Final Project Part I Peyton Approved Data

The following events occur in July 2014

1 – Open a bank account for Peyton Approved.
1 – You take $15,000 from your personal savings account and buy common stock in Peyton Approved.
3 – Your parents lend the company $10,000 cash, in exchange for a two-year, 6% note payable. Interest and the principal are repayable at maturity.

7 – Sign a lease agreement for retail/bakery space. The agreement is for 1 year, with the option to extend the lease on a month-to-month basis after 1year. The rent is $1,500 per month. The lease period starts on July 15, first and last month’s rent due at that time. Subsequent rents are due on the 15th day of each month.
10 – Pay $375 to the county for a business license.
11 – Purchase a cash register for $250 (deemed to be not material enough to qualify as depreciable equipment—use misc. exp.).

13 – You have baking equipment, including an oven and mixer, that you have been using for your home-based business and will now start using in the bakery. You estimate that the equipment is currently worth $5,000, and you transfer the equipment into the business in exchange for additional common stock. The equipment has a 5-year useful life.
13 – Pay $200 for business cards/flyers/posters/ads to use for advertising.
14 – Pay $1,000 for baking ingredients (use baking supplies account).

14 – Pay $300 for miscellaneous (use misc. supplies).
15 – Hire part-time helper to be paid $12 per hour. Pay periods are the 1st through the 15th and 16th through the end of the month with paydays being the 20th for the first pay period and the 5th of the following month for the second pay period.

15 – Pay first and last month’s rent.
16 – Open the doors of the bakery.
31 – Pay $1,200 for a 12-month insurance policy.

The following events occur during the next 6 months

Bakery sales are recorded on the last day of the month. The following sales occurred:

July – $5,000
August – $20,000
September – $22,500
October – $27,000
November – $25,000
December– $30,000

The following baking supplies purchases are made on credit

August 8 – $8,500, net 30 – paid 8/30
September 10 – $9,000, net 30 – paid 10/1
October 12 – $10,000, net 30 – paid 11/1
November 10 – $10,000, net 30 –paid 12/1
December 4 – $12,000, net 30 – paid 1/2

The following misc. supplies were purchased

August 25 – $300
September 19 – $325
October 14 – $310
November 11 – $300
December 8 – $300

Through December 31, the part-time employee worked the following hours: (ignore payroll taxes)

Pay period ending Hours
7/31 10
8/15 40
8/31 35
9/15 38
9/30 40
10/15 37
10/31 40
11/15 35
11/30 30
12/15 45
12/31 40

The following monthly bills are received and paid
You can read more about our case study assignment help services here.

How it Works

How It works ?

Step 1:- Click on Submit your Assignment here or shown in left side corner of every page and fill the quotation form with all the details. In the comment section, please mention Case Id mentioned in end of every Q&A Page. You can also send us your details through our email id with Case Id in the email body. Case Id is essential to locate your questions so please mentioned that in your email or submit your quotes form comment section.

Step 2:- While filling submit your quotes form please fill all details like deadline date, expected budget, topic , your comments in addition to Case Id . The date is asked to provide deadline.

Step 3:- Once we received your assignments through submit your quotes form or email, we will review the Questions and notify our price through our email id. Kindly ensure that our email id and must not go into your spam folders. We request you to provide your expected budget as it will help us in negotiating with our experts.

Step 4:- Once you agreed with our price, kindly pay by clicking on Pay Now and please ensure that while entering your credit card details for making payment, it must be done correctly and address should be your credit card billing address. You can also request for invoice to our live chat representatives.

Step 5:- Once we received the payment we will notify through our email and will deliver the Q&A solution through mail as per agreed upon deadline.

Step 6:-You can also call us in our phone no. as given in the top of the home page or chat with our customer service representatives by clicking on chat now given in the bottom right corner.

Case Approach

Scientific Methodology

We use best scientific approach to solve case study as recommended and designed by best professors and experts in the World. The approach followed by our experts are given below:

Defining Problem

The first step in solving any case study analysis is to define its problem carefully. In order to do this step, our experts read the case two three times so as to define problem carefully and accurately. This step acts as a base and help in building the structure in next steps.

Structure Definition

The second step is to define structure to solve the case. Different cases has different requirements and so as the structure. Our experts understand this and follow student;s university guidelines to come out with best structure so that student will receive best mark for the same.

Research and Analysis

This is the most important step which actually defines the strength of any case analysis. In order to provide best case analysis, our experts not only refer case materials but also outside materials if required to come out with best analysis for the case.

Conclusion & Recommendations

A weak conclusion or recommendations spoil the entire case analysis. Our expert know this and always provide good chunks of volume for this part so that instructors will see the effort put by students in arriving at solution so as to provide best mark.

Related Services

Rent – paid each 15th – $1,500
Phone – received on the 30th of each month, paid on the following 10th – $45

You pay yourself via the issuance of dividends. The following dividends were paid and issued:

9/30 – 2,000
10/30 – 2,500
11/30 – 2,500
12/31 – 2,500

Many customers have been asking for more hypo-allergenic products, so in November you start carrying a line of hypo-allergenic shampoos on a trial basis. The following information relates to the purchase and sales of the shampoo: You use the perpetual inventory method. You are uncertain as to which valuation method to use—FIFO, LIFO, or weighted average, so you calculate inventory using all three and then decide which one you would like to choose.

11/7: 10 bottles purchased at $6
11/20: 20 bottles purchased at $6.10
12/1: 25 bottles purchased at $6.05
12/14: 30 bottles purchased at $6.00
12/26: 20 bottles purchases at $6.08

Sales – selling price, $8.50 a bottle
11/15: 8 bottles
11/30: 18 bottles
12/15: 22 bottles
12/24: 24 bottles

On December 31, the following adjustments must be made:

Depreciation of baking equipment transferred to company on 7/13. Assume ½ month of depreciation in July using the straight-line method.

Accrue interest for note payable (Assume a full month of interest for July).
Record insurance used for the year.

An inventory of baking supplies shows $1,100 of supplies are remaining.
An inventory of misc. supplies shows $50 remaining.

Product Code-Accounting-AW-Q417
Looking for best Accounting-AW-Q417 online ,please click here