Corporate Form Of Business And Utilizing The Accounting Cycle

An accounting cycle is a process, or a series of activities, that consists of collecting an organization’s transactions at the end of a reporting period to prepare essential financial statements of a business (Fleury, 2015). The accounting cycle is a strict, methodical set of rules used to ensure the accuracy and conformity of financial statements (Investopedia, 2017). The steps involved with an accounting cycle, the roles each of the step facilitate, the impact of omission, and what financial statements are assembled from the accounting cycle data.

Peyton Approved was formed a little over a year ago in the kitchen of the owner of a wonderful Airedale named Peyton. Peyton has severe allergies and cannot eat dog treats from the store. Peyton Approved sells homemade dog treats that are all natural and hypoallergenic. The company’s president (also Peyton’s owner) started selling these treats out of her home to other dog owners who wanted all natural dog treats for their dogs. Due to more demand of the all natural, hypoallergenic dog treats, Peyton Approved needs more room to make the treats and reach more dog owners. Peyton approved feels moving into a storefront will reach more dog owners who want their dogs to have all natural dog treats. Financing will provide Peyton Approved the

According to Financial and Managerial Accounting, the accounting cycle is the approach companies use to create their financial statements

Accounting is commonly described as the language of business. It is very important for all business owners to have very good understanding of their finances. Having the knowledge of your business finance, you will know where the money is going. Every business owner should have a good understanding of finance. To have a good understanding business owners needs to understand basic accounting steeps, how does accounting play a role in their business, how to define a financial statement and how the omission of any of these steps would affect the success of a business. Once you have an understanding of accounting/finance and the how it plays

Peyton Approved is a business that manufactures and distributes organic all-natural and hypo-allergenic baked treats for dogs. The company named after our dog (Peyton), was an idea that started at home after realizing the severity of his allergies from the products bought at the store; and what could be done to make all natural products that would not cause any more harm. What started as a home-based idea soon turned into a business after realizing that “Peyton” was not the

As this was Keller’s first audit on a dog Foods company, additional research was conducted to gain insight on some the most common risks that occur in the dog Foods industry. The audit team also went to visit the client prior to the audit to gain a clear understanding on how their business works. The audit team consisted of the audit manager Pete, and two audit staffers Maureen and Ben.

You may omit explanations of the transactions. Skip a line between eah set of journal entries.

Breeder’s Own Pet Foods, Inc. proposes to adopt a market penetration strategy due to having identified a growth opportunity in the dog food market, for its nutritionally balanced, high quality dog food brand, Breeder’s Mix. This premium product has been sold traditionally, to the show dog kennel market, but company executives are now convinced it can be repackaged and offered as a frozen premium product, to picky pet owners via general retail distribution channels. Since the product is considered premium, it should fetch premium prices because of its ingredients and its claimed benefits to

Information based on accrual accounting has historically and empirically provided a better indication of a company’s ability to generate cash flows than information gathered under the cash method. If there is not inter-period allocation, then the information is not as meaningful and will result in a mismatching of economic benefits

There are three main categories of dog food: dry, canned and treats. In 2011 the sales of dog food totaled somewhere in the arena of 14 billion dollars. Endeavoring to bring new dog food to an already established market can be a “daunting” task, especially when that particular dog food is frozen. Breeder’s Own Pet Foods as a whole has realized how diverse the dog food market is; however, brokers within this conglomerate believe that the true organic potential of this marketplace has yet to be “tapped” into effectively. With an ever-changing push toward becoming

Based on Show Circuit’s positioning strategy, provide a recommendation for a price point for a case of the produce and calculate the company’s contribution per case.

Caninantics’s mission is to be the leader in introducing innovative, dog food dispensing product to the market. Through close customer contact and excellent relationships, Caninantics, will meet the needs of the customers. Caninantics, LLC, is a privately-held corporation and maintains an office and a small warehouse in a mixed-use area of North Beach. Three of the four investors in the company have full operational responsibility, the co-founders, have both entrepreneurial and industry experience to brings operational management, marketing, and financial skills

|Weaknesses: •   Lack of availability in all stores •   Lack of appeal to consumers due to thawing time / freezer space (convenience) •   Lack of appeal to supermarkets due freezer location •   Lack of brand equity in retail market •   Premium price | Threats: •   Store Location - Consumer must be educated to find product in different area of store •   Saturated market – sales top 14 million in 2011.   Dog food is also heavily advertised, so the challenge is to entice the consumer to buy Breeder’s Mix. •   Competition - 5 major brand name dog food companies dominate market with 75% of US dog food sales •   Challenge to get supermarkets to give up valuable freezer space for dog food |Evaluation of AlternativesBreeder’s Own Pet Foods product development strategy should be evaluated.   Currently only 1 out of 10 dog owners regularly buy frozen or refrigerated dog food and ¾ of those surveyed expressed no interest in purchasing frozen dog food (Kerin and Peterson, 2013).   This indicates that there is a limited market for dog owners who would be interested in a product such as Breeder’s Mix. Research does suggest however that frozen dog food dollar volume is increasing annually indicating there is a strong opportunity for Breeder’s Own to be the first to tap into the frozen dog food market in the Boston area.   Breeder’s Own Dog Foods needs a strong marketing campaign to convince consumers their brand is superior to

After careful review of each of the elements in launching this product, the following analysis can be determined. Zenith has to answer a specific series of questions in order to decide if their product of Show Circuit dog food will be a viable product. The market was in fact correctly segmented, although Zenith needs to see the shopping behavior of those willing to spend more on pet food. Marketing in a supermarket could inhibit the potential growth of the product. Because the market is already segmented and offered such a variety of dog foods, Zenith will have to market the product correctly and focus in on the benefits to be successful. Show Circuit needs to seek a position of a higher quality product in a different, more convenient location. It is important to play up how the location is a benefit rather than a detriment. This goes along with the sales program being successful. Show

Accrual accounting is an accounting method that is utilized to size the performance and of a company by recognizing circumstances regardless of when cash transactions occur. They are documented by matching revenues to expenses at the time in which the transaction occurs rather than when a payment is processed. This method allows the current cash credits and debits to be combined with future expected cash flows to give a more accurate picture of a company 's current financial state. It is ideal to use this method of accounting if an organization has a revenue of more than five million per year. While the accrual method shows the flow of business income and debts more accurately, the downside to this method of accounting is that financial advisers may be blindsided as to what cash reserves are available, which could ultimately result in some serious cash flow obstacles. A common example that I have seen used which helps me understand is when your income ledger may show thousands of dollars in sales, while in reality your bank account is empty because your customers haven 't paid you yet. Cash Basis accounting is when revenues are documented when cash is received and expenses are recognized when paid. The cash basis of accounting is usually utilized by small companies with a revenue of less than one million annually. The cash method provides a more accurate picture of how much actual cash your business has. Cash basis accounting is allowed for tax purposes only for smaller