Menu MGMT210: Course Project Requirement Requirement Description Worksheet Name 1 Prepare the Journal Entries in the General Journal 1 - Journal Entries 2 Post Journal Entries to the General Ledger 2 - General Ledger 3 Prepare a Trial Balance 3 - Trial Balance 4 Prepare the Adjusting Entries 4 - Adjusting Entries 5 Post Adjusting Entries to the General Ledger 2 - General Ledger 6 Prepare an Adjusted Trial Balance 5 - Adjusted TB 7 Prepare the Financial Statements 6 - Financial Statements 8 Prepare the Closing Entries 7 - Closing Entries 9 Post Closing Entries to the General Ledger 2 - General Ledger 10 Prepare the Post Closing Trial Balance 8 - Post Closing Trial Balance 11 Compute Ratios 11-Ratios 12 Interpret the Ratios 12-Interpretation of Ratios Project Instructions Course Project Overview The Course Project consists of 12 Requirements for you to complete.

The Course Project is due at the end of Week 9. See the Modules section for due date information. All of the information you need to complete the Course Project is located in this Workbook. • There are eight worksheets in the workbook you will need to complete. • A list of March transactions • A Chart of Accounts reference sheet • A Grading Rubric to help explain what is expected. • Each worksheet has the Check Figures embedded as a comment. Scenario You’ve just secured a new client in your accounting practice, Howard's Flight Radio Management Corporation (HFRM), a brand new small business specializing in flight management systems (FMS). The owner, Howard Allan, is a former Air Force pilot and retired Colonel, but definitely not an accountant.

Your job is to help Howard put his affairs in order. Luckily Howard has only been in operation for a month and things have not gotten too out of hand yet! Howard has to submit his financial statements to his investors and doesn’t know where to begin. It’s your job to go through the complete Accounting cycle to prepare the financial statements for the HFRM. Requirements Guidelines Use the embedded assistance in the template, guidance in your textbook, and examples in the weekly assignments to complete this project.

Should you have any questions contact your professor. Milestone 1 is due in Week 3 - This includes project requirements 1-3. Milestone 2 is due in Week 6 - This includes project requirements 4-7. Milestone 3 is due in Week 9 - This includes project requirements 8-12. Before You Begin: ï‚· Review the Week 2 Lecture prior to starting work on this project. ï‚· Print the Chart of Accounts and October Transactions worksheets for your reference.

You will need to refer to both throughout the project. ï‚· Review the Grading Criteria. ï‚· SAVE your work frequently in this workbook. March Transactions During its first month of operation, HFRM completed the following transactions. March Transactions Date Transaction Description March 1 Began business by making a deposit in a company bank account of ,000, in exchange for 2,000 shares of par value common stock. March 1 Paid the premium on a 1-year insurance policy,

Menumgmt210 Course Projectrequirementrequirement Descriptionworksheet

Menu MGMT210: Course Project Requirement Requirement Description Worksheet Name 1 Prepare the Journal Entries in the General Journal 1 - Journal Entries 2 Post Journal Entries to the General Ledger 2 - General Ledger 3 Prepare a Trial Balance 3 - Trial Balance 4 Prepare the Adjusting Entries 4 - Adjusting Entries 5 Post Adjusting Entries to the General Ledger 2 - General Ledger 6 Prepare an Adjusted Trial Balance 5 - Adjusted TB 7 Prepare the Financial Statements 6 - Financial Statements 8 Prepare the Closing Entries 7 - Closing Entries 9 Post Closing Entries to the General Ledger 2 - General Ledger 10 Prepare the Post Closing Trial Balance 8 - Post Closing Trial Balance 11 Compute Ratios 11-Ratios 12 Interpret the Ratios 12-Interpretation of Ratios Project Instructions Course Project Overview The Course Project consists of 12 Requirements for you to complete.

The Course Project is due at the end of Week 9. See the Modules section for due date information. All of the information you need to complete the Course Project is located in this Workbook. • There are eight worksheets in the workbook you will need to complete. • A list of March transactions • A Chart of Accounts reference sheet • A Grading Rubric to help explain what is expected. • Each worksheet has the Check Figures embedded as a comment. Scenario You’ve just secured a new client in your accounting practice, Howard's Flight Radio Management Corporation (HFRM), a brand new small business specializing in flight management systems (FMS). The owner, Howard Allan, is a former Air Force pilot and retired Colonel, but definitely not an accountant.

Your job is to help Howard put his affairs in order. Luckily Howard has only been in operation for a month and things have not gotten too out of hand yet! Howard has to submit his financial statements to his investors and doesn’t know where to begin. It’s your job to go through the complete Accounting cycle to prepare the financial statements for the HFRM. Requirements Guidelines Use the embedded assistance in the template, guidance in your textbook, and examples in the weekly assignments to complete this project.

Should you have any questions contact your professor. Milestone 1 is due in Week 3 - This includes project requirements 1-3. Milestone 2 is due in Week 6 - This includes project requirements 4-7. Milestone 3 is due in Week 9 - This includes project requirements 8-12. Before You Begin: ï‚· Review the Week 2 Lecture prior to starting work on this project. ï‚· Print the Chart of Accounts and October Transactions worksheets for your reference.

You will need to refer to both throughout the project. ï‚· Review the Grading Criteria. ï‚· SAVE your work frequently in this workbook. March Transactions During its first month of operation, HFRM completed the following transactions. March Transactions Date Transaction Description March 1 Began business by making a deposit in a company bank account of $20,000, in exchange for 2,000 shares of $10 par value common stock. March 1 Paid the premium on a 1-year insurance policy, $2,400. March 1 Paid the current month's rent expense, $1,900.

March 3 Purchased repair equipment from Fred Company, $5,800. Paid $1,000 down and the balance was placed on account. Payments will be $400.00 per month for 12 months. The first payment is due 4/1. Note: Use Accounts Payable for the Balance Due.

March 8 Purchased repair supplies from Gary Company on credit, $650. March 10 Paid telephone bill for March, $340. March 11 Cash flight management system (FMS) repair revenue for the first third of March, $1,650. March 18 Made payment to Gary Company, $400. March 20 Cash FMS repair revenue for the second third of March, $2,450.

March 31 Cash FMS repair revenue for the last third of March, $1,250. March 31 Paid the current month's electice bill, $250. March 31 Declared and paid cash dividend of $1,000. Chart of Accounts Use the following account descriptions for journal entries. Chart of Accounts Account Type Account Number Account Title Normal Balance Assets 111 Money Debit 117 Prepaid Assurance Debit 119 Repair Supplies Debit 144 Repair Material Debit 145 Accum Dep -Repair Equipment Credit Liabilities 212 Books Payable Credit 213 Income Tax Payable Credit Stockholders Equity 311 CS Credit 312 Retained Earnings Credit 313 Surplus Debit Revenue 411 FMS revenue Credit Expenses 511 Rent Expenditure Debit 512 Telephone Expenditure Debit 513 Insurance Expenditure Debit 514 Repair Supplies Expenditure Debit 515 Dep Expense - Repair Equipment Debit 516 Income Tax Expenditure Debit 517 Electric Expenditure Debit 1 - Journal Entries REQUIREMENT #1: Prepare journal entries to record the March transactions in the General Journal below.

Remember that Debits must equal Credits—All of your Journal Entries should balance. General Journal Column1 Account Number from Chart of Accounts tab Account Title from Chart of Accounts tab Debit Credit March Money 20, CS 20,000 March Prepaid assurance 2, Money 2,400 March Rent Expenditure 1, Money 1,900 March Repair material 5, Money 1, Accounts Payable 4,800 March Repair Supplies Accounts Payable 650 March telephone expenditure Money 340 March Money 1, Flight management system revenue 1,650 March Accounts Payable Money 400 March Money 2, Flight management system revenue 2,450 March Money 1, Flight management system revenue 1,250 March Electric expenditure Money 250 March Surplus 1, Money 1,,090 : Debits = $38,,090 : Credits = $38,090 Journal Entries Once you've completed this requirement print your General Journal to complete Requirement #2 on the General Ledger worksheet.

2 - General Ledger REQUIREMENT #2: Post the March journal entries to the following T-Accounts and compute ending balances. Date Money (111) : The balance of the Cash account after posting journal entries for Part A should be $18,060 . Date FMS Revenue (411) Account Cash Account No 111 March 1 20,,400 March ,650 March 11 1,650 March ,450 Date Description Post Ref Debit Credit Balance March 20 2,450 March ,-Mar Common Stock JE1 20, March 31 1,,-Mar Prepaid Insurance JE,600 March ,900 March 31 5,-Mar Store Rent JE March , JE March JE March JE March JE March ,000 JE End Balance 18,060 JE9 1,-Mar JE-Mar JE Prepaid Assurance (117) Rental expenditure (511) March 1 2,400 March 1 1,900 March March ,900 End Balance 2,200 Repair Supplies (119) Telephone Expenditure(512) Account Repair Supplies Account No 119 March March End Balance 200 March Date Description Post Ref Debit Credit Balance March 8th Repair Equipment (144) Insurance Expenditure (513) Account Common Stock Accoun No 311 March 3 5,800 March End Balance 5,800 March Date Description Post Ref Debit Credit Balance 1-Mar Cash Accum.

Depr.-Repair Equipment (145) Repair Supplies Expenditure (514) Account Accu. Dep/ Repair Equipment Accoun No 145 March March End Balance 120 March Date Description Post Ref Debit Credit Balance AJE Accounts Payable (212) Depr. Exp.-Repair Equipment (515) March ,800 March March March March End Balance 5,050 Account Dep. Expense for Repair Equip Accoun No 515 Income Taxes Payable (213) Income Taxes Expenditure (516) March Date Description Post Ref Debit Credit Balance End Balance 65 March AJE CS (311) Electric Expenditure (517) March ,000 March End Balance 20,000 March Retained Earnings (312) March 31 March 31 End Balance Surplus (313) March 31 1,000 March , - Trial Balance REQUIREMENT #3: Prepare a trial balance for March in the space below.

Howard's Flight Radio Management Corporation Trial Balance March 31 Account Account Balance Title Debit Credit 411 FMS revenue 5, Rent Expenditure 1, Telephone Expenditure Insurance Expenditure - Repair Supplies Expenditure - Dep Expense - Repair Equipment - Income Tax Expenditure - Electric Expenditure Money 18, Prepaid Assurance 2, Repair Supplies Repair Material 5, Accum Dep -Repair Equipment - Books Payable 5, Income Tax Payable - CS 20, Retained earnings 313 Surplus 1,,400 : Debit Balance = $30,,400 : Credit Balance = $30,400 Journal Entries Only enter accounts that have a balance. 4 & 5 Adjusting Entries Requirement #4: Prepare adjusting entries using the following information in the General Journal below.

Show your calculations! a) One month's insurance has expired. b) The remaining inventory of repair supplies is $200. c) The estimated depreciation on repair equipment is $120. d) The estimated income taxes are $65. Requirement #5: Post the adjusting entries on March 31 below to the General Ledger T-accounts and compute adjusted balances. Just add to the balances that are already listed. General Journal Date Account Number from Chart of Accounts tab Account Title from Chart of Accounts tab Debit Credit March Insurance Expenditure Prepaid assurance 200 March Repair Supplies Expenditure Repair Supplies 450 March Dep Expense - Repair Equipment Accum Dep -Repair Equipment 120 March Income tax expenditure Income tax payable : Balance $406. : Balance $406.00 Requirement # 4 (Answer) (a) Prepaid Insurance (12 Months) 2,400 Expired (01 Month) = $2,400 à— 1/12 (Charged to P&L) (200) Balance as at 31st March 2,200 (b) Repair Supplies (before adjustment) 650 Less: Charged to Profit and Loss (450) Balance as at 31st March 200 Journal Entries 6 - Adjusted TB REQUIREMENT #6: Prepare an Adjusted Trial Balance in the space below.

Howard's Flight Radio Management Corporation Adjusted Trial Balance March 31 Account Account Balance Number Title Debit Credit 411 FMS revenue - 0 5, Rent Expenditure 1, Telephone Expenditure Insurance Expenditure Repair Supplies Expenditure Dep Expense - Repair Equipment Income Tax Expenditure Electric Expenditure Money 18, Prepaid Assurance 2, Repair Supplies Repair Material 5, Accum Dep -Repair Equipment Books Payable 5, Income Tax Payable CS 20, Retained earnings - Surplus 1,,585 : Debit Balance = $30,,585 : Credit Balance = $30,585 Journal Entries Only enter accounts that have a balance. 7 - Financial Statements Requirement #7: Prepare the financial statements for Howard's Flight Radio Management Corporation as of March 31 in the space below.

You will only be preparing the Income Statement, Statement of Retained Earning, and the Balance Sheet. The Statement of Cash Flows is a required Financial Statement, but is not required for this project. Howard's Flight Radio Management Corporation Howard's Flight Radio Management Corporation Howard's Flight Radio Management Corporation Income Statement Statement of Retained Earnings Balance Sheet For the Month Ending March 31 For the Month Ending March 31 March 31 Revenues: Retained Earnings, March 1 $0 Assets: FMS Repair Revenue $5,350 Add: Net Income 2,025 Cash $18,060 Total Revenue 5,350 Subtotal 2,025 Prepaid Insurance 2,200 Less: Dividends (1,000) Repair Supplies 200 Expenses: Retained Earnings, March 31 $1,025 : Retained Earnings = $1,025 Repair Equipment 5,800 Store Rent Expense 1,900 Less: Accum.

Depr. (120) Telephone Expense 340 Total Assets $26,140 : $26,140 Insurance Expense 200 Repair Supplies Exp. 450 Liabilities and Stockholders' Equity Depreciation Exp. 120 Liabilities: Income Taxes Expense 65 Accounts Payable $5,050 Electric Expense 250 Income Taxes Payable 65 Total Expenses 3,325 Total Liabilities 5,115 Net Income 2,025 : Net Income = $2,025 Stockholders' Equity: Common Stock 20,000 Retained Earnings 1,025 Total Stockholders' Equity 21,025 Total Liabilities & Stockholders' Equity $26,140 : $26,140 : $26,140 : Net Income = $2, & 9- - Closing Entries Requirement #8: Prepare the closing entries at March 31 in the General Journal below. Hint:Use the balances for each account which appear on the Adjusted Trial Balance for your closing entries.

Requirement #9: Post the closing entries to the T-Accounts on the General Ledger worksheet and compute ending balances. Just add to the adjusted balances already listed. General Journal Date Account Number from Chart of Accounts tab Account Title from Chart of Accounts tab Debit Credit 0 : Debit $9, : Credit $9,675 Journal Entries 10 - Post Closing Trial Balance Requirement #10: Prepare a post-closing trial balance as of March 31 in the space below. Howard's Flight Radio Management Corporation Post-Closing Trial Balance March 31 Account Account Balance Number Title Debit Credit - 0 : Debits = $26, : Credits = $26,260 Journal Entries 11- Ratios Requirement #11: Ratios Using the data from Income Statement and Balance Sheet prepared by you in step 7 compute the following ratios.

Current Ratio Leverage Ratio Asset Turnover Ratio Net Profit Margin Ratios Rate of Return on Total Assets 12- Interpretaion of Ratio Grading Rubric Project 1 Grading Rubric - Students Criteria Excellent Good Poor Very Poor Unacceptable Points Available Milestone 1 Step 1 —Journal Entries (20 points) Journal entries use accurate accounts and amounts; and debits and credits are used correctly. Journal entries mostly use accurate accounts and amounts; and debits and credits are used correctly. Journal entries have some errors in use of accounts and amounts; and debits and credits are only somewhat used correctly. Journal entries have some errors in use of accounts and amounts; and debits and credits are not used correctly.

The submission does not meet this requirement. Little-to-no work was completed. Step 1 Grading Scale Milestone 1 Steps 2 and 3 —Posted an Unadjusted Trial Balance. (13 points) Posting is correct leading to an accurate trial balance. Posting is mostly correct leading to a mostly correct trial balance. Posting has several errors leading to a trial balance with several errors.

Posting is done poorly or not at all, leading to inaccurate or no trial balance. The submission does not meet this requirement. Little-to-no work was completed. Step 2 & 3 Grading Scale Milestone 1 Total 33 Milestone 2 Step 4 —Adjusting Journal Entries (8 points) Journal entries use accurate accounts and amounts; and debits and credits are used correctly. Journal entries mostly use accurate accounts and amounts; and debits and credits are used correctly.

Journal entries have some errors in use of accounts and amounts; and debits and credits are only somewhat used correctly. Journal entries have some errors in use of accounts and amounts; and debits and credits are not used correctly. The submission does not meet this requirement. Little-to-no work was completed. Step 4 Grading Scale Milestone 2 Steps 5 and 6 —Posted and Adjusted Trial Balance. (10 points) Posting is correct leading to an accurate trial balance.

Posting is mostly correct leading to a mostly correct trial balance. Posting has several errors leading to a trial balance with several errors. Posting is done poorly or not at all, leading to inaccurate or no trial balance. The submission does not meet this requirement. Little-to-no work was completed.

Step 5 & 6 Grading Scale Milestone 2 Step 7 —Financial Statements (15 points) All four financial statements are prepared accurately and in an appropriate format. Three of four financial statements are prepared accurately and mostly in an appropriate format, one statement has some errors. Two of four financial statements are prepared accurately and mostly in an appropriate format, two statements have some errors. One or fewer of four financial statements are prepared accurately and mostly in an appropriate format, three or all statements have some errors. The submission does not meet this requirement.

Little-to-no work was completed. Step 7 Grading Scale Milestone 2 Total 33 Milestone 3 Step 8 —Closing Journal Entries (7 points) Journal entries use accurate accounts and amounts; and debits and credits are used correctly. Journal entries mostly use accurate accounts and amounts; and debits and credits are used correctly. Journal entries have some errors in use of accounts and amounts; and debits and credits are only somewhat used correctly. Journal entries have some errors in use of accounts and amounts; and debits and credits are not used correctly.

The submission does not meet this requirement. Little-to-no work was completed. Step 8 Grading Scale Milestone 3 Steps 9 and 10 —Posted a Post-closingTrial Balance. (10 points) Posting is correct leading to an accurate trial balance. Posting is mostly correct leading to a mostly correct trial balance. Posting has several errors leading to a trial balance with several errors.

Posting is done poorly or not at all, leading to inaccurate or no trial balance. The submission does not meet this requirement. Little-to-no work was completed. Step 9 & 10 Grading Scale Milestone 3 Steps 11 and 12 —Ratios and Interpretation. (17 points) Ratios are calculated correctly. Math process is present.

Interpretation of ratios are accurate. Ratios are calculated mostly correctly. Math process is present. Interpretation of ratios are mostly accurate. Ratios calculations have some errors.

Math process is present. Interpretation of ratios is flawed. Ratios calculations have various errors. Math process is present. Interpretation of ratios is severely flawed.

The submission does not meet this requirement. Little-to-no work was completed. No math process is present. Step 11 & 12 Grading Scale Milestone 3 Total 34

,400. March 1 Paid the current month's rent expense, ,900.

March 3 Purchased repair equipment from Fred Company, ,800. Paid ,000 down and the balance was placed on account. Payments will be 0.00 per month for 12 months. The first payment is due 4/1. Note: Use Accounts Payable for the Balance Due.

March 8 Purchased repair supplies from Gary Company on credit, 0. March 10 Paid telephone bill for March, 0. March 11 Cash flight management system (FMS) repair revenue for the first third of March, ,650. March 18 Made payment to Gary Company, 0. March 20 Cash FMS repair revenue for the second third of March,

Menumgmt210 Course Projectrequirementrequirement Descriptionworksheet

Menu MGMT210: Course Project Requirement Requirement Description Worksheet Name 1 Prepare the Journal Entries in the General Journal 1 - Journal Entries 2 Post Journal Entries to the General Ledger 2 - General Ledger 3 Prepare a Trial Balance 3 - Trial Balance 4 Prepare the Adjusting Entries 4 - Adjusting Entries 5 Post Adjusting Entries to the General Ledger 2 - General Ledger 6 Prepare an Adjusted Trial Balance 5 - Adjusted TB 7 Prepare the Financial Statements 6 - Financial Statements 8 Prepare the Closing Entries 7 - Closing Entries 9 Post Closing Entries to the General Ledger 2 - General Ledger 10 Prepare the Post Closing Trial Balance 8 - Post Closing Trial Balance 11 Compute Ratios 11-Ratios 12 Interpret the Ratios 12-Interpretation of Ratios Project Instructions Course Project Overview The Course Project consists of 12 Requirements for you to complete.

The Course Project is due at the end of Week 9. See the Modules section for due date information. All of the information you need to complete the Course Project is located in this Workbook. • There are eight worksheets in the workbook you will need to complete. • A list of March transactions • A Chart of Accounts reference sheet • A Grading Rubric to help explain what is expected. • Each worksheet has the Check Figures embedded as a comment. Scenario You’ve just secured a new client in your accounting practice, Howard's Flight Radio Management Corporation (HFRM), a brand new small business specializing in flight management systems (FMS). The owner, Howard Allan, is a former Air Force pilot and retired Colonel, but definitely not an accountant.

Your job is to help Howard put his affairs in order. Luckily Howard has only been in operation for a month and things have not gotten too out of hand yet! Howard has to submit his financial statements to his investors and doesn’t know where to begin. It’s your job to go through the complete Accounting cycle to prepare the financial statements for the HFRM. Requirements Guidelines Use the embedded assistance in the template, guidance in your textbook, and examples in the weekly assignments to complete this project.

Should you have any questions contact your professor. Milestone 1 is due in Week 3 - This includes project requirements 1-3. Milestone 2 is due in Week 6 - This includes project requirements 4-7. Milestone 3 is due in Week 9 - This includes project requirements 8-12. Before You Begin: ï‚· Review the Week 2 Lecture prior to starting work on this project. ï‚· Print the Chart of Accounts and October Transactions worksheets for your reference.

You will need to refer to both throughout the project. ï‚· Review the Grading Criteria. ï‚· SAVE your work frequently in this workbook. March Transactions During its first month of operation, HFRM completed the following transactions. March Transactions Date Transaction Description March 1 Began business by making a deposit in a company bank account of $20,000, in exchange for 2,000 shares of $10 par value common stock. March 1 Paid the premium on a 1-year insurance policy, $2,400. March 1 Paid the current month's rent expense, $1,900.

March 3 Purchased repair equipment from Fred Company, $5,800. Paid $1,000 down and the balance was placed on account. Payments will be $400.00 per month for 12 months. The first payment is due 4/1. Note: Use Accounts Payable for the Balance Due.

March 8 Purchased repair supplies from Gary Company on credit, $650. March 10 Paid telephone bill for March, $340. March 11 Cash flight management system (FMS) repair revenue for the first third of March, $1,650. March 18 Made payment to Gary Company, $400. March 20 Cash FMS repair revenue for the second third of March, $2,450.

March 31 Cash FMS repair revenue for the last third of March, $1,250. March 31 Paid the current month's electice bill, $250. March 31 Declared and paid cash dividend of $1,000. Chart of Accounts Use the following account descriptions for journal entries. Chart of Accounts Account Type Account Number Account Title Normal Balance Assets 111 Money Debit 117 Prepaid Assurance Debit 119 Repair Supplies Debit 144 Repair Material Debit 145 Accum Dep -Repair Equipment Credit Liabilities 212 Books Payable Credit 213 Income Tax Payable Credit Stockholders Equity 311 CS Credit 312 Retained Earnings Credit 313 Surplus Debit Revenue 411 FMS revenue Credit Expenses 511 Rent Expenditure Debit 512 Telephone Expenditure Debit 513 Insurance Expenditure Debit 514 Repair Supplies Expenditure Debit 515 Dep Expense - Repair Equipment Debit 516 Income Tax Expenditure Debit 517 Electric Expenditure Debit 1 - Journal Entries REQUIREMENT #1: Prepare journal entries to record the March transactions in the General Journal below.

Remember that Debits must equal Credits—All of your Journal Entries should balance. General Journal Column1 Account Number from Chart of Accounts tab Account Title from Chart of Accounts tab Debit Credit March Money 20, CS 20,000 March Prepaid assurance 2, Money 2,400 March Rent Expenditure 1, Money 1,900 March Repair material 5, Money 1, Accounts Payable 4,800 March Repair Supplies Accounts Payable 650 March telephone expenditure Money 340 March Money 1, Flight management system revenue 1,650 March Accounts Payable Money 400 March Money 2, Flight management system revenue 2,450 March Money 1, Flight management system revenue 1,250 March Electric expenditure Money 250 March Surplus 1, Money 1,,090 : Debits = $38,,090 : Credits = $38,090 Journal Entries Once you've completed this requirement print your General Journal to complete Requirement #2 on the General Ledger worksheet.

2 - General Ledger REQUIREMENT #2: Post the March journal entries to the following T-Accounts and compute ending balances. Date Money (111) : The balance of the Cash account after posting journal entries for Part A should be $18,060 . Date FMS Revenue (411) Account Cash Account No 111 March 1 20,,400 March ,650 March 11 1,650 March ,450 Date Description Post Ref Debit Credit Balance March 20 2,450 March ,-Mar Common Stock JE1 20, March 31 1,,-Mar Prepaid Insurance JE,600 March ,900 March 31 5,-Mar Store Rent JE March , JE March JE March JE March JE March ,000 JE End Balance 18,060 JE9 1,-Mar JE-Mar JE Prepaid Assurance (117) Rental expenditure (511) March 1 2,400 March 1 1,900 March March ,900 End Balance 2,200 Repair Supplies (119) Telephone Expenditure(512) Account Repair Supplies Account No 119 March March End Balance 200 March Date Description Post Ref Debit Credit Balance March 8th Repair Equipment (144) Insurance Expenditure (513) Account Common Stock Accoun No 311 March 3 5,800 March End Balance 5,800 March Date Description Post Ref Debit Credit Balance 1-Mar Cash Accum.

Depr.-Repair Equipment (145) Repair Supplies Expenditure (514) Account Accu. Dep/ Repair Equipment Accoun No 145 March March End Balance 120 March Date Description Post Ref Debit Credit Balance AJE Accounts Payable (212) Depr. Exp.-Repair Equipment (515) March ,800 March March March March End Balance 5,050 Account Dep. Expense for Repair Equip Accoun No 515 Income Taxes Payable (213) Income Taxes Expenditure (516) March Date Description Post Ref Debit Credit Balance End Balance 65 March AJE CS (311) Electric Expenditure (517) March ,000 March End Balance 20,000 March Retained Earnings (312) March 31 March 31 End Balance Surplus (313) March 31 1,000 March , - Trial Balance REQUIREMENT #3: Prepare a trial balance for March in the space below.

Howard's Flight Radio Management Corporation Trial Balance March 31 Account Account Balance Title Debit Credit 411 FMS revenue 5, Rent Expenditure 1, Telephone Expenditure Insurance Expenditure - Repair Supplies Expenditure - Dep Expense - Repair Equipment - Income Tax Expenditure - Electric Expenditure Money 18, Prepaid Assurance 2, Repair Supplies Repair Material 5, Accum Dep -Repair Equipment - Books Payable 5, Income Tax Payable - CS 20, Retained earnings 313 Surplus 1,,400 : Debit Balance = $30,,400 : Credit Balance = $30,400 Journal Entries Only enter accounts that have a balance. 4 & 5 Adjusting Entries Requirement #4: Prepare adjusting entries using the following information in the General Journal below.

Show your calculations! a) One month's insurance has expired. b) The remaining inventory of repair supplies is $200. c) The estimated depreciation on repair equipment is $120. d) The estimated income taxes are $65. Requirement #5: Post the adjusting entries on March 31 below to the General Ledger T-accounts and compute adjusted balances. Just add to the balances that are already listed. General Journal Date Account Number from Chart of Accounts tab Account Title from Chart of Accounts tab Debit Credit March Insurance Expenditure Prepaid assurance 200 March Repair Supplies Expenditure Repair Supplies 450 March Dep Expense - Repair Equipment Accum Dep -Repair Equipment 120 March Income tax expenditure Income tax payable : Balance $406. : Balance $406.00 Requirement # 4 (Answer) (a) Prepaid Insurance (12 Months) 2,400 Expired (01 Month) = $2,400 à— 1/12 (Charged to P&L) (200) Balance as at 31st March 2,200 (b) Repair Supplies (before adjustment) 650 Less: Charged to Profit and Loss (450) Balance as at 31st March 200 Journal Entries 6 - Adjusted TB REQUIREMENT #6: Prepare an Adjusted Trial Balance in the space below.

Howard's Flight Radio Management Corporation Adjusted Trial Balance March 31 Account Account Balance Number Title Debit Credit 411 FMS revenue - 0 5, Rent Expenditure 1, Telephone Expenditure Insurance Expenditure Repair Supplies Expenditure Dep Expense - Repair Equipment Income Tax Expenditure Electric Expenditure Money 18, Prepaid Assurance 2, Repair Supplies Repair Material 5, Accum Dep -Repair Equipment Books Payable 5, Income Tax Payable CS 20, Retained earnings - Surplus 1,,585 : Debit Balance = $30,,585 : Credit Balance = $30,585 Journal Entries Only enter accounts that have a balance. 7 - Financial Statements Requirement #7: Prepare the financial statements for Howard's Flight Radio Management Corporation as of March 31 in the space below.

You will only be preparing the Income Statement, Statement of Retained Earning, and the Balance Sheet. The Statement of Cash Flows is a required Financial Statement, but is not required for this project. Howard's Flight Radio Management Corporation Howard's Flight Radio Management Corporation Howard's Flight Radio Management Corporation Income Statement Statement of Retained Earnings Balance Sheet For the Month Ending March 31 For the Month Ending March 31 March 31 Revenues: Retained Earnings, March 1 $0 Assets: FMS Repair Revenue $5,350 Add: Net Income 2,025 Cash $18,060 Total Revenue 5,350 Subtotal 2,025 Prepaid Insurance 2,200 Less: Dividends (1,000) Repair Supplies 200 Expenses: Retained Earnings, March 31 $1,025 : Retained Earnings = $1,025 Repair Equipment 5,800 Store Rent Expense 1,900 Less: Accum.

Depr. (120) Telephone Expense 340 Total Assets $26,140 : $26,140 Insurance Expense 200 Repair Supplies Exp. 450 Liabilities and Stockholders' Equity Depreciation Exp. 120 Liabilities: Income Taxes Expense 65 Accounts Payable $5,050 Electric Expense 250 Income Taxes Payable 65 Total Expenses 3,325 Total Liabilities 5,115 Net Income 2,025 : Net Income = $2,025 Stockholders' Equity: Common Stock 20,000 Retained Earnings 1,025 Total Stockholders' Equity 21,025 Total Liabilities & Stockholders' Equity $26,140 : $26,140 : $26,140 : Net Income = $2, & 9- - Closing Entries Requirement #8: Prepare the closing entries at March 31 in the General Journal below. Hint:Use the balances for each account which appear on the Adjusted Trial Balance for your closing entries.

Requirement #9: Post the closing entries to the T-Accounts on the General Ledger worksheet and compute ending balances. Just add to the adjusted balances already listed. General Journal Date Account Number from Chart of Accounts tab Account Title from Chart of Accounts tab Debit Credit 0 : Debit $9, : Credit $9,675 Journal Entries 10 - Post Closing Trial Balance Requirement #10: Prepare a post-closing trial balance as of March 31 in the space below. Howard's Flight Radio Management Corporation Post-Closing Trial Balance March 31 Account Account Balance Number Title Debit Credit - 0 : Debits = $26, : Credits = $26,260 Journal Entries 11- Ratios Requirement #11: Ratios Using the data from Income Statement and Balance Sheet prepared by you in step 7 compute the following ratios.

Current Ratio Leverage Ratio Asset Turnover Ratio Net Profit Margin Ratios Rate of Return on Total Assets 12- Interpretaion of Ratio Grading Rubric Project 1 Grading Rubric - Students Criteria Excellent Good Poor Very Poor Unacceptable Points Available Milestone 1 Step 1 —Journal Entries (20 points) Journal entries use accurate accounts and amounts; and debits and credits are used correctly. Journal entries mostly use accurate accounts and amounts; and debits and credits are used correctly. Journal entries have some errors in use of accounts and amounts; and debits and credits are only somewhat used correctly. Journal entries have some errors in use of accounts and amounts; and debits and credits are not used correctly.

The submission does not meet this requirement. Little-to-no work was completed. Step 1 Grading Scale Milestone 1 Steps 2 and 3 —Posted an Unadjusted Trial Balance. (13 points) Posting is correct leading to an accurate trial balance. Posting is mostly correct leading to a mostly correct trial balance. Posting has several errors leading to a trial balance with several errors.

Posting is done poorly or not at all, leading to inaccurate or no trial balance. The submission does not meet this requirement. Little-to-no work was completed. Step 2 & 3 Grading Scale Milestone 1 Total 33 Milestone 2 Step 4 —Adjusting Journal Entries (8 points) Journal entries use accurate accounts and amounts; and debits and credits are used correctly. Journal entries mostly use accurate accounts and amounts; and debits and credits are used correctly.

Journal entries have some errors in use of accounts and amounts; and debits and credits are only somewhat used correctly. Journal entries have some errors in use of accounts and amounts; and debits and credits are not used correctly. The submission does not meet this requirement. Little-to-no work was completed. Step 4 Grading Scale Milestone 2 Steps 5 and 6 —Posted and Adjusted Trial Balance. (10 points) Posting is correct leading to an accurate trial balance.

Posting is mostly correct leading to a mostly correct trial balance. Posting has several errors leading to a trial balance with several errors. Posting is done poorly or not at all, leading to inaccurate or no trial balance. The submission does not meet this requirement. Little-to-no work was completed.

Step 5 & 6 Grading Scale Milestone 2 Step 7 —Financial Statements (15 points) All four financial statements are prepared accurately and in an appropriate format. Three of four financial statements are prepared accurately and mostly in an appropriate format, one statement has some errors. Two of four financial statements are prepared accurately and mostly in an appropriate format, two statements have some errors. One or fewer of four financial statements are prepared accurately and mostly in an appropriate format, three or all statements have some errors. The submission does not meet this requirement.

Little-to-no work was completed. Step 7 Grading Scale Milestone 2 Total 33 Milestone 3 Step 8 —Closing Journal Entries (7 points) Journal entries use accurate accounts and amounts; and debits and credits are used correctly. Journal entries mostly use accurate accounts and amounts; and debits and credits are used correctly. Journal entries have some errors in use of accounts and amounts; and debits and credits are only somewhat used correctly. Journal entries have some errors in use of accounts and amounts; and debits and credits are not used correctly.

The submission does not meet this requirement. Little-to-no work was completed. Step 8 Grading Scale Milestone 3 Steps 9 and 10 —Posted a Post-closingTrial Balance. (10 points) Posting is correct leading to an accurate trial balance. Posting is mostly correct leading to a mostly correct trial balance. Posting has several errors leading to a trial balance with several errors.

Posting is done poorly or not at all, leading to inaccurate or no trial balance. The submission does not meet this requirement. Little-to-no work was completed. Step 9 & 10 Grading Scale Milestone 3 Steps 11 and 12 —Ratios and Interpretation. (17 points) Ratios are calculated correctly. Math process is present.

Interpretation of ratios are accurate. Ratios are calculated mostly correctly. Math process is present. Interpretation of ratios are mostly accurate. Ratios calculations have some errors.

Math process is present. Interpretation of ratios is flawed. Ratios calculations have various errors. Math process is present. Interpretation of ratios is severely flawed.

The submission does not meet this requirement. Little-to-no work was completed. No math process is present. Step 11 & 12 Grading Scale Milestone 3 Total 34

,450.

March 31 Cash FMS repair revenue for the last third of March, ,250. March 31 Paid the current month's electice bill, 0. March 31 Declared and paid cash dividend of ,000. Chart of Accounts Use the following account descriptions for journal entries. Chart of Accounts Account Type Account Number Account Title Normal Balance Assets 111 Money Debit 117 Prepaid Assurance Debit 119 Repair Supplies Debit 144 Repair Material Debit 145 Accum Dep -Repair Equipment Credit Liabilities 212 Books Payable Credit 213 Income Tax Payable Credit Stockholders Equity 311 CS Credit 312 Retained Earnings Credit 313 Surplus Debit Revenue 411 FMS revenue Credit Expenses 511 Rent Expenditure Debit 512 Telephone Expenditure Debit 513 Insurance Expenditure Debit 514 Repair Supplies Expenditure Debit 515 Dep Expense - Repair Equipment Debit 516 Income Tax Expenditure Debit 517 Electric Expenditure Debit 1 - Journal Entries REQUIREMENT #1: Prepare journal entries to record the March transactions in the General Journal below.

Remember that Debits must equal Credits—All of your Journal Entries should balance. General Journal Column1 Account Number from Chart of Accounts tab Account Title from Chart of Accounts tab Debit Credit March Money 20, CS 20,000 March Prepaid assurance 2, Money 2,400 March Rent Expenditure 1, Money 1,900 March Repair material 5, Money 1, Accounts Payable 4,800 March Repair Supplies Accounts Payable 650 March telephone expenditure Money 340 March Money 1, Flight management system revenue 1,650 March Accounts Payable Money 400 March Money 2, Flight management system revenue 2,450 March Money 1, Flight management system revenue 1,250 March Electric expenditure Money 250 March Surplus 1, Money 1,,090 : Debits = ,,090 : Credits = ,090 Journal Entries Once you've completed this requirement print your General Journal to complete Requirement #2 on the General Ledger worksheet.

2 - General Ledger REQUIREMENT #2: Post the March journal entries to the following T-Accounts and compute ending balances. Date Money (111) : The balance of the Cash account after posting journal entries for Part A should be ,060 . Date FMS Revenue (411) Account Cash Account No 111 March 1 20,,400 March ,650 March 11 1,650 March ,450 Date Description Post Ref Debit Credit Balance March 20 2,450 March ,-Mar Common Stock JE1 20, March 31 1,,-Mar Prepaid Insurance JE,600 March ,900 March 31 5,-Mar Store Rent JE March , JE March JE March JE March JE March ,000 JE End Balance 18,060 JE9 1,-Mar JE-Mar JE Prepaid Assurance (117) Rental expenditure (511) March 1 2,400 March 1 1,900 March March ,900 End Balance 2,200 Repair Supplies (119) Telephone Expenditure(512) Account Repair Supplies Account No 119 March March End Balance 200 March Date Description Post Ref Debit Credit Balance March 8th Repair Equipment (144) Insurance Expenditure (513) Account Common Stock Accoun No 311 March 3 5,800 March End Balance 5,800 March Date Description Post Ref Debit Credit Balance 1-Mar Cash Accum.

Depr.-Repair Equipment (145) Repair Supplies Expenditure (514) Account Accu. Dep/ Repair Equipment Accoun No 145 March March End Balance 120 March Date Description Post Ref Debit Credit Balance AJE Accounts Payable (212) Depr. Exp.-Repair Equipment (515) March ,800 March March March March End Balance 5,050 Account Dep. Expense for Repair Equip Accoun No 515 Income Taxes Payable (213) Income Taxes Expenditure (516) March Date Description Post Ref Debit Credit Balance End Balance 65 March AJE CS (311) Electric Expenditure (517) March ,000 March End Balance 20,000 March Retained Earnings (312) March 31 March 31 End Balance Surplus (313) March 31 1,000 March , - Trial Balance REQUIREMENT #3: Prepare a trial balance for March in the space below.

Howard's Flight Radio Management Corporation Trial Balance March 31 Account Account Balance Title Debit Credit 411 FMS revenue 5, Rent Expenditure 1, Telephone Expenditure Insurance Expenditure - Repair Supplies Expenditure - Dep Expense - Repair Equipment - Income Tax Expenditure - Electric Expenditure Money 18, Prepaid Assurance 2, Repair Supplies Repair Material 5, Accum Dep -Repair Equipment - Books Payable 5, Income Tax Payable - CS 20, Retained earnings 313 Surplus 1,,400 : Debit Balance = ,,400 : Credit Balance = ,400 Journal Entries Only enter accounts that have a balance. 4 & 5 Adjusting Entries Requirement #4: Prepare adjusting entries using the following information in the General Journal below.

Show your calculations! a) One month's insurance has expired. b) The remaining inventory of repair supplies is 0. c) The estimated depreciation on repair equipment is 0. d) The estimated income taxes are . Requirement #5: Post the adjusting entries on March 31 below to the General Ledger T-accounts and compute adjusted balances. Just add to the balances that are already listed. General Journal Date Account Number from Chart of Accounts tab Account Title from Chart of Accounts tab Debit Credit March Insurance Expenditure Prepaid assurance 200 March Repair Supplies Expenditure Repair Supplies 450 March Dep Expense - Repair Equipment Accum Dep -Repair Equipment 120 March Income tax expenditure Income tax payable : Balance 6. : Balance 6.00 Requirement # 4 (Answer) (a) Prepaid Insurance (12 Months) 2,400 Expired (01 Month) =

Menumgmt210 Course Projectrequirementrequirement Descriptionworksheet

Menu MGMT210: Course Project Requirement Requirement Description Worksheet Name 1 Prepare the Journal Entries in the General Journal 1 - Journal Entries 2 Post Journal Entries to the General Ledger 2 - General Ledger 3 Prepare a Trial Balance 3 - Trial Balance 4 Prepare the Adjusting Entries 4 - Adjusting Entries 5 Post Adjusting Entries to the General Ledger 2 - General Ledger 6 Prepare an Adjusted Trial Balance 5 - Adjusted TB 7 Prepare the Financial Statements 6 - Financial Statements 8 Prepare the Closing Entries 7 - Closing Entries 9 Post Closing Entries to the General Ledger 2 - General Ledger 10 Prepare the Post Closing Trial Balance 8 - Post Closing Trial Balance 11 Compute Ratios 11-Ratios 12 Interpret the Ratios 12-Interpretation of Ratios Project Instructions Course Project Overview The Course Project consists of 12 Requirements for you to complete.

The Course Project is due at the end of Week 9. See the Modules section for due date information. All of the information you need to complete the Course Project is located in this Workbook. • There are eight worksheets in the workbook you will need to complete. • A list of March transactions • A Chart of Accounts reference sheet • A Grading Rubric to help explain what is expected. • Each worksheet has the Check Figures embedded as a comment. Scenario You’ve just secured a new client in your accounting practice, Howard's Flight Radio Management Corporation (HFRM), a brand new small business specializing in flight management systems (FMS). The owner, Howard Allan, is a former Air Force pilot and retired Colonel, but definitely not an accountant.

Your job is to help Howard put his affairs in order. Luckily Howard has only been in operation for a month and things have not gotten too out of hand yet! Howard has to submit his financial statements to his investors and doesn’t know where to begin. It’s your job to go through the complete Accounting cycle to prepare the financial statements for the HFRM. Requirements Guidelines Use the embedded assistance in the template, guidance in your textbook, and examples in the weekly assignments to complete this project.

Should you have any questions contact your professor. Milestone 1 is due in Week 3 - This includes project requirements 1-3. Milestone 2 is due in Week 6 - This includes project requirements 4-7. Milestone 3 is due in Week 9 - This includes project requirements 8-12. Before You Begin: ï‚· Review the Week 2 Lecture prior to starting work on this project. ï‚· Print the Chart of Accounts and October Transactions worksheets for your reference.

You will need to refer to both throughout the project. ï‚· Review the Grading Criteria. ï‚· SAVE your work frequently in this workbook. March Transactions During its first month of operation, HFRM completed the following transactions. March Transactions Date Transaction Description March 1 Began business by making a deposit in a company bank account of $20,000, in exchange for 2,000 shares of $10 par value common stock. March 1 Paid the premium on a 1-year insurance policy, $2,400. March 1 Paid the current month's rent expense, $1,900.

March 3 Purchased repair equipment from Fred Company, $5,800. Paid $1,000 down and the balance was placed on account. Payments will be $400.00 per month for 12 months. The first payment is due 4/1. Note: Use Accounts Payable for the Balance Due.

March 8 Purchased repair supplies from Gary Company on credit, $650. March 10 Paid telephone bill for March, $340. March 11 Cash flight management system (FMS) repair revenue for the first third of March, $1,650. March 18 Made payment to Gary Company, $400. March 20 Cash FMS repair revenue for the second third of March, $2,450.

March 31 Cash FMS repair revenue for the last third of March, $1,250. March 31 Paid the current month's electice bill, $250. March 31 Declared and paid cash dividend of $1,000. Chart of Accounts Use the following account descriptions for journal entries. Chart of Accounts Account Type Account Number Account Title Normal Balance Assets 111 Money Debit 117 Prepaid Assurance Debit 119 Repair Supplies Debit 144 Repair Material Debit 145 Accum Dep -Repair Equipment Credit Liabilities 212 Books Payable Credit 213 Income Tax Payable Credit Stockholders Equity 311 CS Credit 312 Retained Earnings Credit 313 Surplus Debit Revenue 411 FMS revenue Credit Expenses 511 Rent Expenditure Debit 512 Telephone Expenditure Debit 513 Insurance Expenditure Debit 514 Repair Supplies Expenditure Debit 515 Dep Expense - Repair Equipment Debit 516 Income Tax Expenditure Debit 517 Electric Expenditure Debit 1 - Journal Entries REQUIREMENT #1: Prepare journal entries to record the March transactions in the General Journal below.

Remember that Debits must equal Credits—All of your Journal Entries should balance. General Journal Column1 Account Number from Chart of Accounts tab Account Title from Chart of Accounts tab Debit Credit March Money 20, CS 20,000 March Prepaid assurance 2, Money 2,400 March Rent Expenditure 1, Money 1,900 March Repair material 5, Money 1, Accounts Payable 4,800 March Repair Supplies Accounts Payable 650 March telephone expenditure Money 340 March Money 1, Flight management system revenue 1,650 March Accounts Payable Money 400 March Money 2, Flight management system revenue 2,450 March Money 1, Flight management system revenue 1,250 March Electric expenditure Money 250 March Surplus 1, Money 1,,090 : Debits = $38,,090 : Credits = $38,090 Journal Entries Once you've completed this requirement print your General Journal to complete Requirement #2 on the General Ledger worksheet.

2 - General Ledger REQUIREMENT #2: Post the March journal entries to the following T-Accounts and compute ending balances. Date Money (111) : The balance of the Cash account after posting journal entries for Part A should be $18,060 . Date FMS Revenue (411) Account Cash Account No 111 March 1 20,,400 March ,650 March 11 1,650 March ,450 Date Description Post Ref Debit Credit Balance March 20 2,450 March ,-Mar Common Stock JE1 20, March 31 1,,-Mar Prepaid Insurance JE,600 March ,900 March 31 5,-Mar Store Rent JE March , JE March JE March JE March JE March ,000 JE End Balance 18,060 JE9 1,-Mar JE-Mar JE Prepaid Assurance (117) Rental expenditure (511) March 1 2,400 March 1 1,900 March March ,900 End Balance 2,200 Repair Supplies (119) Telephone Expenditure(512) Account Repair Supplies Account No 119 March March End Balance 200 March Date Description Post Ref Debit Credit Balance March 8th Repair Equipment (144) Insurance Expenditure (513) Account Common Stock Accoun No 311 March 3 5,800 March End Balance 5,800 March Date Description Post Ref Debit Credit Balance 1-Mar Cash Accum.

Depr.-Repair Equipment (145) Repair Supplies Expenditure (514) Account Accu. Dep/ Repair Equipment Accoun No 145 March March End Balance 120 March Date Description Post Ref Debit Credit Balance AJE Accounts Payable (212) Depr. Exp.-Repair Equipment (515) March ,800 March March March March End Balance 5,050 Account Dep. Expense for Repair Equip Accoun No 515 Income Taxes Payable (213) Income Taxes Expenditure (516) March Date Description Post Ref Debit Credit Balance End Balance 65 March AJE CS (311) Electric Expenditure (517) March ,000 March End Balance 20,000 March Retained Earnings (312) March 31 March 31 End Balance Surplus (313) March 31 1,000 March , - Trial Balance REQUIREMENT #3: Prepare a trial balance for March in the space below.

Howard's Flight Radio Management Corporation Trial Balance March 31 Account Account Balance Title Debit Credit 411 FMS revenue 5, Rent Expenditure 1, Telephone Expenditure Insurance Expenditure - Repair Supplies Expenditure - Dep Expense - Repair Equipment - Income Tax Expenditure - Electric Expenditure Money 18, Prepaid Assurance 2, Repair Supplies Repair Material 5, Accum Dep -Repair Equipment - Books Payable 5, Income Tax Payable - CS 20, Retained earnings 313 Surplus 1,,400 : Debit Balance = $30,,400 : Credit Balance = $30,400 Journal Entries Only enter accounts that have a balance. 4 & 5 Adjusting Entries Requirement #4: Prepare adjusting entries using the following information in the General Journal below.

Show your calculations! a) One month's insurance has expired. b) The remaining inventory of repair supplies is $200. c) The estimated depreciation on repair equipment is $120. d) The estimated income taxes are $65. Requirement #5: Post the adjusting entries on March 31 below to the General Ledger T-accounts and compute adjusted balances. Just add to the balances that are already listed. General Journal Date Account Number from Chart of Accounts tab Account Title from Chart of Accounts tab Debit Credit March Insurance Expenditure Prepaid assurance 200 March Repair Supplies Expenditure Repair Supplies 450 March Dep Expense - Repair Equipment Accum Dep -Repair Equipment 120 March Income tax expenditure Income tax payable : Balance $406. : Balance $406.00 Requirement # 4 (Answer) (a) Prepaid Insurance (12 Months) 2,400 Expired (01 Month) = $2,400 à— 1/12 (Charged to P&L) (200) Balance as at 31st March 2,200 (b) Repair Supplies (before adjustment) 650 Less: Charged to Profit and Loss (450) Balance as at 31st March 200 Journal Entries 6 - Adjusted TB REQUIREMENT #6: Prepare an Adjusted Trial Balance in the space below.

Howard's Flight Radio Management Corporation Adjusted Trial Balance March 31 Account Account Balance Number Title Debit Credit 411 FMS revenue - 0 5, Rent Expenditure 1, Telephone Expenditure Insurance Expenditure Repair Supplies Expenditure Dep Expense - Repair Equipment Income Tax Expenditure Electric Expenditure Money 18, Prepaid Assurance 2, Repair Supplies Repair Material 5, Accum Dep -Repair Equipment Books Payable 5, Income Tax Payable CS 20, Retained earnings - Surplus 1,,585 : Debit Balance = $30,,585 : Credit Balance = $30,585 Journal Entries Only enter accounts that have a balance. 7 - Financial Statements Requirement #7: Prepare the financial statements for Howard's Flight Radio Management Corporation as of March 31 in the space below.

You will only be preparing the Income Statement, Statement of Retained Earning, and the Balance Sheet. The Statement of Cash Flows is a required Financial Statement, but is not required for this project. Howard's Flight Radio Management Corporation Howard's Flight Radio Management Corporation Howard's Flight Radio Management Corporation Income Statement Statement of Retained Earnings Balance Sheet For the Month Ending March 31 For the Month Ending March 31 March 31 Revenues: Retained Earnings, March 1 $0 Assets: FMS Repair Revenue $5,350 Add: Net Income 2,025 Cash $18,060 Total Revenue 5,350 Subtotal 2,025 Prepaid Insurance 2,200 Less: Dividends (1,000) Repair Supplies 200 Expenses: Retained Earnings, March 31 $1,025 : Retained Earnings = $1,025 Repair Equipment 5,800 Store Rent Expense 1,900 Less: Accum.

Depr. (120) Telephone Expense 340 Total Assets $26,140 : $26,140 Insurance Expense 200 Repair Supplies Exp. 450 Liabilities and Stockholders' Equity Depreciation Exp. 120 Liabilities: Income Taxes Expense 65 Accounts Payable $5,050 Electric Expense 250 Income Taxes Payable 65 Total Expenses 3,325 Total Liabilities 5,115 Net Income 2,025 : Net Income = $2,025 Stockholders' Equity: Common Stock 20,000 Retained Earnings 1,025 Total Stockholders' Equity 21,025 Total Liabilities & Stockholders' Equity $26,140 : $26,140 : $26,140 : Net Income = $2, & 9- - Closing Entries Requirement #8: Prepare the closing entries at March 31 in the General Journal below. Hint:Use the balances for each account which appear on the Adjusted Trial Balance for your closing entries.

Requirement #9: Post the closing entries to the T-Accounts on the General Ledger worksheet and compute ending balances. Just add to the adjusted balances already listed. General Journal Date Account Number from Chart of Accounts tab Account Title from Chart of Accounts tab Debit Credit 0 : Debit $9, : Credit $9,675 Journal Entries 10 - Post Closing Trial Balance Requirement #10: Prepare a post-closing trial balance as of March 31 in the space below. Howard's Flight Radio Management Corporation Post-Closing Trial Balance March 31 Account Account Balance Number Title Debit Credit - 0 : Debits = $26, : Credits = $26,260 Journal Entries 11- Ratios Requirement #11: Ratios Using the data from Income Statement and Balance Sheet prepared by you in step 7 compute the following ratios.

Current Ratio Leverage Ratio Asset Turnover Ratio Net Profit Margin Ratios Rate of Return on Total Assets 12- Interpretaion of Ratio Grading Rubric Project 1 Grading Rubric - Students Criteria Excellent Good Poor Very Poor Unacceptable Points Available Milestone 1 Step 1 —Journal Entries (20 points) Journal entries use accurate accounts and amounts; and debits and credits are used correctly. Journal entries mostly use accurate accounts and amounts; and debits and credits are used correctly. Journal entries have some errors in use of accounts and amounts; and debits and credits are only somewhat used correctly. Journal entries have some errors in use of accounts and amounts; and debits and credits are not used correctly.

The submission does not meet this requirement. Little-to-no work was completed. Step 1 Grading Scale Milestone 1 Steps 2 and 3 —Posted an Unadjusted Trial Balance. (13 points) Posting is correct leading to an accurate trial balance. Posting is mostly correct leading to a mostly correct trial balance. Posting has several errors leading to a trial balance with several errors.

Posting is done poorly or not at all, leading to inaccurate or no trial balance. The submission does not meet this requirement. Little-to-no work was completed. Step 2 & 3 Grading Scale Milestone 1 Total 33 Milestone 2 Step 4 —Adjusting Journal Entries (8 points) Journal entries use accurate accounts and amounts; and debits and credits are used correctly. Journal entries mostly use accurate accounts and amounts; and debits and credits are used correctly.

Journal entries have some errors in use of accounts and amounts; and debits and credits are only somewhat used correctly. Journal entries have some errors in use of accounts and amounts; and debits and credits are not used correctly. The submission does not meet this requirement. Little-to-no work was completed. Step 4 Grading Scale Milestone 2 Steps 5 and 6 —Posted and Adjusted Trial Balance. (10 points) Posting is correct leading to an accurate trial balance.

Posting is mostly correct leading to a mostly correct trial balance. Posting has several errors leading to a trial balance with several errors. Posting is done poorly or not at all, leading to inaccurate or no trial balance. The submission does not meet this requirement. Little-to-no work was completed.

Step 5 & 6 Grading Scale Milestone 2 Step 7 —Financial Statements (15 points) All four financial statements are prepared accurately and in an appropriate format. Three of four financial statements are prepared accurately and mostly in an appropriate format, one statement has some errors. Two of four financial statements are prepared accurately and mostly in an appropriate format, two statements have some errors. One or fewer of four financial statements are prepared accurately and mostly in an appropriate format, three or all statements have some errors. The submission does not meet this requirement.

Little-to-no work was completed. Step 7 Grading Scale Milestone 2 Total 33 Milestone 3 Step 8 —Closing Journal Entries (7 points) Journal entries use accurate accounts and amounts; and debits and credits are used correctly. Journal entries mostly use accurate accounts and amounts; and debits and credits are used correctly. Journal entries have some errors in use of accounts and amounts; and debits and credits are only somewhat used correctly. Journal entries have some errors in use of accounts and amounts; and debits and credits are not used correctly.

The submission does not meet this requirement. Little-to-no work was completed. Step 8 Grading Scale Milestone 3 Steps 9 and 10 —Posted a Post-closingTrial Balance. (10 points) Posting is correct leading to an accurate trial balance. Posting is mostly correct leading to a mostly correct trial balance. Posting has several errors leading to a trial balance with several errors.

Posting is done poorly or not at all, leading to inaccurate or no trial balance. The submission does not meet this requirement. Little-to-no work was completed. Step 9 & 10 Grading Scale Milestone 3 Steps 11 and 12 —Ratios and Interpretation. (17 points) Ratios are calculated correctly. Math process is present.

Interpretation of ratios are accurate. Ratios are calculated mostly correctly. Math process is present. Interpretation of ratios are mostly accurate. Ratios calculations have some errors.

Math process is present. Interpretation of ratios is flawed. Ratios calculations have various errors. Math process is present. Interpretation of ratios is severely flawed.

The submission does not meet this requirement. Little-to-no work was completed. No math process is present. Step 11 & 12 Grading Scale Milestone 3 Total 34

,400 à— 1/12 (Charged to P&L) (200) Balance as at 31st March 2,200 (b) Repair Supplies (before adjustment) 650 Less: Charged to Profit and Loss (450) Balance as at 31st March 200 Journal Entries 6 - Adjusted TB REQUIREMENT #6: Prepare an Adjusted Trial Balance in the space below.

Howard's Flight Radio Management Corporation Adjusted Trial Balance March 31 Account Account Balance Number Title Debit Credit 411 FMS revenue - 0 5, Rent Expenditure 1, Telephone Expenditure Insurance Expenditure Repair Supplies Expenditure Dep Expense - Repair Equipment Income Tax Expenditure Electric Expenditure Money 18, Prepaid Assurance 2, Repair Supplies Repair Material 5, Accum Dep -Repair Equipment Books Payable 5, Income Tax Payable CS 20, Retained earnings - Surplus 1,,585 : Debit Balance = ,,585 : Credit Balance = ,585 Journal Entries Only enter accounts that have a balance. 7 - Financial Statements Requirement #7: Prepare the financial statements for Howard's Flight Radio Management Corporation as of March 31 in the space below.

You will only be preparing the Income Statement, Statement of Retained Earning, and the Balance Sheet. The Statement of Cash Flows is a required Financial Statement, but is not required for this project. Howard's Flight Radio Management Corporation Howard's Flight Radio Management Corporation Howard's Flight Radio Management Corporation Income Statement Statement of Retained Earnings Balance Sheet For the Month Ending March 31 For the Month Ending March 31 March 31 Revenues: Retained Earnings, March 1

Menumgmt210 Course Projectrequirementrequirement Descriptionworksheet

Menu MGMT210: Course Project Requirement Requirement Description Worksheet Name 1 Prepare the Journal Entries in the General Journal 1 - Journal Entries 2 Post Journal Entries to the General Ledger 2 - General Ledger 3 Prepare a Trial Balance 3 - Trial Balance 4 Prepare the Adjusting Entries 4 - Adjusting Entries 5 Post Adjusting Entries to the General Ledger 2 - General Ledger 6 Prepare an Adjusted Trial Balance 5 - Adjusted TB 7 Prepare the Financial Statements 6 - Financial Statements 8 Prepare the Closing Entries 7 - Closing Entries 9 Post Closing Entries to the General Ledger 2 - General Ledger 10 Prepare the Post Closing Trial Balance 8 - Post Closing Trial Balance 11 Compute Ratios 11-Ratios 12 Interpret the Ratios 12-Interpretation of Ratios Project Instructions Course Project Overview The Course Project consists of 12 Requirements for you to complete.

The Course Project is due at the end of Week 9. See the Modules section for due date information. All of the information you need to complete the Course Project is located in this Workbook. • There are eight worksheets in the workbook you will need to complete. • A list of March transactions • A Chart of Accounts reference sheet • A Grading Rubric to help explain what is expected. • Each worksheet has the Check Figures embedded as a comment. Scenario You’ve just secured a new client in your accounting practice, Howard's Flight Radio Management Corporation (HFRM), a brand new small business specializing in flight management systems (FMS). The owner, Howard Allan, is a former Air Force pilot and retired Colonel, but definitely not an accountant.

Your job is to help Howard put his affairs in order. Luckily Howard has only been in operation for a month and things have not gotten too out of hand yet! Howard has to submit his financial statements to his investors and doesn’t know where to begin. It’s your job to go through the complete Accounting cycle to prepare the financial statements for the HFRM. Requirements Guidelines Use the embedded assistance in the template, guidance in your textbook, and examples in the weekly assignments to complete this project.

Should you have any questions contact your professor. Milestone 1 is due in Week 3 - This includes project requirements 1-3. Milestone 2 is due in Week 6 - This includes project requirements 4-7. Milestone 3 is due in Week 9 - This includes project requirements 8-12. Before You Begin: ï‚· Review the Week 2 Lecture prior to starting work on this project. ï‚· Print the Chart of Accounts and October Transactions worksheets for your reference.

You will need to refer to both throughout the project. ï‚· Review the Grading Criteria. ï‚· SAVE your work frequently in this workbook. March Transactions During its first month of operation, HFRM completed the following transactions. March Transactions Date Transaction Description March 1 Began business by making a deposit in a company bank account of $20,000, in exchange for 2,000 shares of $10 par value common stock. March 1 Paid the premium on a 1-year insurance policy, $2,400. March 1 Paid the current month's rent expense, $1,900.

March 3 Purchased repair equipment from Fred Company, $5,800. Paid $1,000 down and the balance was placed on account. Payments will be $400.00 per month for 12 months. The first payment is due 4/1. Note: Use Accounts Payable for the Balance Due.

March 8 Purchased repair supplies from Gary Company on credit, $650. March 10 Paid telephone bill for March, $340. March 11 Cash flight management system (FMS) repair revenue for the first third of March, $1,650. March 18 Made payment to Gary Company, $400. March 20 Cash FMS repair revenue for the second third of March, $2,450.

March 31 Cash FMS repair revenue for the last third of March, $1,250. March 31 Paid the current month's electice bill, $250. March 31 Declared and paid cash dividend of $1,000. Chart of Accounts Use the following account descriptions for journal entries. Chart of Accounts Account Type Account Number Account Title Normal Balance Assets 111 Money Debit 117 Prepaid Assurance Debit 119 Repair Supplies Debit 144 Repair Material Debit 145 Accum Dep -Repair Equipment Credit Liabilities 212 Books Payable Credit 213 Income Tax Payable Credit Stockholders Equity 311 CS Credit 312 Retained Earnings Credit 313 Surplus Debit Revenue 411 FMS revenue Credit Expenses 511 Rent Expenditure Debit 512 Telephone Expenditure Debit 513 Insurance Expenditure Debit 514 Repair Supplies Expenditure Debit 515 Dep Expense - Repair Equipment Debit 516 Income Tax Expenditure Debit 517 Electric Expenditure Debit 1 - Journal Entries REQUIREMENT #1: Prepare journal entries to record the March transactions in the General Journal below.

Remember that Debits must equal Credits—All of your Journal Entries should balance. General Journal Column1 Account Number from Chart of Accounts tab Account Title from Chart of Accounts tab Debit Credit March Money 20, CS 20,000 March Prepaid assurance 2, Money 2,400 March Rent Expenditure 1, Money 1,900 March Repair material 5, Money 1, Accounts Payable 4,800 March Repair Supplies Accounts Payable 650 March telephone expenditure Money 340 March Money 1, Flight management system revenue 1,650 March Accounts Payable Money 400 March Money 2, Flight management system revenue 2,450 March Money 1, Flight management system revenue 1,250 March Electric expenditure Money 250 March Surplus 1, Money 1,,090 : Debits = $38,,090 : Credits = $38,090 Journal Entries Once you've completed this requirement print your General Journal to complete Requirement #2 on the General Ledger worksheet.

2 - General Ledger REQUIREMENT #2: Post the March journal entries to the following T-Accounts and compute ending balances. Date Money (111) : The balance of the Cash account after posting journal entries for Part A should be $18,060 . Date FMS Revenue (411) Account Cash Account No 111 March 1 20,,400 March ,650 March 11 1,650 March ,450 Date Description Post Ref Debit Credit Balance March 20 2,450 March ,-Mar Common Stock JE1 20, March 31 1,,-Mar Prepaid Insurance JE,600 March ,900 March 31 5,-Mar Store Rent JE March , JE March JE March JE March JE March ,000 JE End Balance 18,060 JE9 1,-Mar JE-Mar JE Prepaid Assurance (117) Rental expenditure (511) March 1 2,400 March 1 1,900 March March ,900 End Balance 2,200 Repair Supplies (119) Telephone Expenditure(512) Account Repair Supplies Account No 119 March March End Balance 200 March Date Description Post Ref Debit Credit Balance March 8th Repair Equipment (144) Insurance Expenditure (513) Account Common Stock Accoun No 311 March 3 5,800 March End Balance 5,800 March Date Description Post Ref Debit Credit Balance 1-Mar Cash Accum.

Depr.-Repair Equipment (145) Repair Supplies Expenditure (514) Account Accu. Dep/ Repair Equipment Accoun No 145 March March End Balance 120 March Date Description Post Ref Debit Credit Balance AJE Accounts Payable (212) Depr. Exp.-Repair Equipment (515) March ,800 March March March March End Balance 5,050 Account Dep. Expense for Repair Equip Accoun No 515 Income Taxes Payable (213) Income Taxes Expenditure (516) March Date Description Post Ref Debit Credit Balance End Balance 65 March AJE CS (311) Electric Expenditure (517) March ,000 March End Balance 20,000 March Retained Earnings (312) March 31 March 31 End Balance Surplus (313) March 31 1,000 March , - Trial Balance REQUIREMENT #3: Prepare a trial balance for March in the space below.

Howard's Flight Radio Management Corporation Trial Balance March 31 Account Account Balance Title Debit Credit 411 FMS revenue 5, Rent Expenditure 1, Telephone Expenditure Insurance Expenditure - Repair Supplies Expenditure - Dep Expense - Repair Equipment - Income Tax Expenditure - Electric Expenditure Money 18, Prepaid Assurance 2, Repair Supplies Repair Material 5, Accum Dep -Repair Equipment - Books Payable 5, Income Tax Payable - CS 20, Retained earnings 313 Surplus 1,,400 : Debit Balance = $30,,400 : Credit Balance = $30,400 Journal Entries Only enter accounts that have a balance. 4 & 5 Adjusting Entries Requirement #4: Prepare adjusting entries using the following information in the General Journal below.

Show your calculations! a) One month's insurance has expired. b) The remaining inventory of repair supplies is $200. c) The estimated depreciation on repair equipment is $120. d) The estimated income taxes are $65. Requirement #5: Post the adjusting entries on March 31 below to the General Ledger T-accounts and compute adjusted balances. Just add to the balances that are already listed. General Journal Date Account Number from Chart of Accounts tab Account Title from Chart of Accounts tab Debit Credit March Insurance Expenditure Prepaid assurance 200 March Repair Supplies Expenditure Repair Supplies 450 March Dep Expense - Repair Equipment Accum Dep -Repair Equipment 120 March Income tax expenditure Income tax payable : Balance $406. : Balance $406.00 Requirement # 4 (Answer) (a) Prepaid Insurance (12 Months) 2,400 Expired (01 Month) = $2,400 à— 1/12 (Charged to P&L) (200) Balance as at 31st March 2,200 (b) Repair Supplies (before adjustment) 650 Less: Charged to Profit and Loss (450) Balance as at 31st March 200 Journal Entries 6 - Adjusted TB REQUIREMENT #6: Prepare an Adjusted Trial Balance in the space below.

Howard's Flight Radio Management Corporation Adjusted Trial Balance March 31 Account Account Balance Number Title Debit Credit 411 FMS revenue - 0 5, Rent Expenditure 1, Telephone Expenditure Insurance Expenditure Repair Supplies Expenditure Dep Expense - Repair Equipment Income Tax Expenditure Electric Expenditure Money 18, Prepaid Assurance 2, Repair Supplies Repair Material 5, Accum Dep -Repair Equipment Books Payable 5, Income Tax Payable CS 20, Retained earnings - Surplus 1,,585 : Debit Balance = $30,,585 : Credit Balance = $30,585 Journal Entries Only enter accounts that have a balance. 7 - Financial Statements Requirement #7: Prepare the financial statements for Howard's Flight Radio Management Corporation as of March 31 in the space below.

You will only be preparing the Income Statement, Statement of Retained Earning, and the Balance Sheet. The Statement of Cash Flows is a required Financial Statement, but is not required for this project. Howard's Flight Radio Management Corporation Howard's Flight Radio Management Corporation Howard's Flight Radio Management Corporation Income Statement Statement of Retained Earnings Balance Sheet For the Month Ending March 31 For the Month Ending March 31 March 31 Revenues: Retained Earnings, March 1 $0 Assets: FMS Repair Revenue $5,350 Add: Net Income 2,025 Cash $18,060 Total Revenue 5,350 Subtotal 2,025 Prepaid Insurance 2,200 Less: Dividends (1,000) Repair Supplies 200 Expenses: Retained Earnings, March 31 $1,025 : Retained Earnings = $1,025 Repair Equipment 5,800 Store Rent Expense 1,900 Less: Accum.

Depr. (120) Telephone Expense 340 Total Assets $26,140 : $26,140 Insurance Expense 200 Repair Supplies Exp. 450 Liabilities and Stockholders' Equity Depreciation Exp. 120 Liabilities: Income Taxes Expense 65 Accounts Payable $5,050 Electric Expense 250 Income Taxes Payable 65 Total Expenses 3,325 Total Liabilities 5,115 Net Income 2,025 : Net Income = $2,025 Stockholders' Equity: Common Stock 20,000 Retained Earnings 1,025 Total Stockholders' Equity 21,025 Total Liabilities & Stockholders' Equity $26,140 : $26,140 : $26,140 : Net Income = $2, & 9- - Closing Entries Requirement #8: Prepare the closing entries at March 31 in the General Journal below. Hint:Use the balances for each account which appear on the Adjusted Trial Balance for your closing entries.

Requirement #9: Post the closing entries to the T-Accounts on the General Ledger worksheet and compute ending balances. Just add to the adjusted balances already listed. General Journal Date Account Number from Chart of Accounts tab Account Title from Chart of Accounts tab Debit Credit 0 : Debit $9, : Credit $9,675 Journal Entries 10 - Post Closing Trial Balance Requirement #10: Prepare a post-closing trial balance as of March 31 in the space below. Howard's Flight Radio Management Corporation Post-Closing Trial Balance March 31 Account Account Balance Number Title Debit Credit - 0 : Debits = $26, : Credits = $26,260 Journal Entries 11- Ratios Requirement #11: Ratios Using the data from Income Statement and Balance Sheet prepared by you in step 7 compute the following ratios.

Current Ratio Leverage Ratio Asset Turnover Ratio Net Profit Margin Ratios Rate of Return on Total Assets 12- Interpretaion of Ratio Grading Rubric Project 1 Grading Rubric - Students Criteria Excellent Good Poor Very Poor Unacceptable Points Available Milestone 1 Step 1 —Journal Entries (20 points) Journal entries use accurate accounts and amounts; and debits and credits are used correctly. Journal entries mostly use accurate accounts and amounts; and debits and credits are used correctly. Journal entries have some errors in use of accounts and amounts; and debits and credits are only somewhat used correctly. Journal entries have some errors in use of accounts and amounts; and debits and credits are not used correctly.

The submission does not meet this requirement. Little-to-no work was completed. Step 1 Grading Scale Milestone 1 Steps 2 and 3 —Posted an Unadjusted Trial Balance. (13 points) Posting is correct leading to an accurate trial balance. Posting is mostly correct leading to a mostly correct trial balance. Posting has several errors leading to a trial balance with several errors.

Posting is done poorly or not at all, leading to inaccurate or no trial balance. The submission does not meet this requirement. Little-to-no work was completed. Step 2 & 3 Grading Scale Milestone 1 Total 33 Milestone 2 Step 4 —Adjusting Journal Entries (8 points) Journal entries use accurate accounts and amounts; and debits and credits are used correctly. Journal entries mostly use accurate accounts and amounts; and debits and credits are used correctly.

Journal entries have some errors in use of accounts and amounts; and debits and credits are only somewhat used correctly. Journal entries have some errors in use of accounts and amounts; and debits and credits are not used correctly. The submission does not meet this requirement. Little-to-no work was completed. Step 4 Grading Scale Milestone 2 Steps 5 and 6 —Posted and Adjusted Trial Balance. (10 points) Posting is correct leading to an accurate trial balance.

Posting is mostly correct leading to a mostly correct trial balance. Posting has several errors leading to a trial balance with several errors. Posting is done poorly or not at all, leading to inaccurate or no trial balance. The submission does not meet this requirement. Little-to-no work was completed.

Step 5 & 6 Grading Scale Milestone 2 Step 7 —Financial Statements (15 points) All four financial statements are prepared accurately and in an appropriate format. Three of four financial statements are prepared accurately and mostly in an appropriate format, one statement has some errors. Two of four financial statements are prepared accurately and mostly in an appropriate format, two statements have some errors. One or fewer of four financial statements are prepared accurately and mostly in an appropriate format, three or all statements have some errors. The submission does not meet this requirement.

Little-to-no work was completed. Step 7 Grading Scale Milestone 2 Total 33 Milestone 3 Step 8 —Closing Journal Entries (7 points) Journal entries use accurate accounts and amounts; and debits and credits are used correctly. Journal entries mostly use accurate accounts and amounts; and debits and credits are used correctly. Journal entries have some errors in use of accounts and amounts; and debits and credits are only somewhat used correctly. Journal entries have some errors in use of accounts and amounts; and debits and credits are not used correctly.

The submission does not meet this requirement. Little-to-no work was completed. Step 8 Grading Scale Milestone 3 Steps 9 and 10 —Posted a Post-closingTrial Balance. (10 points) Posting is correct leading to an accurate trial balance. Posting is mostly correct leading to a mostly correct trial balance. Posting has several errors leading to a trial balance with several errors.

Posting is done poorly or not at all, leading to inaccurate or no trial balance. The submission does not meet this requirement. Little-to-no work was completed. Step 9 & 10 Grading Scale Milestone 3 Steps 11 and 12 —Ratios and Interpretation. (17 points) Ratios are calculated correctly. Math process is present.

Interpretation of ratios are accurate. Ratios are calculated mostly correctly. Math process is present. Interpretation of ratios are mostly accurate. Ratios calculations have some errors.

Math process is present. Interpretation of ratios is flawed. Ratios calculations have various errors. Math process is present. Interpretation of ratios is severely flawed.

The submission does not meet this requirement. Little-to-no work was completed. No math process is present. Step 11 & 12 Grading Scale Milestone 3 Total 34