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

Anthony Case 1-2 Kim flooded1. In order for Kim Fullers plastic feeding bottle grinding business to get off the ground she leave alone need to manage the business with non-accounting and accounting information. The following information to run the business is non-accounting information, as it is non owned by the company did not occur by means of a monetary exertion 2 grind machine workers, 1 hand 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 economic 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 initial investment into the company. 2. Below is the beginning balance sheet 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 generally accepted accounting principles (GAAP) regarding the worth 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 based on the value at the time of her purchase. Through associating a cost with each, Fuller can easily determine the companys assets. c.) Based on the balance sheet at the onset of the business, the Owners Equity is precious 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 arguing. 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 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 solitary Pine 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 theft of assets (cash register and contents). Therefore, the entire Owners Equity to be earned would boil down upon Mrs. Antoine, the lone remaining partner of the business.