Prepare a revised income statement - include comprehensive income Prepare a revised retained earnings statement Prepare a revised balance sheet EARNINGS PER SHARE Determine the impact on earnings per share caused by each expansion plan option INSTRUCTIONS FOR FINAL (Due Week 7) Make sure to completely review the Rubric for Final Project In preparation of the annual audit, prepare appropriate adjusting entries and post to the trial balance wo adjusted trial balance and the preliminary 2017 statements (yellow tabs) to prepare revised financial stateme Calculate the impact on earnings per share that the expansion options will cause. (Orange tabs) NOTES TO THE FINANCIAL STATEMENTS - Prepare in a Word document - see the rubric for final project A. Compose appropriate footnotes within a statement of comprehensive income in accordance wstandards, such as GAAP, International Financial Reporting Standards, and SEC, as applicable. MANAGEMENT BRIEF - Prepare in a Word document - see the rubric for final projectI.Evaluate the company’s current performance based on the outcomes of relevant ratio analysis. J.Discuss types of accounting changes encountered and when retrospective and prospective approach
FINANCIAL INFORMATION FOR THIS MILESTONEStockholder Equity / Earnings per shareOther ItemsK.Predict theimpact of new credit policiesor a change in product or markets based on relevant ratio aL.Discuss relevant accounting standardsfor informing the company’s financial reporting strategies. M.Explain how thefour-step processwas used for effectively correcting and reporting errors in the revPeyton Approved prides itself on transparency with shareholders and investors. The company has added twlaunched a new marketing campaign, which is estimated to bring in 20,000 new customers over the next 6 mThe company expects this expansion will require an additional $1,000,000 of capital and generate an additiprofit. The options are: 1)Issuing an additional $1,000,000 of 10%, 100-par convertible preferred stock (same class as is curren2)Issue an additional $1,000,000 of 8% convertible bonds (same terms as the existing issue) 3)$500,000 each of preferred stock and bonds ·On December 31, 20XX, the company repaired a packaging machine at cost of $27,000.00. It iextend the life of the machine by four years. No depreciation is necessary this year. ·The company spent $50,000 to obtain and defend a patent for its formula for dog treats. The and provides 20 years of protection. The $50,000 amount was incorrectly charged to Misc. Expen
tone 1 or milestone 2 orkbook (red tab). Use the ents that are audit ready. with applicable accounting hes should be used. HOME
analysis. vision process. wo storefront locations and months. tional $600,000 of after-tax ntly outstanding) is expected that the repair will patent took effect on 1/1/20XX nse
Assets Liabilities and Owners' Equity Current Assets: Current Liabilities: Cash 1,488,999.34 Accounts Payable 1,555,212.85 Marketable Securities 5,500,000.00 Wages Payable 250,203.31 Accounts Receivable 7,092,495.88 Interest Payable 21,888.22 Baking Supplies 1,605,098.52 Current Portion of Bonds Payable 1,000,000.00 Merchandise Inventory 128,152.63
You've reached the end of your free preview.
Want to read all 36 pages?