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Submitted by JackDanIV on Sun, 2012-06-24 21:52
due on Sun, 2012-07-08 08:00
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Accounting - Corporations

A set of scenarios where you will perform various funtions regarding incorporation and statement of cash flows. Use the attached files. (4th Part has 2 worksheets)

Answer
Submitted by neel on Sat, 2012-07-07 05:16
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3

All four parts

body preview (3 words)

xxxx you xxxxxxxxxxxxxxxxxxxxxxxx

file1.docx preview (130 words)

JumpinJehosaPhats xx x xxxxx xxxxxxxx owned xx xx Phats as the xxxx proprietor. JJphats xx xxxxxxxxxxxxx xxx xxxxxxxxx

xx xxxxxxx xx xxxx JumpinJehosaPhats xxxx xxx been authorized xx issue 1,000,000 common shares xxxx a Par xxxxx xx $1. In the process of xxxxxxxxxxxxxx the xxxx xxxxxxxxxx owner’s equity xxxxxxxx must xx closed and xxx equity xxxx xxx xxxxxxx x corporate xxxxxxxxxxxx’ equity xxxxxxxx

xxx xxxxx xxx xxx xxxx xxxxxxxxxxxxxx xxxxxxxx xxx following:

JJ Phats xxxxxxxxx $35,000 to xxxxx JumpinJehosaPhats

JJ xxxxx xxxxxxxxxxx xxxxxxx of xxxxxxxxx xx start JumpinJehosaPhats

Retained xxxxxxxx December 31, 2011 = $150,000

xxxxxxx xxx xxxxxxxxxxx’s Equity Portion of the xxxxxxx Sheet on xxxxxxx xx xxxxx

Stockholders xxxxxx xxxxxxxxx

Paid in Capital

xxxxxxxxx xxxxxxxxxxxxxx

Common xxxxx at par Value

(1000000 shares at xxxxxxxxxxxxxxx

Closing xxxxxxxxxxxxxxxxxxxx

Retained Earning

Beginning xxxxxxxxxxxxxxxxxx

Net xxxxxx during xxxxxxxxxxxxxxxx

xxxxxxx Balance $150000

file2.docx preview (209 words)

JumpinJehosaPhats: xxxx 3 Information

xxxxxxxxxxxxxxxxx was incorporated on January 1, 2012 xxx a xxxx xxxxx xx needs $10,000,000 to expand operations. xx xxxxx xx the sole shareholder xx xxx corporation.

xxx corporation is considering three methods xx xxxxx the xxxxxxxx

xxxxxxx common xxxxxx at xxx

xxxxxxx preferred xxxxx xxxx xxx = xxxxx

issuing xx xxxx xxxxx xxxx xxx = xxxxx

You have xxxx hired xx xxxxxxxxx xxx best way xxx xxx company to xxxxxx the funds needed xxxxx xxxxx xx a single xxxxxx or xxxxxxxxxxx of xxxxxxxx xxxxx the following information, discuss xxx xxxx xxx cons xx each method and provide necessary xxxxxxxxxxxx to xxxxxxx the position xxx xxxxxxxxxx

The xxxxxxx xx authorized to issue 1,000,000 xxxxxx with x xxx value xx $1.00

xx xxxxxxx 1, 2013 xx appraisal xx xxx xxxxxxx xxxxxxxxx xxxx xx xxx x xxxxxxx xxxxx of xxxxxxxxxxxx

On xxxxxxx 1, xxxx xxxxxxx interest rates xxx xxxx APR and xxxxxxx

On December xx 2012 the competition xxxxxxxxxxxxxx xxxx issued

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file3.xlsx preview (396 words)

Problem

xxxxxxxxxxxxxxxxxxxxxx
xxxxxxxxxxxxx xxxxxxx 4: Part x
Bailey's Chocolates has provided xxxxxxxxxx xx retained xxxxxxxxx income xxxxxxxxxxx xxx balance
sheets for the xxxxxx xx January and February 2012. xxx company wants you xx xxxxxxxxx xxx xxxx
flow xxxx xxxxxxxxx activities xxx xxx period ending xxxxxxxx 2012 xxxxx xxx indirect method.
Using the xxxxxxxx xxxxxx produce x xxxx xxxx from Operating Activities.
xxxx xxxxx xxxx Operating Activities xxxxxxxxx xxxxxxx
Net xxxxxx10795
xxx Non Cash Expenses
Depreciation xxxxxxxxxxxxxxxx1500
Depreciation Expense-Equipmentxxx x xxxxx
xxxxxxxxxxx xx Assets
Inventory xxx
xxxxxxxxxx
Prepaid Office xxxxxxxxx xx
xxxxxxx xxxx 1000
xxxxxxx xxxxxxxxxxxxx xxxxx
xxxxxxxxxxxx xx xxxxxx
Accounts xxxxxxxxxx 275
less xxxxxxxx xx Current Liabilities
xxxxxxxx Payable xxx
Salary xxxxxxx50 x xxxxx
Net Cash Flow xxxx Operating Activitiesxxxxxxx

Given xxxxxxxxxxx

xxxxxxxxxxxxxxxx
Bailey's Chocolates Bailey's xxxxxxxxxx
xxxxxx xxxxxxxxx xxxxxx Statement Bailey's Chocolates
Month Ending January 31, 2012xxxxx Ending February xxx 2012 xxxxxxxxx xx Retained Earnings
xxxxx Ending January 31, 2012
xxxxxxx $20,000 xxxxxxx $23,000
xxxx xx Good Sold x xxxxxxx Cost xx xxxx xxxx * xxxxxxx Retained earnings, January xx xxxxxxx
xxxxx Marginxxxxxxx Gross Margin $16,000 Net Gain, xxxxxxx 31, 2012 xxxxxx
xxxxxxxxExpenses
Salary xxxxxxxx xxxSalary xxxxxxxx xxxxxLess xxxxxxxxxxxxxx
Supplies Expense* xxxxxxxxxx Expense x xx Increase in

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file4.doc preview (466 words)

Corporations

xxx xxx xx accountant xxx have two xxxxxxx xxx’xx be dealing xxxx during xxxx xxxxxxxxxxx Jumpinj xxxxxxxxxxx is x xxxxxxxxxxxx xxxxxxx it!), and is owned xx xxxx Phats. xx is expanding xxx xxxxxxx xxx is xx xxxx xx xxxxxxx He has come xx you to discuss xxx future xx the xxxxxxxxx

Part x – xxxxxxxxxxxxx

xxxxxxx xx xxxxxx the xxxxxxxxxxxx of incorporating xxx business, the xxxxxxxxxx xxx disadvantages, and provide JJ with recommendations.

Part 2 – xxxxxxx Prep

Using the data xxxxxxxxx xxxxxx the owner’s equity accounts xxx xxx xxxxxxxxxxx’s equity section of the balance xxxxx xxxxx xxx xxxxxxxxxxxxx of xxxxxxxxxxxxxxxxxxx

Part x – xxxxxxxxx Considerations

JJ xx xx xxxx xx xxxxxxx money to expand the company and xxx xxxxxxxxxx xxx methods that he xx xxxxxxxxxxxx Using the xxxxxxxxxxx provided, calculate xxx xxxxxx xx xxx xxxxxxxxxxx and xxxxxxx xxxxxxxxxxxxxxx xx JJ xxxxxxxxxx his xxxxxxxx

xxxx 4 – xxxx xxxx

xxxx second xxxxxxx xxxxxx’x xxxxxxxxxxx xx asking

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