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Southem New Hampshi're University ACC 308 Final Project Scenario Overview: Vou just began a position as a nancial accountant at Peyton Approved. In this role, your rst task is to prepare the company's financials for the year-end audit. Additionally. the company is interested in expanding its business within the next year. They would like your support in assessing their ability to meet their goals. Refer to the data below and use the Final Project Workbook that includes the income statement, balance sheet, retained earnings statement. and cash ow statement to complete the nal project and associated milestones. Peyton Approved Financial Data: Preliminary nancial statements have already been prepared (2017 statements in the Final Project Workbook). Final adjusting entries have not yet been made. See table for possible adjustments that indicate what will be recorded at 12/31/17 (scal year end). Use the following to complete year-to-year documentation and notes for managing depreciation, inventory, and long-term debt: 1. A supplier shipped $3,000 of ingredients on 12/29/17. Peyton receives an invoice for $3.175goods of $3,000 and freight of $175all dated 12/29/17. Goods were shipped FOB supplier's warehouse. At 12/31/17, Peyton has $200 worth of merchandise on consignment at Bruno's House of Bacon. On 12/23/17, Peyton received $1,000 deposit from Pet Globe for product to be shipped by Peyton in the second week ofJanuary. On 12/03/2017, a mixer with a cost of $2,000, accumulated depreciation $1,200, was destroyed by a forklift. As of 12/23/17, insurance company has agreed to pay $700 in January. 2018, for accidental destruction. The company uses the following common ratios: current Ratio Current Assets/Current Liabilities Quick Ratio Liquid Assets (cash, accounts receivable, marketable securities)/Current Liabilities Aocount Receivable Turnover Total Revenue/Average Accounts Receivable Inventory Turnover Total Cost of Goods Sold/Average Inventory Gross Margin Gross Profit/Total Revenue Return on Sales Net Income/Total Sales Return on Equity Net Income/Total Equity Return of Assets Net Income/Total Assets The company is planning to open another location in 2018. Using the preliminary statements as a base, prepare pro forma (budgeted) nanclals for 2013 for the new location using the following information: Cost of leasing commercial space: $1,500 per month. Cost of new equipment: $15,000, purchased with a long-term note. Use straight line depreciation assuming a seven-year life, no residual value. Use full year's depreciation for the first year. Equipment purchase was nanced with a long-term note. Cost of hiring and training new employees: three at $25,000 each for the first year. Cash: $7,000. Accounts receivable amount to 40 turns (accounts receivable turnover will be 4.0); inventory amount to show 30 turns (inventory turnover will be 3.0). No stock will be issued. Retained earnings are to equal net income. Additional nancing of $5,000 will be long term. Add remaining amount needed to balance into accounts payable. Except as noted in 1, 2, 3, and 5, assets, current liabilities, sales, costs, and expenses are expected to be 80% of the existing store (from preliminary statements) except no stock. Retained Earnings = Net Income For notes to the nancial statements and management analysis memo only, consider the following: Southern New Hampshi're University Peyton Approved uses the followiru accounting practices: 0 Inventory: Periodic, LIFO for bath baking and merchandise 0 Equipment: Straight line method used for equipment Business financing information: Use this information to calculate interest rates and insurance information and to assess their impact on the company's nancial obligations: o The 5-year loan was made on June 1, 2016' Terms are 75% annual rate, interest only until due date 0 Insurance: Annual policy covers 12 months, purchased in February, covering March 2017 to February 2018' No monthly adjustments have been made' Southern New Hampshire University ACC 308 Milestone One Guidelines and Rubric Overview: For Milestone One, which is due in Module Three, you will create adjusting entries for various situations, prepare annual financial reports, calculate ratios, and develop a brief report for management explaining accounting ratios and the effects of interest rates on the future value of money. You will build on this milestone in subsequent modules leading up to the final project. Prompt: First, review the Final Project Scenario document and the accompanying Final Project Workbook. Follow the instructions below and complete the workbook with the information provided in the scenario. Using your review of the scenario, develop a management analysis brief that addresses the critical elements indicated below. Use information from your accounting workbook to support your claims in the management analysis brief. Note: Milestone One is a draft of some critical elements of the final project. Note that the management analysis brief corresponds to the management analysis memo in the final project. Specifically, the following critical elements must be addressed: I. Accounting Workbook: Your accounting workbook must include appropriate calculations, ratios, and notes: A. Create adjusting entries for financial statement preparation. B. Create an adjusted trial balance for financial statement preparation. C. Prepare financial statements for determining the company's financial position. D. Calculate ratios for determining the company's financial health. Refer to the Final Project Scenario for the ratio formulas. I1. Management Analysis Brief: Your management analysis brief should explain financial information to management. Provide evidence from your accounting workbook to support your ideas when applicable. A. Assess the company's financial health based on ratio analyses presented in the accounting workbook. B. Compare ratio analysis to trends in financial ratios over time for illustrating their impact, providing examples to support your claims. C. Summarize the effects of different compounding periods and interest rates on future value of money. D. Explain how alignment to relevant regulations and ethical reporting influenced your accounting practices and notes, providing examples to support your claims. Rubric Guidelines for Submission: You will submit two files for this milestone. Your accounting workbook must be submitted as a Microsoft Excel document. Your management analysis brief should be a 1- to 2-page Microsoft Word document with double spacing, 12-point Times New Roman font, and one-inch margins. Critical Elements Proficient (100%) Needs Improvement (75%) Not Evident (0%) Value Accounting Workbook: Creates adjusting entries for financial Creates adjusting entries, but entries Does not create adjusting entries 12 Adjusting Entries statements preparation are inaccurateSouthern New Hampshire University Critical Elements Proficient (100%) Needs Improvement (75%) Not Evident (0%) Value Accounting Workbook: Creates an adjusted trial balance for Creates an adjusted trial balance, but Does not create an adjusted trial 12 Adjusted Trial Balance financial statement preparation balances are inaccurate balance Accounting Workbook: Prepares financial statements for Prepares financial statements, but Does not prepare financial statements 12 Financial Statements determining the company's financial calculations are inaccurate position Accounting Workbook: Calculates ratios for determining the Calculates ratios but calculations are Does not calculate ratios 12 Ratios company's financial health inaccurate Management Analysis Brief: Assesses the company's financial health Assesses the company's financial health, Does not assess the company's financial 12 Company's Financial Health based on ratio analyses presented in the but assessment is cursory or contains health accounting workbook inaccuracies Management Analysis Brief: Compares ratio analysis to trends in Compares ratio analysis to trends over Does not compare ratio analysis to 12 Ratio Analysis and Ratios inancial ratios over time for illustrating time for illustrating their impact, but trends in financial ratios over time Over Time their impact, providing examples to examples are cursory, or response support claims contains inaccuracies Management Analysis Brief: Summarizes the effects of different Summarizes the effects of different Does not summarize the effects of 12 Compounding Periods and compounding periods and interest rates compounding periods and interest rates different compounding periods and Interest Rates on future value of money on future value of money, but summary interest rates on future value of money is cursory or contains inaccuracies Management Analysis Brief: Explains how alignment to relevant Explains how alignment to relevant Does not explain how alignment to 12 Regulations and Ethical regulations and ethical reporting regulations and ethical reporting relevant regulations and ethical Reporting influenced accounting practices and influenced accounting practices and reporting influenced accounting notes, and provides examples to notes, but explanation or examples are practices and notes support claims cursory or illogical Articulation of Response Submission has no major errors related Submission has major errors related to Submission has critical errors related to 4 to citations, grammar, spelling, syntax, citations, grammar, spelling, syntax, or citations, grammar, spelling, syntax, or or organization organization that negatively impact organization that prevent understanding readability and articulation of main of ideas ideas Total 100%AutoSave 3 ACC 308 Final Project Workbook Home Insert Draw Page Layout Formulas Data Review View Q Tell me '3 Share a Comments X, c\" ~ v == '0 ab Ems-rt" ZVA 7% v allbrl (Body) v 11 v A A _ w v (9 Wrap Text v I Number vi 0 V v V v g v [a v E @ F x Delete v t V Z? _' Paste A 2 : : : : 0 <.0 .00 conditional format cell ._. sort find analyze sensitivity b i q v a h merge center formatting as table styles o filter select data l8 : f c d e g j k l m n p r s t preliminary peyton approved balance sheet afdecember assets liabilities andmn u current assets: lia ii cash accounts payable receivable wages baking supplies interest merchandise inventory prepaid rent insurance misc. total cunentassets long term liabilities: notes equipment accumulated depreciation net fixed liabilit s: common stock retained earnings equity trial revised income statement ready _ autosave off acc final project workbook home insert draw page layout formulas review view tell me share comments calibri aa="ap" wrap text general ex ay- o. x delete paste biuv c20 fx milestone one instructions of december readyautosave av :2 v1 z w in m1 date prellmlnary ll for year ended bakery sales revenues cost goods sold baked gross profit operating expenses: expense business license advertising telephone arial ab custom bi mvav e6 ap dv m22 beginning balance: plus less dividends: ending readyq k21 ems-rt zva aiibri c9 vi m5 flow toryear increase inveninry from investments purchases financing repayment note dividends paid oz uv b2 un ui biu dvav s4 unadjusted adjusting entries adjusted cr ref dr other iprepaid customer deposit inotes imisc. iinsurance igain on disposal destination and press enter or choose>