Assignment: Advanced Bookkeeping Small Construction Co.

Marco Gambetta has been working for years in an established company that is dedicated to minor construction projects in personal or commercial residences. In the summer months the company does landscaping design and installation as well as minor construction projects such as installing interlocking, setting cement curbs and repairing driveways. In the winter months the company offers snow removal services. Marco is affected to summer operations; therefore he works shifts of 10 hours during 5 months while in the winter months he performs other minor jobs for other construction companies.

REQUIRED: Prepare the accounting records for Small Construction Co.

Note: this task is based on the analysis of very extensive narrative and detailed project documents. Please check the password protected course website for announcements of any errors, omissions and clarifications to the term project description or project documents.

1. Set up the Chart of Accounts

2. Prepare the bank reconciliation at June 30th , 2016

3. Prepare the General Journal for the months of May and June 2016

4. Post all transactions to the T-accounts

5. Prepare a trial balance at June 30, 2016

6. Prepare the Financial Statements in good form for June 2016 including footnotes for a Summary of Significant Accounting Policies and for contingency disclosures that are exclusive of the transactions of this case (do not include general notes). The financial statements must include all transactions made in May and June as if they occurred in one accounting period.

7. Special instructions:

Each General Journal entry should have an explanation under.

Every place where the word Marco or Lara appears in items 1, 2, 3 and 4 of the required substitute your own first name.

8. Based on all the information provided in this project, prepare a memo to Marco and Lara where you as a professional accountant evaluate their business. Specifically address their concerns:

a) How much can be paid in dividends to both partners by June 30th?

b) How much dividends they expect to collect per year if $0.47 per share per month (during 12 months) is what Marco and Lara set as target?

c) What is the target net income to achieve item b) if only working the 5 summer months per year?

d) With the data of the financial statements that you have completed, did Marco and Lara achieved their target as set in tem c)?

e) Make two clear suggestions of how the business can be improved so they can achieve and surpass their target.

Attachment:- Accounting_Assignment.rar