1. Deadline for submission: Dec 21, 2020, Monday, 23:59 2. Do NOT prepare a "Copy-Paste" assignment. 3. Do NOT prepare the same numbers, same examples, or same thoughts for more than one student in assignments. 4. The SA should be prepared with high quality by considering English grammar and good shape in structuring paper. 5. There should be a cover page that will include: The name, department, and number of the student. The subject of the assignment The abstract (summary) of your accomplishment (by saying that what you did, what you reach, what you learn, etc.) 6. If necessary, I will inform further considerations. 7. The SA's subject: There is a newly established MERCHANDISING COMPANY as of Jan 01, 2015 You can assume that it uses FIFO Inventory Flow Method, periodically. You should prepare your SA by considering below items to be recorded to the Journal: 1. On the l' of January, some capital from shareholders (l'economic event) is transferred to the company, 2. On the 1 of January, some loan from the creditors (banks) with 12% annual interest rate is deposited to the company's bank account (2 economic event). 3. During January, you will consider 18 more economic events to be registered to the Journal as directed below: a. 3 inventory purchasing in 3 different date with 3 different purchasing prices, b. 60% of purchased inventory is sold with 2 different date and 2 different prices, c. 3 freight-in cost for the 3 purchasing (because they are purchased with the terms of FOB-Shipping bought), d. 2 prepaid expenses, e. 1 accrued expense, f. I purchasing a vehicle in the beginning of January, g. I purchasing equipment in the beginning of January. h. 1 Freight-in cost for purchasing of equipment, i. 1 Installation cost for the equipment, j. 1 Maintenance cost for the equipment, k. 2 adjustment entries with the bank, 1. 1 month depreciation registration for the Vehicle, m. 1 month depreciation registration for the equipment, n. 1 interest registration for the loan borrowed from the bank. 4. Post the above events to the Ledger 5. At the end of January, a. Calculate cost of goods sold b. Prepare Trial Balance c. Register Adjusting Entries d. Prepare Adjusted Trial Balance 6. Prepare Income Statement 7. Prepare Retained Earnings Statement 8. Prepare Balance Sheet 9. Prepare 4 Ratio Analysis by utilizing your Balance Sheet and Income Statement, 1. Deadline for submission: Dec 21, 2020, Monday, 23:59 2. Do NOT prepare a "Copy-Paste" assignment. 3. Do NOT prepare the same numbers, same examples, or same thoughts for more than one student in assignments. 4. The SA should be prepared with high quality by considering English grammar and good shape in structuring paper. 5. There should be a cover page that will include: The name, department, and number of the student. The subject of the assignment The abstract (summary) of your accomplishment (by saying that what you did, what you reach, what you learn, etc.) 6. If necessary, I will inform further considerations. 7. The SA's subject: There is a newly established MERCHANDISING COMPANY as of Jan 01, 2015 You can assume that it uses FIFO Inventory Flow Method, periodically. You should prepare your SA by considering below items to be recorded to the Journal: 1. On the l' of January, some capital from shareholders (l'economic event) is transferred to the company, 2. On the 1 of January, some loan from the creditors (banks) with 12% annual interest rate is deposited to the company's bank account (2 economic event). 3. During January, you will consider 18 more economic events to be registered to the Journal as directed below: a. 3 inventory purchasing in 3 different date with 3 different purchasing prices, b. 60% of purchased inventory is sold with 2 different date and 2 different prices, c. 3 freight-in cost for the 3 purchasing (because they are purchased with the terms of FOB-Shipping bought), d. 2 prepaid expenses, e. 1 accrued expense, f. I purchasing a vehicle in the beginning of January, g. I purchasing equipment in the beginning of January. h. 1 Freight-in cost for purchasing of equipment, i. 1 Installation cost for the equipment, j. 1 Maintenance cost for the equipment, k. 2 adjustment entries with the bank, 1. 1 month depreciation registration for the Vehicle, m. 1 month depreciation registration for the equipment, n. 1 interest registration for the loan borrowed from the bank. 4. Post the above events to the Ledger 5. At the end of January, a. Calculate cost of goods sold b. Prepare Trial Balance c. Register Adjusting Entries d. Prepare Adjusted Trial Balance 6. Prepare Income Statement 7. Prepare Retained Earnings Statement 8. Prepare Balance Sheet 9. Prepare 4 Ratio Analysis by utilizing your Balance Sheet and Income Statement
