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DEVRY ACCT 216 Week 1 Homework .pdf


Original filename: DEVRY ACCT 216 Week 1 Homework.pdf
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DEVRY ACCT 216 Week 1 Homework (v 1)

Check this A+ tutorial guideline at
http://www.acct216assignment.com/acct
-216/acct-216-week-1-homework-%28v1%29
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http://www.acct216assignment.co
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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, 2013:
a.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 Kohl’s.
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.
Required:
1.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


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