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Accounting 211 Comprehensive Problem 1 Builder Bob Assignment

  • Date Submitted: 03/02/2016 11:10 PM
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ACCOUNTING 211 COMPREHENSIVE PROBLEM 1   BUILDER BOB ASSIGNMENT

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Service Industry:   This problem has a value of 10% of the final grade.
Objectives:   Demonstrate application of Accounting Concepts pertaining to a service company including the following:
• Selection of Business Form
• Journalization and Posting of Daily Transactions
• Creation of Unadjusted Trial Balance
• Adjustment of accounts to properly reflect balances at the end of the period.
• Creation of Financial Statements
• Completion of the Closing Process with appropriate closing entries and posting to T accounts
• Determination of Book Value for Fixed Assets
• Discussion of the Company’s financial position
As you work through this problem please refer to the Penn State rules regarding Academic Integrity.   You must cite any source that was used in completing this assignment.  

PART 1.   5%
Bob loves construction and wants to start his own company.   He is married, 30 years old and lives with his wife in their house in Goodville.   He currently has a full time job for a local architect that supports the family.   His dream is to restore old houses and bring them back to their original status.   He has saved $20,000 to start this business.   He knows nothing about accounting and has hired you to provide him with accounting services as well as guidance in starting this business.  
The first task is to determine what business form Bob should choose.   Explain the different business formats to Bob and which one you recommend for Bob’s new business: “Builder Bob” (BB)

PART 2.   90%
Bob has followed your advice and on January 7, 2014 he deposited $20,000 into a business bank account for BB and started pursing his dream.   It has been a hectic 6 months and on July 2nd Bob contacts you for help.   Bob hands you a box of receipts and a list of what he has done during this period.   He wants to know whether...

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