Vortex Company Financial Statements For 2018 Year
Order ID 53563633773 Type Essay Writer Level Masters Style APA Sources/References 4 Perfect Number of Pages to Order 5-10 Pages Description/Paper Instructions
Vortex Company Financial Statements For 2018 Year
Vortex Company «Vortex» was founded in 2015 as an LLC. The main activity of the company is selling the vacuum cleaners. You were hired as an independent expert to prepare the financial statements for 2018 year.
Additional data:
Reporting date for the company – December 31, 2018.
The company should prepare the financial statements according to
International Accounting Standards (IAS).
The reporting currency – current units (CU)
You have to analyze the following transactions:
1) On July 1, 2018 there was concluded a rent contract for one year. The contract
came into force from the sign date. The rent payment in amount of 15,000 CU
was paid on July 5, 2018 and was recorded as Prepaid rent.
2) Accounts receivable include:
Account of company “Breeze” in amount of 10 500 CU.
Account of company “ABC” in amount of 5 600 CU.
3) On December 29, 2018 sales were made in amount of 25,800 CU. This
transaction was not recorded. The payment is expected to be received in the
first decade of January, 2019.
4) On December 20, 2018 there was purchased a software for 35,000 CU. Cost of
this purchase was reflected in “Other administrative expenses”.
5) Company uses periodic system of inventory, and the weighted-average
set
inventory system. According to data, on December 1. 2018 the company had220 units of inventory costing 44,000 CU. During December the following purchases were made:
Dec.5 – 150 units at a price of 209.90 CU per unit;
Dec.12 – 170 units at a price of 215 CU per unit;
Dec. 18 – 120 units at a price of 220 CU per unit.
According to inventory taking, on December 31 2018 there were 276 units of inventory available in the stock.6) According to accounting policy, the company uses percentage of credit sales method for accounting of bad debt expenses. 70% of sales were made on credit. 2.5% were estimated to be bad debt.
7) On December 25, 2018 one of the clients of the company, whose indebtedness to the company was in amount of 5,300 CU, was declared to be a bankrupt. The accountant of the company did not pay attention to this event and did not make any entries with respect to it.
8) Administrative building was built and started to be used from October 1, 2016. The accounting policy of the company states the following:
Salvage value of the building is 2% of its initial cost;
Double-declining method is used for calculating depreciation;
Useful life of the building is 25 years.
For accounting of all fixed assets, the company uses the cost method.
9) A lorry that is required for the delivery of products to customers was acquired on June 25, 2018. The accounting policy uses the unit-of-production method for calculating depreciation. The salvage value was estimated to be 3,500 CU, the useful life was 800,000 km, and the total kilometers logged on December 31, 2018 was 52,000 km.
10) Income tax rate is 20%.
Required:
Prepare the adjusting journal entries, all entries should have the calculations. (Write the names of journal entries and codes of the used accounts). You should also do the closing entries.
Fill in the worksheet. You may add additional accounts if they are needed.
Make all the numbers round. All calculations should be done on a monthly basis.
Requirements:
Complete the adjusting journal entries in the General Journal
Make the closing entries.
Fill-in the Work Sheet (Adjustments, Adjusted Trial Balance, Income Statement, Balance Sheet)
Complete the Financial Statements (IS, Statement of Retained Earnings, Balance Sheet)
Submit the whole assignment
RUBRIC
QUALITY OF RESPONSE NO RESPONSE POOR / UNSATISFACTORY SATISFACTORY GOOD EXCELLENT Content (worth a maximum of 50% of the total points) Zero points: Student failed to submit the final paper. 20 points out of 50: The essay illustrates poor understanding of the relevant material by failing to address or incorrectly addressing the relevant content; failing to identify or inaccurately explaining/defining key concepts/ideas; ignoring or incorrectly explaining key points/claims and the reasoning behind them; and/or incorrectly or inappropriately using terminology; and elements of the response are lacking. 30 points out of 50: The essay illustrates a rudimentary understanding of the relevant material by mentioning but not full explaining the relevant content; identifying some of the key concepts/ideas though failing to fully or accurately explain many of them; using terminology, though sometimes inaccurately or inappropriately; and/or incorporating some key claims/points but failing to explain the reasoning behind them or doing so inaccurately. Elements of the required response may also be lacking. 40 points out of 50: The essay illustrates solid understanding of the relevant material by correctly addressing most of the relevant content; identifying and explaining most of the key concepts/ideas; using correct terminology; explaining the reasoning behind most of the key points/claims; and/or where necessary or useful, substantiating some points with accurate examples. The answer is complete. 50 points: The essay illustrates exemplary understanding of the relevant material by thoroughly and correctly addressing the relevant content; identifying and explaining all of the key concepts/ideas; using correct terminology explaining the reasoning behind key points/claims and substantiating, as necessary/useful, points with several accurate and illuminating examples. No aspects of the required answer are missing. Use of Sources (worth a maximum of 20% of the total points). Zero points: Student failed to include citations and/or references. Or the student failed to submit a final paper. 5 out 20 points: Sources are seldom cited to support statements and/or format of citations are not recognizable as APA 6th Edition format. There are major errors in the formation of the references and citations. And/or there is a major reliance on highly questionable. The Student fails to provide an adequate synthesis of research collected for the paper. 10 out 20 points: References to scholarly sources are occasionally given; many statements seem unsubstantiated. Frequent errors in APA 6th Edition format, leaving the reader confused about the source of the information. There are significant errors of the formation in the references and citations. And/or there is a significant use of highly questionable sources. 15 out 20 points: Credible Scholarly sources are used effectively support claims and are, for the most part, clear and fairly represented. APA 6th Edition is used with only a few minor errors. There are minor errors in reference and/or citations. And/or there is some use of questionable sources. 20 points: Credible scholarly sources are used to give compelling evidence to support claims and are clearly and fairly represented. APA 6th Edition format is used accurately and consistently. The student uses above the maximum required references in the development of the assignment. Grammar (worth maximum of 20% of total points) Zero points: Student failed to submit the final paper. 5 points out of 20: The paper does not communicate ideas/points clearly due to inappropriate use of terminology and vague language; thoughts and sentences are disjointed or incomprehensible; organization lacking; and/or numerous grammatical, spelling/punctuation errors 10 points out 20: The paper is often unclear and difficult to follow due to some inappropriate terminology and/or vague language; ideas may be fragmented, wandering and/or repetitive; poor organization; and/or some grammatical, spelling, punctuation errors 15 points out of 20: The paper is mostly clear as a result of appropriate use of terminology and minimal vagueness; no tangents and no repetition; fairly good organization; almost perfect grammar, spelling, punctuation, and word usage. 20 points: The paper is clear, concise, and a pleasure to read as a result of appropriate and precise use of terminology; total coherence of thoughts and presentation and logical organization; and the essay is error free. Structure of the Paper (worth 10% of total points) Zero points: Student failed to submit the final paper. 3 points out of 10: Student needs to develop better formatting skills. The paper omits significant structural elements required for and APA 6th edition paper. Formatting of the paper has major flaws. The paper does not conform to APA 6th edition requirements whatsoever. 5 points out of 10: Appearance of final paper demonstrates the student’s limited ability to format the paper. There are significant errors in formatting and/or the total omission of major components of an APA 6th edition paper. They can include the omission of the cover page, abstract, and page numbers. Additionally the page has major formatting issues with spacing or paragraph formation. Font size might not conform to size requirements. The student also significantly writes too large or too short of and paper 7 points out of 10: Research paper presents an above-average use of formatting skills. The paper has slight errors within the paper. This can include small errors or omissions with the cover page, abstract, page number, and headers. There could be also slight formatting issues with the document spacing or the font Additionally the paper might slightly exceed or undershoot the specific number of required written pages for the assignment. 10 points: Student provides a high-caliber, formatted paper. This includes an APA 6th edition cover page, abstract, page number, headers and is double spaced in 12’ Times Roman Font. Additionally, the paper conforms to the specific number of required written pages and neither goes over or under the specified length of the paper. GET THIS PROJECT NOW BY CLICKING ON THIS LINK TO PLACE THE ORDER
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