acc111report - ACC 111 Accounting Principles(30953 Prof...

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ACC 111: Accounting Principles (30953) Prof. Jessica Jones Group Project Group Members: Jennifer K Lemley Aaron New Joshua Cali History of LANstar LANstar was first started in 2000 by Joel and July Ray as a partnership LLC. They are a computer networking company that does it all from installing networks, telephones, office systems and servers. Joel had been working in the private sector for some time and was doing his own side work part-time. July graduated with an accounting degree from NAU and had been doing such up until that time. They finally decided to start their own company and did so that year. They first worked out of a garage for about six to nine months before moving into a rented space in Tempe for a couple years. Within a few years they grew out of that space and decided that they were in need of their own space. They found an office suite in Mesa that fit their needs and that it where they reside now. The company started out with just Joel; as his client base grew in the first 6 months he knew he needed to add an additional employee. The company remains rather small with about 10 employees including an office manager. Although this may seem tiny, they do serve an amazing 350 client’s city wide. There are about three other companies in the state that do this sort of work but they have a major
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leg up on them in the east valley. 70% of their profit comes from service charges and the other 30% from actual hardware sales. Their specialty is in the medical field as this is where Joel gained most of his experience. How LANstar handle source documents One of the five basics components of the accounting systems is the source document. Source documents provide the basic information processed by an accounting system. Source documents can be paper, although they increasingly are taking the form of electronic files and Web communications. A growing number of companies are sending documents directly from their system to their customers’ and suppliers’ systems. The Web is playing a major role in this transformation from paper-based to paperless systems.
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