Adams Limited Case
The financial statement of Adams Limited is ready for a review. I spent about 2 hour making the adjusting entries and preparing the spreadsheet. The transactions of Adams Limited were very straightforward, so I could make the adjusting entries without much difficulties. I did not spend time researching about the adjusting entries. Instead, I used my accounting book as a guide for the financial statement format. Overall, I think I was very comfortable completing this assignment. However, I am sure that I will have to deal with more challenging assignments in the future. If that is the case, I will need to spend some time researching while I am working on each of the assignments. Things I remembered from school are the concept of time value of money, the calculation of the percentage of completion, making journal entries and adjusting entries, the differences between accrual basis of accounting and cash basis of accounting, LIFO&FIFO methods, basic financial statement preparation, and estimating bad debts expense: estimation of sales and estimation of account receivable.
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Working with spreadsheets is one of my strengths. I took computer classes during college and I can say that my level of computer skills is proficient. I am also confident with making adjusting entries, journal entries, and preparing basic financial statements. One of my weaknesses is depreciation method. Fortunately, Adams Limited uses straight-line depreciation method, so I could easily calculate for the depreciation expenses incurred. If other methods were used, I would not be able to easily calculate for the depreciation expenses. Since Adams Limited is a service company, there are no inventory account and cost of goods sold account involved, so I think making adjusting entries for a merchandising company can be more
Working with spreadsheets is one of my strengths. I took computer classes during college and I can say that my level of computer skills is proficient. I am also confident with making adjusting entries, journal entries, and preparing basic financial statements. One of my weaknesses is depreciation method. Fortunately, Adams Limited uses straight-line depreciation method, so I could easily calculate for the depreciation expenses incurred. If other methods were used, I would not be able to easily calculate for the depreciation expenses. Since Adams Limited is a service company, there are no inventory account and cost of goods sold account involved, so I think making adjusting entries for a merchandising company can be more