Project 4
1. Project 4
1.4. Page 4
Training Room 1: The Beginning Balance Sheet
Time to Work
When you are confident that you understand how to do a balance sheet, you are ready to move on to Assignment 1.
You are assessed according to the Balance Sheet Rubric, which is useful as a checklist to make sure you didn’t forget anything. This and all other rubrics are available in the Toolkit for you to access at any time.
Assignment 1
Open a blank Balance Sheet Template, and save it in your FIN1015 Course Folder.
Complete the beginning balance sheet for Cheryl Yu, the owner of Yu Accounting Service. Use the current date and be careful to use the correct formatting. Remember to save your work when you are finished.
Assets: cash, $40 000.00; land, $60 000.00
Accounts Payable: Royal Office Equipment, $19 000.00; building, $75 000.00; vehicle, $19 000.00; office equipment, $21 500.00; mortgage payable, $85 000
Optional Assignment
Check with your teacher to see if you need to do this optional assignment.
Open a blank Balance Sheet Template, and save it in your FIN1015 Course Folder.
Complete the beginning balance sheet for Raj Douglas, the owner of Douglas Company Ltd. Use today’s date.
Raj has $9000.00 cash for his business and has $12 500.00 that is owing to him. He has outstanding debts of $400.00, and he owns $30 000.00 worth of equipment and $1800.00 worth of supplies. Raj has also taken out a bank loan for $8000.00.
Remember to save your file.
Portfolio Submission
Include a balance sheet in your Course Portfolio from either the practice activity or project. Pick the best one to showcase your best work. Prospective employers would like to know that you can create a balance sheet. Include the purpose of a balance sheet in your portfolio and show how to calculate capital. This will also be a good reference for you to use in future assignments in this course and in future financial management courses at both the secondary school and post-secondary school levels.
Training Room 1 Summary
Now that you know how a business prepares the beginning balance sheet, which shows the financial position at the start of the business, you need to continue to Training Room 2 where you will learn how a business sets up the general ledger to record business activities.