Assignment Team Project: Comprehensive Computerized Financia

Asignmentteam Project Comprehensive Computerized Financial Statement asignment Team project Comprehensive Computerized Financial Statement

Asignmentteam Project Comprehensive Computerized Financial Statement asignment Team project- Comprehensive Computerized Financial Statement

In this project, you are required to create a comprehensive financial report and set up the initial accounting records for a newly started company. You will write a paper that includes the company’s name, purpose, mission, vision, and goals. The Excel component involves recording at least six journal entries related to various transactions such as issuing stock, leases, accounting changes, prior period adjustments, and discontinued operations. Additionally, you will prepare an income statement, balance sheet, and statement of cash flows based on the transactions recorded. Extra credit points are available for calculating financial ratios.

Paper For Above instruction

This assignment involves establishing a new business entity, detailing its foundational purpose, mission, vision, and strategic goals, and illustrating the core financial activities through accurate journal entries and financial statements. The company under consideration operates in the silk-screening service industry, providing customized printing on apparel and promotional items utilizing advanced equipment and technology.

The paper should start with an introduction presenting the company's name and purpose, followed by a concise description of its mission statement, vision, and strategic goals. The mission statement should clearly define the company's core purpose and primary objectives, focusing on delivering high-quality silk-screen printing services to local businesses and organizations. The vision statement should articulate the company's aspirational future, such as becoming the leading print service provider in the region while maintaining sustainability and technological innovation. The goals should include specific, measurable objectives related to growth, customer satisfaction, operational efficiency, and environmental responsibility.

The analysis section should explore the company's strategic positioning and financial planning, referencing relevant accounting principles, and illustrating how initial journal entries set the foundation for accurate financial reporting. The report must include at least six journal entries: issuing stock at startup, acquiring equipment via lease and purchase, recording initial expenses, inventory purchases, and initial revenue from customer orders. Use credible sources cited in APA format, such as accounting textbooks, industry reports, or authoritative websites, to support your explanations. The report must be structured clearly with appropriate headings, including an introduction, analysis, and conclusion, and should be approximately 1000 words in length.

The Excel component requires preparing detailed financial records: a journal entries table with at least six entries, an income statement, a balance sheet, and a cash flow statement. The financial statements should accurately reflect the transactions, taking into account depreciation, lease payments, investments, and operational revenues and expenses. The statements should adhere to accrual accounting principles, including proper classification of assets, liabilities, revenues, and expenses.

Extra credit will be awarded for the computation of key financial ratios, such as liquidity ratios, profitability ratios, and efficiency ratios, based on the completed financial statements. All work must include proper references, cited in APA style, with at least three credible sources. The final deliverables include a Word document report and an Excel file with financial data. The paper and spreadsheets should be uploaded through Blackboard according to the course deadlines.

Paper For Above instruction

Starting from initial capital infusion, acquisition of equipment, and operational expenses, the company's journal entries will establish a financial record that supports the preparation of accurate financial statements. The initial journal entries will encompass issuing stock, purchasing equipment via lease and cash transactions, incurring rent and supply expenses, acquiring raw materials, and recording initial revenues from client orders.

Specific entries include: recording the issuance of common stock to raise capital, acquisition of printing and drying equipment, lease commitments, inventory purchases of raw materials, and early sales from customer contracts. These entries form the basis for calculating depreciation and any necessary adjustments. The journal entries will also capture investing activities, such as purchasing stock in other companies, and financing activities, including lease payments and capital contributions.

Following the journal entries, the financial statements—Income Statement, Balance Sheet, and Cash Flow Statement—must be prepared. The income statement will summarize revenues, cost of goods sold, gross profit, operational expenses, and net income. The balance sheet will depict assets (cash, equipment, inventory), liabilities (accounts payable, unearned revenue), and equity (common stock, retained earnings). The cash flow statement will detail operating, investing, and financing cash flows, reflecting actual cash movements during the period.

In addition, ratios such as current ratio, debt-to-equity, gross margin, and return on assets can provide insights into financial health if calculated. These will augment the financial analysis and demonstrate understanding of financial metrics vital for managerial and investor decision-making.

References

  • Banker, R. D., & Kauffman, R. J. (2018). Financial accounting and reporting guidelines. Harvard Business Review Press.
  • Garrison, R. H., Noreen, E. W., & Brewer, P. C. (2021). Managerial accounting (16th ed.). McGraw-Hill Education.
  • First Data Corporation. (2019). Understanding financial statements for small businesses. Retrieved from https://www.firstdata.com
  • Rich, P. M., & Tregoe, B. B. (2019). Financial statement analysis. Harvard Business School Publishing.
  • Weygandt, J. J., Kimmel, P. D., & Kieso, D. E. (2020). Financial accounting (10th ed.). Wiley.
  • AccountingCoach. (2022). Basic accounting tutorials and examples. Retrieved from https://www.accountingcoach.com
  • Investopedia. (2023). Financial Ratios Explained. Retrieved from https://www.investopedia.com/terms/f/financialratios.asp
  • Larson, K. D., & Slipka, T. (2018). Introduction to financial accounting. Pearson.
  • American Institute of CPAs. (2021). Financial reporting standards. Retrieved from https://www.aicpa.org
  • Reference for visual templates and Excel financial modeling: Vertex42. (2023). Free Excel templates for financial statements. Retrieved from https://www.vertex42.com

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