Balance Sheet and Single-Step Income StatementProject description.Click here to have a similar paper done for you by one of our writers within the set deadline at a discountedCourse Project Title: Balance Sheet and Single-Step Income StatementObjectiveTo prepare a comprehensive balance sheet and Single-Step Income Statement presented in good form and derived from a list of various accounts. The amounts relative toeach account will be given and the student will learn to determine whether an account is a balance sheet account or a temporary account that belongs to the incomestatement. The accounts will be comprised of all the various subgroupings in the balance sheet (Current Assets, Investment, Fixed Assets, Intangibles and Other Assets.As well as Current Liabilities, Long-term Liabilities and the Equity sections).Guidelines Obtain the list of accounts under the title of Course Project in Doc Sharing Determine which accounts belong to the Balance Sheet and which accounts belong to the Income Statement Determine to which sub-group each account belongs Arrange the accounts in proper order and functionality.Click here to have a similar paper done for you by one of our writers within the set deadline at a discounted Prepare a Comprehensive Balance Sheet in good form Prepare a Single-step Income Statement in good form Put the course project in the dropbox for the project in week 8Grading RubricsCategory Points % DescriptionMaking proper selection of accounts relative to the balance sheet or the income statement 20 20 From the provided listing of accounts determine which accounts areBalance Sheet accounts and which accounts are Income Statement accounts.Putting the accounts into the proper subgroup according to functionality 10 10 Each account belongs to a particular subgroup. The student is to determine whichsubgroup the account belongs. This should be done according to functionality.Prepare the balance sheet in good form 35 35 Proper form is important in the preparation of the balance sheet. Examples can be found in the text.Prepare the income statement in good form 25 25 Proper form is important in the preparation of the income statement. Examples can be found in the textEnsuring that the Balance Sheet and the Income Statement have been computed correctly 10 10 It is important that the balance sheet and income statement are computedcorrectly and have the correct totals. An incorrect total in any part of the financials can invalidate the entire project.Total 100 A quality project will meet or exceed all of the above requirements.Course Project Listing of Accounts:Accounts Payable $197,532Account Receivable 165,824Accrued Interest on Notes Payable 500Accrued Liabilities 9,500Accumulated Depreciations 341,200Additional Paid-in Capital 37,500Administrative Expenses 350,000Allowance for doubtful accounts 1,850Building 975,800Cash 42,485Common Stock 400,000Copyrights 105,000Cost of Goods Sold 1,000,000Customer Deposits (expected to be paid next year) 420Deposits with Vendors (based on a long-term purchase contract) 50,000Depreciation Expense (40% Selling,60% Administrative) 100,000Dividend Income 30,000Goodwill 100,000Income Tax Expense 82,250Income Taxes Payable 62,520Interest Revenue 25,000Inventories 499,493Investments in Warren Co. 87,500Land 125,000Mortgage Payable ($1,500 per month) 308,000Notes Payable to Banks 50,000Notes Receivable (due next year) 23,000Patents 125,000Preferred Stock, 7% 300,000Prepaid Expenses 16,252Rental Income 50,000Retained Earnings 162,582Selling Expenses 300,000Salaries Payable 52,000Sales Discounts 120,000Sales Revenue 2,000,000Securities (available for sale) at fairMarket value 28,250Trademarks 80,000.Click here to have a similar paper done for you by one of our writers within the set deadline at a discounted
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