In answering part a and part b, ignore all tax effects including sales taxes, payroll taxes and income taxes. part a: purpose:

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In answering part a and part b, ignore all tax effects including sales taxes, payroll taxes and income taxes.

part a: purpose: to reinforce your understanding of the mechanics of the balance sheet equation; to prepare a set of financial statements.

  1. Using the balance sheet equation, show how Interesting Coffee-Mugs (the firm) would record each 2016 event and transaction. Recording events and transactions is a necessary step in preparing financial statements.
  2. Prepare a balance sheet and an income statement for the year ending December 31, 2016.

part b: purpose: to reinforce your understanding of beginning balances in balance sheet accounts and of the links between (articulation of) the income statement and the balance sheet.

  1. Using the balance sheet equation, show how Interesting Coffee-Mugs would record each 2017 event and transaction. Recording events and transactions is a necessary step in preparing financial statements.
  2. Prepare a balance sheet and an income statement for the year ending December 31, 2017.

In preparing the two sets of the two financial statements for 2016 and 2017, you may find it helpful to use the templates following this page, although there is no requirement that you use these templates.

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