Palmyra Area School District 1125 Park Drive Palmyra, 17078

Transcription

1 Palmyra Area School District 1125 Park Drive Palmyra, Planned Instruction for: Grade Levels: 10, 11, 12 Authors:

2 PALMYRA AREA SCHOOL DISTRICT Overview Course Description gives the student an overall picture of a basic accounting system, as well as intensive drill and skill-building in each phase of work of an accountant. increases business vocabulary and develops an understanding of business organization and procedures. It serves as a sound foundation of further study in the field of accounting or as an excellent background for secretarial students, office workers and future business owners. First-year Accounting presents all phases of elementary accounting principles, payrolls and document forms commonly used in business transactions. Each type of business transaction is thoroughly studied through the use of written exercises similar to those met by a vocational accountant. * Sophomores and Juniors may apply credit earned in to the general elective graduation requirement. * Seniors may apply credit earned in to the math or general elective graduation requirement. Course Big Idea Accounting is a process for recording, analyzing, and reporting financial transactions that has a significant impact on the quality and integrity of business and personal decisions. Course Essential Questions How does financial information impact decisions? How are stakeholders influenced by financial communications? What is "ethical" accounting? Course Skills Summative Assessments: Common Assessments Cornerstone Assessments: Assignment #1: Unit #: Assignment #2: Unit #: Assignment #3: Unit #: Assignment #4: Unit #: Page 2 of 20 Overview

3 PALMYRA AREA SCHOOL DISTRICT Curriculum Map Planning Chart Curricular Concepts Pacing Resources Unit #1: Changes to the Accounting Equation 27 Day(s) Century 21 Accounting, Multicolumn Journal, 9th Edition Textbook and Workbook Whiteboard Overhead Transparencies (as needed) Document Camera PowerPoint Presentations Projector Ruler Calculator Chapter Handouts Laptop Moodle Unit #2: Financial Statements for a Sole Proprietorship Unit #3: Using Special Journals and Subsidiary Ledgers 15 Day(s) 15 Day(s) Century 21 Accounting, Multicolumn Journal, 9th Edition Textbook and Workbook Whiteboard Overhead Transparencies (as needed) Document Camera PowerPoint Presentations Projector Ruler Calculator Chapter Handouts Laptop Moodle Century 21 Accounting, Multicolumn Journal, 9th Edition Textbook and Workbook Whiteboard Overhead Transparencies (as needed) Document Camera PowerPoint Presentations Projector Ruler Calculator Chapter Handouts Laptop Moodle Century 21 Accounting, Multicolumn Journal, 9th Edition Textbook and Workbook Whiteboard Overhead Transparencies (as needed) Document Camera Page 3 of 20 Curriculum Map Planning Chart

4 Curricular Concepts Pacing Resources Unit #4: Calculating and Reporting Payroll Unit #5: End of Fiscal Period Activities for a Corporation 10 Day(s) 11 Day(s) PowerPoint Presentations Projector Ruler Calculator Chapter Handouts Laptop Moodle Century 21 Accounting, Multicolumn Journal, 9th Edition Textbook and Workbook Whiteboard Overhead Transparencies (as needed) Document Camera PowerPoint Presentations Projector Ruler Calculator Chapter Handouts Laptop Moodle Page 4 of 20 Curriculum Map Planning Chart

5 PALMYRA AREA SCHOOL DISTRICT KUD Unit 1: Changes to the Accounting Equation Know Accounting concepts and terminology Analyzing transactions in to Debit and Credit parts and their relationship to the accounting equation The posting process Checkbook applications Understand Transactions occur everyday and affect the accounting equation in various ways Managers rely on financial statements to make decisions about the future of their business Do State the accounting equation. Classify account titles as asset, liability or owner's equity. Analyze transactions by demonstrating the relationships of assets, liabilities and owner's equity. Analyze changes in the accounting equation that affect owner's equity for a service business organized as a proprieotrship. Use T-accounts to analyze transactions showing which accounts are debited or credited for each transaction Record in a five-column journal transactions to set up a proprietorship Prove and rule a five-column journal Prove cash Prepare a chart of accounts Post from the journal to the general ledger Complete a checking account simulation Reconcile a bank statement Journalize entries to establish and replenish a petty cash fund Keep a personal check register and record transactions accordingly Page 5 of 20 KUD - Unit 1: Changes to the Accounting Equation

6 Unit Essential Question(s) PALMYRA AREA SCHOOL DISTRICT Unit Map Unit 1: Changes to the Accounting Equation Day(s): 27 What role does the Accounting Equation play when analyzing and recording source documents? (Why is it important?) Materials/Resources Century 21 Accounting, Multicolumn Journal, 9th Edition Textbook and Workbook Whiteboard Overhead Transparencies (as needed) Document Camera PowerPoint Presentations Projector Ruler Calculator Chapter Handouts Laptop Moodle Vocabulary Accounting, Accounting system, Accounting records, Financial statements, Service business, Proprietorship, Asset, Equities, Liability, Owner's equity (OE), Accounting equation (AE), Transaction, Account, Account title, Account balance, Capital, Revenue, Sale on Account, Expense, Withdrawals, Business entity, Unit of measurement, Realization of revenue T-account, Debit, Credit, Normal balance, Chart of Accounts Journal, Journalizing, Special amount column, General amount column, Entry, Double-entry accounting, Source document, Check, Invoice, Sales invoice, Receipt, Memorandum, Proving Cash, Objective evidence Ledger, General ledger, Account number, File maintenance, Opening an account, Posting, Correcting entry Code of Conduct, Checking account, Endorsement, Blank endorsement, Special endorsement, Restrictive endorsement, Postdated check, Bank statement, Dishonored check, Electronic funds transfer, Debit card, Petty cash, Petty cash slip, Objective Evidence Signature card Deposit slip (ticket) Currency and Coin Check register Checkbook balance Bank Reconciliation Bank statement Endorsement Pre-authorized payment Insufficient funds Stop payment order Wire transfer Atm transactions Personal Identification Number (PIN) Pay by phone Debit card Internet banking Unit Assessment(s) Reinforcement Activity 1 Part A Launch Activities Page 6 of 20 Unit Map - Unit 1: Changes to the Accounting Equation

7 Group discussion/collaboration on what goes in to starting a business Students pair up and brainstorm ideas for type of business, materials needed, resources Use Chapter 1 terms to identify accounting equation and explain the components of the equation Read and analyze transactions Identify affected accounts Classify each account as asset, liability or owner's equity Analyze the increase/decrease to each account Summarize the changes to the accounting equation after each transaction Standards C - Analyze business transactions using T-accounts to determine their impact on a business C - Analyze business transactions using T-accounts to determine their impact on a business D - Analyze, journalize, and post transactions to general & subsidiary ledgers D - Analyze, journalize, and post transactions to general & subsidiary ledgers E - Perform accounting functions using technology as a tool F - Analyze and journalize transactions for short- and long-term assets G - Analyze and journalize transactions involving short- and long-term liabilities P - Analyze and perform the reconciliation of accounts. Lesson/Topic(s) Lesson/Topic #1: Starting a Proprietorship: Changes that Affect the Accounting Equation Students will be introduced to the Accounting Equation, transactions that affect the equation, and Generally Accepted Accounting Principles. Lesson/Topic #2: Analyzing Transactions into Debit and Credit Parts Students will review transactions and place them in the appropriate T-Account using the Debit and Credit parts for each of the accounts Lesson/Topic #3: Journalizing Transactions Students will analyze transactions into their debit and credit parts and then record the transactions in a journal. Lesson/Topic #4: Posting to a General Ledger Students will transfer (post) information (data) from the journal to the general ledger. Lesson/Topic Essential Question(s) Essential Question(s): What is the relationship between assets, liabilities and owner's equity in the Accounting Equation? How do transactions related to starting a service business organized as a proprietorship affect accounts in the Accounting Equation? What is GAAP? Essential Question(s): How are T accounts used to demonstrate account balances, increases and decreases in the account? What are the accounting rules that regulate increases and decreases of account balances? What are the steps in analyzing a transaction? Essential Question(s): Why are source documents used in accounting? Why is it important to follow the four steps in journalizing a transaction? Why is proving the journal and cash necessary? Essential Question(s): How do companies assign account numbers in individual accounts? What are the five steps in posting to the general ledger? What is the importance/function of posting to the general ledger? Page 7 of 20 Unit Map - Unit 1: Changes to the Accounting Equation

8 Lesson/Topic(s) Lesson/Topic #5: Cash Control System Students will perform functions associated with writing, issuing, and depositing checks, journalizing cash payment transactions, and reconciling a bank statement. Lesson/Topic Essential Question(s) When are correcting entries necessary? Essential Question(s): What are the three types of endorsements? What is the purpose of a bank reconciliation? What types of transactions directly affect the balance of the checking account? Why do businesses use petty cash funds? Page 8 of 20 Unit Map - Unit 1: Changes to the Accounting Equation

9 PALMYRA AREA SCHOOL DISTRICT KUD Unit 2: Financial Statements for a Sole Proprietorship Accounting Concepts Analyzing transactions Financial Statements It's important to understand that Know Understand Businesses must prepare a worksheet and financial statements in order to summarize financial transactions for the fiscal period Students will be able to... Prepare a trial balance on a worksheet Plan adjustments for supplies and prepaid insurance on a worksheet Complete a worksheet for a service business organized as a proprietorship Prepare an income statement Analyze an income statement using component percentages Prepare a balance sheet Record adjusting entries Record closing entries Post adjusting and closing entries to the general ledger Prepare a post-closing trial balance Do Page 9 of 20 KUD - Unit 2: Financial Statements for a Sole Proprietorship

10 Unit Essential Question(s) How does financial information impact decisions? PALMYRA AREA SCHOOL DISTRICT Unit Map Unit 2: Financial Statements for a Sole Proprietorship Day(s): 15 Materials/Resources Century 21 Accounting, Multicolumn Journal, 9th Edition Textbook and Workbook Whiteboard Overhead Transparencies (as needed) Document Camera PowerPoint Presentations Projector Ruler Calculator Chapter Handouts Laptop Moodle Vocabulary Fiscal period, Worksheet, Trial balance, Adjustments, Balance sheet, Income statement, Net income, Net loss, Consistent reporting, Accounting Period Cycle, Matching Expenses with Revenue, Accounting Period Cycle Stakeholders, Component percentage, Adequate Disclosure Adjusting entries, Permanent accounts, Temporary accounts, Closing entries, Post-Closing Trial Balance, Accounting Cycle Unit Assessment(s) Reinforcement Activity 1 Part B Part A from Unit 1 must be completed prior to the completion of this part of the Reinforcement Activity Launch Activities Standards N - Explain how the different forms of business ownership and business operations are reported on financial statements P - Analyze and perform the reconciliation of accounts P - Analyze and perform the reconciliation of accounts Q - Prepare financial statements (including a Balance Sheet, Profit & Loss and Owner's Equity) and understand their relevance R - Explain the primary areas of analysis (trend analysis, profitability, liquidity, capital structure) and the information that can be obtained from each S - Analyze and perform a horizontal and vertical analysis of the income statement and balance sheet V - Analyze and explain the use of industry averages in assessing the financial condition, operating results, profitability, liquidity, and capital structure. Page 10 of 20 Unit Map - Unit 2: Financial Statements for a Sole Proprietorship

11 Z - Demonstrate an auditing procedure that provides assurance that financial records are accurate Z - Demonstrate an auditing procedure that provides assurance that financial records are accurate Z - Demonstrate an auditing procedure that provides assurance that financial records are accurate. Lesson/Topic(s) Lesson/Topic #1: Worksheet for a Service Business Students will complete all aspects of a Work Sheet for a Service Business designed as a Sole Proprietorship. This will include the trial balance, adjustments, income statement and balance sheet columns, and calculating net income or loss. Lesson/Topic #2: Financial Statements for a Service Business Students will complete an Income Statement and Balance Sheet. Students will also analyze each statement and interpret the information on each statement. Lesson/Topic #3: Recording Adjusting and Closing Entries Students will record and post adjusting and closing entries in the general journal and general ledger. A Post-Closing Trial Balance will also be completed. Lesson/Topic Essential Question(s) Essential Question(s): What are the specific functions of the various sections of a Work Sheet? Essential Question(s): How are stakeholders influenced by financial communications (Income Statement and Balance Sheet)? Essential Question(s): What is the purpose of the end-of-fiscal activities for a service business? End-of-fiscal activities include the following: Adjusting/Closing Entries Posting of the Adjusting/Closing Entries Post Closing Trial Balance Page 11 of 20 Unit Map - Unit 2: Financial Statements for a Sole Proprietorship

12 PALMYRA AREA SCHOOL DISTRICT KUD Unit 3: Using Special Journals and Subsidiary Ledgers Know Accounting Concepts and Terminology Analyze transactions in to their Debit and Credit parts and place the transaction in to the correct Special Journal The posting process and the different ledgers Understand It's important to understand that... Transactions occur everyday and affect the accounting equation in various ways Businesses use Journals and Ledgers daily to keep accurate records of business transactions Subsidiary ledgers are used to keep accurate records for all customers and vendors Students will be able to... Journalize purchases of merchandise using a purchases journal Journalize cash payments and cash discounts using a cash payments journal Prepare a petty case report and journalize the reimbursement of the petty cash fund Total, prove, and rule a cash payments journal and start a new cash payments journal page Journalize purchases returns and allowances and other transactions using a general journal Journalize sales on account using a sales journal Journalize cash receipts using a cash receipts journal Record sales returns and allowances using a general journal Post separate items from a purchases, cash payments, general, sales, cash receipts and cash payments journals to their respective ledgers Post special journal column totals to a general ledger Journal and post correcting entries affecting customer accounts Do Page 12 of 20 KUD - Unit 3: Using Special Journals and Subsidiary Ledgers

13 Unit Essential Question(s) What is the significance of the special journals and the subsidiary ledgers? PALMYRA AREA SCHOOL DISTRICT Unit Map Unit 3: Using Special Journals and Subsidiary Ledgers Day(s): 15 Materials/Resources Century 21 Accounting, Multicolumn Journal, 9th Edition Textbook and Workbook Whiteboard Overhead Transparencies (as needed) Document Camera PowerPoint Presentations Projector Ruler Calculator Chapter Handouts Laptop Moodle Vocabulary Merchandise, Merchandising business, Retail merchandising business, Wholesale merchandising business, Corporation, Share of stock, Capital stock, Stockholder, Special journal, Cost of merchandise, Markup, Vendor, Purchase on account, Purchases journal, Special amount column, Purchase invoice, Terms of sale, Cash payments journal, Cash discount, Purchases discount, General amount column, List price, Trade discount, Contra account, Cash short, Cash over, Purchases return, Purchases allowance, Debit memorandum Customer, Sales tax, Sales journal, Cash sale, Credit card sale, Point-of-sale terminal, Terminal summary, Batch report, Batching out, Cash receipts journal, Sales discount, Sales return, Sales allowance, Credit memorandum Subsidiary ledger, Accounts payable ledger, Accounts receivable ledger, Controlling account, Schedule of accounts payable, Schedule of accounts receivable Unit Assessment(s) Reinforcement Activity 2 Part A Launch Activities Standards D - Analyze, journalize, and post transactions to general & subsidiary ledgers D - Analyze, journalize, and post transactions to general & subsidiary ledgers F - Analyze and journalize transactions for short- and long-term assets G - Analyze and journalize transactions involving short- and long-term liabilities K - Describe, calculate, and journalize the sales and cost of sales including purchases, transportation costs, sales taxes, and trade discounts K - Describe, calculate, and journalize the sales and cost of sales including purchases, transportation costs, sales taxes, and trade discounts L - Describe and explain the criteria used to determine expenses and journalize the expense transactions P - Analyze and perform the reconciliation of accounts. Page 13 of 20 Unit Map - Unit 3: Using Special Journals and Subsidiary Ledgers

14 Q - Prepare financial statements (including a Balance Sheet, Profit & Loss and Owner's Equity) and understand their relevance Z - Demonstrate an auditing procedure that provides assurance that financial records are accurate. Lesson/Topic(s) Lesson/Topic #1: Journalizing Purchases and Cash Payments Students will use the Purchases Journal, the Cash Payments Journal, and the General Journal to record transactions. Lesson/Topic #2: Journalizing Sales and Cash Receipts Students will use the Sales Journal, the Cash Receipts Journal, and the General Journal to record transactions. Lesson/Topic #3: Posting to General/Subsidiary Ledgers Students will post the special and general journals to the subsidiary and general ledgers. Students will also prepare the Statements of Accounts Receivable and Accounts Payable. Lesson/Topic Essential Question(s) Essential Question(s): How are purchases of merchandise journalized? How does a company keep record of all cash payments? How does petty cash affect the accounting equation and journals? How does a company record the return of items purchased? Essential Question(s): How does a company handle sales to customers? How are sales to customers recorded? How does a company handle cash receipts? What happens when a customer returns an item? Essential Question(s): What are the steps involved in posting to the Subsidiary and General Ledgers? What is the importance/function of posting to the different types of ledgers? How are the Subsidiary ledgers checked for accuracy? When are correcting entries necessary? Page 14 of 20 Unit Map - Unit 3: Using Special Journals and Subsidiary Ledgers

15 PALMYRA AREA SCHOOL DISTRICT KUD Unit 4: Calculating and Reporting Payroll Know How to calculate Social Security Tax, Medicare Tax, Federal and State Unemployment taxes How to use the Federal Income tables to determine withholdings Withholding allowances Understand It's important to understand that... Both the employer and employee are affected by payroll All employees must pay taxes There are differences between taxation at the personal and business levels Businesses use federal income tax charts to report/calculate Federal Income Tax deductions The payroll register is used to report individual earnings for all employees Do Calculate earnings at an hourly rate/piece rate/salary/commission basis Calculate deductions including Federal Income tax, Social Security tax, Medicare tax, Federal Unemployment tax, State Unemployment tax, and benefits paid by the employer Prepare federal, state, and local payroll reports Prepare and maintain payroll records using a manual system (timecards, payroll register, employee earnings records, paychecks) Journalize a payment of Salary and Taxes Journalize a record of Payroll Taxes Page 15 of 20 KUD - Unit 4: Calculating and Reporting Payroll

16 Unit Essential Question(s) Why is it necessary for an employer to record and report payroll? PALMYRA AREA SCHOOL DISTRICT Unit Map Unit 4: Calculating and Reporting Payroll Day(s): 10 Materials/Resources Century 21 Accounting, Multicolumn Journal, 9th Edition Textbook and Workbook Whiteboard Overhead Transparencies (as needed) Document Camera PowerPoint Presentations Projector Ruler Calculator Chapter Handouts Laptop Moodle Vocabulary Salary, Pay period, Payroll, Total Earnings, Payroll Taxes, Withholding allowance, Social Security Tax, Medicare Tax, Tax Base, Payroll Register, Net Pay, Employee earnings record Federal Unemployment Tax (FUTA), State Unemployment Tax (SUTA), Look back Period Unit Assessment(s) Reinforcement Activity 2 Part A Launch Activities Standards D - Analyze, journalize, and post transactions to general & subsidiary ledgers G - Analyze and journalize transactions involving short- and long-term liabilities M - Analyze and calculate gross pay and net pay, including regular and overtime wages, commission, and piece rate Y - Determine and calculate taxable income and tax liability for both personal and business taxes Y - Determine and calculate taxable income and tax liability for both personal and business taxes. Lesson/Topic(s) Lesson/Topic #1: Preparing Payroll Records Students will prepare timecards, a payroll register, an employee earnings record, a paycheck, and a general account check (to transfer money to the payroll checking account). Lesson/Topic Essential Question(s) Essential Question(s): How is a person's total earned income affected by taxes? Why would a company keep payroll records for all employees in a payroll register? Why should employees have their own earnings record? Page 16 of 20 Unit Map - Unit 4: Calculating and Reporting Payroll

17 Lesson/Topic(s) Lesson/Topic #2: Payroll Accounting, Taxes, and Reports Students will record transactions affecting payroll for the employee and the employer in the appropriate journals. Lesson/Topic Essential Question(s) Why do companies keep a separate checking account for payroll? Essential Question(s): How is payroll recorded in a journal? How do employers record a payment of taxes to the federal government? What forms do the employers use to record payments of taxes to the government? Why is it important for employers to keep accurate records for payroll? Page 17 of 20 Unit Map - Unit 4: Calculating and Reporting Payroll

18 PALMYRA AREA SCHOOL DISTRICT KUD Unit 5: End of Fiscal Period Activities for a Corporation Know The relationship between dividends and retained earnings Calculation for dividends How to prepare the trial balance on a Work Sheet Calculations for adjustments on a Work Sheet Allowance Method of recording looses from Uncollectible Accounts Formula for Book Value of Accounts Receivable Calculation for Straight Line Depreciation Calculation for ending book value of an asset Formula for Federal Income Tax Adjustment Extending account totals to the appropriate columns on a Work Sheet Calculating Net Income or Net Loss on the Work Sheet Finding Net Sales, Cost of Merchandise Sold, Gross Profit on Sales, Total Expenses, and Net Income before and after Federal Income Tax Calculations of Financial Ratios Calculating Capital Stock and Retained Earnings on the Statement of Stockholders Equity Calculations for Total Assets, Total Liabilities and Total Stockholders' Equity on a Balance Sheet Temporary Accounts v. Permanent Accounts Order of Adjusting Entries and Closing Entries Understand It's important to understand that... The trial balance on the Work Sheet is prepared from the general ledger The Work Sheet is the source of information used to prepare all other financial statements The adjustments on the Work Sheet will be used to bring account balances up-to-date in the general ledger and prepare accounts for the closing process The adjustment for Federal Income Tax is calculated after all accounts have been transferred to the correct columns after adjustments and Net Income before taxes has been calculated The Income statement is prepared in order to determine the profit or loss for a business The Statement of Stockholder's Equity shows changes in the corporations ownership The Balance Sheet is used to determine if there is an equal balance among assets, liabilities, and equity. Adjusting entries are used to bring account balances up to date at the end of the fiscal period Closing entries are used to prepare accounts for the next fiscal period Do Students will be able to... Plan adjustments on a Work Sheet and determine the amount of Net Income or Net Loss on the Work Sheet Prepare and analyze the Income Statement, Statement of Stockholders' Equity, and Balance Sheet for a business organized as a Corporation Prepare adjusting and closing entries, posting, and complete the Post-Closing Trial Balance Page 18 of 20 KUD - Unit 5: End of Fiscal Period Activities for a Corporation

19 Unit Essential Question(s) PALMYRA AREA SCHOOL DISTRICT Unit Map Unit 5: End of Fiscal Period Activities for a Corporation Day(s): 11 What is the importance of the end-of-fiscal activities for a merchandising business organized as a corporation? Materials/Resources Century 21 Accounting, Multicolumn Journal, 9th Edition Textbook and Workbook Whiteboard Overhead Transparencies (as needed) Document Camera PowerPoint Presentations Projector Ruler Calculator Chapter Handouts Laptop Moodle Vocabulary Retained earnings, Dividends, Board of Directors, Declaring a Dividend, Merchandise Inventory, Uncollectible accounts, Allowance method of recording losses from uncollectible accounts, Book Value, Book value of accounts receivable, Current assets, Plant Assets, Depreciation expense, Estimated salvage value, Straight-line method of depreciation, Accumulated deprecation, Book value of a plant asset Net sales, Cost of merchandise sold, Gross profit on sales, Financial ratio, Earnings per share, Price-earnings ratio, Statement of stockholders' equity, Par valu, Current liabilities, Long-term liabilities, Supporting schedule Unit Assessment(s) Reinforcement Activity 2 Part B Launch Activities Standards H - Identify, calculate, and record depreciation, depletion and amortization; explain their effect on the financial statements I - Differentiate between and journalize entries for issuance or repurchase of stock and the declaration and payment of dividends N - Explain how the different forms of business ownership and business operations are reported on financial statements P - Analyze and perform the reconciliation of accounts P - Analyze and perform the reconciliation of accounts Q - Prepare financial statements (including a Balance Sheet, Profit & Loss and Owner's Equity) and understand their relevance R - Explain the primary areas of analysis (trend analysis, profitability, liquidity, capital structure) and the information that can be obtained from each S - Analyze and perform a horizontal and vertical analysis of the income statement and balance sheet T - Assess profitability, liquidity, and solvency by calculating and interpreting financial ratios U - Assess capital structure by calculating and interpreting financial ratios V - Analyze and explain the use of industry averages in assessing the financial condition, operating results, profitability, liquidity, and capital Page 19 of 20 Unit Map - Unit 5: End of Fiscal Period Activities for a Corporation

20 structure Y - Determine and calculate taxable income and tax liability for both personal and business taxes Z - Demonstrate an auditing procedure that provides assurance that financial records are accurate Z - Demonstrate an auditing procedure that provides assurance that financial records are accurate. Lesson/Topic(s) Lesson/Topic #1: Dividends and the Work Sheet Students will complete accounting activities related to dividends and basic straight line depreciation. Students will also complete all functions for the completion of a worksheet, including the trial balance, adjustments, income statement, and balance sheet columns. Net income or loss will also be calculated. Lesson/Topic #2: Financial Statements for a Corporation Students will complete the financial statements including: an income statement, statement of stockholders equity, and a balance sheet. Students will also analyze each statement. Lesson/Topic #3: Adjusting/Closing Entries for a Corporation Students will prepare the adjusting and closing entries for a merchandising business organized as a corporation. a Post-Closing Trial Balance will also be created. Lesson/Topic Essential Question(s) Essential Question(s): How is a declaration and payment of a dividend recorded in the journal? How are adjustments planned and recorded on the Work Sheet? How is a Work Sheet for a Merchandising Business completed? Essential Question(s): What essential elements must be present on the Income Statement? How is the Statement of Stockholders' Equity prepared? How is the Balance Sheet for a Merchandising Business organized as a Corporation prepared? Essential Question(s): What is the importance of Adjusting and Closing Entries? What accounts need to be included in adjusting and closing entries? How are the adjusting and closing entries verified? Page 20 of 20 Unit Map - Unit 5: End of Fiscal Period Activities for a Corporation