Steve Jobs - 1675 Words

Apple has a long relationship with Adobe. In fact, we met Adobe’s founders when they were in their proverbial garage. Apple was their first big customer, adopting their Postscript language for our new Laserwriter printer. Apple invested in Adobe and owned around 20% of the company for many years. The two companies worked closely together to pioneer desktop publishing and there were many good times. Since that golden era, the companies have grown apart. Apple went through its near death experience, and Adobe was drawn to the corporate market with their Acrobat products. Today the two companies still work together to serve their joint creative customers – Mac users buy around half of Adobe’s Creative Suite products – but beyond that there†¦show more content†¦We also know first hand that Flash is the number one reason Macs crash. We have been working with Adobe to fix these problems, but they have persisted for several years now. We don’t wan t to reduce the reliability and security of our iPhones, iPods and iPads by adding Flash. In addition, Flash has not performed well on mobile devices. We have routinely asked Adobe to show us Flash performing well on a mobile device, any mobile device, for a few years now. We have never seen it. Adobe publicly said that Flash would ship on a smartphone in early 2009, then the second half of 2009, then the first half of 2010, and now they say the second half of 2010. We think it will eventually ship, but we’re glad we didn’t hold our breath. Who knows how it will perform? Fourth, there’s battery life. To achieve long battery life when playing video, mobile devices must decode the video in hardware; decoding it in software uses too much power. Many of the chips used in modern mobile devices contain a decoder called H.264 – an industry standard that is used in every Blu-ray DVD player and has been adopted by Apple, Google (YouTube), Vimeo, Netflix and many other companies. Although Flash has recently added support for H.264, the video on almost all Flash websites currently requires an older generation decoder that is not implemented in mobile chips and must be run in software. The difference is striking: on an iPhone, for example, H.264Show MoreRelatedSteve Jobs1401 Words   |  6 PagesSteve Jobs Jade Alexie Scott-Barria Ms.Fama September24, 2012 Timeline (February 24 1955 – October 5 2011) February 24, 1955 - Steven Paul was born in San Francisco. He was adopted by Paul and Clara Jobs. Summer 1968 – When Steve Jobs was 13-years-oldRead MoreSteve Jobs1713 Words   |  7 PagesMarina Szabo Professor Dana Kerrigan English 15 March 19,2012 Steve Jobs Everyone is unique on this plant. We share the air and shine to live but we all do things in our own ways. Some people don’t do anything with their lives and others do great things with theirs. One particular person that has done great things with his life is Steve Jobs. Steve Jobs wasn’t some original person, he was a creative, crazy, rebellion, and over all a life changing person that wanted to make a differenceRead MoreSteve Jobs1385 Words   |  6 Pagesworld, Steve Jobs is one of the successful leaders that managed to achieve great success for an organization. Therefore, Steve Jobs is the leader that I personally admire and would like to emulate. According to Gallo (2011, p. 4), Jobs was named the best-performing CEO in the world by the Harvard Business Review. Jobs was given the title as he delivered â€Å"a whopping 3188% industry adjusted return (34% compounded annually) after he rejoined Apple.†(Gallo 2011, p.4). The key traits that made Jobs anRead MoreSteve Jobs1617 Words   |  7 Pagesrole is the leadership styles of various leaders in the mobile industry. This paper discusses and analyses the leadership style of Steve Jobs at Apple Incl. Apple is known for high innovation and employee satisfaction. The company is main contributor to the design aspect of the modern computer and smart-phone industry. The main contributor to the same is Steve Jobs. Steve through transformational leadership and through people oriented attitude created the Apple Inc. The company is known for simplicityRead MoreSteve Benefits Of Steve Jobs1254 Words   |  6 PagesSteve Jobs Steve was born on February 4, 1955 in San Francisco, California. His biological parents were Joanne Schieble and Abdulfallah (John) Jandali. His father was a professor of political science and his mother was a speech therapist. However, he was unable to find out who his real parents were, until the age of 27 years old. These two people put Steve up for adoption and to use his own words, â€Å"abandoned him.† Carla and Paul Jobs stepped forward and adopted him when he was a baby,Read MoreSteve Wozniak And Steve Jobs1273 Words   |  6 PagesApple Steve Wozniak and Steve Jobs created Apple with very little money and a whole lot of determination. The two men had met while working at Hewlett Packard over the summer break when Jobs was in high school, Wozniak in college. In order to gain capital to get the company started, Jobs sold his van for $1500, and Wozniak sold his financial calculator for $250. Jobs who was part owner of a farm came up with the name. Apple Computers were incorporated in 1977. By 1980, the company was a publiclyRead MoreSteve Jobs Essay1275 Words   |  6 Pagesthe world, are the ones who do (Moncur 1).† This statement by Steve Jobs is what I believe drove him to his success. Jobs had a very successful life and impacted many people around the globe. He led the way of how computers are used and accessed today. To fully understand and appreciate Steve Job’s work, a person has to first understand his background, how he developed his projects, and the lasting impact it had on the world. Steve Jobs wasn’t always a computer whiz; he developed it over the courseRead MoreThe Speech Of Steve Jobs1050 Words   |  5 Pages† by Jimmy Valvano and â€Å"You’ve got to find what you love,† by Steve Jobs. Each and every one of these speeches was written by men who were challenged to make difficult decisions in their lives which would inadvertently affect their future in one way or another. The most current speech of the four is Steve Jobs’ â€Å"You’ve got to find what you love.† His speech targets college graduates of the 21st century. After I read Steve Jobs’ speech, I understood the power of his words. At the beginningRead MoreThe Work Of Steve Jobs1631 Words   |  7 Pages Steve Jobs, though mostly known for being the co-founder and CEO of Apple, was also the founder of another computer software company called NeXT, as well as the man who brought Pixar, a computer based production company, into light. Mainly through Apple, Steve revolutionized the way society manipulates technology. If you have seen Pixar produced films, such as â€Å"Toy Story† or â€Å"Monsters, Inc.†, Jobs had a direct impact on those films. Steven Paul Jobs was undoubtedly the most significant person inRead MoreSteve Jobs Leadership3274 Words   |  14 Pagescover page, instructions and references): 2748 Steve Jobs is the CEO at Apple. Jobs founded Apple in 1976, and the company has developed into a major force within the electronics industry. Much of the success of the company has been due to the leadership of Steve Jobs. He has the personal attributes which are needed in order to be a successful leader, for example he is smart, communicative and is a great co-ordinator. However, there are limitations to Jobs leadership at Apple with factors such as shareholders

A Brief Note On Lowering The Drinking Age - 875 Words

Thesis: Lowering the drinking age would cause greater brain damage, an increase in alcoholism rates, and will increase the amount of alcohol-related traffic accidents. Lowering the drinking age will damage the teenagers’s still -developing brain. Different sections of the brain develop at different times. The human brain is not fully developed until the mid-twenties. The use of alcohol before full development can cause many issues down the road. â€Å"The brain’s frontal lobes are important for planning, forming ideas, making decisions, and using self-control† 5 Lowering the drinking age to eighteen leaves room for six to eight more years of development. If teens are allowed to drink, their ability to make decisions and their self-control is affected; this puts them in harm’s way and could put them in difficult situations that they are not able to handle. Too much alcohol can make someone act without thinking or even become violent at times. â€Å"Drinkin g alcohol over a long period of time can damage the frontal lobes forever.† 5 The frontal lobes are responsible for so much a person’s life and if they are damaged before they are developed then there can be long-term. A lower drinking age will make teenagers more susceptible to brain damage in their underdeveloped brains both at the moment of intoxication and long-term. Lowering the drinking age would make teens more susceptible to alcoholism later in life. Alcoholism has become a growing problem in America. Studies have beenShow MoreRelatedPros And Cons Of Lowering The Drinking Age1822 Words   |  8 Pagescase, the legal drinking age in the United States is 21 years old. However, the minimum legal drinking age drastically varies across the rest of the globe, with some countries allowing legal alcohol consumption before individuals have even turned 18 years old. Since the legal drinking age was changed to 21 years, it has been a controversial issue in the United Stat es. For decades, there have been debates on the pros and cons of lowering the legal age. In fact, there have even been brief periods of timeRead MoreI Was A Bad Kid959 Words   |  4 Pagesthe state in the science fair and did well academically. My age of rebelling started roughly upon my sophomore year of high school when I was around 14 years old due to my understanding, memories that were repressed being surfaced regarding my childhood when something bad happened to me for over a year in Kenya, Africa where I grew up. It was not by a family member so I really could not blame anyone. I would like to clarify my â€Å"rebel† age consisted of smoking weed daily, excessively cutting classRead MoreBenefits Of Physical Training Patients With Diabetes And Chronic Kidney Disease2469 Words   |  10 Pagesdiabetes in their lifetime and half of the ethnic minorities will be affected. It is worthwhile to note that obesity was reported as the reason for the tremendous increase.4 Chronic kidney disease (CKD) is a common disorder and occurs in the elderly population. In younger patients, it is associated with the loss of kidney function over a period of time, 30% of the elderly patients over 65years of age with CKD do not have progressive disease with loss of kidney function over a period of time.5Read MoreImpact of Media on Teenagers3405 Words   |  14 Pagesthe ways in which viewers or participants perceive the world and their own place within that world. Given that teenagers are often highly impressionable and subject to such influences, this report will consider the effects of media on this particular age group. Specifically, the report will consider the ways Text of the Paper: The entire text of the paper is shown below. However, the text is somewhat scrambled. We want to give you as much information as we possibly can about our papers and essays,Read MoreBusiness Environment5822 Words   |  24 PagesMODULE -3 Business Around Us Notes 3 BUSINESS ENVIRONMENT nderstanding the environment within which the business has to operate is very important for running a business unit successfully at any place. Because, the environmental factors influence almost every aspect of business, be it its nature, its location, the prices of products, the distribution system, or the personnel policies. Hence it is important to learn about the various components of the business environment, which consists of the economicRead MoreCase Analysis6978 Words   |  28 PagesElectrical P 4,000 P 5,700 Lighting P 2,000 P 3,200 Air conditioning P 14,000 P 12,000 Total P 20,000 P 20,900 Equipment Alternative 1 Alternative 2 Cardio-vascular machines (bikes, rowers) P 38,000 P 78,000 Cardio theatre P 7,000 P 7,800 Drinking fountain P 1,100 P 1,100 Total P 46,100 P 86,900 A residual figure at the end of 6 years was estimated at P 6,000 for alternative 1 and P 9,000 for alternative 2. Professional fees and charges Professional fees and charges have been estimatedRead MoreEnvironment Studies8323 Words   |  34 Pageswater to potable water, the amount of energy needed is prohibited (Ehrlich 1990). Thus water has become quite a scare commodity that few countries and civilizations seem to take into consideration. 3. Discuss the global environmental crisis in brief. Answer: 1) Global destruction of forests and phytoplankton in the oceans (these capture carbon dioxide - 59% land, 41% oceans – hold moisture and soil, preserve species, moderate the environment and give off oxygen). 2) World wide soil erosionRead MorePediatric Nursing Study Guide -- Covering Communicable Diseases/ Blood Disorders/Childhood Cancers/Integumentary5211 Words   |  21 PagesViral Exanthems (w/ rashes) * Roseola – (6mo – 3yr of age) from page 1061 and notes (Ch 38) * (Exanthem Subitum) * Agent: Human herpesvirus 6 * Source: Unknown – possibly from saliva of healthy adult; entry via nasal, buccal or conjunctival mucosa * Incubation period: 5-15 days * Communicable: Febrile period * Transmission: Unknown – year round; no reported contact with infected individual in most cases. (peak age 6-15 mo of life) * Immunity: Active, naturally acquiredRead MoreMarketing Research and Information Systems47836 Words   |  192 Pagesresearch in decision making †¢ Outline the contents of a research brief †¢ Outline the contents of a research proposal, and †¢ Explain in detail each of the principal steps in research design. Structure Of The Chapter This chapter begins by explaining the limitations of marketing research in so much that it serves to reduce rather than remove the risks attendant to decision making. The discussion proceeds to an outline of the research brief which has to be drawn up for the guidance of the individualRead MoreChapter II : Chapter Summaries12207 Words   |  49 PagesAbby’s. â€Å"Going to work?† â€Å"Aren’t you a smart man.† â€Å"Do you need a ride? I’m going past there anyway.† Vitya spoke to me with a delicious snark that I loved about her. She didn’t hesitate at the unlocked passenger door and placed one leg inside before lowering her skinny rear into the car. â€Å"Thanks, I was going to be late.† I nodded and tried to seem relaxed. She was looking at me with a strong gaze, completely unabashed and unashamed that she was staring. I could see her blatantly checking me out this

Super Ikonta free essay sample

Three hundred millimeter zoom. Black. Slightly bumpy ridged leather, bordered by painted black metal. The hard edges of the camera reflect the industrial design of a bygone era, the early post-war years. At the top, metal dials and knobs protrude from the body, tiny visible screws anchoring them to the leather and metal. The lens zig-zags away from the front of the camera, connected not by a metal bolt but by a delicate leather bellows, folded crisply. The dials – aperture, shutter speed, range ­finder – gleam in the reflected light. An inscription etched into the soft leather reads, â€Å"Zeiss Ikon Super Ikonta 531/2.† *** Seventy millimeter zoom. The camera sits, nestled under the arm of my great-grandfather, Henry. The two are frozen in an old snapshot, fading with time, yet still the quintessential portrait of photographer and equipment. Henry and his cameras were inseparable. Throughout his life, he toted them wherever he went, looking for photo opportunities. We will write a custom essay sample on Super Ikonta or any similar topic specifically for you Do Not WasteYour Time HIRE WRITER Only 13.90 / page Even in his later years, when his memory had all but disappeared and he no longer took pictures, Henry still carried his cameras. They were an integral part of his identity. We still have his photographs, some hanging framed on the wall, others – thousands of them – stuffed into shoeboxes in the garage. Whenever I flip through the photos, I feel a visceral connection to my family’s past, and to Henry through the art he left behind. Henry died in 1994, but his memory endures through his photography. *** Eighteen millimeter wide-angle. I sit on the sofa, the yellowing snapshot in my hands. Ever since I took up photography four years ago, my family has compared me to Henry. â€Å"You’ve got Henry’s gift for photography, Connor,† they say. I hope that mine proves as lasting as his. Throughout high school, I have quietly chronicled life through the lens of my Canon Digital Rebel XTi, attending most school events for my school newspaper, camera in hand. Sometimes, with my camera bag slung over my shoulder, I feel like Henry, tromping around Orange County in search of the perfect photo. Today, my connection with Henry is even stronger: balanced on my lap is his camera. After years of neglect, the exterior is not nearly as pristine as it once was. The black paint has chipped off the lens, the viewfinder is yellowed, the rangefinder filled with dust. The faint smell of my grandfather’s cigars clings to the camera. Since 1994, the metal flap containing the bellows and lens has remained sealed. I push the release button and, with a snap, the bellows pops out, freed for the first time since Henry’s death. The lens and dials are just as shiny, the bellows just as crisply folded as they were in that old photo. A few days ago, I took Henry’s Zeiss Ikon to a camera store. I desperately wanted the camera to work, hoping that years of disuse and neglect had not damaged it permanently. For the second time, the bellows unfolded, the lens gleamed in the sunlight. The shop owner opened and closed the shutter, tested the bellows for pinpricks. Finally, the verdict: â€Å"The camera still works.† Before leaving, I ordered rolls of 120mm film for the camera. Soon, I hope to use it again, 53 years after my great-grandfather bought it. *** Three hundred millimeter zoom. Black. Slightly bumpy ridged leather, framed by chipped, painted black metal. But this time, the camera isn’t in an old photograph; it’s in my lap as I sit on the sofa, connecting past to present, present to past, me to my great-grandfather Henry.

Principles of accounts free essay sample

I would like to express my sincere gratitude to all the persons who have been helpful towards the successful completion of this assignment. First and foremost I would like to thank Shadae Russell, Shakeyra Millington, Jonathon Butler and Ovasha Bartley for their support and assistance towards carrying out the research to complete this assignment. Secondly I want to thank my guardians for providing me with the suitable materials to finalize this assignment. I would also like to thank Mrs. K. Elliot for her assistance and guidance in completing this project. Last but certainly not least I would like to thank God for his extended mercies unto me. Introduction This assignment is about a business that started approximately three (3) years ago which is situated in a busy area that allows it to generate large amounts of money each day to carry out its operations. This assignment contains all the information about this Blanna’s Fashion Boutique business. We will write a custom essay sample on Principles of accounts or any similar topic specifically for you Do Not WasteYour Time HIRE WRITER Only 13.90 / page The information which this assignment contains includes the financial records for the period ending September 30 2011. This assignment serves to keep track of all the money that goes inside the business bank account, all the cash which the business uses within visiting the business bank account, all the money that goes outside of the business bank account, all the money that came into the business by cash and not with the use of cheques and the purposes for each transaction. Therefore this assignment provides a clear understand of all the operations the business under goes on a day to day basis. Table of Contents Headings Page # Cover Page I Title PageII AcknowledgementIII Introduction IV Aim of the Project1 Description of Business Entity 2 Mission Statement 3 Logo and Slogan 4 Accounting Cycle 5 Accounting Information Journals 6-7 Cash Book 8 Ledgers 9-13 Trial Balance 14 Stock Valuation 15-19 Trading, Profit and Loss and Appropriation A/c 20-21 Balance Sheet 22 Bank Reconciliation Statement 23 Accounting Ratios 24-25 Performance of the Business 26 Comparisons 27 Recommendations and Suggestions 28 Conclusion 29 Appendix Price list (showing mark up %) 30 Diagrams Charts and Graphs Pictures Invoices, Cheques, Receipts etc References Aim of the Project The aim of this project is: To arrive at a comprehensive understanding of the financial sector of businesses. To highlight the strength and the weaknesses of the Blanna’s Fashion Boutique business. To present the financial records for the year ended September 30, 2011 for Blanna’s Fashion Boutique business. Description of Business Entity Blanna’s Fashion Boutique is a partnership. This business is owned and operated by Anna Kay Blake, Shadae Russell and Ovasha Bartley a Group of ambitious young ladies. Our main aim is to make a profit while catering for the needs of the community which it is situated in. Blanna’s Fashion Boutique is situated in Montego Bay at the Blue diamond plaza 10 Pearl Street. This business has been in existence since June 20, 2008. We employ approximately fifteen (15) workers. We cater for the petite to the full figured women. We produce a wide variety of slippers, pants, skirts, handbags and accessories. Prices are always lower than that of our competitors. In cases of fashion emergencies you can call us at (1876) 3553980/4275646 or email us at Blanna’[emailprotected] com. The mission of Blanna’s Fashion Boutique is to: Provide the latest fashion for all females Provide goods and services at a reasonable cost Ensure that the quality of our goods meets the standards of our business. Ensure that whatever the business do doesn’t affect the environment negatively. Provide employment for members of the community Provide sponsors to underprivileged children Logo and Slogan Logo Slogan With passion we send out the latest fashion Accounting Cycle General Journal Date Details Folio Debit Credit September 1 Bank CB01 364000 Cash CB01 27160 Debtor (J. Simpson) SL01 31600 Motor Van GL02 62840 Building GL03 100000 Stock 24960 Creditor (Super Supreme) PL01 10560 Capital GL01 600000 Opening entries 610560 610560 Purchase journalPage 01 Date Details Folio Amount 1-Sep Super Supreme International PL01 237,040 27-Sep Super Supreme International PL01 57,960 Sep 30 Total credit purchases to be transferred to the purchases account in the general ledger GL02 295,000 SALES JOURNAL Date Details Folio Amount 5-Sep J. Simpson SL01 57000 13-Sep B. Banton SL03 78,550 20-Sep N. Kidman SL02 104,400 Sep 30 Total credit sales to be transferred to the sales account in the general ledger GL13 239,950 RETURN OUTWARDS JOURNAL Date Details Folio Amount 9-Sep Super Supreme International PL01 13,600 Sep 30 Total return outwards to be transferred to the return outwards account in the general ledger GL16 13,600 Return Inwards Day Book Date Details Folio Amount 24-Sep B. Banton SL03 16,800 30-Sep N. Kidman SL02 9,600 Sep 30 Total goods returned to us to be transferred to the return inwards account in the general ledger GL15 26,400 Cash Book Date Details Folio Discount Allowed Cash Bank Date Details Folio Discount Received Cash Bank September 1 Balance b/d GJ01 27,160 364,000 September 1 Machinery GL3 48,000 September 2 Bank C 50,000 2 Cash C 50,000 3 Sales GL13 59,350 3 Rent GL4 30,000 7 Sales GL13 37,750 6 Fixtures GL5 65,000 18 J. Simpson SJ01 12,000 45,000 8 Wages GL12 10,000 29 B. Banton SJ03 6,175 55,575 11 Insurance GL6 6,100 30 Sales GL13 120,540 11 Electricity GL7 3,300 11 Rates GL8 2,600 15 Super Supreme International PL01 7,500 142,500 15 Wages GL12 10,000 16 Drawings GL10 6,200 19 Furniture GL11 3,600 22 Wages GL12 10,000 29 Wages GL12 10,000 30 Balance c/d 123,075 239,000 18,175 350,375 409,000 7,500 350,375 409,000 General Ledger Date Details Folio Amount Date Details Folio Amount Capital A/C Page 01 September 31 Balance c/d 600,000 September 1 Balance b/d GJ01 600,000 October 1 Balance b/d 600,000 Motor Van A/C Page 02 September 1 Balance b/d GJ12 62,840 September 30 Balance c/d 62,840 October 1 Balance b/d 62,840 Buildings A/C Page 03 September 1 Balance b/d GJ01 100,000 September 30 Balance c/d 100,000 October 1 Balance b/d 100,000 Machinery A/C September 1 Bank CB01 48,000 September 31 Balance c/d 48,000 October 1 Balance b/d 48,000 Rent A/C September 3 Bank CB01 30,000 September 30 Profit Loss 30,000 Fixtures A/C September 6 Cash CB01 65,000 September 31 Balance c/d 65,000 October 1 Bal b/d 65,000 Insurance A/C September 11 Bank CB01 6,100 September 30 Profit Loss 6,100 Electricity A/C September 11 Bank CB01 3,300 September 30 Profit Loss 5,500 30 Accruals c/d 1,200 5,500 5,500 October 1 Accruals b/d 1200 Rates September 11 Bank CB01 2,600 September 30 Profit Loss 2,600 Drawings September 16 Cash CB01 6,200 September 30 Balance c/d 6,200 September 30 Balance b/d 6,200 Furniture September 19 Cash CB01 3,600 September 30 Balance c/d 3,600 October 1 Balance b/d 3,600 Wages September 8 Bank C01 10,000 September 31 Profit Loss 40,000 15 Cash C01 10,000 22 Bank C01 10,000 29 Bank C01 10,000 40,000 40,000 Sales September 30 Trading Account 457,590 September 3 Cash CB01 59,350 September 7 Cash CB01 37,750 September 30 Cash CB01 120,540 September 30 Total Credit Sales SJ01 239,950 457,590 457,590 Purchases September 31 Total Credit Purchases PJ01 295,000 September 31 Trading Account 295,000 Return Inwards September 31 Total for month RI01 26,400 September 31 Trading Account 26,400 Return Outwards September 31 Trading Account RO01 13,600 September 31 Total for month 13,600 Discount Allowed September 30 Total Discount Given to customers 18,175 September 30 P L 18,175 Discount Received September 30 P L 7,500 September 11 Super Supreme International 7,500 Purchases Ledger Super Supreme International September 9 Return Outwards RO01 13,600 September 1 Balance b/d GJ01 10,560 15 Bank CB01 142,500 1 Purchases PJ01 237,040 15 Discount Received CB01 7,500 27 Purchases PJ01 57,960 30 Balance c/d 141,960 305,560 305,560 October 1 Balance b/d 141,960 Sales Ledger J. Simpson September 1 Balance b/d 31,600 September 18 Discount Allowed CB01 12,000 September 5 Sales SJ01 57,000 September 18 Bank CB01 45000 September 30 Balance c/d 31,600 88,600 88,600 October 1 Balance b/d 31,600 N. Kidman September 20 Sales SJ01 104,400 September 30 Return Inwards RI01 9,600 September 30 Balance c/d 94,800 104,400 104,400 October 1 Balance b/d 94,800 B. Banton September 13 Sales SJ01 78,550 September 24 Return Inwards RI01 16,800 September 29 Discount Allowed CB01 6,175 29 Cash CB01 55,575 78,550 78,550 Trial Balance Blanna’s Fashion Boutique Trial Balance as at September 30, 2011 Details Debit $ Credit $ Capital 600,000 Motor Van Buildings 100,000 Machinery 48,000 Stock 24,960 Rent 30,000 Fixtures 65,000 Sales 457,590 Purchases 295,000 Cash 123,075 Bank 239,000 Wages 40,000 Return Outwards 13,600 Super Supreme International 141,960 Electricity 3,300 Insurance 6,100 Rates 2,600 Furniture 3,600 Drawings 6,200 Return Inwards 26,400 N. Kidman 94,800 J. Simpson 31,600 Discount Received 7,500 Discount Allowed 18,175 1,220,650 1,220,650 Stock Valuation (A) Pants Date Received Issued Balance Quantity Unit Price Amount Quantity Unit Price Amount Quantity Unit Price Amount 1-Sep 12 900 10,800 1-Sep 96 1,000 96,000 12 96 900 1,000 10,800 96,000 3-Sep 12 12 900 1,000 10,800 12,000 84 1,000 84,000 5-Sep 12 1,000 12,000 72 1,000 72,000 13-Sep 24 1,000 24,000 48 1,000 48,000 20-Sep 24 1,000 24,000 24 1,000 24,000 27-Sep 36 1,100 39,600 24 36 1,000 1,100 24,000 39,600 30-Sep 24 12 1,000 1,100 24,000 13,200 24 1,100 26,400 (B) Blouse Date Received Issued Balance Quantity Unit Price Amount Quantity Unit Price Amount Quantity Unit Price Amount 1-Sep 12 400 4,800 1-Sep 96 440 42,240 12 96 400 440 4,800 42,240 5-Sep 12 12 400 440 4,800 5,280 84 440 36,960 13-Sep 24 440 10,560 60 440 26,400 20-Sep 36 440 15,840 24 440 10,560 30-Sep 12 440 5,280 12 440 5,280 (C ) Handbag Date Received Issued Balance Quantity Unit Price Amount Quantity Unit Price Amount Quantity Unit Price Amount 1-Sep 4 1,600 6400 4 1,600 6,400 3-Sep 1 1,600 1,600 3 1,600 4,800 7-Sep 1 1,600 1,600 2 1,600 3,200 13-Sep 1 1,600 1,600 1 1,600 1,600 27-Sep 4 1,650 6,600 1 4 1,600 1,650 1,600 6,600 30-Sep 1 3 1,600 1,650 1,600 4,950 1 1,650 1,650 (D ) Skirts Date Received Issued Balance Quantity Unit Cost Amount Quantity Unit Cost Amount Quantity Unit Cost Amount 1-Sep 12 780 9,360 1-Sep 60 820 49,200 12 60 780 820 9,360 49,200 3-Sep 12 780 9,360 60 820 49,200 7-Sep 12 820 9,840 48 820 39,360 13-Sep 12 820 9,840 36 820 29,520 30-Sep 24 820 19,680 12 820 9,840 (E) Slipper Date Received Issued Balance Quantity Unit Price Amount Quantity Unit Price Amount Quantity Unit Price Amount 1-Sep 48 900 43,200 48 900 43,200 5-Sep 12 900 10,800 36 900 32,400 7-Sep 12 900 10,800 24 900 21,600 20-Sep 24 900 21,600 27-Sep 12 980 11,760 12 980 11,760 Trading, Profit and Loss and Appropriation Account Blanna’s Fashion Boutique Trading Profit Loss Account for the year ended September 30, 2011 $ $ $ Sales 457,590 Less Return Inwards (26,400) Net Sales 431,190 Less Cost of Goods Sold: Opening Stock 24,960 Purchases 95,000 Less Return Outwards (13,600) Net Purchases 281,400 Cost of Goods Available 306,360 Less Closing Stock (54,930) 251,430 Gross Profit 179,760 Add Revenues Discount Received 7,500 187,260 Less Expenses Wages 40,000 Rent 30,000 Electricity 4,500 Insurance 5,100 Rates 2,600 Depreciation 400 Discount Allowed 18,175 100,775 86,485 Net Profit Add interest on Drawings: Shadae 620 Less: 85,865 Interest on capital Anna kay 12,500 Shadae 7500 Ovasha 10,000 30,000 Salary: Anna kay 12,000 42,000 43,865 Share of Profit: Anna kay 18,277. 08 Shadae 10966. 25 Ovasha14,621. 67 43,865 Balance Sheet Blanna’s Fashion Boutique Balance Sheet as at September 30, 2011 Fixed Assets Cost Accumulated Depreciation NBV Buildings 100000 100,000 Fixtures 65000 65,000 Machinery 48000 400 47,600 Furniture 3600 3,600 Motor Car 62840 62,840 400 279,040 Current Assets Stock 54,930 Debtors 126,400 Prepayment 1,000 Bank 239,000 Cash 123,075 544,405 Less Current Liabilities Creditors 141960 Accruals 1,200 143160 Working Capital 401,245 680,285 Financed by: Capital 600,000 Net Profit 86,485 686,485 Less Drawings 6,200 680,285 Bank Reconciliation Statement Updated Cash Book Balance b/d 239,000 Bank Charges 65 Credit Transfer 4200 Standing Order 15000 Balance c/d 228,135 243200 243200 Bank Reconciliation Statement as at September 30, 2011 Balance as per Bank Statement 222,535 Add Late Lodgments 45,000 267,535 Less Unpresented Cheque 39,400 Balance as per Cash Book 228,135 Accounting Ratios Inventory Turnover Ratio- Cost of Goods sold Average Inventory/2 =244,470 24960+61890/2 =5. 62 Current Ratio- Current assets Current Liabilities =551365 143160 =3. 85 Gross profit as a percentage of sales- Gross profit x 100 Sales =179,760 x 100 457590 = 39. 28% For every sale of $100 the business earns $39. 28 as gross profit. Net profit Ratio- Net profit / Net sales x l00 =86,485 / 431,190 x 100 =20. 06% For every sale of $100 the business earns $20. 06 as net profit. Acid Test Ratio- Current Assets- Stock Current liabilities = 544,405 54,930 143160 =3. 42 Performance of the Business In preparing the financial statements of Blanna’s Fashion Boutique the Trading, profit and loss and appropriation account shows a profit of eighty six thousand four hundred and eighty five thousand dollar (86,485) at the end of the financial period of September 30,2011. The business started out with six hundred thousand dollar. In the closing of the financial period of Blanna’s Fashion Boutique there was an increase in the amount of capital that the business has. The business made a gross profit of one hundred and seventy nine seven hundred and sixty dollars (179,760) instead of making a gross loss. Comparisons The comparison is being done between the opening capital and the closing capital for Blanna’s Fashion Boutique, at the end of the financial period. At the beginning of the financial year the opening capital was six hundred thousand dollar (600,000). At the end of the financial period the closing capital is six hundred and eighty thousand two hundred and eighty five dollar (680,285) which means there is an increase of eighty thousand two hundred and eighty five dollar (80,285). Another comparison is being done between the fixed assets of the business and the current assets. The fixed asset of the business is two hundred and seventy nine thousand and forty dollar (279,040) while the current asset is five hundred and forty four thousand four hundred and five dollars (544,405). This means that the amount of money that the business spend of items that stays in the business with no intention of selling it is lesser than the amount of money that the business spend on assets that will allow the business to generate a profit. Recommendations and Suggestions It is recommended that Blanna’s Fashion Boutique: Ploughed back a portion of the profit that the business makes into it. Introduces new products to the business. Purchase new equipment for the business Uses some of the profit that the business makes to attach another department on to the business. It is suggested that Blanna’s Fashion Boutique should: Purchase cheaper equipments to use in the business. This will increase the amount of money available in the business. Offer more sale discounts this will force more customers to purchase from Blanna’s Fashion Boutique. Conclusion It is clear that Blanna’s Fashion Boutique keeps all the records of the transactions that take place in the business over the financial period of time. Blanna’s Fashion Boutique could increase the gross profit and net profit of the business by adhering to the suggestions or recommendations outlined. Never the less Blanna’s Fashion Boutique made a good net profit of eighty six thousand four hundred and eighty five dollars (86,485) during the month of September in 2011. Blanna’s Fashion Boutique was able to make a profit due to the large amount of sales the business made. Price list Goods Price Pants $ Blouse $ Handbags $ Skirts $ Slippers $ INVOICE Debit note Principles of Accounts School Based Assessment (2012-2013) You are required to name the firm and state the nature of the business. This must be in accordance with the items sold*. After the initial accounting entries (Tasks 1 -3) have been completed you will then record the additional adjusting entries as set out at Tasks 4 and 5. You may choose goods from the following list for the transactions. * Computer Store Clothes and Accessories Store A Keyboard Pants (guess) B Mouse Blouse (guess) C Printer Hand bags (guess) D Surge Protector Skirts (guess) E Speakers Slippers (guess) ABC Enterprise (Remember that you are to rename the firm) The following transactions were taken from the books of ABC Enterprise. You are required to asses them carefully then write up the relevant books as outlined in the requirements below: 2011 Sept 1Opening Balances Capital$600, 000 Bank$364, 000 Cash$ 27, 160 Debtor (J Simpson)$ 31, 600 Creditor (Super Supreme International)$ 10, 560 Motor Van$ 62, 840 Building$100, 000 Stock 1doz A$ 10,800 1doz B $ 4,800 1doz D$ 9,360 Sept 1Bought goods on credit from Super Supreme International. 8 doz A @ $1,000 each 8 doz B @ $440 each 4 boxes C @ $1,600 each 5 doz D @ $820 each 4 doz E @ $900 each Sept 1Bought Machinery by cheque $48, 000. Sept 2Withdrew $50, 000 cash from the bank account to be used in the business. Sept 3Cash Sales 2 doz A @ $1, 650 each 1 box C @ $2, 950 each 1 doz D @ $1, 400 each Sept 3 Paid rent by cheque $30, 000. Sept 5 sold goods on credit to J. Simpson. 1 doz A @ $1, 650 each 2 doz B @ $800 each 1 doz E @ $1, 500 each Sept 6 Bought fixtures with cash $65, 000. Sept 7 Cash Sales 1 box C @ $2, 950 each 1 doz D @ $1, 400 each 1 doz E @ $1, 500 each Sept 8Paid wages $10, 000 by cheque. Sept 9Returned goods to Super Supreme International as items were damaged. 1 doz A 1 box C Sept 11Paid the following expenses by cheque: Insurance $6,100, Electricity $3,300 and Rates $2,600. Sept 13Sold goods on credit to B. Banton: 2 doz A @ $1, 650 each 2 doz B @ $ 800 each 1 box C @ $2, 950 each 1 doz D @ $1, 400 each Sept 15Made payment to Super Supreme International by cash $150, 000, received a 5% cash discount. Sept 15Paid wages with cash $10, 000 Sept 16Owner withdrew $6,200 cash to fix his personal motor car. Sept 18Collected Cheque from J. Simpson for goods sold on Sept 5th 2011, $45, 000. Sept 19Bought furniture $3,600 with cash from Courts Ja. Ltd. Sept 20Sold goods on credit to N. Kidman 2 doz A @ $1, 650 each 3 doz B @ $ 800 each 2 doz E @ $1, 500 each Sept 22Paid wages with cheque $10, 000. Sept 241 doz D returned to us by B. Banton as they were the wrong size. Sept 27Bought goods on credit from Super Supreme International. 3 doz A @ $ 1,100 each 4 boxes C @ $1, 650 each 1 doz E @ $ 980 each Sept 29B. Banton settled his account less 10% cash discount. He paid with cash. Sept 29 Paid wages $10,000 by cheque. Sept 30 Received goods from N. Kidman: 1 doz B Sept 30Cash Sales 3 doz A @ $1, 815 each 1 doz B @ $ 800 each 4 boxes C @ $3, 000 each 2 doz D @ $1, 400 each Task 1 Write up ALL Subsidiary Books and then post the transactions to the ledgers. Please ensure that you distinguish between, General Ledger, Sales Ledger and Purchases Ledger. Show the opening entries in the General Journal at September 1, 2011. Task 2 Prepare ABC Enterprise Trial Balance as at September 30, 2011 Task 3 Using the FIFO method of stock valuation, determine the closing stock. Task 4 Design a logo and slogan for your business and provide the relevant information on the business entity Prepare ABC Enterprise Trading, Profit and Loss Account for the month ending September 30, 2011 and a Balance Sheet as at that date, after taking into account the following: a) Insurance expense was paid in advance, $1000. b) Electricity was outstanding by $1, 200 c) Machinery is to be depreciated at 10 % annually using the straight line method (show the depreciation for the month). Show adjustment to the above information in the ledgers. Task 5 Prepare the Bank Reconciliation Statement using the Bank Statement below Bank Statement DR CR Balance $ $ $ Sept 1 Balance 364 000 Sept 1 Burke’s (Machinery) 48 000 316 000 Sept 2 SNPN Ltd (Cash) 50 000 266 000 Sept 8 Wages 10 000 256 000 Sept 11 NWC (Rates) 2 600 253 400 Sept 20 Wages 10 000 243 400 Sept 24 Credit transfer (Q Smith) 4 200 247 600 Sept 29 Wages