The goal of this graded project is to create the following financial statements for Ice Cream Systems (ICS): n Balance sheet n Income statement n Post-closing trial balance The financial statements must be created in one Word document (.doc or .docx file). Alternatively, an Excel workbook may be used (.xls or .xlsx file). A Rich Text Format (.rtf file) may be used by Mac users. The Word, Excel, or Rich Text Format file will be uploaded for grading.
Read the following information thoroughly before beginning your work. This will help you become familiar with the project. The material you need to know to complete the project has been covered in the textbook and in the assigned exercises and problems. If you understood the chapters and completed the assigned homework problems, you should have no problem with the project. The project is to be done by hand with a pencil and paper. Use the blank forms provided. (Make as many copies as needed.) At the end of the project, you’ll be given instructions for creating and uploading the financial statements in a Word, Excel, or Rich Text Format file for grading. Note: It’s important to format financial statements properly. They must follow Generally Accepted Accounting Principles (GAAP), which create a uniformity of financial statements for analyzing. This allows for an easier comparison, as all businesses follow GAAP. Therefore, the financial statements you create should replicate those in the textbook. Failure to do so will result in a loss of points.
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