Company Background & Scenario The AC Speed Company is a well-established, publicly-held corporation, operating as a wholesaler in the auto parts industry. Specifically, AC Speed purchases auto parts from manufacturers and sells them to large business customers. Most purchases and sales are on account, with trade credit terms (specified below). Youâ€™re a Davenport University student pursuing a bachelorâ€™s degree in business and employed at the AC Speed Company this semester as an intern. Youâ€™ve worked in various departments and on several projects so far, learning a lot about the companyâ€™s business operations. Management seems impressed with your enthusiasm and the quality of your work. The companyâ€™s accountant has just been called away for a family emergency and will likely be absent for a month or so. The General Manager asks you to take over the accountantâ€™s regular duties on an interim basis. Youâ€™re nervous about doing so, but are confident that what youâ€™ve learned in accounting class, plus your personal problem-solving skills, will make this a successful experience. What a great learning opportunity, not to mention an enhancement to your resume! Project Overview & Instructions A. Overview a. Part 1 is a financial accounting activity that requires you to record various business transactions during the month, close the accounting records at the end of the month, and prepare the financial statements. These tasks relate to the steps in the accounting cycle that you learned in your first accounting course.` b. Part 2 is an activity that requires you to analyze the companyâ€™s year-end financial statements to assist management in assessing the companyâ€™s position and making decisions about its future direction. c. This is an individual, not a team, project. While you may discuss this project with others, you must prepare and submit your own work. Refer to the academic integrity statement in the project workbook. d. Before starting work, review the entire project: all instructions, business transactions descriptions, workbook sections, check figures, due dates, and submission requirements. B. General Instructions a. The parts of this project, including specific business transactions and steps in the accounting cycle, must be completed in sequence. This is particularly important with business transactions relating to purchases and sales of inventory. b. You are also encouraged to use your textbookâ€™s table of contents (front) or index (back) to locate helpful references. c. These project instructions will not address every detail of every task. If you have questions, ask your instructor. d. Most of your work for this project will be accomplished in Excel. A basic skill level in this application is expected. That is, you should be able to such things as move around in a workbook, enter data in cells, use the sum function, compose basic formulas, and save your work. e. If rounding is required, round to the nearest cent. For example, $96.835 would be entered as $96.84. f. Use the check figures provided to check your work as you progress through the project. Investigate any discrepancies and correct them as you go along. g. Refer to the project rubric to determine how components of the project will be assessed. h. Appearance counts! Pay attention to the format, to spelling, and to other details of appearance. This reflects on managementâ€™s perception of you as a professional. C. Submission Requirements a. Final submission of all parts of this project must be in electronic (not paper) form. That is, you will submit your completed work via an assignment link in a Blackboard course site or via an email attachment. Follow your instructorâ€™s directions. b. Save backup copies of your work. If you have multiple versions of the project, clearly label them for your own reference and to ensure that you submit the appropriate version to your i
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