Hello,

Can you please help with this assignment. Please follow criteria. You can either do it in Microsoft Word or Excel.

Refer to all attachments from the book.

Thanks,

Learning Plan 2

Assignments

LP2 Assignment: Basic Accounting Concepts

Directions: Complete the following exercises found in chapter 2 of the textbook. E2-17, E2-18, E2-19andP2-1, P2-3, P2-4

Submit this assignment to your instructor via the dropbox ?LP2 Assignment: Basic Accounting Concepts.? This assignment is worth 45 points.

Rating Scale

Work meets or exceeds criterion at a high level of competence.

Work reflects an understanding of criterion with minor misunderstandings/misconceptions.

Work reflects an attempt to meet criterion, but significant misunderstandings/misconceptions are apparent.

Criterion not met or work is absent.

Criteria

The income statement was properly prepared for Exercise E2-17.

The retained earnings statement was properly prepared for Exercise E2-18.

The balance sheet was properly prepared for Exercise E2-19.

Correctly indicated the effect and balance of each transaction and briefly explained why the stockholders? investments and revenues increased stockholders? equity for Problem P2-1.

The income statement and retained earnings statement were properly prepared for Problem P2-1.

The balance sheet was properly prepared for Problem P2-1.

The statement of cash flows was properly prepared for Problem P2-1.

The income statement was properly prepared for Problem P2-3.

The retained earnings statement was properly prepared for Problem P2-3.

The balance sheet was properly prepared for Problem P2-3.

The statement of cash flows was properly prepared for Problem P2-3.

The income statement was properly prepared for Problem P2-4.

The retained earnings statement was properly prepared for Problem P2-4.

The balance sheet was properly prepared for Problem P2-4.

The statement of cash flows was properly prepared for Problem P2-4.

LP2 Make-up Problem Question: LeBron James incorporated has occurred the following transactions, and needs assistance preparing its financial statements for the 2017 year. Please use the below information to construct an Income statement, Balance sheet, and Retained Earnings Statement. Each statement will be worth 7.5 points for a total of 22.5 points, and can be applied to your LP2 grade. The points can be used to replace the problems where you all performed poorly. Please submit in the LP2 dropbox no later than December 27th, 2016. 1. 2. 3. 4. 5. 6. 7. 8. 9. 10. 11. 12. 13. 14. 15. 16. Accounts Receivable - $300,000 Accounts Payable - $250,000 Cost of Goods Sold - $1,300,000 Interest Expense $50,000 Land - $500,000 Miscellaneous Expense - $150,000 Notes Payable - $225,000 Mortgage Expense - $140,000 Retained Earnings - $0 Fees Earned $3,815,000 Utilities Expense $30,000 Cash - $200,000 Capital Stock - $300,000 Dividends - 100,000 Salary Expense - $920,000 Athletic Gear Inventory - $900,000