Scenario You are a certified public accountant (CPA) who is working with a small bakery to prepare their financial statements f

 

Scenario

You are a certified public accountant (CPA) who is working with a small bakery to prepare their financial statements for three months of the current fiscal year. Because the company is a startup and so small, the accounting is done manually in Microsoft Excel. You have been given the accounts and information you need to prepare their financial statements, but you will need to use the accounting cycle to report accurate information to the finance department.

Prompt

Record Financial Data: Use accepted accounting principles to accurately capture business transactions for October, November, and December in the Company Accounting Workbook Template Spreadsheet using the data provided in the Accounting Data Appendix Word Document.

Specifically, you must address the following rubric criteria:

  • Accuracy: Prepare entries that are accurate in that they fully reflect the appropriate information.
  • Completeness: Prepare entries that are complete for each month, including transferring posted entries to T accounts.
  • Inventory Valuation: Prepare entries for the month of December to reflect the new line of products offered by the company, which includes using the entries from the “Inventory Valuation” tab to complete your journal for the month of December.

Guidelines for Submission

Using the provided template, submit your company accounting workbook with the following portions completed: October, November, and December journal entries; the “T Accounts” tab; and the “Inventory Valuation” tab. This should be completed and submitted using Microsoft Excel. Please note that there are drop-down menus embedded in the “Accounts” columns as well as formulas throughout the spreadsheet to help you complete the workbook without accidentally introducing errors.

1/23/22, 10:51 AM Milestone One Guidelines and Rubric – ACC-201-R3909 Financial Accounting 22EW3

https://learn.snhu.edu/d2l/le/content/957682/viewContent/16293697/View 1/2

Overview

In previous modules, you examined the ini�al stages of the accoun�ng cycle and prac�ced journalizing financial transac�ons. In Milestone One, you will complete the first part of your

course project to demonstrate your ability to accurately record financial data, which will con�nue to be used to complete other parts of the project.

Scenario

You are a cer�fied public accountant (CPA) who is working with a small bakery to prepare their financial statements for three months of the current fiscal year. Because the company is

a startup and so small, the accoun�ng is done manually in Microso� Excel. You have been given the accounts and informa�on you need to prepare their financial statements, but you

will need to use the accoun�ng cycle to report accurate informa�on to the finance department.

Prompt

Record Financial Data: Use accepted accoun�ng principles to accurately capture business transac�ons for October, November, and December in the Company Accoun�ng Workbook

Template Spreadsheet using the data provided in the Accoun�ng Data Appendix Word Document.

Specifically, you must address the following rubric criteria:

Accuracy: Prepare entries that are accurate in that they fully reflect the appropriate informa�on.

Completeness: Prepare entries that are complete for each month, including transferring posted entries to T accounts.

Inventory Valua�on: Prepare entries for the month of December to reflect the new line of products offered by the company, which includes using the entries from the

“Inventory Valua�on” tab to complete your journal for the month of December.

Guidelines for Submission

Using the provided template, submit your company accoun�ng workbook with the following por�ons completed: October, November, and December journal entries; the “T Accounts”

tab; and the “Inventory Valua�on” tab. This should be completed and submi�ed using Microso� Excel. Please note that there are drop-down menus embedded in the “Accounts”

columns as well as formulas throughout the spreadsheet to help you complete the workbook without accidentally introducing errors.

Milestone One Rubric

Criteria Exemplary (100%) Proficient (85%) Needs Improvement (55%) Not Evident (0%) Value

Accuracy Prepares accurate entries with

no errors

Prepares accurate entries with

minimal errors

Prepares entries that have

significant inaccuracies

Does not a�empt criterion 35

Completeness Prepares entries that are

complete for each month,

including transferring posted

entries to T accounts, with no

errors

Prepares entries that are

complete for each month,

including transferring posted

entries to T accounts, with

minimal errors

Prepares entries that are

complete for each month,

including transferring posted

entries to T accounts, with

significant errors

Does not a�empt criterion 35



1/23/22, 10:51 AM Milestone One Guidelines and Rubric – ACC-201-R3909 Financial Accounting 22EW3

https://learn.snhu.edu/d2l/le/content/957682/viewContent/16293697/View 2/2

Criteria Exemplary (100%) Proficient (85%) Needs Improvement (55%) Not Evident (0%) Value

Inventory Valua�on Prepares entries for the month

of December that reflect the

new line of products offered

by the company with no

errors

Prepares entries for the month

of December that reflect the

new line of products offered

by the company with minimal

errors

Prepares entries for the month

of December that reflect the

new line of products offered

by the company with

significant errors

Does not a�empt criterion 30

Total: 100%

,

ECO 201 Project Template

[Throughout this template, replace the content in bracketed text with your own responses, and deleted any bracketed instructions (including these).]

[The Introduction section of your report is provided and should remain standard in all submissions.]

[The placeholders for your data visualizations (e.g., charts, graphs, and tables) should be replaced with the appropriate indicated images in each case. To create an isolated image from the simulation data, it is recommended that you use a snipping tool to copy and paste your data visualizations into this template. See How to Use the Snipping Tool (Beginner’s Guide) for more information if you use a PC. A captioned version of this video is available: How to Use the Snipping Tool (Beginner’s Guide) (CC). Or, see Is There a Snipping Tool for Mac?.]

Memo

To: My Business Partner

From: [Insert your name]

Date: [Insert date]

Re: Microeconomics Simulations

Introduction

This memorandum report identifies and explains key microeconomic principles using a set of simulation games. The outcome of these games illustrate how microeconomic principles can be applied within real-life situations to help us make better business decisions. This report is a summary of the simulations I played and their results, which include the key takeaways and their significance, for your review and reference. It is divided into the following sections:

1. Comparative Advantage

2. Competitive Markets and Externalities

3. Production, Entry, and Exit

4. Market Structures (including the Price Discrimination and Cournot simulations)

5. Conclusions

6. References

Comparative Advantage

[Replace this area with the Production Decisions graph.]

Figure 1.1

[Replace this area with the Production and Trade graph.]

Figure 1.2

[Insert your responses to the following questions: How does this simulation demonstrate how individuals evaluate opportunity costs to make business decisions? Use the Production Decisions graph from the simulation as a reference to explain what role the production-possibility frontier (PPF) has in the decision-making process.]

[Explain how comparative advantage impacts a firm’s decision to engage in trade. Would a business’s decision to trade cause a change to its PPF? Provide specific reasoning to support your claims.]

Competitive Markets and Externalities

[Replace this area with the Supply and Demand chart.]

Figure 2.1

[Replace this area with the Outcomes by Market table.]

Figure 2.2

[Insert your responses to the following questions: What impact do policy interventions have on the supply and demand equilibrium for a product? Provide specific examples from the simulation to illustrate.]

[What are the determinants of price elasticity of demand? Identify at least three examples. Based on the outcome of the simulation, explain how price elasticity can impact pricing decisions and total revenue of the firm.]

[Based on the results of the simulation, can policy market interventions cause consumer or producer surplus? Explain why using specific reasoning.]

Production, Entry, and Exit

[Replace this area with the Aggregate Outcomes chart.]

Figure 3.1

[Insert your responses to the following questions: Analyze a business owner’s decision making regarding whether to enter a market. For example, what factors determined the driver’s entry and exit into the market in the simulation? Use economic models to support your analysis.]

[How does a business owner applying the concept of marginal costs decide how much to produce? For example, how did the driver determine how many hours to drive each day? Use economic models to explain.]

[How does the impact of fixed costs change production decisions in the short run and in the long run? Use the average-total-cost (ATC) model included in the module reading chapters to demonstrate this impact.]

Market Structures

[Complete the table by selecting the appropriate response from the drop-down select menu within each cell, except for the final column in which you will enter your text-based response.]

Market Structure

Number of Firms

Type of Product Sold

Price Taker?

Price Formula

Freedom of Entry?

Short-run Profit?

Long-run Profit?

Industry Examples

Perfect Competition

Choose an item.

Choose an item.

Choose an item.

Choose an item.

Choose an item.

Choose an item.

Choose an item.

[Insert two to three example industries that meet the criteria of the market structure.]

Monopolistic Competition

Choose an item.

Choose an item.

Choose an item.

Choose an item.

Choose an item.

Choose an item.

Choose an item.

[Insert two to three example industries that meet the criteria of the market structure.]

Monopolies

Choose an item.

Choose an item.

Choose an item.

Choose an item.

Choose an item.

Choose an item.

Choose an item.

[Insert two to three example industries that meet the criteria of the market structure.]

Oligopolies

Choose an item.

Choose an item.

Choose an item.

Choose an item.

Choose an item.

Choose an item.

Choose an item.

[Insert two to three example industries that meet the criteria of the market structure.]

Table 4.1

[Insert your responses to the following questions: Explain what market inefficiencies derive from monopolies and monopolistic competition. Use examples from the textbook to support your claims.]

[How do firms in an oligopolistic market set their prices? Use specific examples from the simulations or from the textbook to support your claims.]

[Explain how firms that compete in the four different market structures determine profitability. Use specific examples from the simulations or the textbook to support your claims.]

Conclusions

[Insert your overall conclusions about the relevance and significance of microeconomics. How will microeconomics principles impact your business decisions moving forward? Provide recommendations to your business partner for your future business venture.]

References

Mankiw, N. G. (2021). Principles of microeconomics (#9 edition). Cengage.

[Add other citations, as needed, in APA format].

,

12/20/21, 10:16 AM Milestone One Guidelines and Rubric – ACC-201-R3909 Financial Accounting 22EW3

https://learn.snhu.edu/d2l/le/content/957682/viewContent/16293697/View 1/2

Overview

In previous modules, you examined the ini�al stages of the accoun�ng cycle and prac�ced journalizing financial transac�ons. In Milestone One, you will complete the first part of your

course project to demonstrate your ability to accurately record financial data, which will con�nue to be used to complete other parts of the project.

Scenario

You are a cer�fied public accountant (CPA) who is working with a small bakery to prepare their financial statements for three months of the current fiscal year. Because the company is

a startup and so small, the accoun�ng is done manually in Microso� Excel. You have been given the accounts and informa�on you need to prepare their financial statements, but you

will need to use the accoun�ng cycle to report accurate informa�on to the finance department.

Prompt

Record Financial Data: Use accepted accoun�ng principles to accurately capture business transac�ons for October, November, and December in the Company Accoun�ng Workbook

Template Spreadsheet using the data provided in the Accoun�ng Data Appendix Word Document.

Specifically, you must address the following rubric criteria:

Accuracy: Prepare entries that are accurate in that they fully reflect the appropriate informa�on.

Completeness: Prepare entries that are complete for each month, including transferring posted entries to T accounts.

Inventory Valua�on: Prepare entries for the month of December to reflect the new line of products offered by the company, which includes using the entries from the

“Inventory Valua�on” tab to complete your journal for the month of December.

Guidelines for Submission

Using the provided template, submit your company accoun�ng workbook with the following por�ons completed: October, November, and December journal entries; the “T Accounts”

tab; and the “Inventory Valua�on” tab. This should be completed and submi�ed using Microso� Excel. Please note that there are drop-down menus embedded in the “Accounts”

columns as well as formulas throughout the spreadsheet to help you complete the workbook without accidentally introducing errors.

Milestone One Rubric

Criteria Exemplary (100%) Proficient (85%) Needs Improvement (55%) Not Evident (0%) Value

Accuracy Prepares accurate entries with

no errors

Prepares accurate entries with

minimal errors

Prepares entries that have

significant inaccuracies

Does not a�empt criterion 35

Completeness Prepares entries that are

complete for each month,

including transferring posted

entries to T accounts, with no

errors

Prepares entries that are

complete for each month,

including transferring posted

entries to T accounts, with

minimal errors

Prepares entries that are

complete for each month,

including transferring posted

entries to T accounts, with

significant errors

Does not a�empt criterion 35



12/20/21, 10:16 AM Milestone One Guidelines and Rubric – ACC-201-R3909 Financial Accounting 22EW3

https://learn.snhu.edu/d2l/le/content/957682/viewContent/16293697/View 2/2

Criteria Exemplary (100%) Proficient (85%) Needs Improvement (55%) Not Evident (0%) Value

Inventory Valua�on Prepares entries for the month

of December that reflect the

new line of products offered

by the company with no

errors

Prepares entries for the month

of December that reflect the

new line of products offered

by the company with minimal

errors

Prepares entries for the month

of December that reflect the

new line of products offered

by the company with

significant errors

Does not a�empt criterion 30

Total: 100%

,

Chart of Accounts

This chart of accounts should help you identify the appropriate accounts to record to as you are analyzing and journaling transactions for this workbook. There is nothing to complete on this page; this is simply a resource for you.
Asset Accounts Liability Accounts Equity Accounts
Acct # Acct # Acct #
Cash 101 Notes Payable 201 Common Stock 301
Baking Supplies 102 Accounts Payable 202 Dividends 302
Prepaid Rent 103 Wages Payable 203 Cost of Goods Sold 303
Prepaid Insurance 104 Interest Payable 204
Baking Equipment 105
Office Supplies 106
Accounts Receivable 107
Accumulated Depreciation 108
Merchandise Inventory 109 Revenue Accounts
Acct #
Bakery Sales 401
Merchandise Sales 402
Expense Accounts
Acct #
Baking Supplies Expense 501
Rent Expense 502
Insurance Expense 503
Misc. Expense 504
Business License Expense 505
Advertising Expense 506
Wages Expense 507
Telephone Expense 508
Interest Expense 509
Depreciation Expense 510
Office Supplies Expense 511
Cash
Baking Supplies
Prepaid Rent
Prepaid Insurance
Baking Equipment
Office Supplies
Accounts Receivable
Accumulated Depreciation
Merchandise Inventory
Notes Payable
Accounts Payable
Wages Payable
Interest Payable
Common Stock
Dividends
Bakery Sales
Merchandise Sales
Baking Supplies Expense
Rent Expense
Insurance Expense
Misc. Expense
Business License Expense
Advertising Expense
Wages Expense
Telephone Expense
Interest Expense
Depreciation Expense
Office Supplies Expense
Cost of Goods Sold

October Journal Entries

A Company
General Journal Entries
October, 20xx
Date Accounts Debit Credit
1-Oct $
$
1-Oct
3-Oct
7-Oct
10-Oct
11-Oct
13-Oct
13-Oct
14-Oct
30-Oct
31-Oct
31-Oct
31-Oct
Total – 0 – 0 <== Do the debits equal the credits? (they should)

November Journal Entries

A Company
General Journal Entries
November, 20xx
Date Accounts Debit Credit
Total – 0 – 0 <== Do the debits equal the credits? (they should)

December Journal Entries

A Company
General Journal Entries
December, 20xx
Date Accounts Debit Credit
Be sure to review the Inventory Valuation tab (Columns M-P) for all Inventory related journal entries as they are given to you!
Total – 0 – 0 <== Do the debits equal the credits? (they should)

Inventory Valuation

FIFO
Purchases Sales Ending Inventory Purchases
Date No. of Items Unit Price Total Price No. of Items Unit Price Total Price No. of Items Unit Price Total Price Date Microsoft: Below are the journal entries for each inventory related transaction! All you need to do is copy and paste it into the correct dates on the December Journal tab! Dr Cr 12/7: 10 boxes purchased at $6
7-Dec 10 $ 6.00 $ 60.00 10 $ 6.00 $ 60.00 7-Dec Merchandise Inventory (10 x $6) 60.00 12/20: 20 boxes purchased at $6.10
Cash 60.00 12/30: 25 boxes purchased at $6.05
15-Dec 8 $ 6.00 $ 48.00 2 $ 6.00 $ 12.00 Purchased inventory Sales – selling price, $8.50 a box
12/15: 8 boxes
20-Dec 20 $ 6.10 $ 122.00 2 $ 6.00 $ 12.00 15-Dec Cash (8 x $8.50) 68.00 12/24: 18 boxes
20 $ 6.10 $ 122.00 Merchandise Sales Revenue 68.00
22 $ 134.00 Record sale of inventory
24-Dec 2 $ 6.00 $ 12.00 15-Dec Cost of Goods Sold (8 X $6) 48.00
16 $ 6.10 $ 97.60 4 $ 6.10 $ 24.40 Merchandise Inventory 48.00
18 $ 109.60 Recorded the cost of goods sold
30-Dec 25 $ 6.05 $ 151.25 4 $ 6.10 $ 24.40 20-Dec Merchandise Inventory (20 x $6.10 ) 122.00
25 $ 6.05 $ 151.25 Cash 122.00
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