2024 – You are an accountant for The Flower Shoppe Your supervisor has asked you to help her prepare
Intermediate Accounting 63073 – 2024
You are an accountant for The Flower Shoppe. Your supervisor has asked you to help her prepare the year-end financial statements. Before you do, she wants to ensure that you understand some main points.
- Explain the following:
- The elements of the balance sheet, their purposes, and how to measure them
- The elements and purpose of the statement of changes in stockholder’s equity
- Based on the adjusted trial balance and additional information, prepare the following in an Excel file to give to the controller for review:
- Balance sheet
- Income statement
- Statement of retained earnings
- Statement of cash flows
The following is additional information about the Flower Shoppe that is needed for financial-statement preparation:
- Net income for the year ended December 31, 2008 was $10,845.
- Changes from the prior year’s balances included the following:
- a decrease in accounts receivable of $300.
- a decrease in inventory of $450.
- an increase in accounts payable of $250.
- an decrease in accrued expenses of $100.
- Land was purchased in April for $3,500.
- Cash as of January 1, 2008 was $10,105.
|
The Flower Shoppe |
||
|
Adjusted Trial Balance |
||
|
December 31, 2008 |
||
|
Debit |
Credit |
|
| Cash |
$22,750 |
|
| Accounts Receivable |
3,200 |
|
| Inventory |
8,000 |
|
| Land |
27,000 |
|
| Building |
56,000 |
|
| Accumulated Depreciation |
|
16,800 |
| Accounts Payable |
4,600 |
|
| Accrued Expenses |
2,500 |
|
| Common Stock |
20,000 |
|
| Additional Paid-in Capital |
10,000 |
|
| Dividends |
1,200 |
|
| Retained Earnings |
53,405 |
|
| Sales |
112,020 |
|
| Returns |
1,300 |
|
| Purchases |
47,000 |
|
| Salaries |
38,000 |
|
| Supplies |
870 |
|
| Utilities |
5,225 |
|
| Telephone |
2,850 |
|
| Bank Charges |
330 |
|
| Depreciation Expense |
5,600 |
|
|
$219,325 |
$219,325 |
|
Please use the template included
The following grading criteria will apply to this assignment:
|
Grading Criteria |
|
|
Explain the elements of the balance sheet, their purposes, and how to measure them. |
20% |
|
Explain the elements and purpose of the statement of changes in stockholder’s equity. |
25% |
|
Prepare the balance sheet. |
15% |
|
Prepare the income statement. |
15% |
|
Prepare the statement of retained earnings. |
15% |
|
Prepare the statement of cash flows. |
10% |
|
Good format, grammar and APA. |
10% |
|
TOTAL |
100%
|
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