There are eight worksheets in the workbook however you will need to complete 8-12. All of the information you need to complete this Course Project is located in the ExcelŽ Workbook and Word Document. Be sure to read all the sheets in the workbook. This workbook includes:
⢠A list of March transactionsÂ
⢠A Chart of Accounts reference sheetÂ
⢠A Grading Rubric to help explain what is expectedÂ
⢠Each worksheet has the Check Figures embedded as a comment
ScenarioÂ
Youâve 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 doesnât know where to begin. Itâs your job to go through the complete accounting cycle to prepare the financial statements for the HFRM.
RequirementsÂ
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8 Prepare the Closing Entries
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9 Post Closing Entries to the General Ledger
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10 Prepare the Post Closing Trial Balance
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11 Compute Ratios
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12 Interpret the Ratios