Tuesday, May 21st, 2013
It’s Q&A time again. This one comes from ‘Mango(:’ who is asking…
Patsy and four of her coworkers of Super Huge Company are retiring, each on a different day of the same week (Monday through Friday). At their combined retirement party, they talked about their years of service to the company (no less than thirty years and no more than forty years) in their respective departments (one of which is personnel). From the clues below, determine the first and last name (one is Booth) of each employee, the department within the company each one worked, his or her number of years of service, and the day of the week each will be retiring. Make sure you use your chart to fill in the information. Please show all necessary work!a. Each employee worked a different number of years, and the employee with the fewest years of service is a woman.b. Ms. Erickson, who does not have the fewest years, and the man from Design, who has more years than she has, are the only two with even numbers of years of service.c. Of the five employees, the one who had been there the longest has nine more years than the one with the fewest years, neither of these two being Jimmy, or the man from Quality Control, or the employee retiring on Thursday.d. Juanita is retiring the day before Larson, and the day after the man with 37 years of service.e. Blake is retiring the day before the one with 34 years of service, and the day after Ms. Snyder.f. Of four of the employees, the number of years of service of the Wednesday retiree minus those of the employee from Layout equals the number of years of service of Remitz minus those of the woman from Bookkeeping.g. The woman who retires the day before Peter has one fewer year of service than he has.
Answer: Monday – Jimmy Remitz – 37 – PersonnelTuesday – Juanita Snyder – 31 – BookkeepingWednesday – Blake Larson – 40 – DesignThursday – Patsy Erickson – 34 – LayoutFriday – Peter Booth – 35 – Quality Control—————————————————————————————————————————Verify (You might want to draw a table and work this out as you go along):There were a few assumptions I had to first make, they’re in brackets:First Names: Jimmy, Peter, Patsy, (Blake), (Juanita)Last Names: Erickson, Snyder, Booth, (Remitz), (Larson)According to (d), Juanita retires on either Tuesday, Wednesday, or Thursday. According to (e), Blake retires on either one of those days as well. So I had to make an assumption as to what day Juanita retired. So I assumed that Juanita retired on Tuesday.I also had to make a similar assumption for Blake, so I assumed that he retired on Wednesday. Then, according to (e), that would make Juanita’s last name: Snyder.According to (g), a woman retires the day before a guy named peter. But since Juanita retires before Blake, and the only other woman is Patsy, then that means that Patsy retires before Peter. This also means that Patsy retires on Thursday, and Peter retires on Friday, (Patsy can’t retire on Monday, because then she’d be retiring before Juanita, and not Peter).Now we know that Juanita’s retiring on Tuesday, Blake on Wednesday, Patsy on Thursday, and Peter on Friday. This automatically means that Jimmy retires on Monday.—————————————————————In terms of their years of service:According to (d), Juanita is retiring after the man with 37 years of service, that means that Jimmy has 37 years of service.According to (e), Blake is retiring before the one with 34 years of service, that means that Patsy has 34 years of service.(g) suggests that Peter has one more year of service than Patsy, that means that Peter has 35 years of service.(b) suggests that there’s a 9-year gap between the most years of service, and fewest years of service, and the problem stated earlier suggests that everybody had between 30 – 40 years of service. This means that either Juanita or Blake had 30 and 39 years of service, or 31 and 40 years of service. But (b) suggests that a “man from Design, who has more years than she has, are the only two with even numbers of years of service.” We already know that Jimmy has 37 years, and Peter has 35 years, so Blake is the only man left who can have an even number of years greater than Patsy. This means that Blake has 40 years of service, and that automatically means that Juanita has 31 years of service.————————————————————–Departments:From previous information and (b), we can automatically conclude that Blake is doing: Design.Here’s where we have to do a little bit of “number juggling.” Somehow we have to satisfy clue (f). You can test out different combinations of numbers (years of service) by trial and error, and you’ll find that the following satisfies (f):40 (Blake) – 34 (Patsy) = 37 (Jimmy) – 31 (Juanita)i.e. 40 – 34 = 37 – 31So then according to (f), Patsy is in: LayoutJimmy is in: PersonnelJuanita is in: BookkeepingThis automatically means that Peter is in: Quality Control.—————————————————————————————————————————-Done!
Tagged:Homework Help
Posted in Accounting Tips | No Comments »
Saturday, May 18th, 2013
Many of you might be asking this same question so I’m posting with the answer here. Enjoy. The question is from MrClockwork24
I’m an AAT accounting student on the verge of completing the qualification.I am currently unemployed but I have experience in working in a small bookkeeping firm. What I wanted to ask was, is it possible for me to pay a web designer to set up an accounting website? I would offer several services including tax returns and preparation, preparing statements etcIt would obviously be less costly then setting up shop somwhere but is it practical and does it work?I would love those who have experience in this matter to get back at me.Regards
Answer: “preparing statements “If you mean Financial Statements, then no, you probably have to be a CPA to do this. Each state has different regulations, but it is fairly universal that the act of preparing Financial Statements requires a CPA because they are “attested” meaning the CPA signs his/her name and “attests” they are complete and accurate.”including tax returns “You must be registered with the IRS to be a paid preparer. In the near future, the IRS will also require you to be certified.”Accounting website/firm”Depending on the state, you cannot claim “Accounting” if you are not a CPA. You can offer “Bookkeeping Services” but “Accounting” in the public domain is restricted to Certified Public Accountants.
Tagged:Small Business
Posted in Accounting Tips | No Comments »
Friday, May 17th, 2013
I was looking through some old posts and found this question. I thought it was a good one so I wanted to post an answer here. The question comes from ‘Abby’:
(Skip down to the main point if this is too long for you….)Im currently getting my A.A in Accounting. I started with the intention of getting a B.A in accounting but the idea of actually becoming an accountant is starting to make me feel depressed. I have never really met anyone that truly enjoys that job and now I’m just having second thoughts about this major. I picked the major mainly because I wanted to learn how a business truly works, the inter mechanisms. I didn’t want to go into business management because I don’t feel like that degree will teach me what I want to know. I do know that I would like to create a business for myself and learning the skill of accounting is something I think is very valuable skill to have. The problem is that deep down, I really like to bake. Everything about pastry fascinates me. Ever since I was 11 I fell in love with the idea of cooking and baking. My favorite channel at the time (along with Discovery and Animal Planet) was the Food Network. And I remember watching “Kiki’s Delivery Service” as a kid and living the bakery where Kiki worked at. The pregnant women and her husband ran a bakery and they lived upstairs from the bakery. I thought that was exactly the kind if life I’d love to live. (As childish as that may sound) **** The Main Point****I thought that since I’m half way through my A.A, I might as well finish it and maybe get a job as a bookkeeper in order to be independent and live on my own. Then I would get an A.S in Baking & Pastry Management at a local community college (2-year program). I figured that with both business and baking knowledge I would be well equipped to open up my own bakery (after I get a few years of experience in pastry of course). I’m not very good at baking since I never had the right materials to do it nor did I have enough people to bake for. But I’m guessing that with enough dedication and practice I could get better. OR Would it be better just to stick to Accounting and get my B.A and post-pone my pastry career? If I got a B.A , I would honestly be do it only for my parents. They want me to graduate with a full college degree. Its something they have drilled into my skull ever since I was little. They would try to convince me to become a doctor or a lawyer but I never had any interest in either field. If I was to tell them I want to become a pastry chef they would probably disown me (not really but they would be very disappointed) I don’t know…. is my plan better OR are my parents right…should I just stick to getting a B.A? I’m sorry this was so long. I didn’t mean for it to be. Thank you in advance.
Answer: Great question! As your professors have probably already informed you, the top ten reasons small businesses fail are (in no particular order): Lack of experience Insufficient capital (money) ** Poor location Poor inventory management ** Over-investment in fixed assets ** Poor credit arrangement management ** Personal use of business funds ** Unexpected growth ** Competition Low SalesI see at least six topics up there (marked with stars) that would be aided by a practical education in accounting/bookkeeping. I recommend that you finish out your AA in Accounting and then get a job doing accounting FOR bakeries or restaurants. Volunteer to accept once-a-month book review or lower pay if it gets you in the door at multiple shops. Many retail food industry businesses can only afford part-time book-keeping; working for a variety of mom-and-pop shops will show you the ups and downs of the industry like no professor ever could. While you’re working a few hours a week, finish your BA in Accounting or business management, as these are marketable degrees that will serve you in a variety of industries. I think after two years of behind-the scenes accounting, you’ll be more confident in your choice – and will have real world experience with which to convince your parents that your dream is a practical one.
Tagged:Small Business
Posted in Accounting Tips | No Comments »
