Contact Us
Sign In / Sign Up for FREE
Go to advanced search...

Accounting - Assignment Example

Comments (0) Cite this document
John. Dr. John is a qualified Doctor specialized in personal Fitness and has got about 15 years of experience in this field. Dr. John is the inventor and designer of "Indoor Fitness Equipment."…
Download full paper File format: .doc, available for editing
GRAB THE BEST PAPER93.1% of users find it useful
Read Text Preview

Extract of sample "Accounting"

Download file to see previous pages It is his intention to obtain funds from bank to procure the fixed assets required for production of the product.
The start-up costs for Personal Fitness Equipment Inc. are estimated at $1,50,000. All start-up assumptions are based on an actual infusion of $50,000 in the form of capital to be introduced by Dr.John. The balance amount of $ 1,00,000 is proposed to be brought in through Bank Finance at the interest rate of 3%. Certain portion of the funds will be utilized to procure raw materials to fund production of initial inventory.
A company office would be located at the Atlanta market area. Available office space has been located in Atlanta. This office space is small and may be secured at nominal cost. As needs dictate office and/or distribution facilities will be expanded. Initially, the small office will serve to manage marketing functions and sales/order processing.
Personal Fitness Equipment Inc, is in the business of manufacturing Fitness equipments for personal use. The promoter has come up with a unique design of Personal Fitness Equipment (PFE). This equipment is easy to use and is being priced at a cheaper rate. The main feature of this equipment is the safety standards and the wide range of exercises that can be performed with this equipment. The equipment is proposed to be made with metal of ideal weight.
This product designed by Dr. John can be produced at low cost, is lightweight, independent tests have been performed at university and Local Gyms. The users have given positive feedback that the regularity of their physical exercise has increased after purchasing this product.
The Appendix section has all the relevant Financial Projections. The sales forecast for the first year of operation is estimated at USD 500000. The company is expected to earn Gross profit at the rate of 54% of the turnover. The net profit of the company is estimated at USD 113770, which workout to about 23% of the turnover. ...Download file to see next pages Read More
Cite this document
  • APA
  • MLA
(“Accounting Assignment Example | Topics and Well Written Essays - 1250 words”, n.d.)
Accounting Assignment Example | Topics and Well Written Essays - 1250 words. Retrieved from
(Accounting Assignment Example | Topics and Well Written Essays - 1250 Words)
Accounting Assignment Example | Topics and Well Written Essays - 1250 Words.
“Accounting Assignment Example | Topics and Well Written Essays - 1250 Words”, n.d.
  • Cited: 0 times
Comments (0)
Click to create a comment or rate a document



...Chosen Organization: Hewlett Packard Relationship to Organization: Friends work in the organization Reasons for Choice: I have chosen Hewlett Packardas my organization for two main reasons. Firstly, a number of my friends work in the company and this makes it easier to gain information of the organization. Secondly, the company is publicly traded hence the information for the finances of the company will be easily available. Another reason for my choice is that the company has seen a major growth in the last year and despite the economic dip HP has shown excellent results. Overview of Company: Hewlett Packard is one of the leading computer hardware manufacturers operating across the globe. The company was started in 1939... Organization:...
2 Pages (500 words) Essay


...Munaf Usmani Academia Research May 25, PSB 12.4 Part (A) General Journal Account s and Explanation Debit Credit Apr 6 Inventory SalesTax Receivable Account Payable-Robert Ltd 840 84 924 Apr 7 Cost of Sales-Freight 44 Cash 44 Apr 8 Accounts Receivable Sales Tax Payable 990 90 Sales 900 Apr 8 Cost of Sales 600 Inventory 600 Apr 10 Accounts Payable-Robert Ltd 44 Inventory Sales Tax Payable 40 4 Apr 11 Inventory 330 Cash 330 Apr 13 Account Payable-Robert Ltd 880 Discount Availed Cash 26.4 853.6 Apr 14 Inventory Sales Tax Payable 500 50 Accounts Payable-Martina 550 Apr 15 Cash 55 Inventory Sales Tax Payable 50 5 Apr 17 Cost of Sales-Freight 33 Cash 33 Apr 18 Accounts...
5 Pages (1250 words) Assignment


...On January 6, Arneson Co. sells merchandise on account to Cortez Inc. for $9,000, terms 2/10, n/30. On January 16, Cortez Inc. pays the amount due. Prepare the entries on Arnesons books to record the sale and related collection. (For multiple debit/credit entries, list amounts from largest to smallest eg 10, 5, 3, 2.) Date Description Debit Credit Jan. 6 Account Receivable (Cortez Inc.) 9,000              Sales   9,000 Jan. 16 Cash 8,820     Sales Discount 180              Account Receivable (Cortez Inc.)   9,000 On January 10, Mary Dawes uses her Pierson Co. credit card to purchase merchandise from Pierson Co. for $9,000. On February 10, Dawes is billed for the amount due of $9,000. On February 12, Dawes pays $5,000 on the balance due...
5 Pages (1250 words) Assignment


Toyota Motor Corporation: Annual Report Analysis Toyota Motor Corporation, the world’s largest automobile manufacturer interms of production is opted as the topic for this assignment. The Toyota Motor Corporation (TMC) or simply Toyota is a multinational automaker headquartered at Toyota in Japan and it was founded by Kiichiro Toyoda on 28th August 1937. By the end of 2010, the Toyota employed 317,734 people globally. Toyota, Lexus, Hino Motors, and Daihatsu are the major group companies of Toyota whereas TMC constitutes an important part of Toyota Group.
The consolidated financial statements of the Toyota give specific information regarding the financial affairs of the company. From the annual report 2011 of the Toyota, it is...
2 Pages (500 words) Essay


... value per share = ($1,400,000 - $300,000) /20,000 = $55 No, it does not. Because book value per share measures the amount that would be distributed to holders of each share of common stock if all assets were sold at their balance sheet carrying amounts after all the creditors were paid off. Book value per share is based entirely on historical costs. F) Gross margin /Sales (Gross margin=$525,000; Sales=$2,625,000) Gross margin percentage = $525,000 /$2,625,000 = 20% Section 3 solutions: A) Current Assets /Current Liabilities (Current Assets = $1,180,000; Current Liabilities = $1,450,000) Current ratio = $1,180,000 /$1,145,000 = 2.62 B) (Cash + Accounts Receivable) +/Current Liabilities (Cash = $140,000; Accounts Receivable = $350,000...
3 Pages (750 words) Essay


... in an organization. Unlike in financial accounting, the decisions made in management accounting are meant for internal users only. The internal users of information are the top managers, employees and departments in a company. Many organizations use enterprise resource planning system (ERP) to report, gather, arrange and supply information and converting it into meaningful information for decision making (Jackson, Sawyers & Jenkins, 2009). Importance of managerial accounting Managerial accounting is a career unit and helpful to students as it prepares them on their duties and responsibilities as future managers (Jackson, Sawyers & Jenkins, 2009). In management accounting, students are taught costing methods, decision making techniques...
2 Pages (500 words) Essay


... can turn its assets into liquidity, if need arises. Finally, activity ratios describe how well managed the company is. Typically, the accounts payable and accounts receivable turnovers reveal how actively the management is closing liabilities (Wahlen, Baginski, & Bradshaw, 2010). References Fridson, M. S., & Alvarez, F. (2011). Financial Statement Analysis: A Practitioners Guide (4th Edition). New York: Wiley. Wahlen, J., Baginski, S., & Bradshaw, M. (2010). Financial Reporting, Financial Statement Analysi and Valuation: A Strategic Perspective. New York: Cengage Brain.... ment Analysis s), First M. Last, Omit s and Degrees] al Affiliation(s The typical company financial statement is composed of the balance sheet, the income statement and...
1 Pages (250 words) Essay


...Accounting Accounting Flowers Foods Company has outsourced functions such as bread making, branding, transporting, and delivering the products to the consumers. The Newton Bakery Tour Company is one of the four companies operating in North Carolina. The company produces more than 125 million pounds of breads and buns in the year ending 2012. The company automates parts of the general production line. The packaging stage in the production line is run by the programmed machines, which are relatively faster and efficient. Grow sales enhance the development of new markets for utilization of customers, new products and strong brands. Technological advancements improve appropriate investment leading to low-cost production of delicious bakery...
1 Pages (250 words) Assignment


... Robbins and Barrows Partnership Robbins is acting in an unethical way. Robbins is taking advantage of the partnership by putting in less work while enjoying the same benefits as Barrow, who is tirelessly working to ensure that the partnership is a success. It is evident that both parties have a 50-50 stake in the business and therefore should share tasks and income equally. Judging by Robbins reaction, it is clear that he is not driven towards improving the business, but rather he fancies the partnership as it allows him to enjoy life while still raking big income. Before the merger, he was unable to abandon his job due to fear of losing both revenue and customers. But now that he has a colleague that is hardworking and willing... Robbins...
1 Pages (250 words) Assignment


...Accounting Accounting Paper The organization d as Biolea is a family-owned business that specialized in the manufacturing of olive oil that is organic in nature and they produce olive oil with the techniques of millstones and olive press. Fixed cost includes the utility payments and payments made to the permanent workers for their services. The variable cost that the company experiences include oil transportation and oil storage cost that may change with the changes in productivity. The mixed cost of the business will be the contractual workers and the utility payments that the company will experience during peak season. The company Gulf Craft is engaged in the production and export of sea based vessels such as ships and speed boards...
2 Pages (500 words) Assignment

International Accounting

The Profit and Loss for 2006 of PSA Peugeot Citroen is presented Vertically as depicted in its annual report. Further, there are ‘Functional breakdown’ of expenses, as the headings of expense accounts are as per functions performed, e.g., Cost of Goods and Service sold, Selling, General, and Administrative Expenses, Research and Development Costs, and like that.

Legal Reserve is the reserve as required by any national law of the country of the European Union. This is depicted in the subhead of ‘Retained Earnings’ under ‘Equity’ of PSA Peugeot Citroen's Balance Sheet in accordance with Article 9 of the Fourth Schedule.

“Legal reserves are a mechanism whereby management...
10 Pages (2500 words) Case Study

Accounting & Financial Management

AWB’s operations can be categorized into areas ranging from ‘pool management services’ to ‘harvest financing’, and ‘International commodity management’. Only a company with such a big range of activities and financial outlays can become the benchmark for an equally big company like ‘Woolworth Limited’.

The performance of an entity can be better analyzed through its profitability analyses. The profitability ratios like Gross Profit ratio, Net Profit Margins, Return on assets (ROA), and Return on Equity (ROE). The calculations of such ratios are shown in the attached annexure. The Gross Profit ratio measures the percentage of each pound or dollar of sales remaining aft...
10 Pages (2500 words) Assignment

Accounting for Leases

...IAS 17-ACCOUNTING FOR LEASES INTRODUCTION: A Lease may be defined as a contractual arrangement in which a party owning an asset (Lessor) provides theasset for use to another or transfers the right to use the asset to the user (Lessee) for an agreed period of time. Leasing essentially involves separation of ownership from the economic use of an asset. MAIN FEATURES OF IAS-17 1The objective of IAS17-Accounting for leases is to prescribe appropriate accounting policies and disclosures for Lessees and Lessors with respect to Finance and operating leases. According to IAS 17, a lease is classified as Finance lease if it transfers substantially all the risks and rewards associated with the ownership of the asset to the Lessee...
6 Pages (1500 words) Assignment

Accounting systems and Assurance

The allocation of resources is dependent on the information regarding the financial condition of the firm. Here comes the role of accounting, which provides all the required financial information to the investors through several financial reports. There There are two classifications of accounting 1) financial accounting and 2) management accounting. Financial accounting is the one which furnishes all the financial information to the investors and management accounting is used at the micro-level where the internal allocation of the funds takes place. Accounting is one of the most crucial components of any organization as it provides all those financial information that is used to make the economic and financing decision making.&nbs...
9 Pages (2250 words) Coursework

Evaluation of Performance of a Bank Using Published Accounting Data

.... There are different ways, which have been used to evaluate the performance of the banks. When the performance is analysed through available published accounting data then profit ratios, risk ratios and other such measures are calculated that will be discussed in detail. All information available in financial statements is accurate and reliable because it is usually audited and published by the company itself. Standards have been introduced based on which the financial statements are developed. According to Robert Beale and Howard Davey, “… All recognised items of financial performance should be reported in the primary financial statements in a way that clearly reflects they are part of financial...
7 Pages (1750 words) Case Study

Progress on G20 Summit on Accounting Standards

The said declaration contains the results of the discussions of the G20 leaders related to the current financial crisis. It contains what the G20 believes are the causes of the financial crisis and the actions to be taken.

The said declaration contained the short-term (classified as immediate actions) and medium-term actions that the G20 members think should be done to achieve true financial reforms. As part of the medium-term actions, the declaration states that “the key global accounting standard bodies should work intensively toward the objective of creating a single set of high-quality global standard”. It also stated that “regulators, supervisors, and accounting standard setters, as appropriate, s...
9 Pages (2250 words) Lab Report

Accounting for Managers

ii) In the audit report, the external auditors express their opinion about the fairness of the financial statements of the company and whether they have been presented as per the generally accepted accounting principles (GAAP) in the USA. The opinion can be unqualified opinion when no financial misstatements are discovered, Qualified opinion when there are one or two instances of non-compliance, Adverse Opinion when financial statements are found to be wrongly stated and Disclaimer when there are hindrances in performing audit (Credit Research Foundation, n.d.; The University of Michigan-Flint, 2003).

iii) The audit of external reports helps in evaluating the risk management policy and control procedures of an organizat...
6 Pages (1500 words) Assignment

Alternative Methods of Accounting

...with the creation of the Sarbanes Oxley Act of 2002 due to a lack of trust in financial information. Accounting is currently another challenge because many scholars and economist believe that accounting net income is not representative of actual reality. This paper discusses the advantages and cons of using alternative methods to determine the net income of a corporation. The efficient market hypothesis states that securities are typically in equilibrium and that they are fairly priced in the sense that the price reflects all publicly available information on each security (Besley & Brigham, 2000). Based on this theory investor’s look at all information to make their decision, thus the information on...
8 Pages (2000 words) Article

Management Accounting: Costing and Budgeting

Standard costing and related variances is a valuable management tool. If a variance arises, management becomes aware that manufacturing costs have differed from the standard (planned, expected) costs

(b)Under Always Better Control (ABC) method of production; the units which are lesser in numbers but highest in values are controlled first. Next, the units which are both moderate in unit numbers, but value-wise are controlled next. Finally, a comparatively lesser degree of control over items in inventory which are higher in unit quantity, but lesser value is taken up. The logic is that, the items which must contribute to inventory costs are given highest priority, since this impacts their bottom lines.

(c)The f...
12 Pages (3000 words) Assignment

The Impact of Standardization on the Accounting Industry and Professionals in Spain

Standardization involves the formulation and implementation of technical standards essential in maximizing and enhancing safety, repeatability, quality, compatibility, and interoperability (Shailaja 319). For decades, the need for a smooth flow of commerce and trade led to the standardization of goods and services.
The process of standardization entails the development, formulation, and relevance of established standards. It involves the incorporation of scientific research and the utilization of experiences to establish the required and precise technical requirements for a particular aspect of innovation and technology. The result of the study and experience is a “standard.” A standard is a document formulated by...
13 Pages (3250 words) Case Study
sponsored ads
We use cookies to create the best experience for you. Keep on browsing if you are OK with that, or find out how to manage cookies.

Let us find you another Assignment on topic Accounting for FREE!

Contact Us