Executive Solution Overview
COMPLETE THE WORKSHEET THAT IS UPLOADED BELOW – ## cf_assessment_1_template.xlsx **## cf_assessment_1_template.xlsx** ## Part 1 – Accounting Environment | | | | — | — | | BUS-FPX2061 Assessment 1 Template | | PART 1: Accounting Environment | | Respond to the following six questions using g…
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COMPLETE THE WORKSHEET THAT IS UPLOADED BELOW
– ## cf_assessment_1_template.xlsx
**## cf_assessment_1_template.xlsx**
## Part 1 – Accounting Environment
| | |
| — | — |
| BUS-FPX2061 Assessment 1 Template |
| PART 1: Accounting Environment |
| Respond to the following six questions using grammatically correct language. |
| 1. Describe the similarities and differences between the two categories (Financial & Managerial Accounting) and provide examples of the users of each type of data that are the result of the work in each category. | [Answer here] |
| 2. Describe the four major types of internal management decisions that utilize management accounting information. | [Answer here] |
| 3. Identify each of the six organizations that are influential in the establishment of Generally Accepted Accounting Principles (GAAP) and discuss their role. | [Answer here] |
| 4. Identify and describe the three basic forms of business organization. Include the advantages and disadvantages of all three. | [Answer here] |
| 5. Identify the primary objectives of every business. <br>What are the four basic financial statements that measure the primary objectives of every business? <br>Describe what information each statement presents and which of the primary objectives can be met through the information presented on the statement. | [Answer here] |
| 6. Describe the difference between an asset, liability, and equity on a company's balance sheet. | [Answer here] |
## Part 2 – Income Statement
| | | | | |
| — | — | — | — | — |
| PART 2: Income Statement |
| Complete the income statement for the following transactions for June 20XX disclosed. Fill in the yellow cells as appropriate. |
| Ticket revenue | | | | $205,000 |
| Equipment rent expense | | | | $75,000 |
| Film rent expense | | | | $78,400 |
| Concession revenue | | | | $54,600 |
| Advertising expense | | | | $43,600 |
| Salaries expense | | | | $85,000 |
| Utilities expense | | | | $39,100 |
| Cash dividends declared and paid | | | | $37,000 |
| Balance sheet amounts at June 30 include the following: |
| Cash | | | | $165,000 |
| Land | | | | $173,000 |
| Accounts payable | | | | $112,600 |
| Capital stock | | | | $139,000 |
| Retained earnings as of 20XX June 1 | | | | $109,900 |
| Income Statement |
| Prepare the Income Statement |
| Revenues: |
| | |
| | |
| Total Revenue | |
| Expenses: |
| | |
| | |
| | |
| | |
| | |
| Total Expenses | |
| Net Income | |
| | |
| Retained Earnings | |
## Part 3 – Retained Earnings
| | |
| — | — |
| PART 3: Statement of Retained Earnings |
| Complete the statement of retained earnings using information from Part 2. Fill in the yellow cells as appropriate. |
| Retained Earnings – June 1 | |
| Add: Net income | |
| Total | |
| Less: Dividends | |
| Reatined Earnings – End | |
## Part 4 – Balance Sheet
| | | |
| — | — | — |
| PART 4: Balance Sheet |
| Complete the balance sheet using information from Part 2. Fill in the yellow cells as appropriate. |
| Assets |
| | |
| | | |
| Total Assets | |
| Liabilities and Equities |
| | |
| Stockholder's Equity |
| | |
| | |
| Total Liab. & Eq. | |
**## cf_assessment_1_template.xlsx**
## Part 1 – Accounting Environment
| | |
| — | — |
| BUS-FPX2061 Assessment 1 Template |
| PART 1: Accounting Environment |
| Respond to the following six questions using grammatically correct language. |
| 1. Describe the similarities and differences between the two categories (Financial & Managerial Accounting) and provide examples of the users of each type of data that are the result of the work in each category. | [Answer here] |
| 2. Describe the four major types of internal management decisions that utilize management accounting information. | [Answer here] |
| 3. Identify each of the six organizations that are influential in the establishment of Generally Accepted Accounting Principles (GAAP) and discuss their role. | [Answer here] |
| 4. Identify and describe the three basic forms of business organization. Include the advantages and disadvantages of all three. | [Answer here] |
| 5. Identify the primary objectives of every business. <br>What are the four basic financial statements that measure the primary objectives of every business? <br>Describe what information each statement presents and which of the primary objectives can be met through the information presented on the statement. | [Answer here] |
| 6. Describe the difference between an asset, liability, and equity on a company's balance sheet. | [Answer here] |
## Part 2 – Income Statement
| | | | | |
| — | — | — | — | — |
| PART 2: Income Statement |
| Complete the income statement for the following transactions for June 20XX disclosed. Fill in the yellow cells as appropriate. |
| Ticket revenue | | | | $205,000 |
| Equipment rent expense | | | | $75,000 |
| Film rent expense | | | | $78,400 |
| Concession revenue | | | | $54,600 |
| Advertising expense | | | | $43,600 |
| Salaries expense | | | | $85,000 |
| Utilities expense | | | | $39,100 |
| Cash dividends declared and paid | | | | $37,000 |
| Balance sheet amounts at June 30 include the following: |
| Cash | | | | $165,000 |
| Land | | | | $173,000 |
| Accounts payable | | | | $112,600 |
| Capital stock | | | | $139,000 |
| Retained earnings as of 20XX June 1 | | | | $109,900 |
| Income Statement |
| Prepare the Income Statement |
| Revenues: |
| | |
| | |
| Total Revenue | |
| Expenses: |
| | |
| | |
| | |
| | |
| | |
| Total Expenses | |
| Net Income | |
| | |
| Retained Earnings | |
## Part 3 – Retained Earnings
| | |
| — | — |
| PART 3: Statement of Retained Earnings |
| Complete the statement of retained earnings using information from Part 2. Fill in the yellow cells as appropriate. |
| Retained Earnings – June 1 | |
| Add: Net income | |
| Total | |
| Less: Dividends | |
| Reatined Earnings – End | |
## Part 4 – Balance Sheet
| | | |
| — | — | — |
| PART 4: Balance Sheet |
| Complete the balance sheet using information from Part 2. Fill in the yellow cells as appropriate. |
| Assets |
| | |
| | | |
| Total Assets | |
| Liabilities and Equities |
| | |
| Stockholder's Equity |
| | |
| | |
| Total Liab. & Eq. | |
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