Sample content WEEK 6 FINAL POSTING FINAL A B 1 Summative Assignment Project Instructions and Templates 2 Name: 3 4  Final Project 5  Due by Day 7 of Week 6 6  7  8  This project is worth _20_ points 9  10  11  MAKE CERTAIN TO COMPLETE ALL GRADED REQUIREMENTS LISTED BELOW. 12  It is suggested that you complete the non-graded requirements for more practice 13  14 All the templates you require for the Assignment are located in this Workbook. 15 The guidelines and data for the problem are in your Textbook. 16  Use the arrow buttons (lower left corner of the window) to navigate through the tabs. 17  Submit the ENTIRE Workbook (file) to your teacher for the Week 6 Final Project 18  19  21  Requirements Sheet in Workbook 22 23  Week One 24  Chapter 1 and 2 – Analyze the problem and make notes of your answers. Chapter 1 & 2 Notes           

1. BUS 591 Week 6 Assignment
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Sample content
WEEK 6 FINAL POSTING FINAL
A B
1

2. Summative Assignment Project Instructions and Templates
2
Name:
3
4
Final Project
5
Due by Day 7 of Week 6
6
7
8
This project is worth _20_ points
9
10
11
MAKE CERTAIN TO COMPLETE ALL GRADED REQUIREMENTS LISTED
BELOW.
12
It is suggested that you complete the non-graded requirements for more practice
13

3. 14
All the templates you require for the Assignment are located in this Workbook.
15
The guidelines and data for the problem are in your Textbook.
16
Use the arrow buttons (lower left corner of the window) to navigate through the
tabs.
17
Submit the ENTIRE Workbook (file) to your teacher for the Week 6 Final Project
18
19
21
Requirements
Sheet in Workbook
22
23
Week One
24
Chapter 1 and 2 – Analyze the problem and make notes of your answers.
Chapter 1 & 2

4. Notes (PRACTICE)
25
Week Two
26
Chapter 3 – Part A, prepare journal entries to document the November
deals
Journal Entries (PRACTICE)
27
Chapter 3 – part B, post the journal entries to the general ledger accounts
General Ledger (PRACTICE)
28
Chapter 3 – Part C, prepare a trial balance on November 30, 2011
Trial Balance (PRACTICE)
29
Week Three
30
Chapter 4 – Part A, journalize the deals
Journal Entries (GRADED)
31

5. Chapter 4 – Part B, post the December deals to the general ledger
accounts
General Ledger (GRADED)
32
Chapter 4 – Part C, prepare a trial balance on December 31, 2011
Trial Balance (GRADED)
33
Chapter 4 – Part D, prepare and post adjusting journal entries for
December
Adjusting Entries (GRADED)
34
For Part D, Post the adjusting entries to the general ledger accounts adding to the
balances you did in Part B.
General Ledger (GRADED)
35
Chapter 4 – Part E, prepare adjusted trial balance on December 31, 2011
Adjusted Trial Balance (GRADED)
36
Chapter 4 – Part F, prepare an income report, retained earnings report and
balance sheet
Financial Reports (GRADED)
37

6. Chapter 4 – Part G, prepare and post closing entries as of December 31,
2011
Closing Entries (GRADED)
38
Chapter 4 – Part H, prepare a post-closing trial balance
Post Closing TB (GRADED)
39
40
Chapter 13 – Financial Report Analysis
Financial Report Analysis (GRADED)
Chapter 1 & 2 Notes
A
B
C
1
Make any notes from Chapters 1 or 2 here.
2
3
NOTES
4

7. 5
6
7
8
9
1 (a)
Natalie must open her business as a sole proprietorship at 1st. She is the only
10
proprietor and is putting in her own funds. The advantages are that she is the only
member.
11
The disadvantage is that she takes all the debts and consequences personally.
12
A sole proprietorship is easy to launch and has tax benefits which the other
13
forms of business do not offer.
14
15
1 (b)
Natalie will really require accounting information for tax purposes.

8. 16
Accounting is the information which identifies, records, and communicates the
17
economical events.
18
Accounting information system keeps track of outcomes of each different company
19
activity - funding, investing and operating.
20
21
1 (c )
Natalie will require the following asset, liability, income, and expenditure accounts:
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assets: property, plant, machines, cash, accounts receivable, materials,
investments;
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debts: notes due, accounts due, sales tax due, income taxes due
24
income: sales income, service income;
25

9. Expenditures: costs of goods sold, selling, marketing, interest, income taxes.
26
27
1 (d)
Natalie must open a separate bank account for her business. Rule No. 1 in owning
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a company is keeping private and company information and accounts separate.
29
1 (e )
Natalie can still claim her vehicle as a company expenditure so long
30
as she keeps records of mileage to and from regarding her company.
31
32
2 (a)
Balance Sheet: assets = debts + shareholders’ equity.
33
Income Report: Incomes – Expenditures = Net Income.
34
35

10. 2 (b)
Natalie will require to see Biscuits Income Report to assess the
36
company’s capability to pay its current debts. She must look for
37
the liability ratio.
38
39
2 (c )
Natalie will require to see Biscuits Balance Sheet to assess the company’s
capability
40
To sustain long term, she must look for the solvency ratio.
41
42
2 (d)
Natalie will use the Income Report to assess the company’s profitability by
using
43
the profitability ratio = measures the operating achievement.

11. 44
45
2 (e )
Natalie would desire to see the company’s solvency ratio and liability to
total assets
46
ratio. This information is in the Cash Flows Report.
47
48
2 (f)
If Natalie’s organization has more cash than it has valuable opportunities it
must
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distribute its additional cash as a dividend.
50
Free cash flow = cash by operations – capital expenses – cash
dividends.
51
52
2 (g)
Natalie also requires to look at the ratios that expresses the mathematical

12. 53
relationship between one quantity and another.
Journal Entries (PRACTICE)
A
B
C
D
1
REQUIREMENT #1:
2
3
During its 1st month of operation, the Rawls Repair Corporation that specializes in
cycle repairs,
4
completed the following deals:
5
6
Oct. 1
Started company by making a deposit in a company bank account of $12,000, in
exchange
7

13. for 1,200 shares of $10 par value ordinary share.
8
9
Oct. 1
Paid the premium on a one-year insurance policy, $1,200.
10
11
Oct. 1
Paid the current month’s rent, $1,040.
12
13
Oct. 3
Bought repair equipment from Conklin Company, $4,400. Paid $600 down and the
balance was
14
placed on account. Payments will be $200.00 per month for 19 months. The 1st
payment is due 11/1.
15
16
Use the following Template for the Journal Entries from Chapter 3: Continuing
Cookie Chronicle

14. 17
18
19
20
21
a) Prepare journal entries to record the November deals
22
23
24
General Journal
25
Date
Description(Account Name)
Debit
Credit
26
8-Nov
Cash
500

15. 27
Ordinary Share
500
28
11-Nov
Materials
95
29
Cash
95
30
14-Nov
Materials
125
31
Cash
125
32
15-Nov
Equipment

16. 300
33
Ordinary Share
300
34
16-Nov
Cash
2,000
35
Notes Due
2,000
36
17-Nov
Equipment
900
37
Cash
900
38

17. 25-Nov
Cash
60
39
Unearned Service Income
60
40
29-Nov
Cash
100
41
Service Income
100
42
30-Nov
Website
600
43
Accounts Due
600

18. 44
30-Nov
Prepaid Insurance
1,200
45
Cash
1,200
46
30-Nov
Accounts Receivable
300
47
Service Income
300
48
30-Nov
Utilities Expenditure
50
49

19. Accounts Due
50
Nov. 8 Natalie cashes in her U.S. Savings Bonds and gets $520 that she
deposits in her personal bank account.
8 Natalie opens a bank account for Cookie Creations Inc.
8 Natalie buys $500 of Cookie Creations’ ordinary share.
11 Cookie Creations buys paper and other office materials for $95. (Use
Materials.)
14 Cookie Creations pays $125 to buy baking materials, like flour, sugar, butter,
and chocolate chips. (Use Materials.)
15 Natalie begins to gather some baking equipment to take with her when
teaching the cookie lessons. She has got an excellent top-of-the-line food
processor and mixer, which originally cost her $550. Natalie decides to begin using
it only in her new business. She evaluates that the equipment is presently worth
$300, and she transfers the equipment into the business in exchange for additional
ordinary share.
16 The company requires more cash to maintain its operations. Natalie’s
grandmother lends the organization $2,000 cash, in exchange for a 2-year, 9%
note due. Interest and the principal are repayable at maturity.
17 Cookie Creations pays $900 for more baking equipment.
18 Natalie schedules her 1st class for November 29. She will get $100 on the
date of the class.
25 Natalie books a 2nd class for December 5 for $150. She gets a $60 cash
down payment, in advance.
29 Natalie teaches her 1st class, booked on November 18, and gets the $100
cash.

20. 30 Natalie’s brother develops an internet site for Cookie Creations Inc., which
the company will use for advertising. He charges the company $600 for his work,
due at the end of December. (Since the website is ex
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