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In this Team part of the Mini Project, you will work with your team on creating the Income Statement and the Balance Sheet for the fiscal year 2020 using the information from the individual mini-project (balance sheet from the previous year and the transaction template showing the impact of all transactions throughout the year).
The necessary information:
Balance Sheet from 12/31/2019 and the financial statement headers to be used for 2020 report (the last two pages) can be found here.
Please use the feedback you received on Mini Project – Part 1 to determine how the transactions should be recorded in the transaction template and use the template to help you create the financial statements for 2020.
The Balance Sheet must be a classified Balance Sheet and the Income Statement must be a multi-step Income Statement. For the Income Statement, make sure to include line items for the following sub(totals): total revenue, gross profit, total operating expenses, operating income, and net income;
Make sure to correctly title the line items and properly align the titles and amounts;
For the purposes of this practice case we ignore taxes;
Submit via Canvas assignment using Word, PDF, or Excel file format;
Important Info
The order was placed through a short procedure (customer skipped some order details).
Please clarify some paper details before starting to work on the order.
Type of paper and subject
Number of sources and formatting style
Type of service (writing, rewriting, etc)
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