The document provides an overview of the final project for an accounting course. Students will take on the role of an associate at a CPA firm and prepare a portfolio to address questions from one of the firm's largest clients. The portfolio must include a report, spreadsheets, and presentation covering topics like partnership formation, bankruptcy, and company acquisitions. For Milestone One, students must complete a report discussing key issues of partnership, including formation, profit/loss distribution, dissolution, and a cash distribution schedule. They must also discuss voluntary and forced bankruptcy, and liquidation calculations. The report and accompanying spreadsheets must meet specific formatting and citation guidelines.

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Product Description
Overview: The final project for this course is the creation of a portfolio consisting of a report,
spreadsheets, and a PowerPoint presentation. You will be placed in a real-world scenario in
which you will take the role of an associate in a certified public accountant (CPA) firm. The
CPA partners in the scenario would like to help you grow within the firm by getting you more
contact with some of the larger clients. You will address questions from one of the firm’s
most influential and growing clients by assembling and presenting the necessary information
in report and presentation format. Your presentation should include spreadsheet examples.
Topics addressed in the portfolio will cover partnership formation, bankruptcy, and
acquisition of another company (which may be international).
Your three milestone assignments will consist of shorter reports and supporting
spreadsheets, which will prepare you for completing a comprehensive report, spreadsheets,
and a presentation. You should use your instructor’s feedback from the milestone
submissions to improve your final report, spreadsheets, and presentation
Prompt: In Milestone One, you will complete a report covering Section I and Part A of
Section II of the final project. In the report you will discuss the key issues of partnership,
such as formation, splitting profits/losses, dissolution, and a cash distribution schedules. You
will also discuss the issue of bankruptcy, both voluntary and forced, as well as liquidation
Specifically, the following critical elements must be addressed:
I. Partnership: The company is considering forming a partnership and wants to be sure it
understands the key issues regarding partnership formation, income distribution, and
liquidation.

2. A. Explain the process and methods used to account for partnership formation. How do
these methods impact the firm’s balance sheet?
B. Illustrate how the company could split profits and losses.
C. Describe what happens if the partnership doesn’t do well and the company has to
dissolve it, or one of the partners becomes insolvent.
D. Illustrate the dissolution process by creating a hypothetical cash distribution schedule.
Ensure all information is entered accurately
II. Corporation: The company is also considering structuring its business as a corporation,
but is aware that there are a lot of complex issues to consider when accounting for an
incorporated entity. The company is concerned about the following key areas:
A. Differentiate between various forms of bankruptcy and restructuring that the firm should
understand.
1. Summarize the key points of interest if the firm fell on hard times and had to file voluntary
bankruptcy. What ethical implications should be considered when debating whether or not to
file bankruptcy?
2. Identify the key areas of concern if the firm fell on hard times and their creditors forced
them into bankruptcy. What defenses are available in this situation?
3. Illustrate hypothetical calculations that would be done to help creditors understand how
much money they might receive if the company were to liquidate. Ensure all information is
entered accurately. Please refer to the illustration (Exhibit 13.2) on page 592 from your
textbook to view potential calculations
Guidelines for Submission: Your report must be submitted as a 2- to 3-page Word document
with double spacing, 12-point Times New Roman font, one-inch margins, and at least two

3. sources (in addition to your textbook) cited in APA format. Your accompanying spreadsheets
must be submitted as Microsoft Excel files