Completing the Accounting Cycle
Website icon Completing the Accounting Cycle Scoring Guide.
Website icon APA Style and Formatting.
Website icon Writing Feedback Tool.
This assignment will familiarize you with the remaining steps in the accounting cycle. After completing this assignment, you will understand:
How to use the worksheet to summarize and complete the accounting cycle steps.
The purpose and steps in the closing process at the end of an accounting period.
How a classified balance sheet is prepared.
How to use the current ratio as a tool for financial analysis.
Respond to the following questions or problems using grammatically correct language and appropriate APA citations. To achieve a proficient grade in this assignment, answer the proficient-level queries for each question. To achieve a distinguished grade, answer both sets of queries for each question.
You have taken over a set of accounting books for a small business as a part-time job. At the end of the first accounting period, you have partially completed the work sheet by entering the proper ledger accounts and balances in the Trial Balance columns. You turn to the manager and ask, “Where is the list of additional information I can use in entering the adjusting entries?” The manager indicates there is no such list. In all the text problems you have done, you have always been given this information. How would you obtain the information for this real-life situation?
What are the consequences of not making all of the required adjustments at the end of the accounting period?
After the Adjusted Trial Balance columns of a work sheet have been totaled, which account balances are extended to the Income Statement columns, the Statement of Retained Earnings columns, and the Balance Sheet columns?
Describe how is the statement of retained earnings prepared.
Describe, in order, the four basic steps in the closing process performed at the end of each accounting period.
Explain why the closing process is so important.
After the closing process has been completed, what account types remain open?
Describe how a classified balance sheet is different from a basic unclassified balance sheet.
List the major categories of accounts that would appear under assets, liabilities, and stockholder's equity on a classified balance sheet.
Rearrange the following steps in the accounting cycle in proper order:
Financial statements are prepared.
An adjusted trial balance is prepared.
Adjustment data are assembled and analyzed.
Adjusting entries are journalized.
Closing entries are journalized and posted to the ledger.
An unadjusted trial balance is prepared.
Transactions are posted to the ledger.
Transactions are analyzed and recorded in the general journal.
An optional end-of-period work sheet is prepared.
A post-closing trial balance is prepared.
Describe how the current ratio is used to analyze financial results?
What are the components of the ratio and how is the ratio calculated?
What does the ratio indicate regarding a company's financial position?
Current assets and current liabilities for the Fortson Company are:
Current assets: 2013—$262,500; 2014—$310,500.
Current liabilities: 2013—$150,000; 2014—$172,500.
Determine the current ratio for 2013 and 2014. Does the change in the current ratio from 2013 to 2014 indicate a favorable or unfavorable trend?
Write your responses in a Microsoft Word document and submit it as an attachment in the assignment area. Prior to submitting your assignment, review the Completing the Accounting Cycle Scoring Guide to ensure you have met all of the requirements and as a self-assessment of your work. Be sure to address the questions at the proficient and distinguished levels to achieve the highest grade possible.
We always make sure that writers follow all your instructions precisely. You can choose your academic level or professional level, and we will assign a writer who has a respective degree.
We have a team of professional writers with experience in academic and business writing. Many are native speakers and able to perform any task for which you need help.
If you think we missed something, send your order for a free revision. You have 10 days to submit the order for review after you have received the final document.
All papers are always delivered on time. In case we need more time to master your paper, we may contact you regarding the deadline extension.A 100% refund is guaranteed.
We use several writing tools checks to ensure that all documents you receive are free from plagiarism. Our editors carefully review all quotations in the text.
Tutorpro support agents are available 24 hours a day 7 days a week and committed to providing you with the best customer experience. Get in touch whenever you need any assistance.
Try it now!
How it works?
Follow these simple steps to get your paper done
Place your order
Fill in the order form and provide all details of your assignment.
Proceed with the payment
Choose the payment system that suits you most.
Receive the final file
Once your paper is ready, we will email it to you.
At Tutorpro, we have top rated masters and PhD writers who will help you tacke that homework and score A+ grade. Tutorpro services covers all levels of education : high school, college, university undergraduate, masters and PhD academic level.
No matter what kind of academic paper you need and how urgent you need it, you are welcome to choose your academic level and the type of your paper at an affordable price. We take care of all your paper needs and give a 24/7 customer care support system.
An admission essay is an essay or other written statement by a candidate, often a potential student enrolling in a college, university, or graduate school. You can be rest assurred that through our service we will write the best admission essay for you.
Tutorpro academic writers and editors make the necessary changes to your paper so that it is polished. We also format your document by correctly quoting the sources and creating reference lists in the formats APA, Harvard, MLA, Chicago / Turabian.
If you think your paper could be improved, you can request a review. In this case, your paper will be checked by the writer or assigned to an editor. This is free because we want you to be completely satisfied with the service offered.