Preparing an Income Statement, Retained Earnings Statement, and Balance Sheet Grading Guide
ACC/290 Version 7 Principles of Accounting I
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Individual Assignment: Preparing an Income Statement, Retained Earnings Statement, and Balance Sheet
Purpose of Assignment
The purpose of this assignment is to help students become familiar with the presentation of the income statement and the retained earnings statement, including how parts of the financial statement is evaluated to determine the operational success of the business. Resources Required
Financial Accounting: Tools for Business Decision Making.
Grading Guide
Partially Not Content Met Comments: Met Met Prepared an income statement, retained earnings statement, and balance sheet and analyzed findings using the questions below:
Briefly whether the company’s first month of operations was a success. Discuss the company’s decision to distribute a dividend.
Based income statement and analysis on the following scenario:
On June 1, 2017, Elite Service Co. was started with an initial investment in the company of $22,100 cash. Below are the assets, liabilities, and common stock of the company June 30, 2017, and the revenues and expenses for the month of June, its first month of operations:
In June, the company issues no additional stock but paid dividends of $1,400. The analysis is 1,050 words in length.
Total Total Available Earned Preparing an Income Statement, Retained Earnings Statement, and 4 Balance Sheet Grading Guide ACC/290 Version 7
Partially Not Content Met Comments: Met Met
6 #/6
Partially Not Writing Guidelines Met Comments: Met Met The paper—including tables and graphs, headings, title page, and reference page—is consistent with APA formatting guidelines and meets course-level requirements. Intellectual property is recognized with in-text citations and a reference page. Paragraph and sentence transitions are present, logical, and maintain the flow throughout the paper. Sentences are complete, clear, and concise.
Rules of grammar and usage are followed including spelling and punctuation. Total Total Available Earned 3 #/3
Assignment Total # 9 #/9 Additional comments: