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

Anthony Case 1-2 Kim Fuller1. In order for Kim Fullers plastic bottle grinding subscriber line organization to get off the ground she allow drive to manage the vocation with non- upstarts report and explanation information. The following information to run the business is non-accounting information, as it is not owned by the company did not occur through a financial transaction 2 grind machine workers, 1 motortruck drive, 1 accountant, and the 2 contracts with bottling companies. The remaining information is categorized as accounting information, as it is owned by the company, may provide future frugal resource, and occurred through a transaction 1 used truck, 2 trailers, 1 used grinding machine, 1 new grinding machine, 1 new computer, 1 warehouse, 3 investors deposits, 1 mortgage loan, and the owners sign investment into the company. 2. Below is the beginning balance poll for Kim Fullers Business. a.)picb.) To address the question of how Fuller should go about putting a value on the companys assets, she must utilize the for the most part accepted accounting principles (GAAP) regarding the worth of her assets. Specifically through these principles, Fuller will be commensurate to determine the fair value or approach of each asset as a transaction occurred for each purchased percentage point of equipment. Additionally, she will be able to add the value of the Warehouse establish on the value at the time of her purchase. Through associating a exist with each, Fuller can easily determine the companys assets. c.) ground on the balance sheet at the onset of the business, the Owners Equity is treasured at $165,000.3. Once Fuller begins to make her sales she will need to determine her revenues and expenses, as she will acquire inventory and the sell the goods for monetary value, which generates revenue. In order for Fuller to stay on top of her accounting for these revenues and expenses, which are also known as profits and loss, the business should utilize an income statement. This will allow the business to determine the net income of the business, which filters in to the balance sheet through the retained earnings underneath owners equity. It is well(predicate) for Fuller to begin with an income statement weeklyuntil she grasps the concept of accounting. Later on she can move it out to bi-weekly updates, and eventually even out to periodic if the revenue stream is slower.Anthony Case 2-3 Lone smart Caf1. Balance sheet for Loan Pine Caf as of November 2, 2005. pic2. Balance sheet for Loan Pine Caf as of March 30, 2006. pic3. I believe that the partners would not have been able to receive their proportional share of the Owners Equity, as they would forfeit their rights to the business with the thievery of assets (cash register and contents). Therefore, the entire Owners Equity to be earned would fall upon Mrs. Antoine, the solitary remaining partner of the business.