The document describes steps for completing a worksheet, which is the fourth step of the accounting cycle. It discusses completing the trial balance, adjustments, and adjusted trial balance sections of the worksheet. The adjusted trial balance section combines figures from the trial balance and adjustments sections. Accounts without adjustments are copied over, while adjusted accounts have their trial balance amount increased or decreased by the adjustment amount. The debits and credits in the adjusted trial balance section must equal each other when totaled.
1. Business Plan–FinalOverviewAt this point in the course, you.docxblondellchancy
1. Business Plan–Final
Overview
At this point in the course, you have completed all the necessary sections of your business plan. Your task in this assignment is to create the final version of your plan. You will include all the previous assignments you have been working on and attach the financials.
The key to this assignment is to use the feedback you have received throughout the course to polish your plan to the point that you could confidently show it to investors and potential partners or customers. One new piece you will be including is a 1–2 page executive summary.
This assignment consists of two parts:
1. Your final business plan (an MS Word document).
2. Your final business plan financials (using the Business Plan Financials Excel Template).
To successfully complete this assignment, you must attach both documents to the submission area as separate files and then click Submit.
Reminders and Notes
. Your company, whether a startup company of your choosing or based on the snack food company scenario, will operate in a 100-mile radius from your home address. Your goal is to reach $1 million in sales by the end of the second year.
. Be sure to follow the guidelines, whether you chose the snack food company scenario or the company of your choice:
. Snack Food Company Guidelines [DOCX].
. Company of Your Choice Guidelines [DOCX].
Part 1: Business Plan—Final
Notes
· The executive summary is a critical aspect of this assignment. Your ability to condense and highlight critical information about your chosen company to investors will determine whether they decide to invest in you and your company or not.
· Chapter 4, “The Executive Summary,” pages 53–66, provides information about writing the executive summary. You may write either a synopsis or a narrative summary. Pay particular attention to the:
. Executive Summary Plan Preparation Forms on pages 58–61.
. Sample Plans on pages 62–66.
Instructions
In MS Word, construct a 10–20 page business plan in which you:
· Write a 1–2 page executive summary highlighting key aspects of each section of the business plan.
· Incorporate feedback to produce a comprehensive business plan for the product or business. Specifically, you will be combining all of the previous assignments and revising them to build your business plan:
. Week 3 Assignment: Company Overview and SWOT Matrix.
. Be sure to include all the headings from the assignment.
· Week 5 Assignment: Marketing Plan and Budget.
. Be sure to include all the headings from the assignment; the budget part of this assignment will be addressed in Section 2.
· Week 8 Assignment: Operations, Technology, Management, and Social Responsibility Plan (With Financials).
. Be sure to include all the headings from this assignment; the financials part of this assignment will be addressed in Part 2.
· The written section of the financials from the Week 8 discussion thread.
. Be sure to include any financial information that will help to convince the inves.
Unit 1 AssignmentFinancial Statement Overview· Activity Contex.docxwillcoxjanay
Unit 1 Assignment
Financial Statement Overview
· Activity Context
Revisit the MBA6014 Course Alignment Map to review how all activities assist you in achieving the course competencies and overall program outcomes.
Activity Instructions
This assignment provides you the opportunity to prepare basic financial statements and apply the knowledge learned in Unit 1 to locate financial information in a set of financial statements. Complete P1-1 (page 33) and CP1-2 (page 37) from Chapter 1 of your Financial Accounting textbook.
Submission Requirements
All quantitative assignments must be completed in the Microsoft Excel templates provided. In conjunction with the purchase of your textbook, Excel templates have been specially arranged with the publisher and embedded directly throughout the courseroom for easy access (see the Resources section).
Create one workbook with multiple tabs, copying each problem's template onto a separate tab and completing the work there. Submit this single file in the assignment area. Include your name and the assignment number in the file name; also include your name and the problem number on each tab of the document. All work should be shown. Assignments must not be submitted as a PDF.
Refer to the scoring guide for this assignment to ensure that you meet the grading criteria. Note that one scoring guide is used to evaluate both of the problems in this assessment; each criterion in the scoring guide relates to one or both of the problems here.
Unit 1 Assignment 2
The Effects of Transactions in T-Accounts· Activity Context
Revisit the MBA6014 Course Alignment Map to review how all activities assist you in achieving the course competencies and overall program outcomes.Activity Instructions
The ability to determine the financial impact of transactions is an important skill that all business professionals should possess. T-accounts provide a valuable tool for analyzing the effects of transactions. This assignment provides you the opportunity to analyze various transactions using T-accounts and utilize the information to prepare a classified balance sheet. In addition, you will utilize the new concepts learned in this chapter to further analyze the financial statements of Urban Outfitters.
Complete P2-3 (pages 88–89) and CP2-2 (page 93) from Chapter 2 of your Financial Accounting textbook.Submission Requirements
All quantitative assignments must be completed on the Microsoft Excel templates provided. Create one workbook with multiple tabs, copying each problem's template onto a separate tab and completing the work there. Submit this single file in the assignment area. Include your name and the assignment number in the file name; also include your name and the problem number on each tab of the document. All work should be shown. Assignments must not be submitted as a PDF.
Refer to the scoring guide for this assignment to ensure that you meet the grading criteria. Note that one scoring guide is used to evaluate both of the prob ...
Assignment Capital Budget Decision Making for an Organization—Par.docxrobert345678
Assignment: Capital Budget Decision Making for an Organization—Part 2
Note: In Week 6, you submitted Part 1 of the Module 3 Assignment.
You will complete and submit Part 2 this week. Next week, you will complete and submit Part 3 and the executive summary.
As a reminder, you will continue to play the role of a consultant who has been hired by a mid-sized company that recently went public to provide some recommendations related to their short-term and long-term financial needs. Your first project is to analyze the short- and long-term capital budget needs of the company. You will prepare and submit a 3- to 5-page report, including an executive summary in which you synthesize your recommendations for the following fiscal year, along with the provided Excel spreadsheet with your calculations. Explain your findings and your recommendations.
For each of the items in your report, you will complete the calculations in the Module 3 Assignment Part 1 Template and will then use that financial information to develop your report to the owner using the Module 3 Assignment Part 2 Template. In your report, be sure to include relevant citations from the Learning Resources, the Walden Library, and/or other appropriate academic sources to support your work.
To prepare for this Assignment:
· Return to the Module 3 Assignment Part 1 Template to continue completing the calculations.
· Return to your Module 3 Assignment Part 2 Template to complete Part 2 of your report.
Note: Be sure to keep a copy of your completed Assignment this week, as you will be adding to the same file for your Week 8 Assignment.
By Day 7
Submit your synthesis of financial data related to long-term financing needs for an organization, to include the following:
Part 2: Long-Term Working Capital Considerations: Time Value of Money and Bonds (1–2 pages, plus calculations in Excel)
·
Future Value: If the company deposits $2 million in a bank account that pays 6% interest annually, how much will be in the account after 5 years?
·
Present Value: What is the present value of a security that will pay $29,000 in 20 years if securities of equal risk pay 5% annually?
·
Required Interest Rates: The company owner has said she will retire in 19 years. She currently has $350,000 saved and thinks she will need $800,000 at retirement. What annual interest rate must she earn to reach that goal, assuming she does not save any additional funds?
·
Future Value of an Annuity: Find the future values of these ordinary annuities. Compounding occurs once a year.
· $500 per year for 8 years at 14%
· $250 per year for 4 years at 7%
· $700 per year for 4 years at 0%
·
Present Value of an Annuity: Find the present values of these ordinary annuities. Discounting occurs once a year.
· $600 per year for 12 years at 8%
· $300 per year for 6 years at 4%
· $500 per .
For more course tutorials visit
www.newtonhelp.com
This Tutorial contains Excel File which can be used for any change in values
Week 5 Final Exam
CPA Question 01
CPA Question 02
Uop bus 599 assignment 5 business plan final newLast7693
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1. Business Plan–FinalOverviewAt this point in the course, you.docxblondellchancy
1. Business Plan–Final
Overview
At this point in the course, you have completed all the necessary sections of your business plan. Your task in this assignment is to create the final version of your plan. You will include all the previous assignments you have been working on and attach the financials.
The key to this assignment is to use the feedback you have received throughout the course to polish your plan to the point that you could confidently show it to investors and potential partners or customers. One new piece you will be including is a 1–2 page executive summary.
This assignment consists of two parts:
1. Your final business plan (an MS Word document).
2. Your final business plan financials (using the Business Plan Financials Excel Template).
To successfully complete this assignment, you must attach both documents to the submission area as separate files and then click Submit.
Reminders and Notes
. Your company, whether a startup company of your choosing or based on the snack food company scenario, will operate in a 100-mile radius from your home address. Your goal is to reach $1 million in sales by the end of the second year.
. Be sure to follow the guidelines, whether you chose the snack food company scenario or the company of your choice:
. Snack Food Company Guidelines [DOCX].
. Company of Your Choice Guidelines [DOCX].
Part 1: Business Plan—Final
Notes
· The executive summary is a critical aspect of this assignment. Your ability to condense and highlight critical information about your chosen company to investors will determine whether they decide to invest in you and your company or not.
· Chapter 4, “The Executive Summary,” pages 53–66, provides information about writing the executive summary. You may write either a synopsis or a narrative summary. Pay particular attention to the:
. Executive Summary Plan Preparation Forms on pages 58–61.
. Sample Plans on pages 62–66.
Instructions
In MS Word, construct a 10–20 page business plan in which you:
· Write a 1–2 page executive summary highlighting key aspects of each section of the business plan.
· Incorporate feedback to produce a comprehensive business plan for the product or business. Specifically, you will be combining all of the previous assignments and revising them to build your business plan:
. Week 3 Assignment: Company Overview and SWOT Matrix.
. Be sure to include all the headings from the assignment.
· Week 5 Assignment: Marketing Plan and Budget.
. Be sure to include all the headings from the assignment; the budget part of this assignment will be addressed in Section 2.
· Week 8 Assignment: Operations, Technology, Management, and Social Responsibility Plan (With Financials).
. Be sure to include all the headings from this assignment; the financials part of this assignment will be addressed in Part 2.
· The written section of the financials from the Week 8 discussion thread.
. Be sure to include any financial information that will help to convince the inves.
Unit 1 AssignmentFinancial Statement Overview· Activity Contex.docxwillcoxjanay
Unit 1 Assignment
Financial Statement Overview
· Activity Context
Revisit the MBA6014 Course Alignment Map to review how all activities assist you in achieving the course competencies and overall program outcomes.
Activity Instructions
This assignment provides you the opportunity to prepare basic financial statements and apply the knowledge learned in Unit 1 to locate financial information in a set of financial statements. Complete P1-1 (page 33) and CP1-2 (page 37) from Chapter 1 of your Financial Accounting textbook.
Submission Requirements
All quantitative assignments must be completed in the Microsoft Excel templates provided. In conjunction with the purchase of your textbook, Excel templates have been specially arranged with the publisher and embedded directly throughout the courseroom for easy access (see the Resources section).
Create one workbook with multiple tabs, copying each problem's template onto a separate tab and completing the work there. Submit this single file in the assignment area. Include your name and the assignment number in the file name; also include your name and the problem number on each tab of the document. All work should be shown. Assignments must not be submitted as a PDF.
Refer to the scoring guide for this assignment to ensure that you meet the grading criteria. Note that one scoring guide is used to evaluate both of the problems in this assessment; each criterion in the scoring guide relates to one or both of the problems here.
Unit 1 Assignment 2
The Effects of Transactions in T-Accounts· Activity Context
Revisit the MBA6014 Course Alignment Map to review how all activities assist you in achieving the course competencies and overall program outcomes.Activity Instructions
The ability to determine the financial impact of transactions is an important skill that all business professionals should possess. T-accounts provide a valuable tool for analyzing the effects of transactions. This assignment provides you the opportunity to analyze various transactions using T-accounts and utilize the information to prepare a classified balance sheet. In addition, you will utilize the new concepts learned in this chapter to further analyze the financial statements of Urban Outfitters.
Complete P2-3 (pages 88–89) and CP2-2 (page 93) from Chapter 2 of your Financial Accounting textbook.Submission Requirements
All quantitative assignments must be completed on the Microsoft Excel templates provided. Create one workbook with multiple tabs, copying each problem's template onto a separate tab and completing the work there. Submit this single file in the assignment area. Include your name and the assignment number in the file name; also include your name and the problem number on each tab of the document. All work should be shown. Assignments must not be submitted as a PDF.
Refer to the scoring guide for this assignment to ensure that you meet the grading criteria. Note that one scoring guide is used to evaluate both of the prob ...
Assignment Capital Budget Decision Making for an Organization—Par.docxrobert345678
Assignment: Capital Budget Decision Making for an Organization—Part 2
Note: In Week 6, you submitted Part 1 of the Module 3 Assignment.
You will complete and submit Part 2 this week. Next week, you will complete and submit Part 3 and the executive summary.
As a reminder, you will continue to play the role of a consultant who has been hired by a mid-sized company that recently went public to provide some recommendations related to their short-term and long-term financial needs. Your first project is to analyze the short- and long-term capital budget needs of the company. You will prepare and submit a 3- to 5-page report, including an executive summary in which you synthesize your recommendations for the following fiscal year, along with the provided Excel spreadsheet with your calculations. Explain your findings and your recommendations.
For each of the items in your report, you will complete the calculations in the Module 3 Assignment Part 1 Template and will then use that financial information to develop your report to the owner using the Module 3 Assignment Part 2 Template. In your report, be sure to include relevant citations from the Learning Resources, the Walden Library, and/or other appropriate academic sources to support your work.
To prepare for this Assignment:
· Return to the Module 3 Assignment Part 1 Template to continue completing the calculations.
· Return to your Module 3 Assignment Part 2 Template to complete Part 2 of your report.
Note: Be sure to keep a copy of your completed Assignment this week, as you will be adding to the same file for your Week 8 Assignment.
By Day 7
Submit your synthesis of financial data related to long-term financing needs for an organization, to include the following:
Part 2: Long-Term Working Capital Considerations: Time Value of Money and Bonds (1–2 pages, plus calculations in Excel)
·
Future Value: If the company deposits $2 million in a bank account that pays 6% interest annually, how much will be in the account after 5 years?
·
Present Value: What is the present value of a security that will pay $29,000 in 20 years if securities of equal risk pay 5% annually?
·
Required Interest Rates: The company owner has said she will retire in 19 years. She currently has $350,000 saved and thinks she will need $800,000 at retirement. What annual interest rate must she earn to reach that goal, assuming she does not save any additional funds?
·
Future Value of an Annuity: Find the future values of these ordinary annuities. Compounding occurs once a year.
· $500 per year for 8 years at 14%
· $250 per year for 4 years at 7%
· $700 per year for 4 years at 0%
·
Present Value of an Annuity: Find the present values of these ordinary annuities. Discounting occurs once a year.
· $600 per year for 12 years at 8%
· $300 per year for 6 years at 4%
· $500 per .
For more course tutorials visit
www.newtonhelp.com
This Tutorial contains Excel File which can be used for any change in values
Week 5 Final Exam
CPA Question 01
CPA Question 02
Uop bus 599 assignment 5 business plan final newLast7693
bus 599,stayer bus 599,bus 599 entire course new,bus 599 all discussion questions,bus 599 marketing plan,bus 599 assignment operation technology and management plan,bus 599 assignment business plan financials only,bus 599 assignment presentation,bus 599 assignment business plan final,stayer bus 599 week 1,stayer bus 599 week 2,stayer bus 599 week 3,stayer bus 599 week 4,stayer bus 599 week 5,stayer bus 599 week 6,stayer bus 599 week 7,stayer bus 599 week 8,stayer bus 599 week 9,stayer bus 599 week 10,stayer bus 599 week 11,stayer bus 599 week 5,stayer bus 599 tutorials,stayer bus 599 assignments,bus 599 help
Show drafts
volume_up
Empowering the Data Analytics Ecosystem: A Laser Focus on Value
The data analytics ecosystem thrives when every component functions at its peak, unlocking the true potential of data. Here's a laser focus on key areas for an empowered ecosystem:
1. Democratize Access, Not Data:
Granular Access Controls: Provide users with self-service tools tailored to their specific needs, preventing data overload and misuse.
Data Catalogs: Implement robust data catalogs for easy discovery and understanding of available data sources.
2. Foster Collaboration with Clear Roles:
Data Mesh Architecture: Break down data silos by creating a distributed data ownership model with clear ownership and responsibilities.
Collaborative Workspaces: Utilize interactive platforms where data scientists, analysts, and domain experts can work seamlessly together.
3. Leverage Advanced Analytics Strategically:
AI-powered Automation: Automate repetitive tasks like data cleaning and feature engineering, freeing up data talent for higher-level analysis.
Right-Tool Selection: Strategically choose the most effective advanced analytics techniques (e.g., AI, ML) based on specific business problems.
4. Prioritize Data Quality with Automation:
Automated Data Validation: Implement automated data quality checks to identify and rectify errors at the source, minimizing downstream issues.
Data Lineage Tracking: Track the flow of data throughout the ecosystem, ensuring transparency and facilitating root cause analysis for errors.
5. Cultivate a Data-Driven Mindset:
Metrics-Driven Performance Management: Align KPIs and performance metrics with data-driven insights to ensure actionable decision making.
Data Storytelling Workshops: Equip stakeholders with the skills to translate complex data findings into compelling narratives that drive action.
Benefits of a Precise Ecosystem:
Sharpened Focus: Precise access and clear roles ensure everyone works with the most relevant data, maximizing efficiency.
Actionable Insights: Strategic analytics and automated quality checks lead to more reliable and actionable data insights.
Continuous Improvement: Data-driven performance management fosters a culture of learning and continuous improvement.
Sustainable Growth: Empowered by data, organizations can make informed decisions to drive sustainable growth and innovation.
By focusing on these precise actions, organizations can create an empowered data analytics ecosystem that delivers real value by driving data-driven decisions and maximizing the return on their data investment.
Chatty Kathy - UNC Bootcamp Final Project Presentation - Final Version - 5.23...John Andrews
SlideShare Description for "Chatty Kathy - UNC Bootcamp Final Project Presentation"
Title: Chatty Kathy: Enhancing Physical Activity Among Older Adults
Description:
Discover how Chatty Kathy, an innovative project developed at the UNC Bootcamp, aims to tackle the challenge of low physical activity among older adults. Our AI-driven solution uses peer interaction to boost and sustain exercise levels, significantly improving health outcomes. This presentation covers our problem statement, the rationale behind Chatty Kathy, synthetic data and persona creation, model performance metrics, a visual demonstration of the project, and potential future developments. Join us for an insightful Q&A session to explore the potential of this groundbreaking project.
Project Team: Jay Requarth, Jana Avery, John Andrews, Dr. Dick Davis II, Nee Buntoum, Nam Yeongjin & Mat Nicholas
Show drafts
volume_up
Empowering the Data Analytics Ecosystem: A Laser Focus on Value
The data analytics ecosystem thrives when every component functions at its peak, unlocking the true potential of data. Here's a laser focus on key areas for an empowered ecosystem:
1. Democratize Access, Not Data:
Granular Access Controls: Provide users with self-service tools tailored to their specific needs, preventing data overload and misuse.
Data Catalogs: Implement robust data catalogs for easy discovery and understanding of available data sources.
2. Foster Collaboration with Clear Roles:
Data Mesh Architecture: Break down data silos by creating a distributed data ownership model with clear ownership and responsibilities.
Collaborative Workspaces: Utilize interactive platforms where data scientists, analysts, and domain experts can work seamlessly together.
3. Leverage Advanced Analytics Strategically:
AI-powered Automation: Automate repetitive tasks like data cleaning and feature engineering, freeing up data talent for higher-level analysis.
Right-Tool Selection: Strategically choose the most effective advanced analytics techniques (e.g., AI, ML) based on specific business problems.
4. Prioritize Data Quality with Automation:
Automated Data Validation: Implement automated data quality checks to identify and rectify errors at the source, minimizing downstream issues.
Data Lineage Tracking: Track the flow of data throughout the ecosystem, ensuring transparency and facilitating root cause analysis for errors.
5. Cultivate a Data-Driven Mindset:
Metrics-Driven Performance Management: Align KPIs and performance metrics with data-driven insights to ensure actionable decision making.
Data Storytelling Workshops: Equip stakeholders with the skills to translate complex data findings into compelling narratives that drive action.
Benefits of a Precise Ecosystem:
Sharpened Focus: Precise access and clear roles ensure everyone works with the most relevant data, maximizing efficiency.
Actionable Insights: Strategic analytics and automated quality checks lead to more reliable and actionable data insights.
Continuous Improvement: Data-driven performance management fosters a culture of learning and continuous improvement.
Sustainable Growth: Empowered by data, organizations can make informed decisions to drive sustainable growth and innovation.
By focusing on these precise actions, organizations can create an empowered data analytics ecosystem that delivers real value by driving data-driven decisions and maximizing the return on their data investment.
Chatty Kathy - UNC Bootcamp Final Project Presentation - Final Version - 5.23...John Andrews
SlideShare Description for "Chatty Kathy - UNC Bootcamp Final Project Presentation"
Title: Chatty Kathy: Enhancing Physical Activity Among Older Adults
Description:
Discover how Chatty Kathy, an innovative project developed at the UNC Bootcamp, aims to tackle the challenge of low physical activity among older adults. Our AI-driven solution uses peer interaction to boost and sustain exercise levels, significantly improving health outcomes. This presentation covers our problem statement, the rationale behind Chatty Kathy, synthetic data and persona creation, model performance metrics, a visual demonstration of the project, and potential future developments. Join us for an insightful Q&A session to explore the potential of this groundbreaking project.
Project Team: Jay Requarth, Jana Avery, John Andrews, Dr. Dick Davis II, Nee Buntoum, Nam Yeongjin & Mat Nicholas
Techniques to optimize the pagerank algorithm usually fall in two categories. One is to try reducing the work per iteration, and the other is to try reducing the number of iterations. These goals are often at odds with one another. Skipping computation on vertices which have already converged has the potential to save iteration time. Skipping in-identical vertices, with the same in-links, helps reduce duplicate computations and thus could help reduce iteration time. Road networks often have chains which can be short-circuited before pagerank computation to improve performance. Final ranks of chain nodes can be easily calculated. This could reduce both the iteration time, and the number of iterations. If a graph has no dangling nodes, pagerank of each strongly connected component can be computed in topological order. This could help reduce the iteration time, no. of iterations, and also enable multi-iteration concurrency in pagerank computation. The combination of all of the above methods is the STICD algorithm. [sticd] For dynamic graphs, unchanged components whose ranks are unaffected can be skipped altogether.
PowerPoint Presentations for
College Accounting: A Contemporary Approach, 4th edition
By Haddock, Price, and Farina
Chapter 4 introduced and explained how to use the general journal and the general ledger. Chapter 5 shows how to complete and use the worksheet. It also shows how to prepare and record adjustments for unrecorded business transactions. We will also continue using the general journal and general ledger to journalize and post the new adjusting entries introduced in the chapter.
The objectives of this chapter are listed here.
SECTION 1: The Worksheet
5-1 Complete a trial balance on a worksheet.
5-2 Prepare adjustments for unrecorded business transactions.
SECTION 2: Financial Statements
5-3 Complete the worksheet.
5-4 Prepare an income statement, statement of owner's equity, and balance sheet from the completed worksheet.
5-5 Journalize and post the adjusting entries.
5-6 Define the accounting terms new to this chapter.
Learning Objective 5-1: Complete a trial balance on a worksheet.
Section 1, Objective 5-1:
Section one of the chapter introduces us to a “worksheet.”
Let’s begin by entering the trial balance on the worksheet.
What is a worksheet? It is a tool that accountants use at the end of an accounting period. The worksheet has three parts to the heading just like a financial statement. The heading answers Who, What and When. The first column of a worksheet is the Account Name column.
The worksheet has five sections. Each section has a debit and a credit column. So, this can also be called a 10-column worksheet.
Section 1, Objective 5-1:
To enter a trial balance on the worksheet, you would follow these steps:
Enter the general ledger account names.
2. Transfer the general ledger account balances to the Debit and Credit columns of the Trial Balance section.
3. Total the Debit and Credit columns to prove that the trial balance is in balance.
4. Place a double rule under each Trial Balance column to show that the work in that column is complete.
Section 1, Objective 5-1:
The first step is to enter the general ledger account names. We will need to add four new accounts at this time so that we can make adjustments at the end of the month. If you are not sure whether you need any additional accounts or what those account names will be, remember you can add them at the bottom of the existing list of accounts in that column.
Section 1, Objective 5-1:
Next, using the general ledger, we transfer the account balances to the DEBIT and CREDIT columns of the Trial Balance section.
Section 1, Objective 5-1:
After entering all of the balances from the general ledger, we need to “foot” the columns in the Trial Balance section. To foot a column means to add the numbers in that column. They MUST BALANCE BEFORE MOVING TO THE NEXT SET OF COLUMNS. When you insure that the debits equal the credits, you are ready to complete step 4 which is to place a double rule underline under the trial balance columns to show that the work in the columns is complete.
Learning Objective 5-2: Prepare adjustments for unrecorded business transactions.
Section 1, Objective 5-2:
Let’s first discuss the supplies adjustment. The business purchased $1,500 of supplies during the month but by the end of the month, only $1,000 of supplies are left. This implies that we must have used $500 of supplies. Eli’s Consulting Services must make an adjustment to show that the company used $500 in supplies during the month. To do this we debit supplies expense and credit the asset supplies for the $500 used up.
Section 1, Objective 5-2:
Now let’s take a look at the adjustment for expired rent. Recall that the company paid for two months rent in advance. By the end of the month, one month had expired so we need to reduce the Prepaid Rent account by the amount for one month’s rent.
Section 1, Objective 5-2:
Now let’s move on to the concept of depreciation. When we buy an asset that will be used for many years, we will expense a portion of the cost of the asset during each of the periods that the asset benefits. This is called depreciation. Depreciation is the process of allocating the cost of long term assets over their useful lives. We do not record the cost as an expense at the time that the asset was purchased. The cost is recorded as an asset (such as equipment or building) and charged to expense over the time the asset is used in the business. This periodic expensing of the original cost is called cost allocation or DEPRECIATION.
Section 1, Objective 5-2:
We will be using the straight-line depreciation method to figure the periodic adjustment for depreciation. The salvage value of an asset represents what we estimate it will be worth at the end of its useful life.
Section 1, Objective 5-2:
When figuring depreciation, we need to understand what salvage value means. Salvage value is an estimate of the amount that may be received by selling or disposing of an asset at the end of its useful life.
The equipment does not have any salvage value and we expect to use it for five years in the business. In applying the straight-line formula, we calculate a monthly depreciation amount of $183.
Section 1, Objective 5-2:
In making the $183 depreciation adjustment, we do not credit the asset account directly, instead we credit a different account. We will credit a contra-asset account called Accumulated Depreciation –Equipment. This account will accumulate the amount of the asset’s cost that has been expensed (depreciated) over the life of the asset.
Section 1, Objective 5-2:
Now it is time to move to the next set of columns. We need to prepare adjustments for unrecorded business transactions.
Let’s make some adjustments. The process of updating accounts at the end of an accounting period for unrecorded items that belong to the period is referred to as making adjustments or adjusting entries. The adjustments are made in the ADJUSTMENTS column.
Section 1, Objective 5-2:
We can use the worksheet to show this adjustment. We credit the Supplies account $500 and debit the Supplies Expense account $500. Notice the letter (a) by both of the adjustments. By “keying” the adjustment with a letter reference the accountant can better see the debit and credit amounts of the adjustment.
Section 1, Objective 5-2:
When we originally paid the two months of rent we debited prepaid rent and credited cash. This means that one month of rent was equal to $4,000. Eli’s Consulting Services must make an adjustment to show that $4,000 of the prepaid rent has expired. We will debit the Rent Expense account by $4,000 and credit the Prepaid Rent account by $4,000.
Here is how we enter the adjustment in the worksheet. Notice the letter “b” has been placed next to both the debit and the credit.
Section 1, Objective 5-2:
Letter “c” is written next to the debit and credit of the journal entry in the worksheet that shows the depreciation adjustment. When all of the adjustments have been completed, “foot” the columns to insure that they balance.
Section 1, Objective 5-2:
Book value shows what the asset’s net cost is on the books of the business. By “net cost,” we mean its original cost less the depreciation taken to date. It is the un-expensed portion of the original cost.
The book value of our equipment right after the first depreciation adjustment is $11,000 – $183 = $10,817.
Section 2.
Take a look at the steps of the accounting cycle.
The third objective of the chapter is to be able to complete the worksheet.
Learning Objective 5-3: Complete the worksheet.
Section 2, Objective 5-3:
We are now ready to prepare the next set of columns on the worksheet.
Section 2, Objective 5-3:
Notice that the third section of the work sheet is the Adjusted Trial Balance section. This is where we do “horizontal math” and combine the first set of columns with the second set of adjustments columns.
Section 2, Objective 5-3:
Cash had no adjustments so its balance carries over to the Adjusted Trial balance section. The same with Accounts Receivable and so on.
Section 2, Objective 5-3:
Our first account which had an adjustment is Supplies. It started with a $1,500 debit balance, then we credited it for $500. We carry the new adjusted balance of $1,000 to the Adjusted Trial Balance section. The second adjustment was to record the expired rent. The third adjustment was for depreciation. After each one, the new extended total is carried over to the trial balance.
Section 2, Objective 5-3:
Make sure to “foot” the columns of the Adjusted Trial Balance section to insure that they balance.
Section 2, Objective 5-3:
Now we move to the final steps of completing the worksheet. Transfer the accounts which belong on the Balance sheet to the Balance Sheet section. Transfer the accounts which belong on the income statement to the Income statement section. Only assets, liabilities, and the owner’s capital account belong on the balance sheet. Revenues and Expenses belong on the income statement. The only exception to this rule of “balance sheet” and “income statement” is the drawing account. This account, when included in the adjusted trial balance is moved over to the “Balance Sheet” section even though it doesn‘t’ show up on that statement; rather it shows up on the statement of Owner’s Equity.
Section 2, Objective 5-3:
After all balances have been transferred, “foot” the four columns. Notice that the totals of the last two sections, “Income Statement” and “Balance Sheet” do NOT balance. More on the next slide.
Section 2, Objective 5-3:
Focus on the Income Statement section and subtract the smaller column total from the larger column total. You will notice that the totals of the columns do not balance. The difference is considered net income or net loss.
Section 2, Objective 5-3:
For Eli’s Consulting Services, they had $33,667 of net income for the period. Place this amount in the debit column so that both of the income statement columns now balance. Place the same amount of $33,667 in the credit column of the Balance Sheet section. After doing this, the two columns of the Balance Sheet section will also balance. This has the effect of “adding” the net income to the owner’s capital account. (Notice it’s on the credit side of the Balance Sheet section.)
Section 2, Objective 5-3:
You can see that the “footed” columns of the Income Statement and Balance Sheet sections now balance.
Learning Objective 5-4: Prepare financial statements from the worksheet.
Section 2, Objective 5-4:
Objective Four requires that we prepare an income statement, statement of owner’s equity, and balance sheet from the completed worksheet.
Use the Income Statement section of the worksheet for the amounts to carry to the income statement. You can see that the income statement is now easy to prepare. It’s just a matter of transferring the numbers over into a proper income statement format.
Section 2, Objective 5-4:
The statement of owner’s equity reports the changes that have occurred in the owner’s financial interest (the owner’s capital account) during the reporting period. Here is the Statement of Owner’s Equity for Eli’s Consulting Services. The beginning capital balance came from the (unadjusted) trial balance column, the amount of net income came from the worksheet.
Section 2, Objective 5-4:
In addition to the account form of a balance sheet that was previously used in chapter four, there is also a report form of a balance sheet, which shows the balance sheet data in a vertical format. In actual practice the report form is used most often.
Section 2, Objective 5-4:
And here it is. This balance sheet has been prepared using a report form format. All accounts, both asset and liabilities and owner’s equity are listed.
Learning Objective 5-5: Journalize and post the adjusting entries.
Section 2, Objective 5-5:
Remember, a worksheet is just a tool that accountants use. It is not a formal financial statement. The adjustments shown on the worksheet must become part of the permanent accounting records. Each adjustment is journalized and posted to the general ledger accounts. The fifth objective of this chapter is to journalize and post the adjusting entries.
Section 2, Objective 5-5:
Remember, a worksheet is just a tool that accountants use. It is not a formal financial statement. The adjustments shown on the worksheet must become part of the permanent accounting records. Each adjustment is journalized and posted to the general ledger accounts. The fifth objective of this chapter is to journalize and post the adjusting entries.
Section 2, Objective 5-5:
Question: What adjustments must Eli’s Consulting Services record for the month?
Answer:
Adjustment for supplies used.
Adjustment for expired rent.
Adjustment for depreciation.
Section 2, Objective 5-5:
Here is the first adjusting journal entry which has been posted to the supplies expense ledger account. You can take a moment and review the posting steps. The other ones are posted in a similar manner. After all adjustments have been posted, all accounts in the financial records are up to date. Adjustments are usually made on the last day of the accounting period.