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Overview
In this assignment, you are required to answer questions designed to te
Overview
In this assignment, you are required to answer questions designed to test your knowledge of the basic accounting environment, as well as prepare income, balance, and retained earnings statements.
Preparation
Download the Week 1 Assignment Template [XLSX] Download Week 1 Assignment Template [XLSX]. You will use this template to complete this assignment.
Review all assigned readings.
Note: Accuracy in accounting is paramount. Take your time and double check your work for errors or omissions.
Scenario for Parts 2–4
Imagine that you have been given (found in the assignment template) June 20XX financial transaction data provided by Moonlight Drive-In Theater and have been asked to prepare specified financial statements.
Instructions
Complete each of the following assignment parts in sequence using the Week 1 Assignment Template [XLSX] Download Week 1 Assignment Template [XLSX]. All parts of the template should be submitted together. Each section of the template corresponds to one of the following assignment parts.
Part 1: Describe the accounting environment.
Part 2: Prepare an income statement.
Part 3: Prepare a statement of retained earnings.
Part 4: Prepare a balance sheet.
Part 1: Accounting Environment
Respond to the short-answer accounting environment questions found in the template on the Accounting Environment tab using proper grammar and language.
Part 2: Income Statement
Prepare an income statement for June 20XX. Note: Make sure to identify account names and the amounts.
Part 3: Statement of Retained Earnings
Prepare a statement of retained earnings for June 20XX using the information in Part 2.
Part 4: Balance Sheet
Prepare a balance sheet as of June 30, 20XX, using the information in Part 2. Make sure to identify account names and the amounts.
Save and submit your completed template to this assignment.
Your submission will also be graded on the clarity and quality of your write. So, make sure you are writing in complete and grammatically correct sentences.
Competencies Measured
By successfully completing this assignment, you will demonstrate your proficiency in the following course competencies and scoring guide criteria:
Competency 1: Define accounting terminology and its application to accounting principles.
Describe the accounting environment.
Competency 3: Prepare financial statements from accounting system data.
Prepare an income statement with one or two errors.
Prepare a statement of retained earnings with one or two errors.
Prepare a balance sheet with one or two errors.
Competency 4: Convey purpose, in an appropriate tone and style, incorporating supporting evidence and adhering to organizational, professional, and scholarly writing standards.
Convey clear meaning through appropriate word choice and usage.
Write in the third person, adhering to conventions of academic tone.
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