Miss Natalia

(14)

$20/per page/Negotiable

About Miss Natalia

Levels Tought:
Elementary,High School,College,University

Expertise:
Accounting,Business & Finance See all
Accounting,Business & Finance,Calculus,Computer Science,Environmental science,Health & Medical Hide all
Teaching Since: Apr 2017
Last Sign in: 360 Weeks Ago, 2 Days Ago
Questions Answered: 6064
Tutorials Posted: 6070

Education

  • Doctor of Education in Educational Leadership with a Specialization in Educational Technology
    Phoniex University
    Oct-1999 - Nov-2005

Experience

  • HR Executive
    a21, Inc.
    Nov-1998 - Dec-2005

Category > Business & Finance Posted 13 Jun 2017 My Price 10.00

prepare a memo to the President of LMO Company as to the financial performance of your company

It is time for the staff accountants to begin preparing daily accounting transactions. In preparation of the upcoming audit, the accountants must ensure that these transactions are correct and are free from any misstatement. Because this is a new subsidiary of the company, there are no beginning balances.

As a staff accountant, your job is to do the following:

  • Prepare the 10 transactions below by posting to the general journal. You should use an Excel spreadsheet to accomplish this task.
  • Post the general journal entries to the general ledger in the Excel spreadsheet.
  • Prepare a trial balance from the ending balances on the ledger. You should also use an Excel file for the trial balance.

Transactions  (3 excel spreadsheets) 

  1. Invested $50,000 in the business
  2. Paid $100 for phone service
  3. Purchased $35,000 equipment on credit
  4. Paid $3,000 for 3 months rent
  5. Paid $5,500 for 6 months of insurance 
  6. Paid $1,000 for advertising on credit (Note: This is an expense to the company)
  7. Customer purchased $2,000 on account
  8. Customer in #7 paid $1,000 on account
  9. Paid for #6 advertising
  10. Sold to customer and received $5,000 cash 

Click here for the General Journal Ledger template.

Part 2 Tasks (Week 5)

Complete a set of financial statements based on the transactions and general ledger from the Phase 4 IP. The financials to be completed on an Excel spreadsheet are the following:

  • Income statement  1 excel spreadsheet
  • Statement of owners' equity 1 excel spreadsheet
  • Balance sheet  1 excel spreadsheet

Click here for the Financial Statement Template.

Based on the financial statements, prepare a memo to the President of LMO Company as to the financial performance of your company. Include the following:

  • 3 strategies that the company can employ to improve its performance and increase net income
  • Explanation of who might use the financial statements
    • Be sure to include internal and external users

Attachments:

Answers

Miss Natalia
(14)
Status NEW Posted 13 Jun 2017 09:06 AM My Price 10.00

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