Consider the following Proprietorship. Tiffany Collins is the owner and operator of an interior decorating business called "Tiffany’s." It is Tiffany's first year in business. Tiffany started her business with a personal cash investment of $20,000. Her business also borrowed $20,000 additional cash from the Bank. By the end of the first year cash was down to $7,000. Tiffany's only other assets were $18,000 of accounts receivables from customers and $50,000 of new equipment which she bought at the end of the year. She paid cash for the equipment. During her first year, Tiffany managed to lower her debt - she now owes the Bank only $15,000. The Bank loan is her only liability. There were no withdrawals from the business this year.

Since Tiffany's only has $7,000 of cash left in her business, she is considering going out of business Tiffany has told you "how can I stay in business when, in only 1 year, I have lost most of the cash I started with.

Advise Tiffany Is she better off now than she was at the beginning of the year?

The amberssen specialty company is a chain of twelve retail stores that sell a variety of imported gift items, gourmet chocolates, cheeses, and wines in the toronto area. amberssen has an is staff of three people who have created a simple but effective information system of networked point-of-sale registers at the stores and a centralized accounting system at the company head- quarters. harry hilman, the head of amberssens is group, has just received the following memo from bill amberssen, sales director (and son of amberssen’s founder). harry—it’s time amberssen specialty launched itself on the internet. many of our competitors are already there, selling to customers without the expense of a retail storefront, and we should be there too. i project that we could double or triple our annual revenues by selling our products on the internet. i’d like to have this ready by - giving, in time for the prime holiday gift-shopping season. bill after pondering this memo for several days, harry scheduled a meeting with bill so that he could clarify bill’s vision of this venture. using the standard con- tent of a system request as your guide, prepare a list of questions that harry needs to have answered about this project.

Aminor has the legal right to repudiate

At the end of year 2, retained earnings for the baker company was $3,550. revenue earned by the company in year 2 was $3,800, expenses paid during the period were $2,000, and dividends paid during the period were $1,400. based on this information alone, retained earnings at the beginning of year 2 was: