Project 2
1. Project 2
1.13. Page 3
Project 2: Financial Statements
Time to Practise
The practice in the training room includes a game with topics on debits or credits as well as financial statements. Now would be a good time to view Tetraccounting1. Begin the practice game. Then choose financial statements and see how many points you can achieve by correctly identifying which financial statement would be used for the accounts. Note that if the account belongs on the balance sheet, you will have to identify it as an asset, liability, or shareholder’s equity. Shareholder’s equity is the same as owner’s equity. This game is also available in the Toolkit whenever you would like to play it.
Do as many of the following three practice questions as you need to feel confident in completing a statement of owner’s equity before continuing on to Time to Work, which will be submitted for assessment.
If, after completing all three practices, you are still not confident that you know how to complete a statement of owner’s equity, you may redo these practices or see your teacher for help.
1 Version 1.1 Developed for NAIT and McGraw-Hill, 2002 by Rebecca Marcil under a Creative Commons licence. Reproduced with permission. (http://digilearn.nait.ab.ca/careo/Accounting/PCgame/)
Practice 1
Step 1: Open Statement of Owner’s Equity Template, and save it in your course folder.
Step 2: Use the following worksheet to complete the statement of owner’s equity.
Microsoft product screen shot(s) reprinted with permission from Microsoft Corporation.
To check your work, go to Koch Moving and Storage Owner’s Equity Answer.
If you need more practice, continue on to Practice 2 or Practice 3.
If you are ready to do the assignments for this training room, continue on to Time to Work.
Practice 2
Step 1: Open Statement of Owner’s Equity Template, and save it in your course folder.
Step 2: Using the worksheet for CHOO TV below, complete a statement of owner’s equity.
Microsoft product screen shot(s) reprinted with permission from Microsoft Corporation.
To check your work, go to CHOO TV Owner’s Equity Answer.
If you need more practice, continue on to Practice 3.
If you are ready to do the assignments for this training room continue on to Time to Work.
Practice 3: Quick Cleaning Company
Step 1: Open Statement of Owner’s Equity Template, and save it in your course folder.
Step 2: Using the worksheet for Quick Cleaning Company below, complete a statement of owner’s equity.
Microsoft product screen shot(s) reprinted with permission from Microsoft Corporation.
To check your work, go to Quick Cleaning Company Owner’s Equity Answer.
If you are ready to do the assignments for this training room continue on to Time to Work.
Time to Work
As this is the last training room working with financial statements, the following assignments will require you to complete all three of the financial statements covered.
You may want to refer to the rubrics for all of the statements:
These rubrics are also accessible in the Toolkit.
Create a new folder in your FIN1030 Course Folder called “Project 2: Training Room 3.” All of the answers to the following questions must be saved in this folder for your teacher to mark.
Continue on to Assignment 1, which must be submitted to your teacher for assessment. There are also two optional assignments for this training room. Check with your teacher to see if it is necessary for you to complete them.
Assignment 1
Use the worksheet below to complete an income statement, balance sheet, and statement of owner’s equity. The capital on the balance sheet will be the same as the ending capital on the statement of owner’s equity.
Links to the blank forms as well as suggested file names are below the worksheet. Be sure to save the completed financial statements and submit them to your teacher for assessment.
Microsoft product screen shot(s) reprinted with permission from Microsoft Corporation.
Step 1: Open Income Statement Template, and save it in your course folder as “Project 2: Training Room 3: Assignment 1 Income Statement.”
Step 2: Open Balance Sheet Template, and save it in your course folder as “Project 2: Training Room 3: Assignment 1 Balance Sheet.”
Step 3: Open Statement of Owner’s Equity Template, and save it in your course folder as “Project 2: Training Room 3: Assignment 1 Owner’s Equity.”
The following are optional assignments. Check with your teacher to see if you need to complete them.
Assignment 2 (optional)
Use the worksheet below to complete an income statement, balance sheet, and statement of owner’s equity. The capital on the balance sheet will be the same as the ending capital on the statement of owner’s equity.
Links to the blank forms as well as suggested file names are below the worksheet. Be sure to save the completed financial statements and submit them to your teacher for assessment.
Microsoft product screen shot(s) reprinted with permission from Microsoft Corporation.
Step 1: Open an Income Statement Template, and save it in your course folder as “Project 2: Training Room 3: Assignment 2 Income Statement.”
Step 2: Open a Balance Sheet Template, and save it in your course folder as “Project 2: Training Room 3: Assignment 2 Balance Sheet.”
Step 3: Open a Statement of Owner’s Equity Template, and save it in your course folder as “Project 2: Training Room 3: Assignment 2 Owner’s Equity.”
Assignment 3 (optional)
Use the worksheet below to complete an income statement, balance sheet, and statement of owner’s equity. The capital on the balance sheet will be the same as the ending capital on the statement of owner’s equity.
Links to the blank forms as well as suggested file names are below the worksheet. Be sure to save the completed financial statements and submit them to your teacher for assessment.
Microsoft product screen shot(s) reprinted with permission from Microsoft Corporation.
Step 1: Open an Income Statement Template, and save it in your course folder as “Project 2: Training Room 3: Assignment 3 Income Statement.”
Step 2: Open a Balance Sheet Template, and save it in your course folder as “Project 2: Training Room 3: Assignment 3 Balance Sheet.”
Step 3: Open a Statement of Owner’s Equity Template, and save it in your course folder as “Project 2: Training Room 3: Assignment 3 Owner’s Equity.”