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Accounting

 

            
            
             You Started a business called NenaCo. and have had the following transactions to get "up and running".
             1/ 1 You setup a corporation and you invested all your savings amounting to $30,000 in the company to get it started. .
             1/ 2 Now that you have thought it over, you figure your original investment might not be enough. So the company obtains additional financing by borrowing another $20,000 from a local bank for two years at 12% interest.
             1/ 3 Entered into a two-year lease for a shop to conduct operations. The rent is $2,000 per month and the company is required to pay the first (January) and last months rent upon signing the lease. In addition a security deposit of $500 is required. .
             1/ 4 As it would be nice to have something to put in our store, the company decides to buy furniture and fixtures for $15,000. .
             1/ 5 A security alarm is installed in the store. The cost of the alarm is $1,200; the guy who installed the alarm gives you a bill. You decide to pay the bill next month. .
             1/ 6 As things seem to be moving along, you figure out the business needs something to sell. So, the company purchases $20,000 worth of merchandise. The supplier lowering the purchase price gave a 10% new customer discount by $2,000. The merchandise is purchased on account. .
             1/ 7 As you need a little more capacity, an additional display rack is purchased for $5,000 cash.
             1/ 8 A phone would be nice. The company has one installed for $2,500 cash. (It's nice).
             1/ 9 The company purchases a six-month operating permit from the city for $1,200 ($200 per month) cash. The permit allows the business to operate for six months starting from Jan 1st.
             1/ 10 The company decides to hire a new secretary for $1,000 per month. No contract is signed, but a verbal agreement is reached stating the secretary will start work on February 1st.
             1/ 11 Payment is made on half the merchandise purchase of the 6th.
             1/ 12 The company signs a contract with KROQ to run a series of 30 second radio ads for it's super cheap CDs.


Essays Related to Accounting

1. Accounts

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  • Word Count: 3170
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2. Accounting

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3. Definition of Accounting

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4. international accounting

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  • Word Count: 2830
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5. FAS 123- Accounting For Stock Options

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6. The Gender-Factor In The Accounting Profession

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7. Benefits of International Accounting Standards

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8. Envrionmental Accounting

What is environmental management accounting? ... Before we can even begin to understand environmental accounting we must first understand the social significance of accounting. ... This allows for traditional accounting norms to serve purposes beyond conventional accounting. ... Environmental management accounting refers to internal operations of environmental accounting within a corporation. ... Internal environment accounting or cost accounting traces the costs of the corporation's activities on the environment. ...

  • Word Count: 3332
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9. Accounting

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