ACC/290

Preparing an Income Statement, Retained Earnings Statement, and Balance Sheet Grading Guide

ACC/290 Version 7

ACC/290 1

Preparing an Income Statement, Retained Earnings Statement, and Balance Sheet Grading Guide

ACC/290 Version 7

Principles of Accounting I

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Individual Assignment: Preparing an Income Statement, Retained Earnings Statement, and Balance Sheet Purpose of Assignment

The purpose of this assignment is to help students become familiar with the presentation of the income statement and the retained earnings statement, including how parts of the financial statement is evaluated to determine the operational success of the business. Resources Required

Financial Accounting: Tools for Business Decision Making.

Grading Guide

Content	Met	Partially Met	Not Met	Comments:
Prepared an income statement, retained earnings statement, and balance sheet and analyzed findings using the questions below: Briefly whether the company’s first month of operations was a success. Discuss the company’s decision to distribute a dividend.
Based income statement and analysis on the following scenario: On June 1, 2017, Elite Service Co. was started with an initial investment in the company of $22,100 cash. Below are the assets, liabilities, and common stock of the company June 30, 2017, and the revenues and expenses for the month of June, its first month of operations: In June, the company issues no additional stock but paid dividends of $1,400.
The analysis is 1,050 words in length.
		Total Available	Total Earned
			#/6

Writing Guidelines	Met	Partially Met	Not Met	Comments:
The paper—including tables and graphs, headings, title page, and reference page—is consistent with APA formatting guidelines and meets course-level requirements.
Intellectual property is recognized with in-text citations and a reference page.
Paragraph and sentence transitions are present, logical, and maintain the flow throughout the paper.
Sentences are complete, clear, and concise.
Rules of grammar and usage are followed including spelling and punctuation.
		Total Available	Total Earned
			#/3

Assignment Total	#	9	#/9
Additional comments: