Case2 ACC201 Part 1 Write a minimum of 300 words about the role of the balance sheet as one of the four required financial statements. Comment on some significant characteristics of the balance sheet

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Case2 ACC201

Part 1

Write a minimum of 300 words about the role of the balance sheet as one of the four required financial statements.

  • Comment on some significant characteristics of the balance sheet.
  • Who is interested in the information?
  • What kind of information does the balance sheet convey to users?

Part 2

Review the background material for the second module before attempting the case below in order to answer a series of questions about the balance sheet for ABC Company shown below. Start with the accounting equation and pay attention to definitions of assets, liabilities, and equity.

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.

Please see attached files for assignment details.

Please use attached APA Template for assignment.

Case2 ACC201 Part 1 Write a minimum of 300 words about the role of the balance sheet as one of the four required financial statements. Comment on some significant characteristics of the balance sheet
Assignment Overview The background material for this module explains and shows examples of balance sheets. Pay attention to the layout and definitions before reviewing the balance sheet for ABC Company shown below. This assignment has two parts.  An essay Answer 10 questions relating to ABC’s balance sheet. Case Assignment Part 1 Write a minimum of 300 words about the role of the balance sheet as one of the four required financial statements. Comment on some significant characteristics of the balance sheet. Who is interested in the information? What kind of information does the balance sheet convey to users? Part 2 Review the background material for the second module before attempting the case below in order to answer a series of questions about the balance sheet for ABC Company shown below. Start with the accounting equation and pay attention to definitions of assets, liabilities, and equity. 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 the balance sheet 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 3 to 5 sentences.  Determine total assets and total liabilities for ABC Company. Add some thoughts about the significance of the classifications. Complete the accounting equation below using numbers from ABC’s balance sheet instead of words. In addition, explain how this equation is significant for the creation and understanding of the financial statements.Assets = Liabilities + Equity Are short-term payables or receivables larger? Show the computation. Explain the significance of the difference.  Is the order in which assets and liabilities are listed on the balance sheet significant? Explain. Determine the total amount owed by ABC at the end of the year. How could this information be useful to a reader of the balance sheet? Does the company have more assets or liabilities? What is the significance of determining the difference between net assets and net liabilities? What happens to a company if the total liabilities exceed the total assets? If the company borrows an additional $15,000, which two balance sheet accounts will be affected? The new totals for total assets and total liabilities are …..? Explain retained earnings. How is this accounting computed? Is retained earnings an asset, a liability, or an equity account? What is the “total wealth” of the company according to the balance sheet? What are some other accounting terms for “wealth” in connection with corporate entities? For example, retained earnings account fits this category, but it is not the only account. Assume that the company paid $20,000 in dividends to the shareholders. Which balance sheet accounts (items) would have been affected by the payment? Use numbers and be specific. 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; instead, answer each question separately and in order. Show sources when appropriate. APA format is suggested but not required.
Case2 ACC201 Part 1 Write a minimum of 300 words about the role of the balance sheet as one of the four required financial statements. Comment on some significant characteristics of the balance sheet
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. 

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