Case Study Introduction
"Transferable Skills are a set of essential abilities that will position students for success as they develop and build their careers. College faculty and staff believe it is important that all Rasmussen graduates develop these skill sets, as having expertise in these areas will be beneficial throughout one's life. Employers have also identified these skills as being essential in well-rounded employees.
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In this course, you will have the opportunity to learn and demonstrate each of these skills. These skills will be measured as a portion of our course project that has been designed to replicate an authentic workplace project. These skills are the following: Communication, Critical Thinking, Digital Fluency, Diversity and Teamwork, Ethics and Professional Responsibility, and Information Literacy.
Financial Accounting
Preparing the Financial Statements
Your function as accounting manager is to prepare the financial statements for the first operating period of December 2016.
The December 31, 2016 adjusted trial balance for GolfPro Center is presented below. Using the Trial Balance, complete the following:
1. Prepare an income statement for the year ended December 31, 2016
2. Prepare a statement of stockholder's equity for the year ended December 31, 2016 assuming no common stock was issued during 2016.
3. Prepare a classified balance sheet as of December 31, 2016.
Keep in mind, the beginning balances are zero only because this is the first month of operations for GolfPro Center.
4 Communication with CFO: In the complexity of preparing the financial statements, the CFO tells you that he prefers the single step income statement because the multiple step format seems to overstate the income. Express in a short declarative manner, how would you respond to this question?
5 Explain how financial accounting information is communicated through financial statements to internal and external users. Construct widely varied sentence types and advance grammatical concepts to explain insight.
6 Describe the role that financial accounting plays in the decision making process. In your response, use human and/or professional in field knowledge through the creation of the response.
Cash Flow Statement
The below information are transactions which analyze the cash effects on GolfPro Center.
1. Use the information provided to complete the Statement of Cash Flow.
2 In the space provided below, explain to the CEO and CFO the main purpose of the statement of cash flow. In your response, utilize effective persuasive techniques to influence and engage the CFO and CEO.
3 In the space provided below, explain to the CFO some of the activities reported on the statement of cash flows. In your response, coordinate your thoughts to synthesize and provide context regarding the concept of the statement of cash flows. Provide carefully integrated thoughts and examples to clarify the topic to the CFO.
4 In the space provided below, describe some of the investing activities on the GolfPro Center statement of cash flows. Use a variety of thoughts integrated to present the meaning of your evidence.
5 Explain to the CEO and CFO the why the net income differs from the amount of cash flow from operating activities. In your response, explain the relationship between the net income and cash flows such as the investing and financing activities. Develop a response which incorporates a focus on uniting multi faceted mutually supportive arguments to create a distinct connection with the content and the audience.
Closing Entry
In the space provided below, prepare the Closing Entry for GofPro Center.
1. Closing Entry for December 31, 2016
2 Communication with CEO and CFO: In the space provided below, in a clear and concise manner, explain to the CEO and CFO the main purpose of these closing entries.
3 Communication with CEO and CFO: Comment on why adjusting entries are needed and what happens if certain adjusting entries are neglected.
4 Go to the FASB website, to access the FASB Concepts Statements. After you have read the documents, use the search tool in your Internet browser to respond to the following items.
a) What is the objective of financial reporting?
b) What other means are there of communicating information besides financial statements?
c) Indicate the users and the information FASB is most directly concerned with in economic decision making.
Attachment:- Case Study.rar