Osorio Alcan Report (1) Protected View Seved to this PC Design Layout References Mailings Review View Help Tell me what you want to do -Files from the Internet can contain viruses. Unless you need to edit, it's safer to stay in Protected View Enable Editing Institutional Outcomes Quantitative and Scientific Reasoning Follow established methods of inquiry and mathematical reasoning to form conclusions and make decisions . Directions You are an independent consultant hired to review and analyze the accounting cycle for Midtown. You will present your findings in a report to Midtown's senior management to identify the conclusions reached from the preparation of any missing information and analysis of the company's accounting cycle and financials. The report is to be copied and distributed to the CEO of the company, so a well-written and detailed report is essential. Your report will be crucial to stakeholders' decision on the company's performance this fiscal period. Make sure you use complete sentences. Check your work for proper spelling grammar and punctuation. There is no set format. However, to receive full credit, you must fully answer each requirement below. arch DOLL F4 F5 F6 F7 F8 F9 F10 F11 F42 Osorio, Alexander Report (0) Protected View - Saved to this PC Draw Design Layout References Mailings Review Tell me what you want to do Be care-files from the Internet con contain viruses. Unless you need to edit ale to stay in Protected Ver ACCT110 - Report: Report: Evaluate Complete Accounting Cycle Steps in the accounting cycle Worksheet Statement Owney Crede Deli Credit Nous recev 95.600 50.000 Pro E Acceder Account 16.000 400 170.000 Add Trel Balance Del Crede 95.600 50.000 16000 4000 170.000 57.000 52.000 61000 1500 30.000 180.00 7.500 21.500 5.000 8.000 6.000 57.000 2000 63.000 178500 Clout Cap C.Trout With Repas 20.000 180.000 7.500 Deprecat 2500 85.000 42.000 6.000 5.700 17200 15100 STS 1300 15.100 265. e to search BE DOLL FS Fa FS F6 F7 F8 F10 F11 F42 $ A & % 5 3 4 6 7 8 - D Report (1) - Protected ViewSaved to this Design Layout References Mailings Review View Help Tell me what you want to do --files from the internet con contain viruses. Unless you need to edit afer to stay in Protected View Erable Editing Ong, Alender The worksheet and financials for Midtown Repair Company at December 31, 20% are provided below Use the worksheet and financial statements provided to complete the requirements, Required: 1. Upon your review, you observed that Midtown analyzed transactions in peparation for journals, recorded journal entries posted journal entries to the general ledger, and prepared an unadjusted trial balance. What are the next two required steps in the accounting cycle for Midtown? Provide the name of each step and describe what actions take place during each step You revived the financial statements provided by Midtown and observed that the file of closing entries cannot be located. Using the worksheet provided below. prepare the closing entries for Midtown. b. Be sure to include a description for each entsy. ACCT110 - Report: Report: Evaluate Complete Accounting Cycle 2. Prepare the revenue and expense accounts post closing ledger to close revenues and expenses to Income Summary). Prepare Midtown's Income Summary (For revenues and expenses) ch RE DOLL FA F5 FO F7 FB ES F10 F12 VE F11 Puser $ % A & * 7 5 6 7 00 9 E R T Y o Osoria Aleander Report. (1) . Protected ViewSaved to this 9 Layout References Mailings Review View Help Tell me what you want to do the Internet can contain viruses. Unless you need to edit it's safe to stay in Protected View Enable Editing Prepare Midtown's Income Summary (For revenues and expenses) Income Summary Date Explanation Debit Credit Balance 2017 Jan. 1 Beginning balance Dec. 31 Dec 31 Dec. 31 0.00 Capital ledger accounts C. Trout Capital A 101 Date Del Credi Balance 2011 Beginning balance Close Income Summary Close Trout We 15.100 500 193.600 162.600 Dec. 31 31 The capital ledger accounts and post-closing entries are provided above 3. Where will the final capital balance of 163,600 be reported? What does the final capital balance of 5163,600 reflect Explain 1. A partial balance sheet was provided by Midtown for your review (see balance sheet below) What components are missing from the balance sheet? Why are they required? Explain b. Complete the balance sheet for Midtown. Add the required information to the table provided below c. On the balance sheet which 2 accounts must equal the same amount? Why? Bi DOLL More F42 F10 F9 F8 F7 F6 F11 Priser F4 FS Osorio, Alesande Sa Report (1) Protected ViewSaved to this Draw Design Layout References Mailing Review View Help Tell me what you want to do Huiles from the Internet can contain viruses. Unless you need to edit, it's safer to stay in Protected View Enablediting a. What does the tal capital balance of 5163,600 reflect Explain 4. A partial balance sheet was provided by Midtown for your review (see balance sheet below) . What components are missing from the balance sheet? Why are they required? Explain b. Complete the balance sheet for Midtown. Add the required information to the table provided below c. On the balance sheet, which accounts must equal the same amount? Why? Explain. 5. You observed that a Post-Closing Trial Balance was not prepared. Why is this stop in the accounting cycle important? Explain & Prepare the Post-Closing Trial balance for Midtown. Use the template provided below (Check figure for debit/credit totals - 335,600) b. Why doesn't the totals on the balance sheet equal the totals on the post- closing trial balance? ACCT110 - Report: Report: Evaluate Complete Accounting Cycle Complete Motown's Balance Sheet MIDTOWN A COMPANY i search Osorio, Alexander Report - (1) - Protected ViewSaved to this PC Design Layout References Mailings Review View Help Tell me what you want to do from the Internet can contain viruses. Unless you need to edit, it's safe to stay in Protected View Enable Editing Complete Motown's Balance Sheet MIDTOWN REPAIR COMPANY Balance Sheet December 31, 2017 Currentes Cash Notes recevable Prepaid insurance Prepaidot Totalcuments $ 95.000 50.000 16.000 165.600 $170,000 Equipment Lass: Accumulated depreciation Total plants Total 112.000 $278.600 Complete Motown's Post-Closing Trial Balance MIDTOWN REPAIR COMPANY Post Closing Trial Balance December 31, 2017 Amunt Debat Credit Totals DOLL SO 510 F11 F12 Osorio Alcan Report (1) Protected View Seved to this PC Design Layout References Mailings Review View Help Tell me what you want to do -Files from the Internet can contain viruses. Unless you need to edit, it's safer to stay in Protected View Enable Editing Institutional Outcomes Quantitative and Scientific Reasoning Follow established methods of inquiry and mathematical reasoning to form conclusions and make decisions . Directions You are an independent consultant hired to review and analyze the accounting cycle for Midtown. You will present your findings in a report to Midtown's senior management to identify the conclusions reached from the preparation of any missing information and analysis of the company's accounting cycle and financials. The report is to be copied and distributed to the CEO of the company, so a well-written and detailed report is essential. Your report will be crucial to stakeholders' decision on the company's performance this fiscal period. Make sure you use complete sentences. Check your work for proper spelling grammar and punctuation. There is no set format. However, to receive full credit, you must fully answer each requirement below. arch DOLL F4 F5 F6 F7 F8 F9 F10 F11 F42 Osorio, Alexander Report (0) Protected View - Saved to this PC Draw Design Layout References Mailings Review Tell me what you want to do Be care-files from the Internet con contain viruses. Unless you need to edit ale to stay in Protected Ver ACCT110 - Report: Report: Evaluate Complete Accounting Cycle Steps in the accounting cycle Worksheet Statement Owney Crede Deli Credit Nous recev 95.600 50.000 Pro E Acceder Account 16.000 400 170.000 Add Trel Balance Del Crede 95.600 50.000 16000 4000 170.000 57.000 52.000 61000 1500 30.000 180.00 7.500 21.500 5.000 8.000 6.000 57.000 2000 63.000 178500 Clout Cap C.Trout With Repas 20.000 180.000 7.500 Deprecat 2500 85.000 42.000 6.000 5.700 17200 15100 STS 1300 15.100 265. e to search BE DOLL FS Fa FS F6 F7 F8 F10 F11 F42 $ A & % 5 3 4 6 7 8 - D Report (1) - Protected ViewSaved to this Design Layout References Mailings Review View Help Tell me what you want to do --files from the internet con contain viruses. Unless you need to edit afer to stay in Protected View Erable Editing Ong, Alender The worksheet and financials for Midtown Repair Company at December 31, 20% are provided below Use the worksheet and financial statements provided to complete the requirements, Required: 1. Upon your review, you observed that Midtown analyzed transactions in peparation for journals, recorded journal entries posted journal entries to the general ledger, and prepared an unadjusted trial balance. What are the next two required steps in the accounting cycle for Midtown? Provide the name of each step and describe what actions take place during each step You revived the financial statements provided by Midtown and observed that the file of closing entries cannot be located. Using the worksheet provided below. prepare the closing entries for Midtown. b. Be sure to include a description for each entsy. ACCT110 - Report: Report: Evaluate Complete Accounting Cycle 2. Prepare the revenue and expense accounts post closing ledger to close revenues and expenses to Income Summary). Prepare Midtown's Income Summary (For revenues and expenses) ch RE DOLL FA F5 FO F7 FB ES F10 F12 VE F11 Puser $ % A & * 7 5 6 7 00 9 E R T Y o Osoria Aleander Report. (1) . Protected ViewSaved to this 9 Layout References Mailings Review View Help Tell me what you want to do the Internet can contain viruses. Unless you need to edit it's safe to stay in Protected View Enable Editing Prepare Midtown's Income Summary (For revenues and expenses) Income Summary Date Explanation Debit Credit Balance 2017 Jan. 1 Beginning balance Dec. 31 Dec 31 Dec. 31 0.00 Capital ledger accounts C. Trout Capital A 101 Date Del Credi Balance 2011 Beginning balance Close Income Summary Close Trout We 15.100 500 193.600 162.600 Dec. 31 31 The capital ledger accounts and post-closing entries are provided above 3. Where will the final capital balance of 163,600 be reported? What does the final capital balance of 5163,600 reflect Explain 1. A partial balance sheet was provided by Midtown for your review (see balance sheet below) What components are missing from the balance sheet? Why are they required? Explain b. Complete the balance sheet for Midtown. Add the required information to the table provided below c. On the balance sheet which 2 accounts must equal the same amount? Why? Bi DOLL More F42 F10 F9 F8 F7 F6 F11 Priser F4 FS Osorio, Alesande Sa Report (1) Protected ViewSaved to this Draw Design Layout References Mailing Review View Help Tell me what you want to do Huiles from the Internet can contain viruses. Unless you need to edit, it's safer to stay in Protected View Enablediting a. What does the tal capital balance of 5163,600 reflect Explain 4. A partial balance sheet was provided by Midtown for your review (see balance sheet below) . What components are missing from the balance sheet? Why are they required? Explain b. Complete the balance sheet for Midtown. Add the required information to the table provided below c. On the balance sheet, which accounts must equal the same amount? Why? Explain. 5. You observed that a Post-Closing Trial Balance was not prepared. Why is this stop in the accounting cycle important? Explain & Prepare the Post-Closing Trial balance for Midtown. Use the template provided below (Check figure for debit/credit totals - 335,600) b. Why doesn't the totals on the balance sheet equal the totals on the post- closing trial balance? ACCT110 - Report: Report: Evaluate Complete Accounting Cycle Complete Motown's Balance Sheet MIDTOWN A COMPANY i search Osorio, Alexander Report - (1) - Protected ViewSaved to this PC Design Layout References Mailings Review View Help Tell me what you want to do from the Internet can contain viruses. Unless you need to edit, it's safe to stay in Protected View Enable Editing Complete Motown's Balance Sheet MIDTOWN REPAIR COMPANY Balance Sheet December 31, 2017 Currentes Cash Notes recevable Prepaid insurance Prepaidot Totalcuments $ 95.000 50.000 16.000 165.600 $170,000 Equipment Lass: Accumulated depreciation Total plants Total 112.000 $278.600 Complete Motown's Post-Closing Trial Balance MIDTOWN REPAIR COMPANY Post Closing Trial Balance December 31, 2017 Amunt Debat Credit Totals DOLL SO 510 F11 F12