Accounting and financial statements task

Accounting and financial statements task

Topic: Accounting and financial statements task

You’ve just secured a new client in your accounting practice, Howard’s Flight Radio Management Corporation (HFRM), a brand new small business specializing in flight management systems (FMS). The owner, Howard Allan, is a former Air Force pilot and retired Colonel, but definitely not an accountant. Your job is to help Howard put his affairs in order. Luckily Howard has only been in operation for a month and things have not gotten too out of hand yet! Howard has to submit his financial statements to his investors and doesn’t know where to begin. It’s your job to go through the complete Accounting cycle to prepare the financial statements for the HFRM.

Began business by making a deposit in a company bank account of $20,000, in exchange for 2,000 shares of $10 par value common stock.

Paid the premium on a 1-year insurance policy, $2,400.

Paid the current month’s rent expense, $1,900.

Purchased repair equipment from Fred Company, $5,800. Paid $1,000 down and the balance was placed on account. Payments will be $400.00 per month for 12 months. The first payment is due 4/1. Note: Use Accounts Payable for the Balance Due.

Purchased repair supplies from Gary Company on credit, $650.

Do you have a similar assignment that you would wish our expert writers from Assignments Proficient to handle for you? Place an order with us on https://assignmentsproficient.com/ and expect the best grades and help from qualified writers

  A (4) B (3) C (2) D/F (1/0)
Focus: Purpose Purpose is clear Shows awareness of purpose Shows limited awareness of purpose No awareness
Main idea Clearly presents a There is a main idea Vague sense of a No main idea
  main idea and supported throughout main idea, weakly  
  supports it most of the paper. supported  
  throughout the   throughout the  
  paper.   paper.  
Organization: Well-planned and Good overall There is a sense of No sense of
Overall well-thought out. organization, includes organization, organization
  Includes title, the main although some of the  
  introduction, organizational tools. organizational tools  
  statement of main   are used weakly or  
  idea, transitions and   missing  
  conclusion.      
Organization: All paragraphs have Most paragraphs have Some paragraphs Para. lack clear ideas
Paragraphs clear ideas, are clear ideas, are have clear ideas,  
  supported with supported with some support from  
  examples and have examples and have examples may be  
  smooth transitions. transitions. missing and  
      transitions are weak.  
Content Exceptionally well- Well-presented and Content is sound and Content is not sound
  presented and argued; ideas are solid; ideas are  
  argued; ideas are detailed, developed present but not  
  detailed, well- and supported with particularly  
  developed, evidence and details, developed or  
  supported with mostly specific. supported; some  
  specific evidence &   evidence, but  
  facts, as well as   usually of a  
  examples and   generalized nature.  
  specific details.      
Research (if Sources are Sources are well Sources support The paper does not
assignment exceptionally well- integrated and some claims made in use adequate
includes a integrated and they support the paper’s the paper, but might research or if it does,
research support claims claims. There may be not be integrated the sources are not
component) argued in the paper occasional errors, but well within the integrated well.
  very effectively. the sources and paper’s argument. They are not cited
  Quotations and Works Cited conform There may be a few correctly according
  Works Cited to MLA style sheet. errors in MLA to MLA style, nor
  conform to MLA   style.. listed correctly on
  style sheet.     the Works Cited
        page.
Style: Sentence Sentences are clear Sentences are clear Sentences are Sentences aren’t
structure and varied in but may lack generally clear but clear
  pattern, from simple variation; a few may may have awkward  
  to complex, with be awkward and there structure or unclear  
  excellent use of may be a few content; there may  

Accounting and financial statements task

 
"Looking for a Similar Assignment? Order now and Get 10% Discount! Use Code "Newclient"