Particular person Assignment Preparing financial statements and examining the implications for a industry INTRODUCTION The individual project entails inclined accounting cycle basics (journal entries and adjusting entries) in a atmosphere that is more realistic than conventional textbook issues. Please read the total instructions fastidiously, particularly the requirements on page 3. Deliverables: Please publish your done excel spreadsheet (“02 Excel Spreadsheet.xlsx”) at eLearn > Assignments by Friday of Week 13 (14 Nov 2025 center of the evening). Late assignments would possibly maybe now not be authorized. Write My Assignment Hire a Dependable Essay & Assignment Creator for finishing up your Tutorial Assessments Native Singapore Writers Crew 100% Plagiarism-Free Essay Very best Pride Price Free Revision On-Time Shipping CLIENT BACKGROUND: JAG & ELK PIPES Your official occupation has commenced! Jag and Elk, two plumbers who merged their plumbing industry across the starting up of 2023, have retained your providers and products to prepare their financial statements. Jag’s residential customers buy plumbing providers and products on a prepaid contract foundation. For a mounted price paid upfront, customers accumulate 36 months of plumbing providers and products (total $2,880, $80 per month) no topic the persona and frequency of the provider, or materials wanted. Elk’s industrial customers buy plumbing parts on credit. Jag and Elk are known for having every portion in inventory so that “your labor crew will never lack a portion.” Jag and Elk have agreed now not to procedure salaries from the industry, and now not to instruct any dividends but, till they’ve paid off the total industry’ debts. They’re each working portion-time with an unrelated industry on the weekends to pay their bills till their industry is rate it ample to reinforce them. To this point, you would merely have gathered the next files about Jag and Elk’s industry: All over 2023, after merging their agencies into Jag and Elk Pipes, Jag and Elk obtained a mortgage to buy a plumbing truck and plumbing tools and rented a warehouse in Tuas. They pay one portion-time employee on the warehouse to withhold a watch on inventory and buyer provider. On days when they are on-location for a residential shopper, they ship parts to industrial purchasers both sooner than work, on their lunch hour, or after the residential jobs day-after-day. Neither Jag nor Elk has any financial background. An accountant helped them prepare their financial statements for the pause of 2023, however proper thru 2024 they fair kept standard files. They’re in actuality previous the decrease-off date for submitting their financial statements for the financial three hundred and sixty five days ended 31 December 2024 to ACRA and are desperately attempting abet from an accountant. They have thus employed you to abet prepare the financial statements, and to analyze their industry. They have organized for a gathering with you at quit and imprint their financial files… THE CLIENT MEETING You meet Jag and Elk at your residence of job, and after about a friendly elbow bumps, they hand you a full stack of documents (tabulated at Appendices A to D of “02 Excel Spreadsheet.xlsx”). You flip thru the documents, making an try to take dangle of them as they starting up explaining the tips to you: Jag points to Appendix A: “Columns B and C are the balances in our accounts on the foundation of 2024. Unfortunately, we don’t perceive how the transactions proper thru 2024 have an effect on the accounts, and therefore we can’t manufacture the trial steadiness on the pause of the three hundred and sixty five days in Columns H and I.” Elk points to Appendix B: “This logbook files our provider for residential and industrial purchasers. We’ve outlined what every column manner under “Account.” Generally, this logbook files when we delivered parts to our industrial purchasers, when they paid us, the rate of parts offered to industrial purchasers, and the rate of parts light for every residential provider.” Jag points to Appendix C: “This logbook files when residential customers prepaid us for his or her 36-month plumbing contracts, since our industry started. The effective date is when the contract begins. We know now we have gotten to calculate unearned earnings for every shopper however didn’t perceive how one can!” Elk points to Appendix D: “We haven’t made many purchases since we started in 2023, however now we have gotten summarized the tips that’s connected. We know we’re presupposed to expend this files to calculate costs, however we appropriate can’t decide out how one can calculate a entire lot of the costs.” Jag points to Appendix D, Segment 1: “We bought a plumbing truck and a train of plumbing tools in 2023. We estimated that the truck would closing ten years, and the salvage designate would be $1,000, and that the tools will closing six years and have a salvage designate of $800. We expend the double-declining steadiness procedure for the truck and the straight-line procedure of depreciation for the tools.” Elk points to Appendix D, System 2 to 4: “Our imprint is at 3.5% annual hobby and matures on June 30, 2029. Our earnings tax price is 20%. Now we have gotten moreover listed our cost files in our checkbook. Now we have gotten one thing that we haven’t paid for: the closing two weeks of payroll costs.” Jag points to Appendix D, Segment 5: “I would estimate that 15% of 2024 three hundred and sixty five days-pause accounts receivable is uncollectible. Oh yeah! I appropriate remembered that proper thru 2024, a buyer paid for a debt ($750) that we wrote off in 2023. When we wrote it off, we deleted our billing convey from our logbooks, so I nearly forgot about it!” After Jag and Elk crawl away your residence of job, you take a seat for a whereas, sipping your double-shot expresso as you organize your thoughts. You accumulate up your computer and manufacture about a notes about the tips they offered: Appendix A: myth balances within the starting up of the three hundred and sixty five days, with the originate of transactions proper thru the three hundred and sixty five days and the trial steadiness on the pause of the three hundred and sixty five days for the time being empty. Appendix B: logbook recording the dates of shipping and providers and products performed, the rate of parts light for industrial and residential purchasers, and funds by industrial purchasers. Appendix C: logbook recording the starting up dates of every of the 36-month residential contracts. Appendix D: further files about purchases and funds, including Jag and Elk’s incomplete try to calculate costs for the three hundred and sixty five days. You end up your eyes and rub your temples, pondering laborious about what it is a must to realize… REQUIREMENTS Requirement 1: Total the Appendices Required: Appendix A: absorb within the originate of transactions proper thru 2024 in columns E & F, and entire the trial steadiness on the pause of 2024 (after adjusting however sooner than closing entries) in columns H & I. Appendix C: absorb within the unearned earnings for every residential shopper in column J. Appendix D: absorb in every expense for 2024 within the boxes in column D. Gift: It is best to now not alter the tables offered by Jag and Elk, e.g., by including your maintain accounts to the trial steadiness, or by increasing new files about purchases and funds on top of what they offered. However you would expend other cells within the Excel sheets for your maintain workings. Requirement 2: Prepare the Financial Statements Required: Prepare the Stability Sheet, Profits Statement, and Statement of Cash Flows for the three hundred and sixty five days ended 31 December 2024 by filling within the templates offered on the “Financial Statements” tab. Gift: Please expend formula one day of your solutions, and now not form in numbers manually, so that you would imprint where you made errors, and so that I’m able to imprint your working (see “Evaluation”). Requirement 3: Analyze the Industry and Discuss Your Findings Required: Overview the corporate’s financial outcomes for 2024 by filling within the templates offered on the “Ratios” tab. Write a rapid memo (200 phrases maximum) about the financial health of the corporate by examining its financial ratios and evaluating them with the closest competitor’s ratios. Aquire Custom Acknowledge of This Evaluation & Develop Your Grades Salvage A Free Quote Evaluation Grading will be based on the accuracy of your solutions. While you occur to made errors in Requirement 1, I would try to again errors forward to Requirements 2 and 3 by replacing your solutions with the upright solutions. Because of the this truth it is mandatory to continually expend formula one day of the spreadsheet, and now not to change the present or structure of Jag and Elk’s tables within the appendices. Some helpful guidelines! I counsel starting with Appendices B and C by computing the industrial and residential earnings, and then Accounts Receivable and Unearned Earnings. After that, you would work thru Appendix D to calculate costs. Along the manner as you calculate the transactions proper thru the three hundred and sixty five days, you would gradually entire the center columns of Appendix A, and then the trial steadiness on the pause of the three hundred and sixty five days. Out of equity to all college students, for the person project, I will only answer clarifying questions on google docs so all college students can see the answer. Within the atomize… This is an individual project, so out of equity to all college students, copying one other scholar’s work (e.g., virtually the same spreadsheets) will be taken very critically and would possibly maybe merely lead to no credit being given. Cease imprint that there are a good deal of a form of that you would imagine ways of doing the workings and formula. Extra guidelines for examining the tips within the appendices: Appendix B: – Identify the total designate of business providers and products delivered proper thru the three hundred and sixty five days. – Derive total quantity of cash series proper thru the three hundred and sixty five days from industrial customers. – Compute the rate of parts Inventory light for Commercial and Residential Services and products (“light”: now not basically same as cash cost). Appendix C: Appendix D: T-Acc: Financial Statements Ratios – Identify Unearned Earnings on the pause of every three hundred and sixty five days. – Chronicle earnings earned proper thru the three hundred and sixty five days. – Derive total quantity of cash series proper thru the three hundred and sixty five days from residential customers. – Exclaim the tips given right here to absorb up the opposite tabs where that you would imagine. – Link and populate the total T-accounts on this tab. – Gift that there’s now not any such thing as a Investing or Financing Activities for the assertion of cash flows. – Exclaim the definitions of the financial ratios from our class. Key ratios 1. Liquidity & Efficiency Most modern ratio = CA / CL Acid-Take a look at (Snappy) ratio = (cash + ST investment + receivable, win) / CL Accounts receivable turnover = win gross sales / moderate accounts receivable, win Receivable series length = 365 / accounts receivable turnover Inventory turnover = COGS / moderate inventory Inventory resident length = 365 / inventory turnover Accounts payable turnover = buy / moderate accounts payable Payable prominent length = 365 / accounts payable turnover Cash conversion cycle = receivable series length + inventory resident length – payable prominent length 2. Solvency Debt ratio = total liabilities / total assets Debt to Equity ratio = total liabilities / total equity Instances hobby earned ratio = earnings sooner than pursuits and taxes / hobby expense 3. Profitability Profit margin = win earnings / win gross sales Return on assets = win earnings / moderate total assets Return on equity = (win earnings – need dividend) / moderate total equity EPS = (NI – most widespread inventory dividends) / weighted moderate series of shares prominent Stuck with a good deal of homework assignments and feeling pressured ? Take official tutorial support & Salvage 100% Plagiarism free papers Salvage A Free Quote
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