ACC201 Module 1 - Case Financial Statements Assignment Overview

ACC201 Module 1 - Case

Financial Statements

Assignment Overview

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There are three main parts to this case that require you to prepare and submit a 3- to 5-page paper. Please make sure this paper is well organized and covers all of the items below.

Part I

Search the course background information, the Internet and/or the Cyber Library. Discuss the terms listed below. Your discussion should expand on the definition as given in the module background. Explain why these concepts are important to financial statements.
•Generally Accepted Accounting Principles (US GAAP);
•International Accounting Standards (IFRS);
•Securities and Exchange Commission (SEC);
•Annual report; and
•10-K, 10-Q, and 8-K

Part II 

Explain the basic formats of financial statements such as income statement, balance sheet, statement of cash flows, and statement for retained earnings.

Part III 
1.Everything in Accounting typically falls into one of three categories, as illustrated by the Accounting Equation. State the Accounting Equation: Assets = _______________ + _______________
2.You will note that the Accounting Equation comprises 3 "categories," each of which can be broken down further into accounts. For each of the three main categories of the Accounting Equation, list 5 or more accounts with actual amounts that would typically be classified into each. For instance, Land & Equipment would typically be categorized as Assets.
3.To simplify your answers, complete the assignment using a basic table or diagram.

Module 1 - SLP

Financial Statements

Below, find the trial balance for Nybrostrand Company. Prepare an income statement and balance sheet, in good format, based on Formats of Financial Statements(Presentations). After you have completed the two statements, comment on the success of the company. Support your answer with information from the financial statements you just prepared.

Nybrostrand Company
31-Dec-14
Trial Balance (accounts in alphabetical order)
	Debit	Credit
Accounts payable		$ 78,000
Accounts receivable	$ 36,500
Cash	30,000
Common stock		10,000
Depreciation expense	24,350
Cost of goods sold	307,000
Equipment (net of depreciation)	415,000
Insurance	1,400
Inventory	34,000
Long-term debt		127,000
Marketing	4,500
Paid-in capital		50,000
Property taxes	16,900
Rent	28,000
Retained earnings		?
Revenues		586,000
Salaries	78,500
Utilities	6,700
Total	982,850	982,850

SLP Assignment Expectations

The submission should be 2- to 4-pages and needs to include answers to all the questions listed above. Show computations, discuss the results, and include references in APA format.

When your paper is done, submit it.