The purpose of this group project is to learn what is required in setting up the accounting records for a new business and to develop skills that will allow you to work with others in future college courses and in your chosen profession. Each group will have the responsibility of creating a fictitious manufacturing company. No late projects will be accepted.

The project must be typed and well organized. The accounting portion can be done utilizing MS Excel or an integrated accounting software program. It must have the following:

A cover page including: 1) Name of company; 2) Board of Directors (group members); 3) Instructor and 4) Date.

An introduction comprised of a description of the business including: 1) Type of product manufactured; 2) Product costing method (job order or process cost); 3) Organizational layout (department descriptions, personnel, etc.); 4) Fiscal Year-End (why did you choose this date); 5) Location of business; 6) Capital investment requirements (Assets needed to start the business and associated costs); 7) Financing of Assets (where did the money come from to purchase your assets) and 8) Anything else you deem relevant to the project.

A general journal including entries for at least the first two (2) months of operations. A minimum of 40 business transactions are required (but you should have more). This is where your knowledge, creativity and thoroughness will be evaluated. (No formal journal entries in Excel or Accounting software. Rather, describe what the transaction is and the accounts to be debited and credited, with no dollar amounts. For example, we started the company and formed as a Corporation using cash for Lotto winnings. DR Cash CR Capital Stock, Common. Purchased equipment. DR Property, Plant and Equipment CR Cash CR Notes Payable. Purchased materials. DR Materials Inventory CR Accounts Payable. Paid salaries. DR WIP Inv DR Manufacturing OH CR Cash CR Various Taxes Payable.)

An unadjusted trial balance.

Any necessary adjusting entries and an adjusted trial balance.

A Statement of Cost of Goods Manufactured, Income Statement, Retained Earnings Statement, Balance Sheet and Cash Flow Statement for the year end.

Closing entries and a post-closing trial balance.

Inventory analysis of your company (Raw Materials, Work-in-Process and Finished Goods), including individual jobs or processes.

Conclusion. Summarize financial information of your company. Include in this discussion the companys future goals.

hi,

i know this is a project but can you help with that its due today. thanks!