Design an Accounting Information System
For about a year, Frank Poppa has been operating a hot dog stand in the parking lot of a major discount retailer in a suburban area. The stand appears to be a push cart but is actually a small trailer that is towed from home each day. Frank cleverly designed the stand to include storage compartments, napkins, and the like. What started out as a “weekend gig” to pick up a few extra bucks has turned into a full-time occupation. Frank soon found thaton a hot summer day, he could easily take in more than $1000 from sales of a full line of fancy hot dogs and cold sodas.
About four months ago, Frank decided to expand to more locations. He found that large discount retailers were quite happy to provide him adequate space near the front door because customers enjoyed the convenience and the stand helped build traffic for the retailer. Frank formed Poppa’sDog’s Company and negotiated contracts with several retailers to provide push cart operations outside their stores. The contracts generally call the Poppa’s Dogs to pay a location fee to there tailer plus 3% of the pushcart’s sales.
Frank plans to be very careful when hiring the people necessary to operate the five new push cart locations. He is confident that he can assess good moral characterand avoid hiring anyone who would take advantage of him. Frank will have to spend about $3000 for each new push cart and related equipment. In addition, he will have to finance an inventory of hotdogs, condiments, and sodas for each location. A local bank hasagreed to provide financing.
Until now, Frank has maintained an in formal accounting system consisting of an envelope full of receipts, and his personal checking account. The system has served him well enough so far, but he is finding that more and more he is getting his personal financial activities confused with those of his business. Frank is positive that the business is profitable because he seems to have more money left at the end of the month than he did when he was working full time as an auto mechanic. He has decided he needs a better accounting system and has decided to consult with a CPA he knows to see what she might recommend.
(Q) What information does Frank’s current accounting system provide him? What additional information should Frank want from an improved accounting system? Make recommendations to Frank regarding how he can improve his accounting system and identify a chart (list) of accounts that you would expect to find in Frank’s new accounting system. For each account, identify whether it is an asset, liability, owner’s equity, revenue, or expense.
During this course, you have compiled a marketing plan for your fictional start-up company. Share the most important part of the marketing plan, and include an explanatio...Feb 14 2020
Excel. Refer to the “Ch16 Const” tab in the Excel Workbook provided on the Web site.a. What is the yield to the lender and the investor’s after-tax IRR if 90 percent of t...Mar 29 2020
Suppose the Sunglasses Hut Company has a profit function given by P ( q ) = − 0.02 q 2 + 4 q − 22 , where q is the number of thousands of pairs of sunglasses sold and pro...May 07 2021
The Bigbee Bottling Company is contemplating the replacement of one of its bottling machines with a newer and more efficient one. The old machine has a book value of $650...Apr 14 2020
Rational authority has less of an ethical obligation than do traditional and charismatic authority.22.The meaning of “transformational leadership” is the same as “charism...Jan 24 2020
(2,7) is a point on f(x) = x3 – 3x + 5 Use a tangent line to approximate f (2.1).May 04 2021
Which one of the following is most directly affected by the level of systematic risk in a security? î© Variance of the returns. î© Standard deviation of the returns. î©...Sep 08 2020
Is the United States making progress in reducing or preventing terrorism? Explain your answer.If the United States is NOT making progress, what would have to happen to ma...Feb 03 2020
National scan, INC., sells radio frequency inventory tags. monthly sales for a 7 month period are as follows: month sales (000) units feb......... 19 march.........May 24 2018
1. Job analysis has been considered the cornerstone of human resource management. Precisely how does it support managers making pay decisions?2. What does job analysis ha...May 04 2020