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Final Project
Your final project will be on the case study Pyramid Holdings Limited. Download and read the case study and contents. You will need to complete the required analysis in APA format. Make sure that you include the following information in your paper
The following is the required information for the paper.
Required
PHL follows ASPE, and Jim has instructed you (and the auditors) to use the simplest methods allowed for PHL’s financial statements. (Note: round all calculations to the nearest dollar.)
(a) Prepare all adjusting entries required for the March 31, 2017, financial statements and also include them in an adjusted trial balance work sheet.
(b) Jim would also like you to prepare a draft statement of financial position and draft income statement for discussion with the auditor. For purposes of calculating tax expense for the draft financial statements, you can do what Joan has done in prior years: ignore the impact of any timing differences and assume that accounting income equals taxable income. (The auditors will provide a more specific estimate in a few weeks.)
(c) Jim is also hoping that you can briefly summarize the requirements of “going public” for him, so that he will be prepared to discuss this with the auditors. (He specifically said you do not have to “run the numbers” for going public, he just wants to have an overview of the requirements of going public, including whether it will have any impact on PHL’s accounting policies.) There is no need to do an extensive report on the impact of going public in a few years, because Jim is relying on the auditors to provide that analysis separately next year.
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