Prepare a short memo to the stockholders regarding the company’s performance for its first six months of operations and its current financial position
ACCT 202 Project 1
You have just been hired as the accountant for Lay’s Lush Landscape Sales & Service, Inc. which started operations on January 01, 2016.
Your assignment is to:
• Prepare the journal entries (omit explanations) for all transactions from January 01, 2016 through June 30, 2016, post all journal entries to the general ledger, and prepare an Unadjusted Trial Balance for the six months ending June 30, 2016.
• Prepare all required adjusting entries (omit explanations) for the end of the accounting period, post all adjusting entries to the general ledger and create an Adjusted Trial Balance for the six months ending June 30, 2016.
• Prepare a Multi-Step Income Statement, Statement of Retained Earnings, Classified Balance Sheet, and Statement of Cash Flows for the period ending June 30, 2016.
• Prepare all required closing entries (omit explanations) for the end of the accounting period, post all closing entries to the general ledger and prepare a Post-Closing Trial Balance as of June 30, 2016.
• Calculate the following ratios: Current Ratio, Quick Ratio, Profit Margin, and Return on Assets.
• Prepare a short memo to the stockholders regarding the company’s performance for its first six months of operations and its current financial position. Proper grammar and spelling are critical!
REQUIREMENTS:
1. You are required to submit your complete general ledger, all trial balances, the above listed financial statements and the memo to the stockholders as part of the project.
2. You must submit your project electronically (via D2L Dropbox).
3. The journal entries, general ledger, trial balances and financial statements must be prepared using Excel or equivalent spreadsheet software. The memo to the stockholders must be prepared in Word or equivalent word processing software.
4. The project must be uploaded to D2L.
5. You are encouraged to work together on this project but each student is required to turn in their own completed project.
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