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J & L Accounting Inc.

J & L Accounting Inc.

Assignment is to create the following statements for J & L Accounting Inc.:

PROJECT GOAL

The goal of this graded project is to create the following financial statements for J & L Accounting, Inc.:

■ Balance sheet

■ Income statement

■ Statement of retained earnings

■ Post-closing trial balance

The financial statements must be created in one Microsoft Word document (.doc or .docx file). Alternatively, an Excel workbook may be used (.xls or .xlsx file). The Word or Excel file will be uploaded for grading.

INSTRUCTIONS

Read the following instructions thoroughly before beginning your work. This will help you to become familiar with what is involved in the project. Some students start on the project right away, thinking they’ll save time. Those students tend to get stuck and spend more time working through the project than is necessary. The material you need to know in order to complete the project has been covered in the textbook and the assigned exercises and problems. If you understand the chapters and completed the assigned homework problems, you should have no problem with the project. The project is to be done by hand with a pencil and paper. Use the blank forms provided. At the end of the project, you’ll be given instructions for creating and uploading the financial statements in a Word or Excel file for grading. Financial Accounting

Note: The formatting of financial statements is important. They follow Generally Accepted Accounting Principles (GAAP), which creates a uniformity of financial statements for analyzing.

This allows for an easier comparison, as all businesses follow GAAP. Therefore, the financial statements should be created exactly the same way shown or referenced in the textbook. Failure to do so will result in a loss of points. The project references “debits equaling credits.” This is a

fundamental principle of accounting that mustn’t be violated. Doing so is not acceptable under any circumstance. Debits not equaling credits allows for “cooking of the books,” which is presenting false information. It also allows for embezzlement, which is theft by management or employees. If debits don’t equal credits, the cause may be a lack of understanding of accounting principles, such as those presented in the textbook and assigned homework problems, or a lack of focus and concentration when making journal entries, posting to ledger accounts, or completing math. Remember—instructors are available to help you with material you may be struggling with. Mistakes of the lack-of-focus variety are best corrected by going back over the work until the error is found. The accounting equation must balance on the balance sheet. This is another fundamental principle of accounting that can’t be violated and if so is completely unacceptable. When the equation doesn’t balance and the numbers are “fudged,” this is easily detectable by someone who knows accounting. If your debits equal your credits and you understand which

general ledger accounts belong on which financial statements, then the accounting equation should balance. It’s really all about understanding the concepts and applying that understanding.

 

The following financial statements are provided from the prior accounting period for J & L Accounting, Inc.:

a) Post-closing trial balance

b) Balance sheet

c) Income statement

d) Statement of retained earnings

Lesson 2 29

J & L Accounting, Inc.

Post-Closing Trial Balance

December 31, 2014

BALANCE

ACCOUNT TITLE DEBIT CREDIT

Cash, Business Checking 20,500.00

Accounts Receivable

Prepaid Rent

Vehicles 48,000.00

Accumulated Depreciation, Vehicles 12,000.00

Equipment 3,600.00

Accumulated Depreciation, Equipment 600.00

Accounts Payable

Common Stock 38,000.00

Retained Earnings 21,500.00

Dividends

Service Revenue

Advertising Expense

Rent Expense

Office Supplies Expense

Telephone Expense

Utilities Expense

Depreciation Expense

TOTALS 72,100.00 72,100.00

30 Financial Accounting

J & L Accounting, Inc.

Balance Sheet

As of December 31, 2014

ASSETS

Cash, Business Checking 20,500.00

Accounts Receivable 0.00

Prepaid Rent 0.00

Vehicles 48,000.00

Less: Accumulated Depreciation, Vehicles 12,000.00 36,000.00

Equipment 3,600.00

Less: Accumulated Depreciation, Equipment 600.00 3,000.00

TOTAL ASSETS 59,500.00

LIABILITIES

Accounts Payable 0.00

TOTAL LIABILITIES 0.00

STOCKHOLDERS’ EQUITY

Common Stock 38,000.00

Retained Earnings 21,500.00

TOTAL STOCKHOLDERS’ EQUITY 59,500.00

TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY 59,500.00

J & L Accounting, Inc.

Income Statement

For the Month Ending December 31, 2014

REVENUES

Service Revenue 10,275.00

EXPENSES

Advertising Expense 2,300.00

Rent Expense 1,000.00

Office Supplies Expense 300.00

Telephone Expense 750.00

Utilities Expense 3,200.00

Depreciation Expense 1,100.00

TOTAL EXPENSES 8,650.00

NET INCOME 1,625.001 


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