14 Jun DISCUSS THE CLOSING PROCESS AND EXPLAIN WHY THESE ACCOUNTS ARE CLOSED AND CERTAIN ACCOUNTS REMAIN OPEN WITHOUT POSTING TRANSACTIONS TO THE COMPUTERIZED ACCOUNTING SYSTEM
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.
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