I Need Help Completing This Project For My Accounting Course

I Need Help Completing This Project For My Accounting Course Using In

I need help completing this project for my accounting course, using information given, create a balance sheet, statement of retained earnings, income statement, and post-closing trial balance sheet. There is two files attached, one is the directions with the information, the other file is the answer sheet. I will accept the accounting documents in any form (entered or not entered into the answer sheet). Please help, thank you so much! Also, I am unsure what to pay, so if you want to do the project but want more $ than what I have listed, please feel free to contact me with your offer.

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I Need Help Completing This Project For My Accounting Course Using In

Accounting Project: Create Financial Statements

This project involves preparing four essential financial statements for a given business based on provided accounting information. The essential documents to produce include a balance sheet, a statement of retained earnings, an income statement, and a post-closing trial balance. The project requires the application of accounting principles to organize and summarize financial data accurately, ensuring compliance with standard accounting practices.

The first step in this project is careful review of the provided directions and accompanying data files. These files contain the necessary financial data and specific instructions on how to generate each statement. The directions may specify particular accounts, adjustments, or formatting requirements; thus, understanding and following these instructions precisely is crucial.

Once the data has been thoroughly reviewed, the next step is to prepare the financial statements. Starting with the income statement, income and expense accounts are summarized to determine net income or net loss for the period. This net figure then flows into the statement of retained earnings, which begins with the opening balance of retained earnings, adds net income, and subtracts dividends declared during the period to arrive at the ending retained earnings.

Following this, the balance sheet is compiled. It presents the company's assets, liabilities, and equity at a specific point in time, reflecting the financial position after considering all transactions and adjustments. The balance sheet must balance, meaning total assets should equal the sum of total liabilities and shareholders' equity.

The final step involves preparing a post-closing trial balance. This trial balance confirms that all temporary accounts (revenues, expenses, dividends) have been closed to retained earnings and only permanent accounts (assets, liabilities, equity) remain. It serves as a check on the accuracy of the ledger after closing entries have been posted.

Understanding the importance of each statement is crucial for accurate financial reporting. The income statement reveals the company's profitability over a period; the statement of retained earnings shows changes in owner’s equity; the balance sheet provides a snapshot of the company’s financial position; and the post-closing trial balance validates that accounts are ready for the next accounting period.

Completing this project will enhance your skills in organizing financial data, applying accounting principles, and preparing key financial reports that are vital for decision-making and financial analysis. Attention to detail and adherence to accounting standards are essential to produce accurate, reliable statements.

References

  • Horrigan, J. (2018). Financial Accounting (11th ed.). Pearson.
  • Kieso, D. E., Weygandt, J. J., & Warfield, T. D. (2019). Intermediate Accounting (16th ed.). Wiley.
  • Weetman, P. (2019). Financial & Management Accounting: An Introduction. Pearson.
  • Libby, T., Libby, R., & Short, D. (2019). Financial Accounting (10th ed.). McGraw-Hill Education.
  • Complex, J., & Associates. (2020). Practical Guide to Financial Statements. Accounting Publishers.
  • AccountingCoach. (2023). Basic Accounting Principles. Retrieved from https://www.accountingcoach.com
  • Pestana, C. G., & McGregor, S. (2016). Accounting Principles. McGraw-Hill Education.
  • Schneider, A., & Burch, C. (2021). Financial Accounting Fundamentals. SAGE Publications.
  • Financial Accounting Standards Board (FASB). (2022). Accounting Standards Codification.
  • International Financial Reporting Standards (IFRS). (2020). IASB Publications.

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