In your final project, you will assume the role of an accountant and complete the year-end adjustment process for your company using a provided workbook. This workbook is the fir

08 Apr In your final project, you will assume the role of an accountant and complete the year-end adjustment process for your company using a provided workbook. This workbook is the fir

Posted at 00:51h in Business & Finance / Accounting by

Overview: In your final project, you will assume the role of an accountant and complete the year-end adjustment process for your company using a provided workbook. This workbook is the first deliverable (Part I) of your final project. In Part II, you will analyze the provided financials of the same company and create a report documenting your findings. For your third milestone, you will complete a draft of your ratio analysis report so that you can gain feedback and improve your work prior to the final submission in Module Eight. Note that you do not need feedback from Milestone Two to successfully complete this assignment. You should use the provided Final Project Part II template to structure your submission. Prompt: Specifically, the following critical elements must be addressed: I. Abstract: Summarize the story of profitability and liquidity for your company. In other words, highlight the most important aspects of your report, including your major conclusions. II. Computations: Identify and describe your computations from the Financial Analysis tab of your workbook. Be sure to format your key results in a table or graphical format, as appropriate. Explain why each cited figure was included in your report in terms of its importance for the organization. III. Comparison: Evaluate the financials of the company by comparing current ratios to both historical and industry-average ratios. Clearly identify all unexpected or aberrant figures. IV. Conclusion: Draw informed conclusions based on your computations and comparisons in the previous paragraphs. Be sure to justify your claims with specific evidence and examples. Rubric Guidelines for Submission: Your ratio analysis report must be 2–3 pages in length (plus a cover page and references) and written in APA format. Use double spacing, 12-point Times New Roman font, and one-inch margins. All references must be cited in APA format.

DELETE ALL TEXT IN ITALICS

Review the Final Project Guidelines and Rubric document to see how your paper will be scored.

Be sure to follow APA format when providing references. If you have questions on APA formatting, you can check the Purdue OWL website or seek help from the SNHU Writing Lab .

Notes on APA in a Formal Assignment

Use one-inch margins on all sides.

Use 12-point Times New Roman font with double spacing.

Paragraphs should be at least five to six sentences in length.

Do not include the headings “Introduction” and “Conclusion.” These are included below to help you lay out your paper. APA format assumes that the introduction begins the paper, the body continues the paper, and the conclusion wraps up the paper, so those headings are not needed.

Indent the first line of every paragraph by 0.5”.

Be careful not to use personal pronouns such as “I.”

Make sure to delete headings such as Paragraph One, Paragraph Two, and so on.

Be sure to replace all of the text in italics with your own writing, which should not be in italics. (This entire first page can be deleted after you review the guidelines. Your paper should begin with the title page that follows.)

ACC 307 Final Project Part II: Ratio Analysis Report

[Your Name]

Southern New Hampshire University

REMEMBER: DELETE ALL TEXT IN ITALICS

Abstract (Delete this heading in your final paper)

In your opening paragraph, summarize the overall story of profitability and liquidity for your company. In other words, highlight the most important aspects of your report, including your major conclusions.

Paragraph One: Computations (Delete this heading in your final paper)

In your first body paragraph, complete the computations portion of your report: Identify and describe your computations from the Financial Analysis tab of your workbook. Be sure to format your key results in table or graphical format, as appropriate. Explain why each cited figure was included in your report in terms of its importance for the organization.

Comparison Ratios:

	2017	2016	2015	Industry Standard
Quick Ratio
Gross Margin
Net Margin
Return on Equity

Paragraph Two: Comparison (Delete this heading in your final paper)

In your second body paragraph, complete the comparison portion of your report: Evaluate the financials of the company by comparing ratios to both historical and industry-average ratios. Clearly identify all unexpected or aberrant figures.

Paragraph Three: Conclusions (Delete this heading in your final paper)

In your third body paragraph, draw informed conclusions based on your computations and comparisons in the previous paragraphs. Be sure to justify your claims with specific evidence and examples.

References

Wahlen, J. M., Jones, J. P., & Pagach, D. P. (2017). Intermediate accounting: Reporting and analysis (2nd ed.). Boston, MA: Cengage Learning.

Make sure that you provide appropriate in-text citations in APA style with the author’s name and year of publication (Author last name, year). The textbook is provided as an example and should be kept in the references for your paper. Feel free to add other resources. To add credibility to your paper, remember to cite ALL of the sources within the body of the paper, as well as in the References list at the end. References should be in alphabetical order by the author’s last name.

Chart of Accounts

Asset Accounts		Liability Accounts		Equity Accounts
	Acct #		Acct #		Acct #
Cash	101	Notes Payable	201	Common Stock	301
Baking Supplies	102	Accounts Payable	202	Dividends	302
Prepaid Rent	103	Wages Payable	203
Prepaid Insurance	104	Interest Payable	204
Baking Equipment	105	Loans Payable	205
Office Supplies	106
Accounts Receivable	107
Accumulated Depreciation	108
Trademark	109
Leasehold Improvements	110
Accumulated Amortization	111
				Revenue Accounts
This chart of accounts should help you identify the appropriate accounts to record to as you are analyzing and journaling transactions for this workbook. There is nothing to complete on this page; this is simply a resource for you.					Acct #
				Bakery Sales	401
				Merchandise Sales	402
				Expense Accounts
					Acct #
				Baking Cost of Goods Sold	501
				Merchandise Cost of Goods Sold (FIFO)	502
				Rent Expense	503
				Insurance Expense	504
				Misc. Expense	505
				Business License Expense	506
				Advertising Expense	507
				Wages Expense	508
				Telephone Expense	509
				Interest Expense	510
				Depreciation Expense	511
				Amortization Expense	512
				Office Supplies Expense	513

Worksheet

Peyton Approved
Trial Balance
2017
	Unadjusted trial balance		Adjusting entries		Adjusted trial balance
Account	Debit	Credit	Debit	Credit	Debit	Credit
Cash	64,713.72				64,713.72
Baking Supplies	165,250.00			137,400.00	27,850.00
Merchandise Inventory (FIFO)	25,750.00				25,750.00
Prepaid Rent	7,500.00				7,500.00
Prepaid Insurance	2,400.00			2,000.00	400.00
Baking Equipment	17,000.00				17,000.00
Accumulated Depreciation		3,285.72		2,642.86		5,928.58
Leasehold Improvements	10,000.00				10,000.00
Accumulated Amortization		2,000.00		2,000.00		4,000.00
Trademark	2,300.00				2,300.00
Office Supplies	1,600.00			1,350.00	250.00
Accounts Receivable	30,401.00				30,401.00
Notes Payable		10,000.00				10,000.00
Interest Payable				1,468.75		1,468.75
Accounts Payable		27,325.00				27,325.00
Wages Payable				22,800.00		22,800.00
Loans Payable		21,000.00				21,000.00
Common Stock		30,000.00				30,000.00
Dividends	20,000.00				20,000.00
Bakery Sales		335,675.00				335,675.00
Merchandise Sales		35,200.00				35,200.00
Baking Cost of Goods Sold			137,400.00		137,400.00
Rent Expense	90,000.00				90,000.00
Interest Expense			1,468.75		1,468.75
Insurance Expense			2,000.00		2,000.00
Depreciation Expense			2,642.86		2,642.86
Amortization Expense			2,000.00		2,000.00
Misc. Expense	2,780.00				2,780.00
Office Supplies Expense			1,350.00		1,350.00
Business License Expense	375.00				375.00
Advertising Expense	5,200.00				5,200.00
Wages Expense			22,800.00		22,800.00
Telephone Expense	3,456.00				3,456.00
Merchandise COGS (FIFO)	15,760.00				15,760.00
Total	464,485.72	464,485.72	169,661.61	169,661.61	493,397.33	493,397.33

Adjusting Entries

Peyton Approved
Adjusting Journal Entries
2017
Date	Accounts	Debit	Credit
31-Dec	Depreciation Expense	2,642.86
	Accumulated depreciation		2,642.86
31-Dec	Amortization Expense	2,000.00
	Accumulated Amortization		2,000.00
31-Dec	Interest Expense	1,468.75
	Interest Payable		1,468.75
31-Dec	Insurance Expense	2,000.00
	Prepaid Insurance		2,000.00
31-Dec	Baking Cost of Goods Sold	137,400.00
	Baking Supplies		137,400.00
31-Dec	Office Supplies Expense	1,350.00
	Office Supplies		1,350.00
31-Dec	Wages Expense	22,800.00
	Wages Payable		22,800.00
		169,661.61	169,661.61

Income Statement

Peyton Approved
Income Statement
For Year Ending 12/31/2017
	Bakery Sales	$ 335,675.00
	Merchandise Sales	$ 35,200.00
	Total Revenues	370,875.00
	Merchandise Cost of Goods Sold (FIFO)	15,760.00
	Baking Cost of Goods Sold	137,400.00
	Gross Profit	217,715.00
	Operating Expenses:
	Rent Expense	90,000.00
	Interest Expense	1,468.75
	Insurance Expense	2,000.00
	Depreciation Expense	2,642.00
	Amortization Expense	2,000.00
	Misc. Expense	2,780.00
	Office Supplies Expense	1,350.00
	Business License Expense	375.00
	Advertising Expense	5,200.00
	Wages Expense	22,800.00
	Telephone Expense	3,456.00
	Total Operating Expenses:	134,071.75
	Net Income	83,643.25

Closing Entries

Peyton Approved
Closing Entries
For Year Ending 12/31/2017
Date	Accounts	Debit	Credit
31-Dec	Bakery Sales	335,675.00
	Merchandise Sales	35,200.00
	Income Summary		370,875.00
31-Dec	Income Summary	287,232.61
	Baking Cost of Goods Sold		137,400.00
	Rent Expense		90,000.00
	Interest Expense		1,468.75
	Insurance Expense		2,000.00
	Depreciation Expense		2,642.86
	Amortization Expense		2,000.00
	Misc. Expense		2,780.00
	Office Supplies Expense		1,350.00
	Business License Expense		375.00
	Advertising Expense		5,200.00
	Wages Expense		22,800.00
	Telephone Expense		3,456.00
	Merchandise Cost of Goods Sold (FIFO)		15,760.00
31-Dec	Income Summary	83,642.39
	Retained Earnings		83,642.39
31-Dec	Retained Earnings	20,000.00
	Dividends		20,000.00
		761,750.00	761,750.00

Statement of Retained Earnings

Peyton Approved
Statement of Retained Earnings
For Year Ending 12/31/2017
	Beginning Balance:	– 0
	plus Net Income	84,642.00
	less Dividends:	20,000.00
	Ending Balance:	64,642.00

Balance Sheet

Peyton Approved
Balance Sheet
As of December 31, 2017
Assets				Liabilities and Owners' Equity
	Current Assets:				Current Liabilities:
	Cash	64,713.72			Accounts Payable	27,325.00
	Baking Supplies	27,850.00			Wages Payable	22,800.00
	Merchandise Inventory (FIFO)	25,750.00			Interest Payable	1,468.75
	Prepaid Rent	7,500.00			Total Current Liabilities		51,593.75
	Prepaid Insurance	400.00
	Office Supplies	250.00			Long Term Liabilities:
	Accounts Receivable	30,401.00			Notes Payable	10,000.00
	Total Current Assets		156,864.72		Loans Payable	21,000.00
					Total Long Term Liabilities:		31,000.00
					Total Liabilities:		82,593.75
	Long Term/Fixed Assets:
	Baking Equipment	17,000.00			Common Stock	30,000.00
	Accumulated Depreciation	5,928.58			Retained Earnings	84,642.00
			11,071.42
	Leasehold Improvements	10,000.00			Total Equity		114,642.00
	Accumulated Amortization	4,000.00	6,000.00
	Trademark		2,300.00
	Total Assets:		176,236.14		Total Liabilities & Equity		176,236.00

Financial Analysis

	2017	2016	2015	Industry Standard
Quick Ratio	1.66	2.2	2.8	1.75
Gross Margin	0.59	0.55	0.7	0.7
Net Margin	0.23	0.22	0.32	0.24
Return on Equity	0.89	0.9	0.78	0.8

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