sheet (statement of financial position), retained earnings, and the income statements. Accurate preparations of these statements require essential accounting knowledge and skills.

Overview

In this assessment, you are required to:

  • Answer questions designed to test your knowledge of the basic accounting environment.
  • Prepare income, balance, and retained earnings statements.

Part 1 – Accounting Environment

BUS3061 Week 1 Assignment Template
PART 1: Accounting Environment
Respond to the following 6 questions using grammatically correct language.
1.      Describe the similarities and differences between the two categories (Financial & Managerial Accounting) and provide examples of the users of each type of data that are the result of the work in each category. [Answer here]
2.      Describe the four major types of internal management decisions that utilize management accounting information. [Answer here]
3.      Identify each of the six organizations that are influential in the establishment of GAAP and discuss their role. [Answer here]
4.      Identify and describe the three basic forms of business organization. Include the advantages and disadvantages of all three. [Answer here]
5.      Identify the primary objectives of every business. What are the four basic financial statements that measure the primary objectives of every business? Describe what information each statement presents and which of the primary objective(s) can be met through the information presented on the statement. [Answer here]
6. Describe the difference between an asset, liability, and equity on a company’s balance sheet. [Answer here]

Part 2 – Income Statement

PART 2: Income Statement
Complete the income statement for the following transactions for June 2010 disclosed Fill in the yellow cells as appropriate.
Ticket revenue $180,000
Equipment rent expense $50,000
Film rent expense $53,400
Concession revenue $29,600
Advertising expense $18,600
Salaries expense $60,000
Utilities expense $14,100
Cash dividends declared and paid $12,000
Balance sheet amounts at June 30 include the following:
Cash $140,000
Land $148,000
Accounts payable $87,600
Capital stock $114,000
Retained earnings as of 2010 June 1 $84,900
Income Statement
Prepare the Income Statement
Revenues:
Total Revenue
Expenses:
Total Expenses
Net Income
Retained Earnings

Part 3 – Retained Earnings

PART 3: Statement of Retained Earnings
Complete the statement of retained earnings using information from Part 2. Fill in the yellow cells as appropriate.
Retained Earnings – June 1
Add: Net income
Total
Less: Dividends
Reatined Earnings – End

Part 4 – Balance Sheet

PART 4: Balance Sheet
Complete the balance sheet using information from Part 2. Fill in the yellow cells as appropriate.
Assets
Total Assets
Liabilities and Equities
Stockholder’s Equity
Total Liab. & Eq.

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