Balance Sheet and Single-Step Income Statement

This week, you will be submitting your financial statements for your Signature Project. This is Phase 1 of your Signature Project. You can find a full set of instructions in the Signature Project Overview page in the Introduction and Resources Module.

Balance Sheet and Single-Step Income Statement

Objective

There are two phases to this group project.

Phase 1 is to test the group’s skills in using the given financial data to prepare a comprehensive balance sheet and multistep income statement in good form. The given financial data will be comprised of all the various subgroupings that are reported in a multistep income statement and balance sheet (operating revenues and expenses, other revenues and expenses and irregular items, current assets, investment, fixed assets, intangibles, current liabilities, long-term liabilities, and the equity sections).

Phase 1 Guidelines

Read the given financial data of Bob’s Bacon House Inc. (see sections below Milestones)

Determine which accounts belong to the balance sheet and which accounts belong to the income statement.

Determine to which subgroup of balance sheet or income statement each account belongs.

Compute the correct account balances that should be reported in balance sheet and correct amounts of revenues and expenses that should be reported in income statement.

Arrange the accounts in proper order and functionality.

Prepare a comprehensive balance sheet in good form.

Prepare a multistep income statement in good form.

Submit Phase 1 of the Course Project in Week 6 at which time you will receive another groups financials.