Post-Closing Trial Balance

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Post-Closing Trial Balance

ABC Corporation
Post-Closing Trial Balance
December 31, 2021
Debit Credit
Total $ – 0 $ – 0

Grading Rubric

Grading Rubric for AC322 Comprehensive Problem
Adjusting Entries Points Possible Points Earned Performance-Based Assessment Grading Rubric Points Earned Points Possible
1 5 0 Exemplary Competent Needs Work 5
2 5 0 Analyzing, Journalizing, and Posting of Adjusting Entries 60 points possible 60 – 54 53 – 42 41 – 0 0 5
3 4 0 90% or more of adjusting entries are analyzed, journalized, and posted correctly. 70-89% of adjusting entries are analyzed, journalized, and posted correctly. Less than 70% of adjusting entries are analyzed, journalized, and posted correctly. 5
4 4 0
5 4 0
6 5 0 5
7 4 0 5
8 4 0 5
9 4 0 Preparation of Adjusted Trial Balance 8 points possible 8 -7 6 -5 4 – 0 0 5
10 4 0 Adjusted Trial Balance is 90% or more correct. Adjusted Trial Balance is 70-89% correct. Adjusted Trial Balance is less than 70% correct. 5
11 4 0 5
12 4 0 5
13 5 0 Compilation of Basic Financial Statements 54 points possible 54 – 48 47 – 37 36 – 0 0 5
14 4 0 Financial statements are 90% or more correct. Financial statements are between 70% and 89% correct. Financial statements are less than 70% correct. 5
60 0 60
Adjusted Trial Balance Points Possible Points Possible Analyzing, Journalizing, and Posting of Closing Entries 20 points possible 20 – 18 17 – 14 13 – 0 0 Points Possible
Correct totals (based on formula) 4 0 90% or more of closing entries are analyzed, journalized, and posted correctly. 70-89% of closing entries are analyzed, journalized, and posted correctly. Less than 70% of closing entries are analyzed, journalized, and posted correctly. 4
Totals balance 4 0 4
8 0 8
Income Statement Points Possible Points Possible Preparation of Post-Closing Trial Balance 8 points possible 8 -7 6 -5 4 – 0 0 Points Possible
Correct Format 5 0 Post-Closing Trial Balance is 90% or more correct. Post-Closing Trial Balance is 70-89% correct. Post-Closing Trial Balance is less than 70% correct. 5
Correct Income Before Income Taxes (based on formula) 5 0 5
Correct Gross Profit (based on formula) 5 0 5
Correct Income Tax Expense 5 0 Overall Professional Preparation of Project 20 points possible 20 – 18 17 – 14 13 – 0 0 5
Components Sum to Net Income 5 0 Project is very professionally prepared with no spelling errors. Project is mostly professional and contains 1-2 spelling errors. Project is not professionally prepared and contains more than 2 spelling errors. 5
25 0 25
Balance Sheet Points Possible Points Possible Points Possible
Correct Form 5 0 Application of Electronic Spreadsheet Technology (Microsoft Excel) 30 points possible 30 – 27 26 – 21 20 – 0 0 5
Assets=Liabilities+Stockholders Equity 5 0 Highly skilled application of Excel, including the prevalent use of formulas and cell links. Moderately skilled application of Excel, including moderate use of formulas and cell links. Novice application of Excel, including little to no use of formulas and cell links. 5
Correct Totals for Assets, Liab, & Equity 5 0 5
Components Sum Correctly 4 0 4
19 0 19
Statement of Shareholders’ Equity Points Possible Points Possible Points Possible
Correct Form 5 0 5
Correct Ending Shareholder’s Equity 5 0 TOTAL POINTS EARNED 0 0.0% 5
10 0 TOTAL POINTS POSSIBLE 200 10
Closing Entries Points Possible Points Possible Points Possible
1 5 0 Instructor Comments: 5
2 5 0 5
3 5 0 5
4 5 0 5
20 0 20
Post-Closing Trial Balance Points Possible Points Possible Points Possible
Correct totals (based on formula) 4 0 4
Totals balance 4 0 4
8 0 8
Technical Points (See items 1-5 in grading rubric) 150 0
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