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1. What is your company's current ratio? 2. What is your company's debt to equity ratio? 3. What is your company's net margin ratio? 4. What is your company's cash as a percentage of assets? 5. What amount was closed to retained Earnings at the end of Year 2 as part of the closing process? 6. Using your Canvas Studio, upload a video that is 1 minute or less in length addressing one or more of the following questions. With the time constraint in mind, be sure to be concise in your communication of the relevant information Discussion points may include, but are not limited to: a. How would the errors you identified have impact the financial statements had they been created based on the original document rather than your corrected version? b. Sales numbers for year I are provided below: c. Year One: 380,000 units i. Do you agree or disagree with the flexible budget template provided by the accounting team? Use the packet 19 & 20 practice homework problems as a guide for this portion of your discussion. Provide supporting arguments for against your conclusion d. What trends do you see in the sales numbers from year 1 and 2 when compared to the flexible budget? e. Is there any additional information that could be provided by the accounting team that could be helpful? f. What types of decisions would an executive team member with your academic focus and/or experience make using this information? 7. Upload your excel file to include your completed version of the following: a. Corrected Accounting Equation - use the blank accounting equation to correctly record the events of year 2 b. Inventory Tracking Tab - use this tab to record the purchase and sale of inventory. c. Budget Template - completed flexible budget d. Income Statement e. Balance Sheet fintamant an Steelhaldaw'r .. Year 2 Transaction List: Acquired $550,000 by signing a note payable with a local bank Sold 25,000 shares of S22 Common Stock for $1,500,000 Purchased Equipment for $300,000 Purchased Inventory on Account - 25,000 Units at $1.15 per unit Sold 15,000 units at $3.50 on Account COGS for Sales on Account Collect $70,000 on Account Paid $117,250 of Accounts Payable Purchased Inventory on Account - 170,000 Units at $1.50 per unit Sold 175,000 units at $3.50 on Account COGS for Sales on Account Collect $472,500 on Account Paid $218,600 of Accounts Payable Purchased Inventory on Account - 275,000 Units at $1.35 per unit Sold 200,000 units at $3.50 on Account COGS for Sales on Account Collect $735,000 on Account Paid $494,150 of Accounts Payable Purchased Inventory on Account - 300,000 Units at $1.15 per unit Paid Sales & Marketing Expenses of $30,000 Paid Operating Expenses of $75,708 Record Wages Payable of $40,000 Paid Product Line Research & Development Expenses of $150,000 Paid Advertising Expenses of $87,500 Made the yearly required payment on the note payable. The note carries a 7% interest rate and requires payments of $50,000 plus interest each December 31. Record Yr 1 Depreciation on Equipment Purchased in Year 2 with Salvage Value of $38,000 & useful life of 7 Yrs Declared a $10,000 cash dividend for stockholders Paid a $10,000 cash dividend for stockholders 1. What is your company's current ratio? 2. What is your company's debt to equity ratio? 3. What is your company's net margin ratio? 4. What is your company's cash as a percentage of assets? 5. What amount was closed to retained Earnings at the end of Year 2 as part of the closing process? 6. Using your Canvas Studio, upload a video that is 1 minute or less in length addressing one or more of the following questions. With the time constraint in mind, be sure to be concise in your communication of the relevant information Discussion points may include, but are not limited to: a. How would the errors you identified have impact the financial statements had they been created based on the original document rather than your corrected version? b. Sales numbers for year I are provided below: c. Year One: 380,000 units i. Do you agree or disagree with the flexible budget template provided by the accounting team? Use the packet 19 & 20 practice homework problems as a guide for this portion of your discussion. Provide supporting arguments for against your conclusion d. What trends do you see in the sales numbers from year 1 and 2 when compared to the flexible budget? e. Is there any additional information that could be provided by the accounting team that could be helpful? f. What types of decisions would an executive team member with your academic focus and/or experience make using this information? 7. Upload your excel file to include your completed version of the following: a. Corrected Accounting Equation - use the blank accounting equation to correctly record the events of year 2 b. Inventory Tracking Tab - use this tab to record the purchase and sale of inventory. c. Budget Template - completed flexible budget d. Income Statement e. Balance Sheet fintamant an Steelhaldaw'r .. Year 2 Transaction List: Acquired $550,000 by signing a note payable with a local bank Sold 25,000 shares of S22 Common Stock for $1,500,000 Purchased Equipment for $300,000 Purchased Inventory on Account - 25,000 Units at $1.15 per unit Sold 15,000 units at $3.50 on Account COGS for Sales on Account Collect $70,000 on Account Paid $117,250 of Accounts Payable Purchased Inventory on Account - 170,000 Units at $1.50 per unit Sold 175,000 units at $3.50 on Account COGS for Sales on Account Collect $472,500 on Account Paid $218,600 of Accounts Payable Purchased Inventory on Account - 275,000 Units at $1.35 per unit Sold 200,000 units at $3.50 on Account COGS for Sales on Account Collect $735,000 on Account Paid $494,150 of Accounts Payable Purchased Inventory on Account - 300,000 Units at $1.15 per unit Paid Sales & Marketing Expenses of $30,000 Paid Operating Expenses of $75,708 Record Wages Payable of $40,000 Paid Product Line Research & Development Expenses of $150,000 Paid Advertising Expenses of $87,500 Made the yearly required payment on the note payable. The note carries a 7% interest rate and requires payments of $50,000 plus interest each December 31. Record Yr 1 Depreciation on Equipment Purchased in Year 2 with Salvage Value of $38,000 & useful life of 7 Yrs Declared a $10,000 cash dividend for stockholders Paid a $10,000 cash dividend for stockholders

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