Week 8-1

Week 8-1 - Econ/Mgmt 4 Spring 2010 Week 8-1 Ugly Puppy...

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Unformatted text preview: Econ/Mgmt 4 Spring 2010 Week 8-1 Ugly Puppy period #3 3 rd Period Events Take the Puppy to the birthday party. The woman pays you $50 balance due. Consult 40 clients and all pay $1 each. Sell 10 T-shirts at $5 each in cash. Purchase 10 T-shirts at $4 each “on account”. Don’t forget to pay the bank $10 in accrued interest. Complete the 3 rd Period Income Statement & Balance Sheet. First thing ! Make a Ca$h Journal 3 rd Period Events – Cash Journal Starting Cash. Receive $50 balance due on party. 40 clients pay $40 cash. Sell 10 T-shirts $5 each cash. Purchase 10 T-shirts at $4 each on account. Pay the Bank the $10 accrued interest from the 2 nd period. 250 50 40 50 0 (10) 380 Second - inventory. Do you notice something potentially systemic? Next – revenue recognition. Cons $100 Agg $50 What if the public appearance “party” were: a)Postponed?...
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This note was uploaded on 06/06/2010 for the course MGT 181 taught by Professor Jordan during the Spring '08 term at UCSD.

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Week 8-1 - Econ/Mgmt 4 Spring 2010 Week 8-1 Ugly Puppy...

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