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Question
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)

here xxx go......................

file1.docx preview (135 words)

xxxxxxxxxxxxxxxxx is x xxxxx business xxxxx xx xx Phats xx the sole proprietor. xxxxxxx is xxxxxxxxxxxxx xxx business.

On January xx 2012 xxxxxxxxxxxxxxxxx xxxx xxx been authorized xx issue xxxxxxxxx xxxxxx shares xxxx a xxx xxxxx of $1. xx the process xx incorporating, the sole proprietor owner’x equity accounts xxxx be xxxxxx xxx xxx equity must xxx xxxxxxx a xxxxxxxxx xxxxxxxxxxxx’ xxxxxx account.

The books for the xxxx xxxxxxxxxxxxxx indicate xxx following:

xx Phats xxxxxxxxx $35,000 to xxxxx xxxxxxxxxxxxxxxxx

JJ Phats xxxxxxxxxxx xxxxxxx of xxxxxxxxx to start xxxxxxxxxxxxxxxxx

Retained xxxxxxxx December xxx 2011 x $150,000

Prepare the Stockholder’s xxxxxx xxxxxxx xx the xxxxxxx xxxxx on xxxxxxx 1, xxxxx

Stockholders xxxxxx Statement

Paid in Capital

xxxxxxxxx xxxxxxxxxxxxxx

Common xxxxx xx xxx xxxxx

(1000000 xxxxxx xx $1) $1000000

Closing xxxxxxxxxxxxxxxxxxxx

xxxxxxxx Earning

xxxxxxxxx xxxxxxxxxxxxxxxxxx

Net Income during Month __Nil___

Closing xxxxxxxxxxxxxxxxxxx

file2.docx preview (232 words)

JumpinJehosaPhats: xxxx 3 xxxxxxxxxxx

xxxxxxxxxxxxxxxxx was incorporated xx January xx 2012 xxx a xxxx xxxxx xx xxxxx $10,000,000 to expand operations. JJ xxxxx xx xxx xxxx xxxxxxxxxxx xx the xxxxxxxxxxxx

xxx corporation is xxxxxxxxxxx three methods to raise xxx capital:

issuing xxxxxx xxxxxx xx xxx

issuing preferred xxxxx xxxx xxx x xxxxx

issuing xx year xxxxx xxxx par x xxxxx

You have xxxx xxxxx to xxxxxxxxx xxx best way for the company to obtain xxx funds xxxxxx which xxxxx be a xxxxxx method or xxxxxxxxxxx xx xxxxxxxx Using xxx xxxxxxxxx xxxxxxxxxxxx discuss the xxxx xxx cons of each xxxxxx xxx xxxxxxx necessary xxxxxxxxxxxx to support xxx position xxx xxxxxxxxxx

The company xx xxxxxxxxxx xx xxxxx 1,000,000 shares xxxx x par xxxxx of $1.00

xx xxxxxxx xx 2013 an

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file3.xlsx preview (444 words)

Problem

xxxxxxxxxxxxxxxxxxxxxxxxx
xxxxxxxxxxxxx Problem xx Part x
Bailey's Chocolates has provided xxxxxxxxxx xx xxxxxxxx earnings, xxxxxx xxxxxxxxxxx xxx xxxxxxx
sheets xxx the months of January and xxxxxxxx xxxxx The xxxxxxx xxxxx you to calculate xxx cash
xxxx from xxxxxxxxx xxxxxxxxxx for the xxxxxx ending xxxxxxxx 2012 xxxxx the xxxxxxxx xxxxxxx
xxxxx the Indirect Method xxxxxxx x xxxx xxxx xxxx xxxxxxxxx Activities.
Cash xxxxx from Operating Activities xxxxxxxxx xxxxxxx
xxx Income10795
Add Non xxxx xxxxxxxx
xxxxxxxxxxxx Expense-Building1500
Depreciation xxxxxxxxxxxxxxxxx250x 1,750
AddDecrease xx Assets
Inventory470
Supplies30
Prepaid Office xxxxxxxxxxx
Prepaid Rent1000
Prepaid xxxxxxxxx100 x 1,650
xxxx xxxxxxxx xx Assets
xxxxxxxx receivablexxx
xxxxxxxxxxxx xx Current Liabilities
xxxxxxxx xxxxxxxxxx
xxxxxx xxxxxxx 50x (625)
Net xxxx Flow from Operating xxxxxxxxxx$13,570

xxxxx xxxxxxxxxxx

xxxxxxxxxxxx
xxxxxxxx xxxxxxxxxx Bailey's Chocolates
Income xxxxxxxxx Income Statement Bailey's Chocolates
Month xxxxxx xxxxxxx 31, xxxx Month Ending February 29, xxxx xxxxxxxxx of xxxxxxxx xxxxxxxx
Month xxxxxx January 31, xxxx
xxxxxxxxxxxxxx xxxxxxx $23,000
Cost xx Good xxxxx xxxxxxxxxxx of xxxx xxxx* xxxxxxx Retained xxxxxxxxx January xx xxxxxxx
xxxxx

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file4.doc preview (467 words)

xxxxxxxxxxxxxx

xxx are an xxxxxxxxxx and xxxx xxx xxxxxxx xxx’xx xx dealing with during this xxxxxxxxxxx xxxxxxx xxxxxxxxxxx is x xxxxxxxxxxxx (Google it!), xxx is owned xx xxxx Phats. JJ is xxxxxxxxx xxx xxxxxxx xxx xx in need xx advice. He xxx come to xxx xx xxxxxxx the xxxxxx of xxx company.

xxxx 1 – Incorporating

xxxxxxx xx xxxxxx xxx xxxxxxxxxxxx of incorporating xxx xxxxxxxxx xxx advantages and xxxxxxxxxxxxxx xxx provide JJ xxxx xxxxxxxxxxxxxxxxx

Part x – Account Prep

xxxxx xxx xxxx provided, xxxxxx xxx xxxxx’s equity xxxxxxxx xxx xxx shareholder’x xxxxxx section of xxx balance sheet xxxxx the xxxxxxxxxxxxx of JumpinJehosaPhats.

Part x – xxxxxxxxx Considerations

xx xx in xxxx xx xxxxxxx xxxxx to expand xxx xxxxxxx and xxx identified the methods that xx is

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