1. Create JES AND AJEs for a given set of transactions (JE = Journal Entry, AJE = Adjusting Journal Entry] 2. Create T-Accounts for all of those entries AND MAKE SURE ASSETS = LIABILITIES + STOCKHOLDER'S EQUITY 3. Create a Trial Balance from those T-Accounts AND MAKE SURE YOUR DEBITS & CREDITS TIE 4. IN THE FOLLOWING ORDER (remember, the statements FLOW into one another...order matters): a. Create a PROPERLY FORMATTED Classified Income Statement USING ADJUSTED BALANCES b. Create a PROPERLY FORMATTED Statement of Stockholder's Equity USING ADJUSTED BALANCES C. Create a PROPERLY FORMATTED Balance Sheet USING POST-CLOSING BALANCES I. HINT: You'll have to ZERO OUT the Income Statement Accounts ONLY on 12/31 1. I wasn't planning to test you on this, but I guess I have to...but it's easy points. 2. So you're doing JES, AJES, and then coming back to do a CE (Closing Entry) a. Just make sure your income statement T-Accounts total o...easy 5. Be able to say whether something was an Investing, Financing, or Operating Cash Flow AND the impact it had on Cash AND the direction of the Impact. You'll have a list of examples and you'll have to state this for all of them, like you did in the homework. For example: you bought farmland in the earlier example. That would be an Investing Cash Flow item and it would result in a DECREASE of Cash (so it's a NEGATIVE $#). a. You can practice on the old homework, the Practice slides in the lectures, or just practice on the above transactions since most of those transactions will be on there. This should be intuitive. 6. Know your ratios! a. Current Asset Ratio (Ch. 1, 2] b. Net Profit Margin (Ch. 2, 3) C. Total Asset Turnover (Ch. 4) d. Earnings Per Share (Ch. 4/5) Return on Assets (Ch. 5] e. 1. Create JES AND AJEs for a given set of transactions (JE = Journal Entry, AJE = Adjusting Journal Entry] 2. Create T-Accounts for all of those entries AND MAKE SURE ASSETS = LIABILITIES + STOCKHOLDER'S EQUITY 3. Create a Trial Balance from those T-Accounts AND MAKE SURE YOUR DEBITS & CREDITS TIE 4. IN THE FOLLOWING ORDER (remember, the statements FLOW into one another...order matters): a. Create a PROPERLY FORMATTED Classified Income Statement USING ADJUSTED BALANCES b. Create a PROPERLY FORMATTED Statement of Stockholder's Equity USING ADJUSTED BALANCES C. Create a PROPERLY FORMATTED Balance Sheet USING POST-CLOSING BALANCES I. HINT: You'll have to ZERO OUT the Income Statement Accounts ONLY on 12/31 1. I wasn't planning to test you on this, but I guess I have to...but it's easy points. 2. So you're doing JES, AJES, and then coming back to do a CE (Closing Entry) a. Just make sure your income statement T-Accounts total o...easy 5. Be able to say whether something was an Investing, Financing, or Operating Cash Flow AND the impact it had on Cash AND the direction of the Impact. You'll have a list of examples and you'll have to state this for all of them, like you did in the homework. For example: you bought farmland in the earlier example. That would be an Investing Cash Flow item and it would result in a DECREASE of Cash (so it's a NEGATIVE $#). a. You can practice on the old homework, the Practice slides in the lectures, or just practice on the above transactions since most of those transactions will be on there. This should be intuitive. 6. Know your ratios! a. Current Asset Ratio (Ch. 1, 2] b. Net Profit Margin (Ch. 2, 3) C. Total Asset Turnover (Ch. 4) d. Earnings Per Share (Ch. 4/5) Return on Assets (Ch. 5] e