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Farm Branch Rentals has come to you and wants a review of the current financial position of the company as of December 31, 2015. Complete the following:
- Prepare the 4 closing entries. Discuss the closing process and explain why these accounts are closed and certain accounts remain open without posting transactions to the computerized accounting system selected.
- Explain those accounts that remain open and why.
- In the review of the financials, be sure that you include all of the journal entries, adjustments, and employees that have been set up.
- Discuss the 3 main financial statements and what information is revealed about the company’s current position and other related financials that are used during financial analysis.
- Include at least 5 common financial ratios that help users of the financials understand the position of the company. Be sure to show your work on these ratios and explain why you are using specific numbers.
- Include disclosures to accompany the December 31, 2015 financial statements.
- Be sure to include a separate note addressing each of the following:
- Maturity dates of major liabilities
- Depreciation policy
- Several examples of calculations of each to provide a thorough understanding
- A memo of 350–500 words explaining the financial position of the company.
The deliverables for this part of the assignment are as follows:
- PDF revealing the income statement
- PDF revealing the balance sheet
- PDF revealing the journal entry for the 4 closing processes
- Memo of 350–500 words explaining the financial position of the company
Incorporate this final assignment into your key assignment from the previous week. In your final assignment, incorporate feedback that you have received from your instructor and classmates.
Please submit your assignment.
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