Note the emphasis on points is on the financial statements in P1-3A.  P3-5A is what technology systems complete today.  However you should understand the accounting cycle steps to understand how the outflow in financial statements has a sophisticated process in place for transactions to enter.

P1-3A

Instructions

(a) Prepare an income statement and a retained earnings statement for the month of

June and a balance sheet at June 30, 2014.

(b) Briefly discuss whether the company’s first month of operations was a success.

(c) Discuss the company’s decision to distribute a dividend.

(D) Document page(s) from text which demonstrates the format you used on all financial reports.(I will document the pages from the text for this part)

(E) Include a short paragraph in each problem, as a manager of an organization, a summary of how this information is of value to you.

Accuracy and comprehension should be demonstrated.

Part A                35/35 pts.

Part B                15/15 pts.

Part C                15/15 pts.

Part D                   5/5 pts.

Part E                   5/5 pts.

Total                  75/75 pts.

P3-5A

Instructions

  • Journalize the transactions, including explanations.
  • Post to the ledger T accounts.
  • Prepare a trial balance on April 30, 2014.

(D) Document page(s) from text which demonstrates the format you used on all financial reports. .(I will document the pages from the text for this part)

(E) Include a short paragraph in each problem, as a manager of an organization, a summary of how this information is of value to you.

Accuracy and comprehension should be demonstrated.

Part A               10/10 pts.

Part B                5/5 pts.

Part C                5/5 pts.

Part D                   2/2 pts.

Part E                   3/3 pts.

Total                  25/25 pts.

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