• [u02a1] Unit 2 Assignment 1



    • Categorizing Balance Sheet Accounts Scoring Guide.
    • BUS3061 Assignment u02a1 Template

    Accounts are either temporary or permanent, with the temporary ones assigned to revenues and expenses, leaving the permanent ones to reside on the balance sheet. Because the balance sheet reflects all journal entries affecting the business since inception, knowledge of the placement of each account is essential to preparing the statement. Because you have been studying the parts of the balance sheet, this is an opportunity to apply your knowledge to an important piece of the accounting cycle.


    For this assignment, use the BUS3061 Assignment u02a1 Template (listed in Resources).

    Determine the correct balance sheet category for each of the following accounts:

    1. Accounts payable.
    2. Equipment.
    3. Prepaid rent.
    4. Short-term investments.
    5. Accounts receivable.
    6. Land.
    7. Common stock.
    8. Cash.
    9. Accumulated depreciation.
    10. Goodwill.
    11. Bonds payable.
    12. Retained earnings.
    13. Preferred stock.
    14. Mortgage payable.
    15. Salaries payable.
    16. Allowance for uncollectibles.
    17. Inventories.
    18. Patent.
    19. Income tax payable.
    20. Security deposits.
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    [u02a2] Unit 2 Assignment 2



    • Balance Sheet Preparation Scoring Guide.
    • BUS3061 Assignment u02a2 Template

    Reporting the results of an organization’s business transactions requires the preparation of financial statements that will be shared with both internal and external users of financial data. For this reason, preparation of the balance sheet, or statement of financial position, is an essential skill and requires the accountant to take information from the accounting system and summarize it in a single location. This assignment demonstrates your skill in the preparation of this financial statement.


    For this assignment, use the BUS3061 Assignment u02a2 Template (listed in Resources).

    Use the following account information to prepare the 2011 balance sheet for Blaze Industries. Be sure to use the proper format, similar to the one that begins on the bottom of page 115 of the McCrary text, Mastering Financial Accounting Essentials.

    • Wages payable: $880.00.
    • Supplies: $80.00.
    • Common stock: $10,000.00.
    • Equipment: $217,200.00.
    • Interest payable: $3,600.00.
    • Retained earnings: $27,520.00.
    • Accounts receivable: $400.00.
    • Long-term bonds payable: $150,000.00.
    • Cash: $3,050.00.
    • Advances from customers: $460.00.
    • Prepaid insurance: $830.00.
    • Accumulated depreciation: $29,100.00.
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    [u02a3] Unit 2 Assignment 3



    • Income Statement Preparation Scoring Guide.
    • BUS3061 Assignment u02a3 Template

    As you have learned, generally accepted accounting principles (GAAP) require organizations to prepare both an income statement and a balance sheet. Before the balance sheet can be prepared, the organization’s net income must be determined. This requires the accountant to pull together data from numerous system accounts and other sources of information. In this assignment, you will demonstrate your skill in putting together the necessary account data and preparing an income statement in good form.


    For this assignment, use the BUS3061 Assignment u02a3 Template (listed in Resources) to prepare an income statement.

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    [u02a4] Unit 2 Assignment 4



    • Analyzing Items in the Financial Statement Scoring Guide.
    • BUS3061 Assignment u02a4 Template

    Balance sheets do not always balance once they are prepared, and income statements do not always contain correct account data. This can cause havoc across the accounting department and requires the accountant to locate the missing or incorrect data. Financial statement preparation will be an important skill during this process, as you will discover when you determine the missing amounts in the statement in this assignment.


    For this assignment, use the BUS3061 Assignment u02a4 Template (listed in Resources).

    In each of the two sets of organization financial statement information, two items have been omitted. Determine the missing amounts and fill them in on the template to complete the financial statement information.