Income Statement: Prepare the income statement using the adjusted trial balance
Order Instructions
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 business that recently opened. This is the first month in operation for the business and your first task is to record business transactions for their first month using the source documents and transaction data the owner will provide to you. Because this is a small business that does not use computerized accounting, you will apply the accounting cycle in Excel to record transactions and generate financial reporting results for the owner.
Directions
Report Financial Results: Use the account balances from the Trial Balance generated through the recording process in Milestone One to prepare the income statement, statement of owner’s equity, and balance sheet for the company. Then close temporary account balances using closing entries in the final step. Be sure 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 during Milestone One.)
Specifically, you must address the following rubric criteria:
Income Statement: Prepare the income statement using the adjusted trial balance
Statement of Owner’s Equity: Prepare the statement of owner’s equity using the adjusted trial balance.
Balance Sheet Assets: Prepare the balance sheet asset entries using the adjusted trial balance.
Balance Sheet Liabilities: Prepare the balance sheet liabilities entries 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 Owner’s Equity,” “Balance Sheet,” and “Closing Entries” tabs in your company accounting workbook. This should be completed and submitted using Microsoft Excel. Please refer to the video walkthrough linked below if you need more assistance with your submission.
Supporting Materials
The following resources support your work on the project:
Video: Milestone Two Walkthrough (13:28)
This video walkthrough is available if you need additional assistance completing this milestone. The video uses a sample data set for illustrative purposes.
A video transcript is available: Transcript for ACC 201 Milestone Two Walkthrough
MILESTONE TWO WALKTHROUGH VIDEO: https://www.youtube.com/watch?v=4NGA6ZpsMRE
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