Assignment 1: Setting up a Financial Statement for Compnet

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    Assignment 1: Setting up a Financial Statement
    As a nonaccounting manager you will examine your companys financial statements as well as the financial statements of other companies. You must be able to recognize differences in these statements and have a general understanding of the various accounts listed on each statement.
    In this assignment you will determine the nature of various financial statement accounts using the example of Compnet International.
    Note:You will apply your learning from this assignment to calculate ratios for Compnet in the discussion for this week.
    Tasks:
    Consider the following scenario for this assignment: You are a manager at Compnet and your CEO has asked you to break down the financial statements into categories of accounts so that you can analyze trends within the company.
    Part I: Computations
    Select the links that follow to download and review the financial statements of Compnet International:
    As you create the new Excel worksheet use the prepared financial statements of Compnet.
    Complete the following:
    After completing the computations on each of the three financial statements provide a 1-page summary of the trends that you have observed. Describe the material trends by the category of accounts. Did that category of account increase decrease and if so by what amount and percentage. Remember to only discuss the major or material trends that you have observed.
    Submission Details:
    Apply APA standards to citation of sources. Submit both parts 1 and 2 together and be sure to clearly label each part.
    Use the following file naming convention: LastnameFirstInitial_M2_A1.doc. For example if your name is John Smith your document will be named SmithJ_M2_A1.doc.
    BySaturday August 22 2015 deliver your assignment to theM2: Assignment 1 Dropbox.
    Assignment 1 Grading CriteriaMaximum Points
    Provided an Excel Worksheet with details of years 2012 2013 and 2014 compared to each other.
    20
    Computations included each account title as provided in the original financial statements a difference column and a percentage difference column. Worksheet is formatted correctly and all totals are accurate.
    32
    Developed a minimum of a 1-page financial summary of the major trends including discussion of inventories intangible assets deferred revenue and retained earnings on the balance sheet; revenues cost of sales and impairment of goodwill on the income statements.
    32
    Wrote in a clear concise and organized manner; demonstrated ethical scholarship in accurate representation and attribution of sources; displayed accurate spelling grammar and punctuation.
    16
    Total:100

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