Exercise 2-7, Exercise 2-8, Excel Simulation Preparing an Income Statement and Excel SimulationRelationships among Financial Statements

he Critical Thinking Options #1 and #2 open at the start of the week in which they are scheduled. The Critical Thinking Option you choose is due by 11:59 PM MT on Sunday on Sunday of the same week. Please refer to CSU Global late policy for Critical Thinking assignments if you have any questions on due dates.

Required: Complete the following activities:

Part A:

Complete Option #1 Critical Thinking in Connect that requires you to prepare journal entries, T-accounts, the income statement, and state relationships among financial statements. Excel simulations are included in this assignment.

Part B: Written Component

Write a one-page memo to your manager explaining the purposes of the financial statements prepared from a trial balance and the relationships between the statements (i.e., Assets on the trial balance are reported on what financial statement?).

1. Submit your written assignment to the Dropbox in Canvas.
2. You must follow APA guidelines with respect to use of subheadings, include a title page and reference page, have one-inch margins, and be double spaced. Format your paper according to APA guidelines in the CSU Global Writing Center (Links to an external site.).
3. Your 2-4 references must include the textbook and any additional credible academic references. All sources used, including your textbook must be referenced. The CSU Global Library is a good place to find these references. Paraphrased and quoted material must have accompanying citations and cited per APA guidelines.
4. Review the grading rubric to understand how you will be graded on this assignment. Reach out to your instructor if you have questions about the assignment.

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