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

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


Course Project Title: Balance Sheet and Single-Step Income Statement








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).








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  30       20       From the provided listing of accounts determine which accounts are Balance Sheet accounts and which accounts are Income Statement accounts.

Putting the accounts into the proper subgroup according to functionality     15       10        Each account belongs to a particular subgroup. The student is to determine which subgroup the account belongs. This should be done according to functionality.

Preparing the balance sheet in good form       45       30       Proper form is important in the preparation of the balance sheet. Examples can be found in the text.

Preparing the income statement in good form            45       30       Proper form is important in the preparation of the income statement. Examples can be found in the text.

Ensuring that the Balance Sheet and the Income Statement have been computed correctly 15        10       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.

Total    150     100      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



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