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英国accounting assignment

论文作者:英语论文论文属性:作业 Assignment登出时间:2015-05-12编辑:Karlie点击率:1949

论文字数:1607论文编号:org201505121036477172语种:英语论文 English地区:英国价格:免费论文






The unusual event of business operations

According to the Generally Accepted Accounting Principles, T-Shirts by Tommy can account for the accident is to record an extraordinary item. Using the definition from our Intermediate Accounting textbook, extraordinary events are defined as, '…events and transactions that are distinguished by their unusual nature and by the infrequency of their occurrence' (Keiso). Because of the nature of the plane crash, and the fact that these types of accidents happen very rarely, it can definitely be categorized as extraordinary. Tommy needs to estimate how much to expense for the loss of the building and other losses associated with the crash. Then he must record this item on his yearly income statement. 

If Tommy's business was not going to be operating soon at another location the smart thing to do would be to end the lease so that they would no longer have to pay for the equipment. Tommy, however, has a location where he can be operating shortly so he should consider not recording lease expense on the equipment during its downtime, and distributing it to the rest of the year evenly. It would not make sense to maintain the same lease expense during which time the equipment is not generating revenue; doing so would violate the matching principle. The best way to do this is to allocate the depreciation for the equipment to later periods when the equipment will be up and running. For instance, if we had a $1000 expense each month for equipment depreciation, for the 3 months and 2 weeks the machines will be down, we would readjust the $3500 to the remaining time of our lease. If there were 10 months on the lease after that time, we could add $350 to each of the remaining months. 

The situation that Tommy finds himself in is unfortunate, but yet the effects could have been reduced if he had taken a few precautions, in case of an unexpected event, occurred. The first precaution that Tommy could have taken was to produce T-shirts the whole year, not to just increase production before spring break occurs. If he had lots of extra shirts in stock for spring breakers, the week that he will not be able to produce t-shirt because of the crash would not economically affect his business as much because he will still have many shirts to sell. By waiting until the push of spring break, he has greatly increased the economic effect on his business because he will be even farther behind schedule when he can start production again, and it is possible that he will not have the supply of t-shirts to meet the demand of spring break t-shirt consumers. 

Second, as a small business owner, you should think about having Insurance to protect yourself against events such as the one that occurred. Although, the equipment was not damaged, the building did have structural damage which if Tommy has no insurance on, will be taken as a loss. If he does have ins论文英语论文网提供整理,提供论文代写英语论文代写代写论文代写英语论文代写留学生论文代写英文论文留学生论文代写相关核心关键词搜索。

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