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Balance sheet

Description You will have an Excel and Word file for this assignment. Please Zip these two files and upload them as one submission. If you need instructions to Zip the files, please see the following: How to Zip Files Select all the files you want to zip together by holding the CTRL key and clicking on each one. Click the right hand button on your mouse, and select “Send to” from the menu that appears. Select “Compressed or Zipped Folder” from the secondary menu. This will create a new Zipped Folder, which will show up as a new icon. Now you can use the “Browse” function on the application to find that icon and select it for upload. Please submit your work to this week’s Intellipath Unit Submission lesson. Click the Upload button within the submission lesson to access the submission area. Click the Select File button to upload your document, and then click “OK” to finish. Assignment Details Using the same data in the Unit 3 Submission and incorporating the feedback you received from your instructor on Submission 3, perform the steps below to complete the final project. Adjustment Data: One month’s insurance coverage has expired. The company occupied the office space for the month of December. At the end of the month, $600 of office supplies are still available. Create journal entries to record the transactions that occurred during the month of December. (Completed in Unit 3) Prepare an unadjusted trial balance (Completed in Unit 3) Create adjusting journal entries at the end of the year, December 31 based on the adjustment data. Prepare an adjusted trial balance. Prepare an income statement, statement of stockholders’ equity, and classified balance sheet. Create closing journal entries to close all temporary accounts. Prepare post-closing trial balance. In addition, answer TWO of the questions below in 1-2 fully developed paragraphs. A fully developed paragraph should have a major point with 3 to 5 support sentences. One or two sentences is not acceptable or does not discuss the question. Be sure to show what you know!!! Trap Adventures, Inc. is looking for an accountant. In your own words, explain to Trap’s hiring team the role of accountant and accounting within business. Provide examples of the expectations of the accountant. Discuss the financial position of Trap Adventures, Inc. using the following ratios: Current ratio Return on equity: For each ratio, provide the calculation and an explanation of the meaning. Is this a positive or negative result for the Trap Adventures, Inc.? Using Trap Adventures, Inc.’s income statement, evaluate the operations for the month of December. Complete a common-size income statement using sales as the base number. What is the largest percentage? What is the smallest percentage? What recommendations could be made to increase Trap’s net income? Currently, Trap Adventures, Inc. does not own any loans or bank notes (long-term liabilities). What would happen if Trap decides to obtain a bank loan for $25,000 to fund daily operations? How would this transaction impact the financial statements – which accounts would be affected? What is the debt to equity ratio? What does the debt to equity ratio represent

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