This week’s Assignment will provide you with information on how transactions affect the accounting equation. In addition, the Assignment will help to understand how to prepare an income statement, retained earnings statement, and a balance sheet. Templates are required to use for the Assignments. Download the template from the spreadsheet icon below. To assist you in making sure that you are on the right track with your Assignment, view the solutions to self-check your work. If you have questions, please contact your instructor. Upload your Excel file to the Assignment Dropbox by the end of the unit. In order to ensure full functionality for these homework templates, it is recommended that you download/save each Excel template to your computer in the .xlsx format. Throughout this course, many discussion opportunities come up where you need to respond to other people’s opinions and comments. Address the Discussion topic after you have completed your Reading.
Basic accounting concepts are very important in understanding how businesses record and summarize transactions. In this Discussion, you will look at the basic elements of a financial accounting system and how the financial statements are prepared. On August 1, 2013, Dr. Ruth Turner established SickCo, a medical practice organized as a professional corporation. The following conversation occurred the following February between Dr. Turner and a former medical school classmate, Dr. Shonna Rees, at an American Medical Association convention in New York City. Dr. Rees: Ruth, good to see you again. Why didn’t you call me when you were in Denver? We could have had dinner together. Dr. Turner: Actually, I never made it to Denver this year. My husband and kids went up to our Vail condo twice, but I got stuck in Fort Lauderdale. I opened a new consulting practice this August and haven’t had any time for myself since. Dr. Rees: I heard about it…Sick…something…right? Dr. Turner: Yes, SickCo. My husband chose the name. Dr. Rees: I’ve thought about doing something like that. Are you making any money? I mean is it worth your time? Dr. Turner: You wouldn’t believe it. 100,000. Not bad for 6 months – all pure profit. Dr. Rees: Maybe I’ll try it in Denver! Let’s have breakfast together tomorrow and you can fill me in on the details. 100,000) is pure profit. 1. Question : Which of the following would result in no net change in assets? This transaction would not appear on the Statement of Cash Flows. 10,000. What is the effect of this error on the accounting equation? 10,000 in dividends during the same period. 20,000 beginning balance in stockholders’ equity, what is the ending balance in stockholders’ equity?
Eventually, Lee was released after a plea agreement. How was it possible that if he was such a threat to the United State’s national security that he would all of a sudden be released. The Asian Community across the United Stated worked together to protest this unfair act. People signed protest petitions to Janet Reno, sent money for his defense fund, showed up for rallies and demonstrations across the country, and signed a petition for a presidential pardon for Wen Ho Lee. I was among those in the community who was very angered and outraged at the government’s actions. I took part in all the petitions and would have participated in the rallies and demonstrations had any of them been in New York. I did not understand how the United States government could just go around all the laws that it had come up and expect its citizens to follow when it did not even follow them.
Last semester, there was a big incident in the clothing industry. Abercrombie and Fitch attempted to appeal to more Asian Americans with a new line of t-shirts with ethnic caricatures and slogans. Many people found these t-shirts to be very offensive and reinforced negative stereotypes of Asian Americans. I was not very offended by these t-shirts, a little shocked that they would put these t-shirts on the shelves, but otherwise it was not a big deal to me. I can see how many Asian Americans were very offended though. Looking back, I do not remember there ever being a time when I did not want to be a member of my social group. My parents have always taught me that being Chinese is a part of who I am, just like being American is also a part of who I am. I do not always feel like I solely belong to either social group, but I am part of both.