The resources provided here are optional. You may use other resources of your choice to prepare for this assessment; However, you will need to ensure that they are appropriate, credible, and valid. They provide helpful information about the topics in this unit. The MBA-FP6014 – Financial Accounting Library Guide can help direct your research. The Supplemental Resources and Research Resources, both linked from the left navigation menu in your courseroom, provide additional resources to help support you.The following resources are assessment specific templates for completing the assessment.
The following resources provide relevant financial accounting methods and practices.
Note: Some of the assessments in this course build upon each other, so you are strongly encouraged to complete them in the order in which they are presented.For this assessment, complete Problems 1 and 2. You may use Word or Excel to complete the assessments throughout this course, but you will find Excel to be most helpful for creating spreadsheets. Tutorials for using Excel are provided in the Supplemental Resources in the left navigation menu. If you use Excel, submit the assessment in one Excel document, using separate tabs for each spreadsheet.Templates for both problems are linked in the Suggested Resources under the Capella Resources heading.
At the end of its first year of operations (December 31, 2012), the Acme Company released the financial data shown in Table 1 below:
Account | Amount |
---|---|
Cash | $25,000 |
Receivables from customers (no allowance for doubtful accounts is needed) | $20,300 |
Inventory of merchandise | $81,000 |
Equipment owned, at cost of $60,700 net of A/depreciation of $20,000 | $40,700 |
Accounts payable owed to supplies | $66,140 |
Salary payable for 2012 (to be paid on January 4, 2013) | $1,800 |
Total sales revenue | $126,000 |
Operating expenses, including the cost of the merchandise sold | $80,200 |
Income taxes expense at 30% of pretax income; all paid during 2012 | ? |
Contributed capital 10,000 shares outstanding | $87,000 |
Dividends declared and paid during 2012 | $20,000 |
Using knowledge from prior courses, work experience, textbooks, or Internet sources, as well as the financial data provided in Table 1, prepare the following financial statements for the Acme Company:
You may choose to use the Preparing Financial Statements Template, which is linked in the Suggested Resources under the Capella Resources heading, to complete this problem.
Johnson Company has been operating for several years. At December 31, 2012, the accounting records reflected the following data, shown in Table 2 below:
Account | Amount |
---|---|
Cash | $9,000 |
Investments (short-term) | $4,000 |
Accounts receivable | $13,000 |
Inventory | $22,000 |
Notes receivable (long-term) | $1,000 |
Equipment | $48,000 |
Factory building | $90,000 |
Intangibles | $3,000 |
Accounts payable | $15,000 |
Accrued liabilities payable | $2,000 |
Notes payable (short-term) | $7,000 |
Long-term notes payable | $46,000 |
Contributed capital | $90,000 |
Retained earnings | $30,000 |
During the year 2013, Johnson Company had the following summarized activities:
Using knowledge from prior courses, work experience, textbooks, or Internet sources, as well as the financial data provided above, complete the following:
To complete this problem, you may choose to use the T-Account Transactions Template, which is linked in the Resources under the Capella Resources heading.
View Scoring GuideUse the scoring guide to enhance your learning.How to use the scoring guide
Complete two problems in which you prepare a variety of financial documents (income statement, statement of stockholders’ equity, and balance sheet), practice using T-accounts, and compute and analyze financial data for hypothetical companies.
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