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Revisit the MBA6014 Course Alignment Map to review how all activities assist you in achieving the course competencies and overall program outcomes.Activity InstructionsThis assignment will provide you the opportunity to prepare a classified balance sheet. Using the classified balance sheet, you will then analyze and draw conclusions on the classifications in aggregate and individual components.Complete P5-3 (page 263) and CP5-2 (page 270) from Chapter 5 of your Financial Accounting textbook.P5-2Refer to the financial statements of Urban Outfitters given in Appendix C at the end of this book. At the bottom of each statement, the company warns readers that “The accompanying notes are an integral part of these financial statements.” The following questions illustrate the types of information that you can find in the financial statements and accompanying notes. (Hint: Use the notes.)P5-3P5-3 Preparing a Balance Sheet and Analyzing Some of Its Parts LO5-3Exquisite Jewelers is developing its annual financial statements for 2015. The following amounts were correct at December 31, 2015:cash, $58,000; accounts receivable, $71,000; merchandise inventory, $154,000; prepaid insurance, $1,500;investment in stock of Z corporation (long-term), $36,000; store equipment, $67,000; used store equipment held for disposal, $9,000;accumulated depreciation, store equipment, $19,000; accounts payable, $52,500; long-term note payable, $42,000; income taxes payable, $9,000;retained earnings, $164,000; and common stock, 100,000 shares outstanding, par value $1.00 per share (originally sold and issued at $1.10 per share).Submission RequirementsAll quantitative assignments must be completed on the Microsoft Excel templates provided. Create one workbook with multiple tabs, copying each problem’s template onto a separate tab and completing the work there. Submit this single file in the assignment area. Include your name and the assignment number in the file name; also include your name and the problem number on each tab of the document. All work should be shown. Assignments must not be submitted as a PDF.Refer to the scoring guide for this assignment to ensure that you meet the grading criteria. Note that one scoring guide is used to evaluate both of the problems in this assessment; each criterion in the scoring guide relates to one or both of the problems here.

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