TAMMY SHOT IS A REALTOR. SHE ORGANIZED HER BUSINESS, CALLED TS REALTY, AS A CORPORATION ON APRIL 1, 2013. TAMMY STARTED THE BUSINESS BY DEPOSITING $85,000 IN CASH INTO THE BUSINESS BANK ACCOUNT AND ISSUED HERSELF COMMON STOCK. CONSIDER THE FOLLOWING FACTS AS OF APRIL 30, 2013:
1.Please write a four-to-six sentence paragraph on the following question. Good business and accounting practices require the exercise of good judgment. How should ethics be incorporated into making accounting judgments? Why is ethics important?
2.Tammy Shot is a realtor. She organized her business, called TS Realty, as a corporation on April 1, 2013. Tammy started the business by depositing $85,000 in cash into the business bank account and issued herself common stock. Consider the following facts as of April 30, 2013:
a.Tammy had $16,000 in her personal bank account and $21,000 in the business bank account.
b.Tammy owes $1,000 on a personal charge account with Kohl’s.
c.Tammy acquired business furniture for $21,000 on April 21. Of this amount, the business owes $11,000 on accounts payable at April 10.
d.Office supplies on hand at the real estate office of $11,000.
e.TS Realty owes $16,000 on a note payable for some land acquired for a total price of $110,000.
f.Tammy owes $120,000 on a personal mortgage on her personal residence, which she acquired in 2006 for a total price of $120,000.
Required:
1.Prepare the balance sheet of TS Realty as of April 30, 2013.
2.Does it appear that the business can pay its debts? How can you tell?
3.Identify the personal items given in the preceding facts that should not be reported on the balance sheet of the business.
ACCT 216 Week 1 Homework (v 2)
1.Please write a four-to-six sentence paragraph on the following question. Good business and accounting practices require the exercise of good judgment.
How should ethics be incorporated into making accounting judgments? Why is ethics important?
2.Sharon Kent is a realtor. She organized her business, called SK Realty, as a corporation on April 1, 2013.
Sharon started the business by depositing $105,000 in cash into the business bank account and issued herself common stock. Consider the following facts as of April 30, 2013
ACCT 216 Week 2 Homework
Please write a 4-6 sentence paragraph on the following question. Describe each of the 4 basic financial statements. What is the relationship between them?
During the first month of operations (March 2011) Jerry Enterprises completed the following selected transactions:
a.The business received $12,000 in cash and a building valued at $52,000. The corporation issued stock to the contributors of these.
b.Borrowed $15,800 from the bank and signed a note payable to them
c.Paid $12,000 for equipment
d.Purchased supplies on account for $200
e.Paid employees’ salaries of $2,100
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