Summarize the financial components

Assignment Help Accounting Basics

Reference no: EM133612009

Project One Workbook: Correct Journal Entries, Inventory Tabs, Ledger Accounts, Income Statement and Balance Sheet

Correct all Journal Entries from Project One Milestone by using the Corrected Journal Entries and Corrected Inventory tabs.
Highlight the corrected errors in green.
Complete the Ledger Accounts, Income Statement, and Balance Sheet tabs in the same Workbook based on the Corrected Journal Entries and Corrected Inventory tabs.
Upload the completed Project One Workbook Template for submission.
Note if you received a perfect score on the Project One Milestone and do not need to correct any errors, simply note it in the designated section within the Corrected Journal Entries tab. You will receive full points for that specific criteria for this assignment.

Project One Analysis Paper

Complete an analysis of the information contained in the completed Project One Workbook Template including your revisions.
It will need to be formatted in APA style; specific formatting can be found in the What to Submit section.
It will need to address all of the rubric criteria for the Project One Analysis Paper below.
Specifically, you must address the following rubric criteria:

Project One Workbook

Correct all errors for the Journal Entries and Inventory tabs of the workbook. Highlight corrections in green.
Prepare the current assets and liabilities accounts accurately and completely on the Ledger Accounts tab in the workbook.
Prepare the current assets and liabilities components accurately and completely on the Income Statement and Balance Sheet tabs in the workbook.
Project One Analysis Paper

Summarize the financial components included in the current assets and liabilities section of the Balance Sheet for the given company.
Justify the difference between current assets and liabilities. Include the following details in your response:
Explain why the balance sheet is arranged the way it is.
Determine if the same asset or liability can have both short-term and long-term components and provide your rationale.
Explain how variances in data can be detected for current assets and liabilities using relevant tools.
Justify why footnotes for current assets and liabilities are important in decision making for the company. Include the following details in your response:
Explain why the balance sheet amounts alone are not sufficient in providing the information needed in decision making.
Explain why FIFO is the best choice for this given company.
Cite the applicable FASB codification section for the following items as a list: cash and cash equivalents, inventory, and receivables.

Reference no: EM133612009

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