Income Statement - Trial Balance - Balance Sheet - Accounting Assessment Answer

Internal Code: D_AI_DDHE_AJA

Accounting Assessment Answer

TASK: Part 1 – The Accounting Cycle Your first task will be to perform the Accounting Cycle process for the month of September 2018 based on the August 2018 Post-Closing Trial Balance, September list of accounting transactions and any other relevant information included in the company background. To finish this task successfully you will need to complete the following items

•  General Journal
•  General Ledger
•  Trial Balance
•  Income Statement
•  Statement of Retained Earnings
•  Balance Sheet
•  Closing Process General Journal
•  Closing Process General Ledger
•  Post-Closing Trial Balance

Part 2 –Report In addition to applying the Accounting Cycle, you are required to write a 1000-word report for the Sally and Nick, summarising the business’ performance - based on its profitability, retained earnings and financial position. Specifically, your report should address the following items: a) Introduction: What is your report about? What information will be included? b) Business’ profitability during September: Describe the revenue and expenses incurred during September and indicated whether the business was profitable or not. Highlight ways, if any, the business could improve its profitability in the future. c) Business’ Retained Earnings: Based on the accounts included in the Statement of Changes in Equity indicate what retained earnings are and how they compare to the previous period. Explain what this means for the business and make suggestions as to how the business can increase future retained earnings. d) Business’ Financial Position: Describe the purpose of the Balance Sheet. Determine which accounts have changed significantly in value and why. For each account included, explain what the change suggests about the business. Make suggestions as to how it can improve its financial position in the future. e) Following period Recommendation: Based on the current period’s profitability, retained earnings and financial position and any other relevant information detail your expectations for the next period’s performance. This includes whether Sally and Nick should: - Buy the new kitchen equipment - Pay Nick’s outstanding salary - Pay the dividends to the John and Paige Nichols f) Conclusion: Provide a summary of the report, including a brief statement on how the business performed overall and whether it is required to make a lot of changes to be successful in the future. g) Journal: The report should include a one-page journal signed by each group member outlining the work each team member completed, also noting any issues or problems.

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