Week 5 Discussion

You are forming a business with a couple of construction friends who want to build custom homes. They are good at construction, but do not know anything about accounting. Using the example of the construction in the PBS tv show "This Old House": • Explain for your new business associates how you would do the accounting for this type of business. . Using proper terminology and accounting concepts, give a general explanation of the different types of costs involved and make up some sample transactions to record what you see on the tv show. You can assume the costs amounts and identify anything else you are assuming in order to record the transaction. • What other transactions and costs need to be recorded that you do not directly see on the tv show.

QUESTION ONE As a fresh graduate from the school of business at Mulungushi University, you have just been employed by an emerging successful entrepreneur, a Mr. Kyambalesa, as his Accountant.Kyambalesa is a retail grocer involved in buying and selling of goods. You have discovered that Kyambalesa together with one of his clerical employee had just completed preparing accounts for the year ended 31 December 2022. The accounts reveal a profit of K305,000=   You have just gone through the accounts and other related documents and discovered the following:   1. Mr. Kyambalesa withdrew goods from his business for domestic use valued at K10,000 purchase cost. He makes a profit of 25% on cost. Kyambalesa recorded this withdrawal in the accounts as a sale to himself at cost (K10,000). 2. You discover that there was a further withdrawal of goods for domestic use valued at K2,000 cost, which was never recorded in the accounts and therefore did not affect the profit of K305,000 in any way. 3. Mr.…

Integrative Problem Samantha Sampson retired a few years ago at the age of 55. Because she is bored with retirement and still relatively young, Samantha has considered starting a business of her own. However, she doesn’t know anything about business. As a result, Sam has hired the consulting firm for which you work to give her a brief tutorial on business and finance. To begin her lesson, Ms. Sampson has asked you to answer the following questions: What is finance, and why is it important to understand finance to run a successful business? What are the major areas of the finance discipline? How has finance changed since the beginning of the twentieth century? What are some of the financial trends that are currently of interest to businesses? What is value, and how is it determined? What does it mean to maximize value? What is sustainability, and how is this concept related to finance? What is lean manufacturing? How is the goal of value maximization related to lean manufacturing?

DESCRIPTION OF THE BUSINESS Sophia LeBron’s vast experience in interior design provided her the opportunity to open a business of her own. She organized a corporation named My Place, House of Décor that offers decorating services to customers but subcontracts the manufacture of the merchandise needed. These subcontractors are to deal directly with the customers. After three months of successful operations, Sophia thought it would be an excellent idea to expand her business into the sale of antique furniture. She started buying inventory from a company named Golden Antiques for resale to retail stores. Beginning on page 25, you are presented with the events that occurred in the business over a six-month period. Your responsibility is to record the transactions on a monthly basis, prepare adjusting entries, issue the interim financial statements, prepare closing entries, and finalize the accounting cycle with the preparation of the postclosing trial balance. OPERATIONS: The chart of…

Integrative Problem Samantha Sampson retired a few years ago at the age of 55. Because she is bored with retirement and still relatively young, Samantha has considered starting a business of her own. However, she doesn’t know anything about business. As a result, Sam has hired the consulting firm for which you work to give her a brief tutorial on business and finance. To begin her lesson, Ms. Sampson has asked you to answer the following questions: What does it mean to maximize value? What is sustainability, and how is this concept related to finance?

Integrative Problem Samantha Sampson retired a few years ago at the age of 55. Because she is bored with retirement and still relatively young, Samantha has considered starting a business of her own. However, she doesn’t know anything about business. As a result, Sam has hired the consulting firm for which you work to give her a brief tutorial on business and finance. To begin her lesson, Ms. Sampson has asked you to answer the following questions: What is lean manufacturing? How is the goal of value maximization related to lean manufacturing?

1Bridget Youhzi works for a large firm. Her alma mater has asked her to make a presentation to the upcoming accounting honor society’s annual scholarship dinner. Her firm supports the presentation because it hopes to recruit more excellent employees like Bridget. The university is 196 miles from her office. In order to get to the dinner by 5:00 p.m., she will need to leave work at 1:00 p.m. She can drive her personal car and be reimbursed $0.50 per mile. The dinner ends at 9:00 p.m. Company policy allows her to spend the night if the return trip is four hours or more. There is a student-run inn and conference center across the street from campus that charges $101 per night. Instead of driving, she could catch a 3:00 p.m. flight that has a round-trip fare of $300. Flying would require her to rent a car for $39 per day and pay an airport parking fee of $25 for the day. The company pays a per diem of $35 for incidentals if the employee spends at least six hours out of town. (The per diem…

100 points Add class comment Assume that you are a personnel officer in a manufacturing company and that one of your employees is a young engineering manager called Joseph Sykes. Joseph has been chosen to attend the local university' s Business School to study for a diploma in management. Joseph is reluctant to attend the course because he will have to study accounting; as an engineer, he thinks that it will be a waste of time for him to study such a subject. Required: Draft an internal memorandum addressed to Joseph explaining why it would be of benefit to him to study accounting.

Ethical Dilemma: Recognition Point and Ethical Considerations C7. Business Application ▶ Robert Shah, a sales representative for Quality Office Supplies Corporation, will receive a substantial bonus if he meets his annual sales goal. The company’s recognition point for sales is the day of shipment. On December 31, Shah realizes he needs sales of $2,000 to reach his sales goal and receive the bonus. He calls a purchaser for a local insurance company, whom he knows well, and asks him to buy $2,000 worth of copier paper today. The purchaser says, “But Robert, that’s more than a year’s supply for us.” Shah says, “Buy it today. If you decide it’s too much, you can return however much you want for full credit next month.” The purchaser says, “Okay, ship it.” The paper is shipped on December 31 and recorded as a sale. On January 15, the purchaser returns $1,750 worth of paper for full credit (approved by Shah) against the bill. Should the shipment on December 31 be recorded as a…

ie Calendar My MCDS Library English ien)- Hal Management ession i 2021/FIN 20A/ET/ Section 9/ Mid Term Exam Explain an agency problem for a corporation with examples, and Identify means by which the firm can help reduce or eliminate that problem. A- BI - Il mcbs.proctoring.online is sharing your sareen. Stop sharing Hide mid-98604&page-8# DELL

Question list O Question 1 O Question 2 O Question 3 O Question 4 K You are a new junior accountant at Cleariens Corporation, maker of lenses for eyeglasses. Your company sells generic-quality lenses for a moderate price. Your boss, the controller, has given you the latest month's report for the lens trade association. This report includes information related to operations for your firm and your closest competitor for September 2020. The report also includes information related to the industry benchmark for lens manufacturers for each line item in the report. You are Firm A and your closest competitor is Firm B. (Click the icon to view the data.) Read the requirements. Requirement 1. Calculate the total variable cost per unit for each firm. Compute the percent of total for the material, labor, and variable overhead components. (Round all cost amounts to the nearest cent. Round the percentages to two decimal places. Due to rounding the total of the percentages may not equal 100%.) Fim A…

Group Case Study: As a loan officer in a bank, you received an application for a real estate loan from a borrower to buy an apartment in Dubai. The apartment is an unfurnished one bedroom flat situated in Park Island building (Sanibel) in Dubai Marina. Details about the property (and a comparable one sold in the same building) are presented in the following table: Property to be valued (A) Comparable Property (B) in March 2022 Sale date Selling price/value (AED) Gross annual rent (AED) January 2022 1,550,000 Annual Maintenance fees 20 20 (AED/square feet) Vacancy rate (%) Area (square feet) Price (AED/square feet) Gross annual rent (AED/square feet) Proximity to A Parking available Floor level Exterior (Building) 10 10 922 937 Same building 1. 1. high Floor to Ceiling Glass Full Marina View high Floor to Ceiling Glass Full Marina View View a. Using the market value approach, find the value of the property (A) (Suppose that the price listed is the selling price). b. Using the income…

Previous Page Next Page Question 13 (1 point) Saved An investor or potential investor would be most interested in answering which of the following questions? a) How much cash is available to pay future dividends? b) Will the business be able to increase employee wages? c) How much cash is available to pay interest on the loans? d) How much income tax will the business have to pay? Page 13 of 14 e) Will the business be able to pay their suppliers?

Question 10 Two friends, Mickey and Minnie, had just started university studies. Both intended to major in accounting. During the first week of lectures, Minnie, who had to go home for family reasons, asked Mickey to buy a copy of the prescribed accounting text for her from the university book- shop. She left Mickey $100 to cover the cost of the text currently selling in the bookshop for $80. On the day Mickey visited the bookshop to buy the text; he noted that there were a number of copies that had been returned to the shop by the students who had managed to get second-hand copies. These returned copies had been marked down to $65 and looked new. Unable to resist a bargain, Mickey bought a copy for $65. Mickey then realized that Minnie would not know that the text he had bought was a return and he had been bought at a special price and that he could give Minnie change of $20 and the keep the savings on the text for $15 for himself. He simply had to tell Minnie that he had lost the…

Economics WHAT WOULD YOU DO 7-3 Three Good Friends Your friend needs help. He has started a CPA firm and is swamped; who knew that forensic accounting could be so time-consuming? You have just passed the CPA and are looking for a job, and this sounds terrific since he offered that the two of you would immediately become partners and share all profits 50/50. How about if the attorney joins the firm at the same time? Can you come up with any alternatives that might work?

urgent i need question 10 just   Mala is a keen artist who decided to turn her hobby into a business. She started trading on January 1st 2022 as “Mala’s Visions”, and sells portraits of people and animals. She visits her subject, take lots of photos and then goes home and, over a period of weeks, produces beautiful colour pencil drawings. Mala kept records of everything that happened in her business during its first year of trading (see “Records” below), though she does not know anything about bookkeeping. Mala has now completed her first year of trading and needs to produce final accounts for the business.                                  RECORDS DATE WHAT HAPPENED 1/1/22 £1,000 invested by Mala to get the business up and running. 2/1/22 Spent £200 on buying paper, pencils etc from Artworks Ltd. 5/1/22 Drew Mr. Smith’s dog, Bonzo for a fee of £500, payable on 16/3. 26/1/22 Bought machinery for projecting photos onto paper for £400. 2/2/22 Drew…

Introduction, key issue/s, analysis and recommendation sections for each separate scenario. ACC2273 “Is there anything wrong?” Scenario 1 You run a small business that takes older machines and refurbishes them to sell at a “charitable” price. You are doing good for the environment and helping those who need these machines get one at a reasonable price when otherwise they would not have been able to afford one. … yes, business is and can be about helping others, it is not all about making a profit and selling stuff to people that don’t necessarily need stuff. As the owner you have hired a few people to run the business. They look after purchasing and selling, collecting and distributing. You charge (sell the machines for) a small “up-charge” of 5% over cost to cover your operating costs. Some pertinent financial data for 2022: beginning inventory $5,000, ending inventory $6,000, purchases for the year $61,000 and sales for the year $15,000. Is there anything wrong with your…

Condominium association The following is an excerpt from a telephone conversation between Gail Richie, President of Flanders Supplies Co., and Gary Weir, Owner of On-Time Employment Co.Gail: Gary, you’re going to have to do a better job of finding me a new computer programmer. That last guy was great at programming, but he didn’t have any common sense.Gary: What do you mean? The guy had a master’s degree with straight A’s.Gail: Yes, well, last month he developed a new financial reporting system. He said we could do away with manually preparing a work sheet and financial statement. The computer would automatically generate our financial statements with “a push of a button.”Gary: So what’s the big deal? Sounds to me like it would save you time and effort.Gail: Right! The balance sheet showed a minus for supplies!Gary: Minus supplies? How can that be?Gail: That’s what I asked.Gary: So, what did he say?Gail: Well, after he checked the program, he said that it must be right. The minuses…

Analyze, Think, Communicate ATC 7-1 Business Applications Case Preparing and using pro forma statements Mary Helu and Jason Haynes rccently graduated from the same university Aftcr graduation thcy decidcd not to scck jobs at cstablishcd organizations but, rather, to start thcir own small busincss hoping they could have morc flexibility in their personal lives for a few ycars. Mary's family has operated Mexican restaurants and taco trucks for the past two gcncrations, and Mary noticcd thcre were no taco truck Scrviccs in the town where their university was locatcd. To reduce the amount they would nced for an initial investment, they dccided to start a business opcrating a taco cart rather than a taco truck, from which they would cook and scrve traditional Mexican-style strect food. They bought a used taco cart for $18,000. This cost, along with the cost for supplics to get startcd, a busincss liccnse, and street vendor licensc brought their initial cxpenditures to S22,000. They took…

Dr. Helen Brown is the sister of one of your old high school teachers. You have been given her email address by someone who thinks she might have advice for you during your job search. Please ‘send’ her an email introducing yourself and asking for help. I'm looking for a current job in accounting.

Sheridan College: FINA 30016: Optional Assignment Due Week 10 Name: Muhammad Amir Answer all of the following questions. Each question is equally weighted. 1. Magda works for Designs R Us, interior decorators. Her work in interior design is well known and she makes an important contribution to the company's success. Magda is highly paid and lives a lifestyle that requires most of her after-tax income. Age 30 and very healthy, Magda is just starting her career and is single and has no dependants. What type of insurance will address her most critical risk? (A) Permanent life insurance. (B) Disability insurance. (C) Accident and sickness insurance. (D) Critical illness insurance. Focus Canada)

COMPREHENSIVE PROBLEMS a connect Select problems are available in Connect®. 56. Several years ago, your client, Brooks Robertson, started an office cleaning service. His business was very successful, owing much to his legacy as the greatest defen- sive third baseman in major league history and his nickname, “The Human Vacuum Cleaner." Brooks operated his business as a sole proprietorship and used the cash method of accounting. Brooks was advised by his attorney that it is too risky to op- erate his business as a sole proprietorship and that he should incorporate to limit his liability. Brooks has come to you for advice on the tax implications of incorpora- tion. His balance sheet is presented below. Under the terms of the incorporation, Brooks would transfer the assets to the corporation in return for 100 percent of the company's common stock. The corporation would also assume the company's liabilities (payables and mortgage). Balance Sheet Adjusted Basis FMV Assets Accounts receivable…

After completing your first degree in accounting you have been employed by XYZ Company as an account officer. The Management of the company has tasked you to implement a computerized accounting system.RequiredIn a paragraph each, address the following questions:a) Discuss five benefits associated with the implementation of the computerizedaccounting system within the company.b) Giventhattherearesomanyaccountingpackagesonthemarket,whatshouldyoube looking for when selecting a computerized accounting package for the company?Explain any five factors to considerc) Assuming you procure a Sales Ledger package, what kind of reports should weexpect? List five types of reports expected to be generated.d) Explainthedifferencebetweenastand-alonepackageandanintegratedpackage?Explain two advantaged and two disadvantages of an integrated packagee) Before a new accounting package can be deployed, it needs to be configured. What does it mean to configure an accounting package? Explain the processes…

unu aUcuracy of the financial statements? output of What's New Mr. Juan is a retired government employee who is good at baking. One day he decides to put up a bakery shop in your barangay. He renovates a portion of his house to serve as the area for the production of bread. He purchases baking equipment and raw materials to produce five different types of bread. Mr. Juan also hires Jose to help him with the baking and, at the same time, to be in- charge of sales. Mr. Juan pays Jose on a weekly basis. Every day, Mr. Juan's wife deposits the daily cash sales in their bank account at XY Savings Bank. With the help of accounting, what possible decisions or questions of Mr. Juan can accounting provide an answer to? Guide questions on the scenario given: • Is my business earning? (Profitability) » How much daily or monthly sales do I need in order to recover my fixed cost? (Break-even) • Do i need to hire additional workers to help me with my production? • Can I afford to set up a new store…

QUESTION 2 Three good friends from a primary school in Taiping in 1970’s met during a school reunion held in Kula Lumpur. They are all now having good job except for Joe who has been    retrenched due to the relocation of the employer’s plant from Malaysia to Cambodia. Sehar         and Hock Seng decided to help Joe by forming a business partnership to operate a          restaurant called Kita Punya Warong (KPW).             On 1 April 2020, KPW started its operation with the following capital investment structure:     Joe (RM) Sehar (RM) Hock Seng (RM) Cash - 30,000 50,000 Vehicle 10,000 15,000 - Equipment 20,000 15,000 20,000               Additional information: Interest on cash capital investment is 10% while any withdrawals made are charged                      at 5% per annum respectively. Joe was given a salary of RM2,500 until end of 2020. Starting from January 2021,                        he received a salary of RM3,000 per month.…

A) You have seen an advertisement in a local newspaper for a job vacancy in the Bahrain Museum during the holidays. You have decided to apply for the job. Write a letter (around 150 words) to Mr. BLACK, the director of the Museum. Include the following in your letter: introduce yourself: (YOUR NAME IS NOOR AHMED and your school is "SUCCESS SCHOOL") explain what experience and special skills you have explain why you are interested in the job

Case Study You have applied for a public relations (PR) position with a RM 10.2 million savings and loan association, a conservative financial institution that has been in existence for over 50 years. The organization has never employed a PR person before. Now that its assets have risen above 10 million, however, the president of the institution feels it is time to hire someone to ‘do the PR’. During an interview, the president admits he is not sure what PR is, but he is fairly sure he wants the person he hires to plan promotions and stage events that will attract new customers, write stories that will get free space and time in the local media and start an employee publication. The president also states that he is open to suggestions about the position and asks you to explain how you would establish a professional, effective PR program if you were hired.

Investment Planning Activity1. Suppose that Rodel Rivera places an order to buy 100 shares of SM Investments Corp. (SM) from an online broker.  Explain how the order will be processed.

Question 4 Merry has decided to open a Canine Café where patrons can enjoy delicious baked goods while also petting and playing with puppies that are eligible for adoption. After searching the real estate listings, Merry has found a building that she is interested in purchasing and contacts the owner of the property. On May 1, Owner sends an email offering to sell the building to Merry for $300,000 and says she needs a decision no later than May 30 Merry conferma in an email that she will be able to decide by that date but needs to be sure she can get the required permits from the city and a bank loan. Which statement is FALSE? O Owner can revoke the offer prior to May 30th If Merry had paid $1,000 to Owner to keep the offer available until May 30, and Owner agreed to this term, then Owner could not revoke the offer unti May 30th. If Merry mailed an acceptance on May 30th, she would have made a valid contract to purchase the building Owner cannot revoke the offer prior to the May 30…