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Graded Project

In: Business and Management

Submitted By littlebit2loud
Words 2969
Pages 12
PROJECT GOAL
The goal of this graded project is to create the following financial statements for J & L Accounting, Inc.:
■ Balance sheet
■ Income statement
■ Statement of retained earnings
■ Post-closing trial balance
The financial statements must be created in one Microsoft
Word document (.doc or .docx file). Alternatively, an Excel workbook may be used (.xls or .xlsx file). The Word or Excel file will be uploaded for grading.
INSTRUCTIONS
Read the following instructions thoroughly before beginning your work. This will help you to become familiar with what is involved in the project. Some students start on the project right away, thinking they’ll save time. Those students tend to get stuck and spend more time working through the project than is necessary. The material you need to know in order to complete the project has been covered in the textbook and the assigned exercises and problems. If you understand the chapters and completed the assigned homework problems, you should have no problem with the project.
The project is to be done by hand with a pencil and paper.
Use the blank forms provided. At the end of the project, you’ll be given instructions for creating and uploading the financial statements in a Word or Excel file for grading.
G r a d e d P r o j ec t G r a d e d P r o j ec t
28 Financial Accounting
Note: The formatting of financial statements is important.
They follow Generally Accepted Accounting Principles (GAAP), which creates a uniformity of financial statements for analyzing.
This allows for an easier comparison, as all businesses follow GAAP. Therefore, the financial statements should be created exactly the same way shown or referenced in the textbook.
Failure to do so will result in a loss of points.
The project references “debits equaling credits.” This is a fundamental principle of accounting that mustn’t be

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