Financial Statements Preparation

Listen ACC 201 Milestone Two Guidelines and Rubric Overview In Milestone One, you completed the first part of your course project to demonstrate your ability to accurately record financial data. In Milestone Two, you will use your trial balance results from Milestone One to create financial statements. These financial statements will be part of the Summary Report that you will present to your employer in Module Seven. Scenario You were recently hired as an entry-level bookkeeper for a service corporation that just opened this month. Your first task is to record business transactions for its first month using the source documents and transaction data the company will provide to you. This corporation hasnt set up its computerized accounting system yet, so you will apply the accounting cycle to record transactions and generate financial reporting results for the organization in Microsoft Excel. Directions Financial Statements: Use the account balances from the Trial Balance generated through the recording process in Milestone One to prepare the income statement, statement of stockholders equity, and balance sheet for the company. Then close temporary account balances using closing entries in the final step. Be certain to revisit any feedback received from Milestone One and make necessary corrections to ensure that statements are completed with accurate balance information. You may refer to the blank Company Accounting Workbook Template if necessary, but keep in mind that your work for this milestone should be added to the work that was completed in your workbook for the previous milestone. You should also implement any feedback that was given to you during Milestone One. Specifically, you must address the following rubric criteria: Income Statement: Prepare the income statement using the adjusted trial balance. Statement of Stockholders Equity: Prepare the statement of stockholders equity using the adjusted trial balance. Balance Sheet Assets: Prepare the balance sheet assets using the adjusted trial balance. Balance Sheet Liabilities: Prepare the balance sheet liabilities using the adjusted trial balance. Closing Entries: Complete the Closing Entries tab of the Company Accounting Workbook by closing all temporary income statement amounts to create closing entries. What to Submit Build on your work from Milestone One to complete the Income Statement, Statement of Stockholder’s Equity, Balance Sheet, and Closing Entries tabs in your Company Accounting Workbook Template. This should be completed and submitted using Microsoft Excel. Refer to the video walkthrough linked below for additional assistance with your submission Use the Excel spreadsheet done prior to help with new assignment