ACCT 550 Course Project Balance Sheet and Single-Step Income Statement

ACCT 550 Course Project Balance Sheet and Single-Step Income Statement
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Course Project Title: Balance Sheet and Single-Step Income Statement
Objective
To prepare a comprehensive balance sheet and Single-Step Income Statement presented in good
form and derived from a list of various accounts. The amounts relative to each account will be
given and the student will learn to determine whether an account is a balance sheet account or a
temporary account that belongs to the income statement. The accounts will be comprised of all
the various subgroupings in the balance sheet (Current Assets, Investment, Fixed Assets,
Intangibles, and Other Assets, as well as Current Liabilities, Long-term Liabilities, and the
Equity sections).
Guidelines
Obtain the list of accounts under the title of Course Project in Doc Sharing
Determine which accounts belong to the Balance Sheet and which accounts belong to the
Income Statement
Determine to which subgroup each account belongs
Arrange the accounts in proper order and functionality
Prepare a Comprehensive Balance Sheet in good form

Prepare a Single-step Income Statement in good form
Put the Course Project in the Dropbox for the project in Week 8
Grading Rubrics
Category Points % Description
Making proper selection of
accounts relative to the
balance sheet or the income
statement
Putting the accounts into the
proper subgroup according to
functionality
Preparing the balance sheet
in good form
Preparing the income
statement in good form
Ensuring that the Balance
Sheet and the Income
Statement have been
computed correctly
30 20
15 10
45 30
45 30
15 10
Total 150 100
From the provided listing of
accounts determine which
accounts are Balance Sheet
accounts and which accounts
are Income Statement accounts.
Each account belongs to a
particular subgroup. The
student is to determine which
subgroup the account belongs.
This should be done according
to functionality.
Proper form is important in the
preparation of the balance
sheet. Examples can be found
in the text.
Proper form is important in the
preparation of the income
statement. Examples can be
found in the text.
It is important that the balance
sheet and income statement are
computed correctly and have
the correct totals. An incorrect
total in any part of the
financials can invalidate the
entire project.
A quality project will meet or
exceed all of the above
requirements.
Course Project Listing of Accounts:

Accounts Payable $197,532
Account Receivable 165,824
Accrued Interest on Notes Payable 500
Accrued Liabilities 9,500
Accumulated Depreciations 341,200
Additional Paid-in Capital 37,500
Administrative Expenses 350,000
Allowance for doubtful accounts 1,850
Building 975,800
Cash 42,485
Common Stock 400,000
Copyrights 105,000
Cost of Goods Sold 1,000,000
Customer Deposits
(expected to be paid next year) 420
Deposits with Vendors
(based on a long-term purchase contract) 50,000
Depreciation Expense
(40% – Selling, 60% – Administrative) 100,000
Dividend Income 30,000
Goodwill 100,000
Income Tax Expense 82,250
Income Taxes Payable 62,520

Interest Revenue 25,000
Inventories 499,493
Investments in Warren Co. 87,500
Land 125,000
Mortgage Payable ($1,500 per month) 308,000
Notes Payable to Banks 50,000
Notes Receivable (due next year) 23,000
Patents 125,000
Preferred Stock, 7% 300,000
Prepaid Expenses 16,252
Rental Income 50,000
Retained Earnings 162,582
Selling Expenses 300,000
Salaries Payable 52,000
Sales Discounts 120,000
Sales Revenue 2,000,000
Securities (available for sale) – at fair
Market value 28,250
Trademarks 80,000
Twenty-year, 12% Bonds, due 1/1/2013 500,000