Project part 2

Identify characteristics of a corporation, record issuance of stock, and illustrate retained

earnings transactions.

2. Prepare and analyze the income statement, balance sheet, and statement of cash flows.

3. Distinguish between managerial accounting and financial accounting and apply ethical

standards to decision making.

AC1320: Project Page 2 1. Identify characteristics of a corporation, record issuance of stock, and illustrate retained earnings transactions. 2. Prepare and analyze the income statement, balance sheet, and statement of cash flows. 3. Distinguish between managerial accounting and financial accounting and apply ethical standards to decision making. 4. Differentiate between job order costing and process costing. 5. Perform Cost-Volume-Profit (CVP) analysis and calculate break-even point; describe a Just-In-Time production system and develop activity-based costs (ABC). 6. Examine relevant factors for making short-term special business decisions. Please refer to the Project Submission Plan for project details. PROJECT SUBMISSION PLAN Project Part Description/Requirements of Project Part 1 Task 1: Statement of Cash Flows Use ITT Tech Virtual Library and research two public companies. Review the statements of cash flows and report on how much cash was generated from operating, investing, and financing activities. Remember to cite the source where you found the required information. Task 2: Calculating Financial Ratios Calculate a set of financial ratios for each of the two public companies you researched. Also, calculate the following set of ratios: Current ratio Inventory turnover Gross profit percentage Days' sales in receivables Debt ratio Task 3: In 50-75 words, explain which corporation you would invest in and why. Submission Requirements: AC1320: Project Project Part Description/Requirements of Project Part Complete Task 2 in an MS Excel worksheet Complete Task 1 and Task 3 in an MS Word document and submit it on . 2 Refer to Project_Part 2.xlsx to view the complete project. Then do the following: Prepare journal entries for the transactions Open T-accounts for the general ledger Post the journal entries to the accounts You will then prepare a trial balance for the end of the month. Using the work-in-process T-account, you will prepare a schedule for cost of goods sold and manufactured for the month. You will then prepare an income statement for the month and post any corrections that may be needed for under/over allocated manufacturing overhead Submission Requirements Complete the required tasks in an MS Excel worksheet