ACCT 550 DeVry Week 8 Course Project
The objective is to prepare a comprehensive balance sheet and single-step income statement presented in good form and derived from a list of various accounts. The amounts relative to each account will be given and the student will learn to determine whether an account is a balance sheet account or a temporary account that belongs to the income statement. The accounts will be comprised of all the various subgroupings in the balance sheet (current assets, investment, fixed assets, intangibles, and other assets, as well as current liabilities, long-term liabilities, and the equity sections). Guidelines include the following.
Obtain the list of accounts under the section Course Project Listing of Accounts.
Determine which accounts belong to the balance sheet and which accounts belong to the income statement.
Determine to which subgroup each account belongs.
Arrange the accounts in proper order and functionality.
Prepare a comprehensive balance sheet in good form.
Prepare a single-step income statement in good form.
Put the Course Project in the Dropbox for the project in Week 8. Course Project Listing of Accounts
Course Project Listing of Accounts
|Accrued Interest on Notes Payable||500|
|Additional Paid-In Capital||37,500|
|Allowance for Doubtful Accounts||1,850|
|Cost of Goods Sold||1,000,000|
|Customer Deposits (expected to be paid next year)||420|
|Deposits With Vendors (based on a long-term purchase contract)||50,000|
|Depreciation Expense (40% Selling, 60% Administrative)||100,000|
|Income Tax Expense||82,250|
|Income Taxes Payable||62,520|
|Investments in Warren Co.||87,500|
|Mortgage Payable ($1,500 per month)||308,000|
|Notes Payable to Banks||50,000|
|Notes Receivable (due next year)||23,000|
|Preferred Stock, 7%||300,000|
|Securities (available for sale) at Fair Market Value||28,250|
|Twenty-year, 12% Bonds, Due 1/1/2015||500,000|