DEVRY ACCT 216 Week 1 Homework (v 1)

1
DEVRY ACCT 216 Week 1 Homework (v 1)

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• 1. Please write a four-to-six sentence paragraph
  on the following question. Good business and
  accounting practices require the exercise of good
  judgment. How should ethics be incorporated into
  making accounting judgments? Why is ethics
  important?2. Tammy Shot is a realtor. She
  organized her business, called TS Realty, as a
  corporation on April 1, 2013. Tammy started the
  business by depositing 85,000 in cash into the
  business bank account and issued herself common
  stock. Consider the following facts as of April
  30, 2013a.Tammy had 16,000 in her personal
  bank account and 21,000 in the business bank
  account.b.Tammy owes 1,000 on a personal charge
  account with Kohls.c.Tammy acquired business
  furniture for 21,000 on April 21. Of this
  amount, the business owes 11,000 on accounts
  payable at April 10.d.Office supplies on hand at
  the real estate office of 11,000.e.TS Realty
  owes 16,000 on a note payable for some land
  acquired for a total price of 110,000.f.Tammy
  owes 120,000 on a personal mortgage on her
  personal residence, which she acquired in 2006
  for a total price of 120,000.Required1.Prepare
  the balance sheet of TS Realty as of April 30,
  2013.2.Does it appear that the business can pay
  its debts? How can you tell?3.Identify the
  personal items given in the preceding facts that
  should not be reported on the balance sheet of
  the business