Accountant for flower shoppe | Accounting homework help

You are an accountant for The Flower Shoppe. Your supervisor has asked you to help her prepare the year-end financial statements. Before you do, she wants to ensure that you understand some main points.

  1. Explain the following:
    • The elements of the balance sheet, their purposes, and how to measure them
    • The elements and purpose of the statement of changes in stockholder’s equity
  2. Based on the adjusted trial balance and additional information, prepare the following in an Excel file to give to the controller for review:
    • Balance sheet
    • Income statement
    • Statement of retained earnings
    • Statement of cash flows

The following is additional information about the Flower Shoppe that is needed for financial-statement preparation:

  • Net income for the year ended December 31, 2008 was $10,845.
  • Changes from the prior year’s balances included the following:
    • a decrease in accounts receivable of $300.
    • a decrease in inventory of $450.
    • an increase in accounts payable of $250.
    • an decrease in accrued expenses of $100.
  • Land was purchased in April for $3,500.
  • Cash as of January 1, 2008 was $10,105.

The Flower Shoppe

Adjusted Trial Balance

December 31, 2008

 

Debit

Credit

Cash

$22,750

 
Accounts Receivable

3,200

 
Inventory

8,000

 
Land

27,000

 
Building

56,000

 
Accumulated Depreciation

 

16,800

Accounts Payable  

4,600

Accrued Expenses  

2,500

Common Stock  

20,000

Additional Paid-in Capital  

10,000

Dividends

1,200

 

Retained Earnings  

53,405

Sales  

112,020

Returns

1,300

 

Purchases

47,000

 

Salaries

38,000

 

Supplies

870

 

Utilities

5,225

 

Telephone

2,850

 

Bank Charges

330

 

Depreciation Expense

5,600

 

 

$219,325

$219,325

Please submit your assignment.

Your assignment will be graded in accordance with the following criteria. Click here to view the grading rubric.

For assistance with your assignment, please use your text, Web resources, and all course materials.

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