CASE3 ACC201 Financial Accounting Case Assignment The background information for the module includes the basic concepts, but for more ideas go to the optional background source principlesofaccounting

CASE3 ACC201 Financial Accounting Case Assignment The background information for the module includes the basic concepts, but for more ideas go to the optional background source principlesofaccounting
Module 3 – Case THE INCOME STATEMENT Assignment Overview The background material for this module explains and shows examples of income statements. Pay attention to the layout and definitions of the income statement before reviewing the income statement for ABC Company shown below. This assignment has two parts.  An essay Answer 10 questions relating to ABC’s income statement. Case Assignment The background information for the module includes the basic concepts, but for more ideas go to the optional background source principlesofaccounting.com. The site also offers multiple videos that you may find relevant. You may also use other sites for additional ideas to complete the assignment. Do not forget to reference the sources used. Part 1 Write a minimum of 300 words about the role of the income statement. Comment on some significant characteristics of the income statement. Who is interested in the information? What kind of information does the income statement convey to users? Part 2 Review the background material for the third module before attempting the case below in order to answer a series of questions about the income statement for ABC Company shown below. Pay particular attention to the categories of revenues (sales), gross profit (gross margin), operating expenses, and net income (profit). The background information for the module includes the basic concepts, but for more ideas, go to the optional background source principlesofaccounting.com. The site also offers multiple videos that you may find relevant. You may also use other sites for ideas to complete the table. Do not forget to reference the sources used. Find an income statement for ABC Company below. The data is to be used for part 2 of the current case assignment and the SLP for this module. Answer each question below and explain your answer with numbers, computations, and 4 to 5 sentences. What is the cost of sales for the company? Explain the term cost of sales in your own words. Is it likely that the balance sheet of this company includes inventory? Gross profit (margin) is a key piece of financial information. Why is it so important? How is gross profit affected if cost of sales increases by $20,000? Show the computation and explain. What are the total operating expenses? What does the term mean?  Does ABC Company have any employees? Explain. Assume there is an error in the income statement. Property taxes are overstated by $5,000. How is the income statement affected by a correction of property taxes? What happens to net income if the company hires a new manager at a salary of $50,000? Show how numbers change in the income statement and explain. Does the company own any equipment? Is it informative to also check the balance sheet to answer this question? Explain. Does the company have debt? How much debt? Explain how the income statement provides clues to answer the question. Be specific. How do we know that ABC Company is using the accrual basis of accounting? Hint: Do not forget to look at the balance sheet from the prior module. What happens to income statement at the end of the period? Is it continuous or does it close (terminate)? Is this different than the handling of the balance sheet?   Assignment Expectations Follow the instructions carefully. Do not copy and paste definitions. Complete Part 1 using an essay format. Do not use an essay format for part 2, but answer each question separately and in order. Show sources when appropriate. APA format is suggested but not required.
CASE3 ACC201 Financial Accounting Case Assignment The background information for the module includes the basic concepts, but for more ideas go to the optional background source principlesofaccounting
1 Assignment Title Student Name College/Department Name, Trident University International Course Number: Course Name Professor Name Date [Notes provided throughout for additional clarity. Ensure to remove notes before submission.] Assignment Title Here [Titles and 1st Level headings should use the Word Styles format of “Heading 1,” centered, title case heading, bold. Do not begin with an Introduction heading. The introduction paragraph(s) should orient the reader to all of the concepts presented in the sections that follow. Begin the first line indented, one line below the assignment title. Ensure to provide appropriate in-text citations in the following manner: Students may synthesize information from a resource and cite the resource at the end (Author & Second, YYYY). Students may also provide the authors in the sentence by stating that Author and Second (YYYY) explain certain information in this manner. For more than two authors, use Author et al. (YYYY) format or end statement (Author et al., YYYY). See APA Manual for additional formats of in-text citations. Each citation should have a corresponding reference in the reference list. Each reference in the reference list must also have at least one corresponding in-text citation.] Theme/Topic Heading [All 1st level headings should use the Word Styles format of “Heading 1,” centered, title case heading, bold. Replace “Theme/Topic” with an appropriate heading that describes the discussion to follow.] [Present an overview of why this topic is important to the assignment. Describe the facts and relevant context as a background. Include appropriate, recent, scholarly sources to support statements of fact.] Theme/Topic Heading [repeat as needed] [All 1st level headings should use the Word Styles format of “Heading 1,” centered, title case heading, bold. Replace “Theme/Topic” with an appropriate heading that describes the discussion to follow.] [Present an overview of why this topic is important to the assignment. Describe the facts and relevant context as a background. Include appropriate, recent, scholarly sources to support statements of fact.] Subtheme or Subtopic Heading [repeat as needed] [Themes/Topics may have one or more subthemes/subtopics. These second level headings should be in Word Styles format of “Heading 2,” aligned left, title case heading, bold. This information should be relevant to the prior Heading 1 topic. Repeat for multiple subthemes or subtopics.] Subtheme or Subtopic Heading [repeat as needed] [Themes/Topics may have one or more subthemes/subtopics. These second level headings should be in Word Styles format of “Heading 2,” aligned left, title case heading, bold. This information should be relevant to the prior Heading 1 topic. Repeat for multiple subthemes or subtopics.] Subtheme or Subtopic Heading [For major topics that may need a breakdown of subtopics into additional sections, provide third level headings in the Word Styles format of “Heading 3,” aligned left, title case heading, bold italic.] Subtheme or Subtopic Heading [repeat as needed] [For major topics that may need a breakdown of subtopics into additional sections, provide third level headings in the Word Styles format of “Heading 3,” aligned left, title case heading, bold italic.] Theme/Topic Heading [repeat as needed] [All 1st level headings should use the Word Styles format of “Heading 1,” centered, title case heading, bold. Replace “Theme/Topic” with an appropriate heading that describes the discussion to follow.] [Present an overview of why this topic is important to the assignment. Describe the facts and relevant context as a background. Include appropriate, recent, scholarly sources to support statements of fact.] [Each new topic should begin with a first level heading. Provide second level and third level headings, as necessary.] Summary or Conclusion [Summary or Conclusion heading should be a first level heading using the Word Styles format of “Heading 1,” centered, title case heading, bold. Summarize key points presented in throughout the assignment.] Example of tables provided: Table 1Caption for Table 1 Header Header Text Text text text text text text text text text text text text text text text text text text text text text text text text text text text text text text text text text text text text. Text Text text text text text text text text text text text text text text text text text text text text text text text text text texttext text text text text text text text text text text. Text Text text text text text text text text text text text text text text text text text text text text text text text text text text text text. Note. Briefly describe what the Table represents so that it is understood outside of the chapter. There is a line space between the note and the next heading/paragraph to separate the text. Example of figures provided: (note that if it would not fit in the space provided, the entire Table or Figure is moved the next page; if Table or Figure if longer than one page, ensure title appears with the beginning of the Table or Figure): Figure 1Case Study Research Note. This figure defines the case study design by Yin (2018). Briefly describe what the Figure represents so that it is understood outside of the chapter. There is a line space between the note and the next heading/paragraph to separate the text. References [References heading should be a first level heading using the Word Styles format of “Heading 1,” centered, title case heading, bold.] Ahn, J. (2004). Electronic portfolios: Blending technology, accountability and assessment. T.H.E. Journal, 31(9), 12-18. https://thejournal.com/Articles/2004/04/01/Electronic-Portfolios-Blending-Technology-Accountability–Assessment.aspx Braun, V., & Clarke, V. (2006). Using thematic analysis in psychology. Qualitative Research in Psychology, 3(2), 77-101. doi:10.1191/1478088706qp063oa U.S. Government Printing Office. (2006). Catalog of U.S. Government publications: New electronic titles. Winslade, J., & Monk, G. (2001). Narrative mediation: A new approach to conflict resolution. Jossey-Bass. Yin, R. K. (2018). Case study research and applications: Design and methods (6th ed.). SAGE Publications. Note: All resources cited in the assignment must be included in the list of references. For each reference listed, there must be at least one corresponding citation within the body of the text, and vice-versa. Double space references in the reference list. Resources longer than one line of text should provide a hanging indent of 1/2 inch of subsequent lines. Sort in alpha surname/title order. Only capitalize the first word of the title and of the subtitle, if any. Do not bold the title. Know when to italicize and when not to (i.e., periodical/non-periodical/publication versus book/report/paper). Italicize volume numbers. Please refer to the APA Publication Manual for guidance.APA requires a Digital Object Identifier (DOI) be provided, if one has been assigned. See below for the updated APA headings guideline: Level 1 Centered, Bold, Title Case Heading Level 2 Left-Aligned, Bold, Title Case Heading Level 3  Left-Aligned, Bold Italic, Title Case Heading  Level 4 Indented, Bold, Title Case Heading with a Period. Begin body text after the period.  Level 5 Indented, Bold Italic, Title Case Heading with a Period. Begin body text after the period.