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AB298-01-AssociatesCapstoneinAccounting

Need help with my Accounting question – I’m studying for my class.

Financial Statements Sleuth

Scenario: You have accepted a job as the Controller of a start-up company – a consulting firm, called Smith Steele Consulting. Smith is an excellent consultant, but not a good accountant. He has attempted to prepare the first month’s financial statements; however, the statements do not balance. The financial statements are a good starting point, but your job is to correct the errors.

The statements are presented here.

Smith is grateful to have you on board as his Controller, and you are eager to make a good impression on his by finding the errors in his statements. Download Smith’s statements and make the changes to them. All the information you need to find the errors is contained in these statements.

Checklist:

  • Take a screen shot of your Learning Activities completion and insert them at the top of your Assignment document.
  • Identify two errors in the Balance Sheet, two errors in the Income Statement, one error in the Statement of Owner’s Equity, and two errors in the Statement of Cash Flows. You will want to keep in mind all that you have learned in terms of the items on financial statements which are duplicated and flow from one statement to another.
  • Prepare correctedfinancial statements referencing GAAP using Microsoft Excel.

 

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