An annual generic annual budget

Assignment Help Financial Accounting

Reference no: EM13184375

Part-1

You have been hired as an executive director of a small nonprofit organization. Among your many duties are to determine an annual budget and develop a fiscal plan for the organization.

For this assignment, you must develop a 2-page spreadsheet that you will deliver to the director and staff containing an annual generic annual budget for the RTWMTC. Using an income of 800,000 per year, you must answer the following questions:

• How many employees does the RTWMTC company have and what is the break down of their salaries (you may choose)

• What additional costs does RTWMTC have (include utilities, lease/mortgage, phone, etc.)?

• What is the surplus or deficit of the RTWMTC?

•Why it is important for an organization, project or department to have a budget.

Part-2

There is a high school accounting intern working in your office for the summer. In the lunchroom, she overhears people talking about financial reporting and GAAP. She doesn't really know what they are, so she asks you to explain them to her.
• Explain what accountants are generally referring to when they talk about "financial reporting."
• Explain the generally accepted accounting principles (GAAP).
• Explain the sources of GAAP.

Understand capital markets and decision making, explain what is included in financial reporting, and discuss generally accepted accounting principles (GAAP) and the sources of GAAP.

Part-3

The following cash transactions took place during March, the first month of business for Cats and Dogs Company:

1. D.C. Dawg started a business, Cats and Dogs Company, by contributing $6,000.

2. The Cats and Dogs Company borrowed $2,000 from the bank on March 1. The note is a 1-year, 12% note, with both principal and interest to be repaid on February 28 of next year.

3. The company earned $900 in revenue.

4. Expenses amounted to $650.

5. Distributions to owners amounted to $25.

You are to complete the following tasks:

1. Show how each cash transaction affects the accounting equation.

2. Give one additional piece of information related to the transaction that could be recorded in an information system for a purpose other than the financial statements.

3. Prepare the four basic financial statements for the month of March.

Reference no: EM13184375

Questions Cloud

State the enzyme catalyzes the hydrolysis of esters : The enzyme catalyzes the hydrolysis of esters such as methyl benzoate. Use the Michaelis-Menten and Lineweaver-Burke graphs to determine Km and Vmax

State inorganic phosphorous is spectrophotochemically : Inorganic phosphorous is spectrophotochemically measured in blood serum by formation of a reduced heteropoly acid (heteropoly blue) and comparison of its absorbance with a standard treated by the same procedure.

Determine reduced amount of output he produces : The owner of Michaels Prints a firm that prints business cards tell you that as a result of an increase in the wage rate of printer operators he has reduced the amount of output he produces and the amount of capital he uses how should you respond

State fluorescence of the diluted sample solution was found : A 0.1019g portion of an aspirin tablet was dissolved in sufficient water to prepare 1.000L of solution. A pipet was used to transfer 10 mL of the solution to a 100 mL volumetric flask.

An annual generic annual budget : Develop a 2-page spreadsheet that you will deliver to the director and staff containing an annual generic annual budget for the RTWMTC.

Paul wrote the first letter to corinthian church in order : Paul wrote the First Letter to the Corinthian Church in order to

Correct the absorbance of the spiked samples for dilution : Correct the absorbance of the spiked samples for dilution and plot the absorbance versus ppm Fe added. Extrapolate the graph to the point where absorbance is equal to zero to determine the amount of Fe in the cat food sample in ppm.

What are the implications for unemployment : Many economists think that we are in the very early stages of putting computer technology to work and that full incorporation of computers will cause a massive restructuring of virtually every institution of modern life. If they are right, what ar..

Arrange the following events in chronological order : Arrange the following events in chronological order

User Account

All Pages