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

Anthony shimmy 1-2 Kim cram full1. In order for Kim Fullers plastic bottle grinding affair to get stumble the ground she will need to manage the melody with non-accounting and accounting teaching. The following information to run the business is non-accounting information, as it is not own by the participation did not occur through a financial transaction 2 grind machine workers, 1 truck 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 utilise 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 initial investment into the company. 2. Below is the get downning correspondence sheet for Kim Fullers Business. a.)picb.) To address the distrust of how Fuller should go about putting a value on the companys assets, she essential utilise the generally accepted accounting principles (GAAP) regarding the expense of her assets. Specifically through these principles, Fuller will be able to determine the fair value or cost of each asset as a transaction occurred for each purchased item of equipment. Additionally, she will be able to add the value of the Warehouse base on the value at the time of her purchase. through and through associating a cost with each, Fuller can good determine the companys assets. c.) Based on the balance sheet at the onset of the business, the Owners uprightness is valued at $165,000.3. Once Fuller begins to plant her sales she will need to determine her r so farues and expenses, as she will acquire inventory and the sell the goods for mo give noticeary value, which generates revenue. In order for Fuller to stay on top of her accounting for these revenues and expenses, which are also cognise as profits and loss, the business should utilize an i ncome statement. This will allow the business to determine the net income of the business, which filters in to the balance sheet through the retain earnings underneath owners equity. It is advisable 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 monthly if the revenue stream is slower.Anthony Case 2-3 Lone Pine Caf1. Balance sheet for add Pine Caf as of November 2, 2005. pic2. Balance sheet for bestow Pine Caf as of March 30, 2006. pic3. I take that the partners would not have been able to receive their proportionate share of the Owners Equity, as they would forfeit their rights to the business with the stealth of assets (cash register and contents). Therefore, the entire Owners Equity to be get would fall upon Mrs. Antoine, the lone remaining partner of the business.