Anthony Case 1-2 & Anthony Case 2-3 Essay

October 12, 2017 Accounting

Anthony Case 1-2: Kim Fuller

1. In order for Kim Fuller’s plastic bottle crunching concern to acquire off the land she will necessitate to pull off the concern with non-accounting and accounting information. The undermentioned information to run the concern is non-accounting information. as it is non owned by the company did non happen through a pecuniary dealing: 2 swot machine workers. 1 truck thrust. 1 comptroller. and the 2 contracts with bottling companies. The staying information is categorized as accounting information. as it is owned by the company. may supply future economic resource. and occurred through a dealing: 1 used truck. 2 dawdlers. 1 used grinding machine. 1 new crunching machine. 1 new computing machine. 1 warehouse. 3 investors’ sedimentations. 1 mortgage loan. and the owner’s initial investing into the company. 2. Below is the get downing balance sheet for Kim Fuller’s Business. a. )

[ movie ] b. ) To turn to the inquiry of how Fuller should travel about seting a value on the company’s assets. she must use the by and large accepted accounting rules ( GAAP ) sing the worth of her assets. Specifically through these rules. Fuller will be able to find the just value or cost of each plus – as a dealing occurred for each purchased point of equipment. Additionally. she will be able to add the value of the Warehouse based on the value at the clip of her purchase. Through tie ining a cost with each. Fuller can easy find the company’s assets. c. ) Based on the balance sheet at the oncoming of the concern. the Owners’ Equity is valued at $ 165. 000.

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3. Once Fuller begins to do her gross revenues she will necessitate to find her grosss and disbursals. as she will get stock list and the sell the goods for pecuniary value. which generates gross. In order for Fuller to remain on top of her accounting for these grosss and disbursals. which are besides known as “profits and loss” . the concern should use an income statement. This will let the concern to find the net income of the concern. which filters in to the balance sheet through the maintained net incomes – underneath owners’ equity. It is advisable for Fuller to get down with an income statement hebdomadally until she grasps the construct of accounting. Subsequently on she can travel it out to bi-weekly updates. and finally even out to monthly – if the gross watercourse is slower.

Anthony Case 2-3: Lone Pine Cafe

1. Balance sheet for Loan Pine Cafe as of November 2. 2005. [ pic ] 2. Balance sheet for Loan Pine Cafe as of March 30. 2006. [ pic ] 3. I believe that the spouses would non hold been able to have their relative portion of the Owners’ Equity. as they would give up their rights to the concern with the larceny of assets ( hard currency registry and contents ) . Therefore. the full Owners’ Equity to be earned would fall upon Mrs. Antoine. the lone staying spouse of the concern.

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