the professor comment for my project was:
You will need to revise your report based on the figures that you obtain from your PA1 excel sheet.
Step 1: Select a dividend amount and enter it in the 1st excel sheet meant for PA1.
Step 2: Start your Transactions sheet – fill it up according to the transactions given to you.
Follow these steps after that:
Record the effect of each of the listed transactions on the assets, liabilities and stockholders’ equity of this company, based on the partial charts on the TRANSACTIONS worksheet.
B. Complete the Accounting Information System Process
1. Record the transactions in chronological order on a TRANSACTION WORKSHEET. The numbers should show a plus sign if it increases the account and a minus sign if it decreases the account. When all of the transactions are recorded, find the end-of-the-month balance in each account and verify that "Assets = Liabilities + Stockholders’ Equity."
2. Record these same transactions in General Journal format.
3. Post these transactions to a General Ledger using the T account format. Find the ending balance for each account.
4. Create a Trial Balance using the ending balance of the accounts in the General Ledger on the Trial Balance Worksheet. Note that Retained Earnings has no entries, but should be included on the Trial Balance with an account value of 0.
5. On the Trial Balance Worksheet, distribute the accounts on the Trial Balance to columns for each financial statement. Each account is placed in only one financial statement column. Find the balance for each column.
6. The difference between the total of the Debits and Credits in the Income Statement columns is the value of Net Income. Record Net Income in the appropriate Income Statement column to make DEBITS = CREDITS, and in the Statement of Retained Earnings column so that positive income is a CREDIT and negative income (loss) is a DEBIT.
7. Add the Statement of Retained Earnings columns including Net Income from (E) to calculate the ending balance of Retained Earnings. Put this number in the column on the Statement of Retained Earnings to make DEBITS = CREDITS and in the Balance Sheet columns so that positive Retained Earnings is a CREDIT and negative Retained Earnings (Deficit) is a DEBIT.
8. Create an Income Statement, Statement of Retained Earnings, and Balance Sheet from the Trial Balance Worksheet. Be sure to include appropriate headings and formatting using the model financial statements in Chapter 1.
9. Return to the General Journal worksheet and write the closing journal entries. You may post these entries to the General Ledger but you are not required to do so.
10. Create a Post-closing Trial Balance.
This company has a goal of increasing its net income each month. Write a paragraph (at least 150 words) that provides recommendations to the company president to meet this goal next month. Tie your recommendations to the specific financial statement effects of the changes you recommend. Your response should be no more than one page, double-spaced, 1-inch margins, New Times Roman 12-point font with your name in the header.
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