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1 of 3 HRM732 - Introduction to Financial & Management Accounting Case #1 - Due February 1, 2022 (Worth 10%) Team Members Notification (changes only) - January 14,2022 Steve Zucker started his accounting practice on December 1, 2021. The name of the business is Accounting for you. The following transactions occurred during the month of December. Dec. 1 Dec. 2 Dec. 3 Dec. 4 Dec. 5 Dec. 6 Dec. 7 Dec. 10 Dec. 15 Opened a bank account at Royal Bank of Canada in the name of "Accounting for You' and deposited $50,000 Signed a rental case for the business and paid $24,000 to the landlord for twelve months rent Purchased supplies and paid cash of S1,500 Interviewed a student for the position of part time accounting assistant. The student was attending college specializing in human resources, however, he intervicwed well, so Orlando made the decision to hire him. The salary was $2,000 per month Negotiated a monthly contract with a client. The fee was $24,000 for 6 months. The client paid the total amount immediately in advance. Paid $250 to Facebook to advertise for the month of February Completed the tax returns of various clients and received payment of $3,000 in cash Paid $100 to Purolator to deliver packages to various clients. Purchased a car which is to be used solely in the business. The cost was $50,000 and Orlando paid $10,000 as a down payment and got a loan from the bank for the remainder. The business's depreciation policy is to record depreciation from the date of purchase, depreciating to the nearest half month. The car was expected to be used for eight years after which is expected to be sold for $2,000. The bank loan had an interest rate of 6% per annum. Prepared tax retums for a client. The fee was $2,000. Sent an invoice to the client and payment is expected on February 16 Paid $270 for vehicle maintenance Received the utility bills for the month of February. These bills are to be paid in March. Electricity S350, Heat S500, Water S220, Telephone $600 Paid the accounting assistant for the month of February The supplies on hand were $300. Dec. 16 Dec 20 Dec. 22 Dec. 28 Dec. 28 The accounting assistant was responsible for recording the transactions, posting to the general ledger, preparing adjusting entries, and preparing the financial statements. Page 1 of 3 Required: a) Discuss the challenges that the accounting assistant, who is trained in human resources, may face while recording the transactions and preparing the financial statements. b) Prepare the December 2021 financial statements for Accounting for You. The required financial statements are i The Income Statement ii. The Statement of Changes in Equity The Balance Sheet iii. c) Discuss the steps you would recommend and implement to minimize the challenges identified in part (a). Page 2 of 3