ACC 201 MODULE 1 CASE AND SLP LATEST-TRIDENT
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ACC 201 Module 1 Case and SLP Latest-Trident
ACC201
ACC 201 Module 1 Case Latest-Trident
Module 1 – Case
FINANCIAL STATEMENTS
Assignment Overview There are three main parts
to this case that requires you to prepare and submit a three to five page
paper. Please make sure this paper is well organized and covers all of the
items below.
Part I
Search the course background information, the
Internet and/or the Cyber Library. Discuss the terms listed below. Your
discussion should expand on the definition as given in the module background.
Explain why these concepts are important to financial statements.
- Generally Accepted Accounting Principles (US GAAP);
- International Accounting Standards (IFRS);
- Securities and Exchange Commission (SEC);
- Annual report; and
- 10-K, 10-Q, and 8-K
Part II
- Explain the basic formats of financial statements such
as income statement, balance sheet, statement of cash flows, and statement
for retained earnings.
Part III
- Everything in Accounting typically falls into one of
three categories, as illustrated by the Accounting Equation. State the
Accounting Equation: Assets = _______________ + _______________
- You will note that the Accounting Equation comprises 3
“categories,” each of which can be broken down further into accounts. For
each of the three main categories of the Accounting Equation, list 5 or
more accounts with actual amounts that would typically be classified into
each. For instance, Land & Equipment would typically be categorized as
Assets.
- To simplify your answers, complete the assignment using
a basic table or diagram.
The submission should be 3 to 6 pages and need
to include answers to all the questions listed above. Show computations,
discuss the results and include references in APA format.
When your paper is done, send it in.
ACC 201 Module 1 SLP Latest-Trident
Module 1 – SLP
FINANCIAL STATEMENTS
Below find the trial balance for Nybrostrand
Company. Prepare an income statement and balance sheet in good format based on .trident.edu/content/enforced/71811-ACC201-WIN2016-2/Formats%20of%20Financial%20Statements%20Module%201%20ACC201.docx?_&d2lSessionVal=zEsIugPgkw0Vw4LI4xR6CuuyP&ou=71811″>Formats
of Financial Statements (Presentations). After you have completed the two statements
comment on the success of the company. Support your answer with information
from the financial statements you just prepared.
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Nybrostrand Company
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31-Dec-14
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Trial Balance
(accounts in alphabetical order)
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Debit
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Credit
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Accounts payable
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$ 78,000
|
|
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Accounts receivable
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$ 36,500
|
|
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Cash
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30,000
|
|
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Common stock
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10,000
|
|
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Depreciation expense
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24,350
|
|
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Cost of goods sold
|
307,000
|
|
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Equipment (net of
depreciation)
|
415,000
|
|
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Insurance
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1,400
|
|
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Inventory
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34,000
|
|
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Long-term debt
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127,000
|
|
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Marketing
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4,500
|
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Paid-in capital
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50,000
|
|
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Property taxes
|
16,900
|
|
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Rent
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28,000
|
|
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Retained earnings
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?
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|
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Revenues
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586,000
|
|
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Salaries
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78,500
|
|
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Utilities
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6,700
|
|
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Total
|
982,850
|
982,850
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The submission should be 2 to 4 pages and need
to include answers to all the questions listed above. Show computations,
discuss the results and include references in APA format.
When your paper is done, send it in.
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