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Introduction To Accounting Essay

1682 words - 7 pages

ASSIGNMENT 1

INTRODUCTION TO ACCOUNTING

ALIF RAHARJO
1901533854

BINUS ONLINE LEARNING

Tugas Personal ke-1 Minggu 1

Tugas personal 1 minggu 1 ini diambil dari buku wajib:
Weygandt, Kimmel, Kieso. (2013). Financial Accounting, IFRS Edition. 2nd edition.
John Wiley & Sons. Inc. New Jersey. ISBN: 978-1-118-28590-9.
Buatlah soal-soal berikut ini:

Chapter 1:
BE1 – 5 halaman 34

E1 – 6 halaman 37

P1 – 4B halaman 43

CCC1 halaman 44

BYP1 – 5 halaman 46

Chapter 2:
BE2 – 4 halaman 78

E2 – 9 halaman 79

P2 – 4A halaman 86

CCC2 halaman 89 dan 90

BYP2 – 6 halaman 92 – 93

Selamat mengerjakan!

Answer
Chapter 1
BE1 – 5

A
L
A

(a) Accounts ...view middle of the document...

.....................................
Total expenses .......................................
Net income .............................................................

c)

50
3,100
$3,200

PAULIS CONSULTING
Statement of Financial Position
May 31, 2014
Assets
Equipment ...................................................................
Supplies.......................................................................
Accounts receivable...................................................
Cash .............................................................................
Total assets .........................................................

$ 2,300
500
1,300
13,700
$17,800

Equity and Liabilities
Equity
Share capital—ordinary......................................
Retained earnings ($3,200 – $700).....................
Total equity ..................................................

$8,000
2,500

Notes payable......................................................
Accounts payable ...............................................
Total liabilities .............................................
Total equity and liabilities..................................................

5,000
2,300

$10,500

Liabilities

CCC1
(a)

Natalie has a choice between a sole proprietorship and a corporation. A partnership is not an
option since she is the sole owner of the business.
A proprietorship is the easiest to create and operate because there are no formal procedures
involved in creating the proprietorship. However, if she operates the business as a
proprietorship she will personally have unlimited liability for the debts of the business.
Operating the business as a corporation would limit her liability to her investment in the
business. Natalie will in all likelihood require the services of a lawyer to incorporate. Costs to
incorporate as well as additional ongoing costs to administrate and operate the business as a
corporation may be costly.
My recommendation is that Natalie choose the corporate form of business organization. If she
expands the business after graduation, she can raise additional capital by issuing more shares.
In addition, she limits her liability to her investment in the business. If she decides to transfer
ownership to another student, she can do so without dissolving the corporation.

(b)

Yes, Natalie will need accounting information to help her operate her business. She will need

7,300
$17,800

information on her cash balance on a daily or weekly basis to help her determine if she can
pay her bills. She will need to know the cost of her services so she can establish her prices.
She will need to know revenue and expenses so she can report her net income for personal
income tax purposes, on an annual basis. If she borrows money, she will need financial
statements so lenders can assess the liquidity, solvency, and profitability of the business.
Natalie would also find financial...

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