(solution) Project part 2 Identify characteristics of a corporation, record

(solution) Project part 2 Identify characteristics of a corporation, record

Project part 2

Identify characteristics of a corporation, record issuance of stock, and illustrate retained

earnings transactions.

2. Prepare and analyze the income statement, balance sheet, and statement of cash flows.

3. Distinguish between managerial accounting and financial accounting and apply ethical

standards to decision making.

AC1320: Project
Page 2 1. Identify characteristics of a corporation, record issuance of stock, and illustrate retained
earnings transactions.
2. Prepare and analyze the income statement, balance sheet, and statement of cash flows.
3. Distinguish between managerial accounting and financial accounting and apply ethical
standards to decision making.
4. Differentiate between job order costing and process costing.
5. Perform Cost-Volume-Profit (CVP) analysis and calculate break-even point; describe a
Just-In-Time production system and develop activity-based costs (ABC).
6. Examine relevant factors for making short-term special business decisions.
Please refer to the Project Submission Plan for project details.
PROJECT SUBMISSION PLAN
Project
Part
Description/Requirements of Project Part 1 Task 1: Statement of Cash Flows
Use ITT Tech Virtual Library and research two public companies. Review the
statements of cash flows and report on how much cash was generated
from operating, investing, and financing activities. Remember to cite the
source where you found the required information.
Task 2: Calculating Financial Ratios
Calculate a set of financial ratios for each of the two public companies you
researched. Also, calculate the following set of ratios:
Current ratio
Inventory turnover
Gross profit percentage
Days? sales in receivables
Debt ratio
Task 3: In 50-75 words, explain which corporation you would invest in and
why.
Submission Requirements:
AC1320: Project Project
Part
Description/Requirements of Project Part
Complete Task 2 in an MS Excel worksheet
Complete Task 1 and Task 3 in an MS Word document and submit it on
.
2 Refer to Project_Part 2.xlsx to view the complete project. Then do the
following:
Prepare journal entries for the transactions
Open T-accounts for the general ledger
Post the journal entries to the accounts
You will then prepare a trial balance for the end of the month. Using the
work-in-process T-account, you will prepare a schedule for cost of goods
sold and manufactured for the month.
You will then prepare an income statement for the month and post any
corrections that may be needed for under/over allocated manufacturing
overhead Submission Requirements
Complete the required tasks in an MS Excel worksheet