Accounting for Working Capital Final Assessment: Outline and Rubric Purpose of this Assessment The Final Assessment for this competency is a paper that covers accounting for accounts receivable, inventory, current assets, and current liabilities. The paper will consider, evaluate, and apply these concepts for a small/start-up business of the student’s choosing
Requirements: Please see attached
Accounting for Working Capital Final Assessment: Outline and Rubric Purpose of this Assessment The Final Assessment for this competency is a paper that covers accounting for accounts receivable, inventory, current assets, and current liabilities. The paper will consider, evaluate, and apply these concepts for a small/start-up business of the student’s choosing. This paper will be used later for the Implementing and Monitoring Business Plan capstone competency. Items Required for Submission A 2-4 page paper, APA format, Times New Roman 12-point font, double-spaced Step ONE: Preparation In order to prepare for this assignment, it is important to carefully read this document in its entirety before starting the Final Assessment. Ensure to review each required item and submit the paper to align with the rubric. When reviewing each problem, the following questions should be considered: 1.What possible tasks are required? 2.What will you need to complete the paper? 3.What information will you need? 4.What resources from this competency might you reference to complete this Final Assessment successfully? 5.Think about possible plans of action for the steps you will take – what strategies will you use to address each problem? Step TWO: Calculations This paper will consist of three parts as follows: Final Assessment: Outline and Rubric1
Accounting for Working Capital Final Assessment: Outline and Rubric Part 1: Current Liabilities and Prepaid Accounts In the company that you created in the Fundamentals of Accounting competency, think of the Chart of Accounts that you will need to develop and use for financial statements. Name at least three current liabilities and three prepaid account that might be part of your Chart of Accounts. Define and describe each one and how they might be used in your developing company. Part 2: Accounts Receivable In the next part of the Final Assessment, define the account titled, ‘Allowance for Doubtful Accounts’, include why and how it is used. In terms of the company that you will be developing, what percentage will you use initially to estimate bad debts expense? For this exercise and section only, assume the Accounts Receivable balance is $110,000 at the end of the first year and there is an existing $915 balance in the Allowance for Doubtful Accounts at the end of the first year. Using the percentage that you estimated, what would be the estimated bad debts expense at the end of the first year and what would the journal entry be? Show calculations as necessary. Part 3: Inventory Valuation Finally, in the company, determine which inventory method would be most appropriate. List the three inventory methods used in the competency and compare and contract their applicability to your product. If your company is a service company, create a product that you might sell (just to use in this portion of this Final Assessment). Using the following information, calculate Cost of Goods Sold and Ending Inventory using these numbers using the three inventory methods. In other words, for each inventory method, calculate Cost of Goods Sold and Ending Inventory using the following information: ●On March 20, the company purchased 10 units at $842 per unit. ●On April 1, the company purchased 10 units at $910 per unit. ●On April 3, the company purchased 25 units at $1,060 per unit. ●On April 17, the company purchased 30 units at $1,150 per unit. ●On April 28, the company purchased 30 units at $1,190 per unit. ●On March 25, the company sold 10 units at $954 each. ●On April 14, the company sold 30 units at $1,300 per unit. ●On April 31, the company sold 53 units at $1,500 per unit. Step THREE: Complete Checklist for Submission Before you submit your work, check to see if you have met the criteria noted below. Did you: ✓Ensure paper is 2-4 pages in length ✓Ensure font is Times New Roman 12 point font ✓Ensure paper is double-spaced ✓Ensure paper is in proper APA format ✓Ensure at least two outside sources are included Final Assessment: Outline and Rubric2
Accounting for Working Capital Final Assessment: Outline and Rubric ✓Ensure paper includes a References page ✓Define at least three current liabilities and at least three prepaid accounts ✓Define Allowance for Doubtful Accounts, how and why it is used ✓Complete all the necessary calculations identified in the rubric ✓Ensure paper does not have any grammar or spelling errors Step FOUR: Submit Your Work ●Your completed files should be submitted through the Final Assessment page of your competency. ●Please note, for files smaller than 10MB (e.g., most Word documents), use the corresponding “+UPLOAD STUDENT FILE” button to upload your Final Assessment documents. For larger files of any type (e.g., voice over PowerPoint files, video presentations), please use the optional TEXT EDITOR to provide a URL where your tutorial faculty can download your file. ●How you create a download URL is up to you, but various free online providers, including Google Drive and Dropbox, offer this service. Please make sure that the URL you provide can be accessed by anyone with the link. For further instructions on how to create public links for uploaded files, consult the support pages for your chosen provider. Final Assessment: Outline and Rubric3
Accounting for Working Capital Final Assessment: Outline and Rubric Scoring Rubric for Final Assessment Final Assessment: Outline and Rubric4 Criterion EMERGING DEVELOPING PROFICIENT EXEMPLARY Current Liabilities and Prepaid Accounts This section vaguely defined at least three current liabilities, at least three prepaid accounts, and how each would be used in the company. At least three current liability accounts were correctly included. This section partially defined at least three current liabilities, at least three prepaid accounts, and how each would be used in the company. At least three current liability accounts were correctly included. This section clearly defined at least three current liabilities, at least three prepaid accounts, and how each would be used in the company. At least three current liability accounts were correctly included. This section clearly and comprehensively defined at least three current liabilities, at least three prepaid accounts, and how each would be used in the company. At least three current liability accounts were correctly included. Accounts Receivable This section vaguely defined Allowance for Doubtful Accounts, how and why it is used. In the given example, Allowance for Doubtful Accounts was calculated. Journal entry was complete. This section included more than 5 errors. This section partially defined Allowance for Doubtful Accounts, how and why it is used. In the given example, Allowance for Doubtful Accounts was calculated. Journal entry was complete. This section included 3-4 errors. This section clearly defined Allowance for Doubtful Accounts, how and why it is used. In the given example, Allowance for Doubtful Accounts was calculated correctly. Journal entry was complete. This section included 1-2 errors. This section clearly and succinctly defined Allowance for Doubtful Accounts, how and why it is used. In the given example, Allowance for Doubtful Accounts was calculated correctly. Journal entry was complete and accurate. LIFO The calculations for Cost of Goods Sold and Ending Inventory using LIFO were appropriately shown and calculated. This section included six or more errors. The calculations for Cost of Goods Sold and Ending Inventory using LIFO were appropriately shown and calculated. This section included 4-5 errors. The calculations for Cost of Goods Sold and Ending Inventory using LIFO were appropriately shown and calculated. This section included 2-3 errors. The calculations for Cost of Goods Sold and Ending Inventory using LIFO were accurately shown and calculated. This section included 0-1 error. FIFO The calculations for Cost of Goods The calculations for Cost of Goods The calculations for Cost of Goods The calculations for Cost of Goods Sold
Accounting for Working Capital Final Assessment: Outline and Rubric Final Assessment: Outline and Rubric5 Sold and Ending Inventory using FIFO were appropriately shown and calculated. This section included 4-5 errors. Sold and Ending Inventory using FIFO were appropriately shown and calculated. This section included 4-5 errors. Sold and Ending Inventory using FIFO were appropriately shown and calculated. This section included 2-3 errors. and Ending Inventory using FIFO were accurately shown and calculated. This section included 0-1 error. Weighted Average The calculations for Cost of Goods Sold and Ending Inventory using Weighted Average were appropriately shown and calculated. This section included 4-5 errors. The calculations for Cost of Goods Sold and Ending Inventory using Weighted Average were appropriately shown and calculated. This section included 4-5 errors. The calculations for Cost of Goods Sold and Ending Inventory using Weighted Average were appropriately shown and calculated. This section included 2-3 errors. The calculations for Cost of Goods Sold and Ending Inventory using Weighted Average were accurately shown and calculated. This section included 0-1 error. APA Writing Skills Does not use APA effectively or demonstrates academic writing in a clear, concise, or correct manner. The paper is not 2-4 pages in length, although it may be double-spaced, using Times New Roman, 12 point font. There are more than 7 grammar, punctuation, or APA errors. Uses APA and demonstrates academic writing displaying some clarity, conciseness, and correctness. The paper is 2-4 pages in length, APA format, Times New Roman, 12-point font, double-spaced. There are 5-6 grammar, punctuation, or APA errors. Uses APA and demonstrates academic writing with a presentation of all material, displaying clarity, conciseness, and correctness. The paper is 2-4 pages in length, APA format, Times New Roman, 12-point font, double-spaced. There are 3-4 grammar, punctuation, or APA errors. Uses APA and demonstrates academic writing with sophisticated presentation of all material, displaying clarity, conciseness, and correctness. The paper is 2-4 pages in length, APA format, Times New Roman, 12-point font, double-spaced. There are 0-2 grammar, punctuation, or APA errors.
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