Assignment:
Accounting Project/ Presentation
The following will be done in order to complete this project.
Ø Choose a public corporation that trades on the SEC
Ø Provide Overview
o Background
o What do they do
o Pull their financial information (which can be found online)
§ Pull their 2017 Balance Sheet- Provide when their fiscal year is?
· Provide total assets and liabilities
o List some of their asset accounts and liabilities (list a min of 3-5 if applicable)
· Provide the Return on asset = Net Income/ Average total assets
§ Pull their 2017 Income Statement
· Provide total Revenue and Expenses
o List and talk about what are their key revenue and expense accounts (list a min of 3-5 if applicable)
· Calculate the Net Income/ Net Loss
o List who their financial auditors are
o Speak on 4 problems that each group will do and present (each person will present a problem) if you are a group with only 3 individuals then you will only have 3 problems. I will send this information out via email.
§ What I am looking for:
· Make sure to calculate and work out your problems and incorporate into your presentation
· Make sure you are comfortable with how you derived at your answers
· Be able to walk the class through how you worked out the problem in a high level
· Make sure what you are speaking on is relevant and make sense and ties back to the book and what we learned in the class
Ø Everything needs to be presented in PowerPoint- Minimum of 5 slides (up to you on how you break up the information)
1) Reliable Waterworks Corporation provides plumbing services. Transactions of Reliable Waterworks during the first year of operations are given below.
a) Received $11,000 cash and issued common stock to Sharon.
b) Paid $2,000 for equipment to be used for plumbing repairs.
c) Borrowed $10,000 from a local bank and deposited the money in the checking account.
d) Paid $300 in rent for the year.
e) Paid $200 for plumbing supplies to be used on various jobs next year.
f) Completed a plumbing repair for a law firm and received $3,000.
Calculate the amount of total assets at the end of the first year. Assume the plumbing supplies of $3,000 are left at the end of the year.
A) $2,200
B) $2,000
C) $21,000
D) $23,700
2) Merchant Corporation provides plumbing services. Transactions of Merchant during the first year of operations are given below.
a) Received $12,000 cash and issued common stock to Sharon.
b) Paid $1,600 cash for equipment to be used for plumbing repairs.
c) Borrowed $14,000 from a local bank and deposited the money in the checking account.
d) Paid $600 rent for the year.
e) Purchased $200 of office supplies by cash.
f) Completed a plumbing repair project for a local lawyer and received $3,000 cash.
Calculate the amount of total liabilities at the end of the first year.
A) $14,000
B) $12,000
C) $24,400
D) $3,000
3) Sharon Foods, Inc. reported the following transactions for September 2017.
a) The business received $22,000 cash and issued common stock. It was credited to Common Stock.
b) The business purchased office equipment for $9,000 for which $2,500 cash was paid and the balance was put on a note payable.
c) Paid insurance expense of $1,500 cash.
d) Paid the September utility bill for $900 cash.
e) Paid $1,500 cash for September rent.
f) The business had sales of $11,000 in September. Of these sales, 60% were cash sales, and the balance was credit sales.
g) The business paid $8,000 cash for office furniture.
What are the total liabilities at the end of September, 2017?
A) $11,000
B) $1,500
C) $6,500
D) $9,000
The following transactions for the month of March have been journalized and posted to the proper accounts.
Mar. 1 The business received $7,000 cash and issued common stock to stockholders.
Mar. 2 Paid the first month's rent of $500.
Mar. 3 Purchased equipment by paying $2,000 cash and executing a note payable for $6,000.
Mar. 4 Purchased office supplies for $700 cash.
Mar. 5 Billed a client for $12,000 of design services completed.
Mar. 6 Received $9,000 on account for the services previously recorded.
What is the balance in Accounts Receivable?
A) $9,000
B) $3,000
C) $6,000
D) $12,000
Need each problem worked out on 4 separate powerpoint show how you got the answer on the powerponit a total of 9 slides.