Individual Assignment Preparing monetary statements and inspecting the implications for a trade INTRODUCTION The particular person project involves veteran accounting cycle basics (journal entries and adjusting entries) in a surroundings that is more life like than fashioned textbook concerns. Please read the whole instructions carefully, in particular the necessities on page 3. Deliverables: Please post your done excel spreadsheet (“02 Excel Spreadsheet.xlsx”) at eLearn > Assignments by Friday of Week 13 (14 Nov 2025 slow night). Leisurely assignments is perhaps now now not popular. Write My Assignment Hire a Knowledgeable Essay & Assignment Creator for polishing off your Academic Assessments Native Singapore Writers Crew 100% Plagiarism-Free Essay Absolute most realistic Pleasure Rate Free Revision On-Time Transport CLIENT BACKGROUND: JAG & ELK PIPES Your skilled occupation has commenced! Jag and Elk, two plumbers who merged their plumbing trade throughout the initiating of 2023, own retained your services and products to location up their monetary statements. Jag’s residential prospects aquire plumbing services and products on a pay as you lumber contract basis. For a mounted price paid upfront, prospects rating 36 months of plumbing services and products (whole $2,880, $80 per thirty days) no matter the nature and frequency of the carrier, or affords wished. Elk’s commercial prospects aquire plumbing parts on credit rating. Jag and Elk are known for having every share in stock so that “your labor crew obtained’t ever lack a share.” Jag and Elk own agreed now to now not procedure salaries from the trade, and now to now not project any dividends yet, until they own paid off the whole trade’ debts. They are every working share-time with an unrelated trade on the weekends to pay their funds until their trade is winning ample to enhance them. Up to now, you would honest own gathered the following knowledge about Jag and Elk’s trade: All the blueprint via 2023, after merging their companies into Jag and Elk Pipes, Jag and Elk bought a loan to aquire a plumbing truck and plumbing instruments and rented a warehouse in Tuas. They pay one share-time employee at the warehouse to location up stock and customer carrier. On days after they’re on-residing for a residential consumer, they articulate parts to commercial clients either sooner than work, on their lunch hour, or after the residential jobs on a celebrated basis. Neither Jag nor Elk has any monetary background. An accountant helped them put together their monetary statements for the head of 2023, however throughout 2024 they most realistic saved total records. They are in point of fact previous the lower-off date for submitting their monetary statements for the monetary yr ended 31 December 2024 to ACRA and are desperately making an are trying reduction from an accountant. They’ve thus hired you to reduction put together the monetary statements, and to analyze their trade. They’ve arranged for a gathering with you at quit and stamp their monetary records… THE CLIENT MEETING You meet Jag and Elk at your administrative center, and after a pair of pleasant elbow bumps, they hand you a gigantic stack of documents (tabulated at Appendices A to D of “02 Excel Spreadsheet.xlsx”). You flip via the documents, searching to realise them as they birth explaining the knowledge to you: Jag points to Appendix A: “Columns B and C are the balances in our accounts in the initiating attach of 2024. Unfortunately, we don’t know how the transactions throughout 2024 have an effect on the accounts, and on account of this truth we can’t rating the trial steadiness at the head of the yr in Columns H and I.” Elk points to Appendix B: “This logbook records our carrier for residential and commercial clients. We’ve outlined what every column blueprint under “Story.” Generally, this logbook records after we delivered parts to our commercial clients, after they paid us, the associated price of parts sold to commercial clients, and the associated price of parts used for every residential carrier.” Jag points to Appendix C: “This logbook records when residential prospects pay as you lumber us for their 36-month plumbing contracts, since our trade started. The effective date is when the contract begins. We all know now we must calculate unearned revenue for every consumer however didn’t know how to!” Elk points to Appendix D: “We haven’t made many purchases since we started in 2023, however now we own summarized the knowledge that’s connected. We all know we’re presupposed to exercise this recordsdata to calculate prices, however we upright can’t resolve out how to calculate many of the prices.” Jag points to Appendix D, Part 1: “We bought a plumbing truck and a location of plumbing instruments in 2023. We estimated that the truck would final ten years, and the salvage price may presumably well be $1,000, and that the instruments will final six years and own a salvage price of $800. We exercise the double-declining steadiness system for the truck and the straight-line system of depreciation for the instruments.” Elk points to Appendix D, Components 2 to 4: “Our showcase is at 3.5% annual pastime and matures on June 30, 2029. Our earnings tax price is 20%. We own additionally listed our payment records in our checkbook. We own one thing that we haven’t paid for: the final two weeks of payroll prices.” Jag points to Appendix D, Part 5: “I would estimate that 15% of 2024 yr-live accounts receivable is uncollectible. Oh yeah! I upright remembered that throughout 2024, a customer paid for a debt ($750) that we wrote off in 2023. When we wrote it off, we deleted our billing document from our logbooks, so I practically forgot about it!” After Jag and Elk lumber away your administrative center, you sit down for a while, sipping your double-shot expresso as you location up your tips. You rating up your computer and gain a pair of notes relating to the records they provided: Appendix A: memoir balances initially of the yr, with the live of transactions throughout the yr and the trial steadiness at the head of the yr currently empty. Appendix B: logbook recording the dates of transport and services and products conducted, the associated price of parts used for commercial and residential clients, and funds by commercial clients. Appendix C: logbook recording the initiating dates of every of the 36-month residential contracts. Appendix D: additional knowledge about purchases and funds, along with Jag and Elk’s incomplete are trying to calculate prices for the yr. You conclude your eyes and rub your temples, pondering hard about what that it’s essential to attain… REQUIREMENTS Requirement 1: Complete the Appendices Required: Appendix A: maintain within the live of transactions throughout 2024 in columns E & F, and whole the trial steadiness at the head of 2024 (after adjusting however sooner than closing entries) in columns H & I. Appendix C: maintain within the unearned revenue for every residential consumer in column J. Appendix D: maintain in every expense for 2024 within the containers in column D. Tag: You mustn’t alter the tables provided by Jag and Elk, e.g., by together along with your own accounts to the trial steadiness, or by increasing contemporary recordsdata about purchases and funds on prime of what they provided. However prospects are you’ll presumably well presumably exercise assorted cells within the Excel sheets for your own workings. Requirement 2: Put together the Financial Statements Required: Put together the Steadiness Sheet, Profits Statement, and Statement of Money Flows for the yr ended 31 December 2024 by filling within the templates provided at the “Financial Statements” tab. Tag: Please exercise formulas throughout your solutions, and now now not form in numbers manually, so that prospects are you’ll presumably well presumably hint the attach you made errors, and so that I can hint your working (explore “Evaluation”). Requirement 3: Analyze the Enterprise and Communicate Your Findings Required: Evaluation the firm’s monetary outcomes for 2024 by filling within the templates provided at the “Ratios” tab. Write a short memo (200 phrases most) relating to the monetary successfully being of the firm by inspecting its monetary ratios and comparing them with the closest competitor’s ratios. Aquire Custom Acknowledge of This Evaluation & Lift Your Grades Regain A Free Quote Evaluation Grading will be based on the accuracy of your solutions. Whenever you happen to made errors in Requirement 1, I would are trying to care for errors ahead to Requirements 2 and 3 by changing your solutions with the appropriate solutions. Hence it’s needed to repeatedly exercise formulas throughout the spreadsheet, and now to now not alter the account for or structure of Jag and Elk’s tables within the appendices. Some important pointers! I advocate initiating with Appendices B and C by computing the commercial and residential revenue, after which Accounts Receivable and Unearned Earnings. After that, prospects are you’ll presumably well presumably work via Appendix D to calculate prices. Alongside the blueprint as you calculate the transactions throughout the yr, prospects are you’ll presumably well presumably progressively whole the heart columns of Appendix A, after which the trial steadiness at the head of the yr. Out of equity to all students, for the particular person project, I will most realistic answer clarifying questions about google docs so all students can explore the answer. Lastly… That is a particular person project, so out of equity to all students, copying one other pupil’s work (e.g., virtually equivalent spreadsheets) will be taken very severely and can lead to no credit rating being given. End showcase that there are pretty a pair of assorted imaginable recommendations of doing the workings and formulas. Additional pointers for inspecting the knowledge within the appendices: Appendix B: – Title the whole heed of business services and products delivered throughout the yr. – In finding whole amount of cash series throughout the yr from commercial prospects. – Compute the associated price of parts Stock used for Commercial and Residential Products and services (“used”: now now not essentially identical as money payment). Appendix C: Appendix D: T-Acc: Financial Statements Ratios – Title Unearned Earnings at the head of every yr. – File revenue earned throughout the yr. – In finding whole amount of cash series throughout the yr from residential prospects. – Utilize the knowledge given here to maintain up the assorted tabs the attach imaginable. – Link and populate the whole T-accounts on this tab. – Tag that there’s now not any Investing or Financing Actions for the yelp of cash flows. – Utilize the definitions of the monetary ratios from our class. Key ratios 1. Liquidity & Effectivity Most contemporary ratio = CA / CL Acid-Test (Fleet) ratio = (money + ST funding + receivable, web) / CL Accounts receivable turnover = web gross sales / average accounts receivable, web Receivable series duration = 365 / accounts receivable turnover Stock turnover = COGS / average stock Stock resident duration = 365 / stock turnover Accounts payable turnover = aquire / average accounts payable Payable outstanding duration = 365 / accounts payable turnover Money conversion cycle = receivable series duration + stock resident duration – payable outstanding duration 2. Solvency Debt ratio = whole liabilities / whole sources Debt to Equity ratio = whole liabilities / whole equity Instances pastime earned ratio = earnings sooner than interests and taxes / pastime expense 3. Profitability Profit margin = web earnings / web gross sales Return on sources = web earnings / average whole sources Return on equity = (web earnings – preference dividend) / average whole equity EPS = (NI – preferred stock dividends) / weighted average desire of shares outstanding Stuck with pretty a pair of homework assignments and feeling harassed out ? Rob skilled tutorial assistance & Regain 100% Plagiarism free papers Regain A Free Quote
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