The McGee Cake Company In early 2008, Doc and Lyn McGee formed the McGee Cake Company

The McGee Cake Company In early 2008, Doc and Lyn McGee formed the McGee Cake Company. The company produced a full line of cakes, and its specialties included chess cake*, lemon pound cake, and double-iced, double-chocolate cake.

The couple formed the company as an outside interest, and both continued to work at their current jobs. Doc did all the baking, and Lyn handled the marketing and distribution. With good product quality and a sound marketing plan, the company grew rapidly. In early 2013, the company was featured in a widely distributed entrepreneurial magazine. Later that year, the company was featured in Gourmet Desserts, a leading specialty food magazine. After the article appeared in Gourmet Desserts, sales exploded, and the company began receiving orders from all over the world. Because of the increased sales, Doc left his other job, followed shortly by Lyn. The company hired additional workers to meet demand. Unfortunately, the fast growth experienced by the company led to cash flow and capacity problems. The company is currently producing as many cakes as possible with the assets it owns, but demand for its cakes is still growing. Further, the company has been approached by a national supermarket chain with a proposal to put four of its cakes in all of the chain's stores, and a national restaurant chain has contacted the company about selling McGee cakes in its restaurants. The restaurant would sell the cakes without a brand name. Doc and Lyn have operated the company as a sole proprietorship. They have approached you to help manage and direct the company's growth. Specifically, they have asked you to answer the following questions.

QUESTIONS What are the advantages and disadvantages of changing the company organization from a sole proprietorship to an LLC? What are the advantages and disadvantages of changing the company organization from a sole proprietorship to a corporation? Ultimately, what action would you recommend the company undertake? Why?

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On October 15, a company received $15,000 cash as a customer's down payment on a consulting

On October 15, a company received $15,000 cash as a customer's down payment on a consulting contract. The amount was credited to Unearned Consulting Revenue. By October 31, 10% of the services required by the contract were completed. The company will record consulting revenue of $1,500 from this contract for October.

True

False

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Satellite Systems modified its model Z2 satellite to incorporate a new communication device

Satellite Systems modified its model Z2 satellite to incorporate a new communication device. The company made the following expenditures:

  Basic research to develop the technology           $3,900,000 

  Engineering design work            1,180,000 

  Development of a prototype device     590,000 

  Testing and modification of the prototype         390,000 

  Legal fees for patent application             79,000 

  Legal fees for successful defense of the new patent     39,000 

       Total               $6,178,000 

During your year-end review of the accounts related to intangibles, you discover that the company has capitalized all the above as costs of the patent. Management contends that the device represents an improvement of the existing communication system of the satellite and, therefore, should be capitalized.

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Consider the following transactions associated with accounts receivable and the allowance for uncollectible accounts

Consider the following transactions associated with accounts receivable and the allowance for uncollectible accounts.

Required:

For each transaction, indicate whether it would increase (I), decrease (D), or have no effect by leaving the cell blank, on the account totals. (Hint: Make sure the accounting equation, Assets = Liabilities + Stockholders’ Equity, remains in balance after each transaction.)


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online masters in education with teacher certification

Online Masters in Education with Teacher Certification:

Franklin Pierce University offers masters in education and teacher certification in the following fields:

• ·         Elementary Education (K-8)
• ·         Middle/Secondary Education in Life Sciences (7-12), English (5-12) or Social Studies (5-12)
• ·         General Special Education (K-12)
• ·         M.Ed.-only in Curriculum and Instruction (with an optional Literacy focus)

Master in education and teacher certification is for those who desire to growth in their profession. The course is firmly stand on "best practices" study that put together the most current understanding about technology, state and federal standards, numerous ways of learning, different appraisal, reflective practice, and much more. READ MORE

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