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1. ACCT 216 Week 1 Homework (v 1)
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ACCT 216 Week 1 Homework (v 1)
1. Please write a four-to-six sentence paragraph on the
following question. Good business and accounting
practices require the exercise of good judgment. How
should ethics be incorporated into making accounting
judgments? Why is ethics important?
2. Tammy Shot is a realtor. She organized her business,
called TS Realty, as a corporation on April 1, 2013.
Tammy started the business by depositing $85,000 in
cash into the business bank account and issued herself
common stock. Consider the following facts as of April
30, 2013:
a.Tammy had $16,000 in her personal bank account and

2. $21,000 in the business bank account.
b.Tammy owes $1,000 on a personal charge account
with Kohl’s.
c.Tammy acquired business furniture for $21,000 on
April 21. Of this amount, the business owes $11,000 on
accounts payable at April 10.
d.Office supplies on hand at the real estate office of
$11,000.
e.TS Realty owes $16,000 on a note payable for some
land acquired for a total price of $110,000.
f.Tammy owes $120,000 on a personal mortgage on her
personal residence, which she acquired in 2006 for a
total price of $120,000.
Required:
1.Prepare the balance sheet of TS Realty as of April 30,
2013.
2.Does it appear that the business can pay its debts?
How can you tell?
3.Identify the personal items given in the preceding
facts that should not be reported on the balance sheet of
the business.