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Loabas Cpa

In: Business and Management

Submitted By wnnie12
Words 544
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Week Two Faculty Roadmap

Reporting Working Capital Changes

• Calculate amounts to be reported for current assets.
• Calculate amounts to be reported for current liabilities.
• Prepare a statement of cash flows.

Weekly Overview

This week, students calculate asset and liability amounts, and research indirect and direct methods of determining net cash flow to prepare balance sheets. This information provides practical information and practice necessary for the enhancement of each student’s preparation as a CPA.

Assignment Notes

Learning Team Assignment: Los Lobos Ledger Preparation

Purpose of Assignment

Students work collaboratively to develop team skills and application-based knowledge of working capital concepts, which are designed for the practical use of cash flow statements and balance sheets in the accounting field.

Resource Required

Ch. 7, 13, & 23 of Intermediate Accounting

Grading Guide

Los Lobos, Inc
Classified Balance Sheet as of 12/31/2007

Current Assets
Cash $ 35,000
Accounts receivable (Net of Allowance) 31,700
Inventory 31,000
Total Current Assets $ 97,700 Long-Term Assets
Property, Plant, & Equipment (Net of Accumulated Depreciation) $ 83,500
Total Long-Term Assets 83,500
Total Assets $ 181,200

Current Liabilities
Accounts Payable $ 25,000
Income Taxes Payable 21,000
Current Portion of Long Term Debt 12,000
Total Current Liabilities $ 58,000 Long-Term Liabilities
Deferred Income Taxes 5,300
Bonds Payable net of Discount 28,500
Total Long-Term Liabilities 33,800
Total Liabilities $ 91,800 Equity
Common Stock $ 50,000
Additional Paid-in Capital 9,100...

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