Show transcribed image text You are an accountant working at Robi & Co. George Maranzan, a partner
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You are an accountant working at Robi & Co. George Maranzan, a partner in your firm, leaves you the following voicemail message: "The scheduling manager tells me you have some time available. We have recently been advised that management of Better World Storage Corporation (BWSC) has received an offer from Ventura Capital Partners to sell 100% of all issued and outstanding common shares. I have a meeting with management in two weeks regarding this issue, and I haven't had much time to think about this engagement. I have prepared some background information on the company for you to review, including background information on the client (Exhibit I), the company's most recent internal financial statements (Exhibit II), and the proposed share purchase agreement (Exhibit III). I also met with BWSC management earlier this month and made some notes from that meeting (Exhibit IV). They should all be in your inbox by now. Exhibit I Background Information Better World Storage Corporation (BWSC) duplicates, DVDs, MP3s, and all forms of electronic files from master copies provided by its clients. The company started operations in 2000 in the basement of the home of part-owner, Samantha Arthurs. Sales increased quickly, and within one year of starting operations the company moved into a rented space in downtown Toronto. The market that BWSC currently serves is mainly large companies that require training programs, corporate messages, and so on. The company is owned equally by Samantha Arthurs, Grant MacArthur, and Ashley Carvalho. Samantha started the venture and has always managed the sales function. In order to keep the company growing, she brought in Grant and Ashley as equal shareholders. Grant and Ashley each paid $30,000 for one-third of Samantha's shares. Grant is a good administrator and handles the accounting functions for the company. Samantha's skills are mainly in sales. Ashley looks after the production end and stays abreast of changes in technology. BWSC has an October 31 fiscal year end. You are an accountant working at Robi & Co. George Maranzan, a partner in your firm, leaves you the following voicemail message: "The scheduling manager tells me you have some time available. We have recently been advised that management of Better World Storage Corporation (BWSC) has received an offer from Ventura Capital Partners to sell 100% of all issued and outstanding common shares. I have a meeting with management in two weeks regarding this issue, and I haven't had much time to think about this engagement. I have prepared some background information on the company for you to review, including background information on the client (Exhibit I), the company's most recent internal financial statements (Exhibit II), and the proposed share purchase agreement (Exhibit III). I also met with BWSC management earlier this month and made some notes from that meeting (Exhibit IV). They should all be in your inbox by now. Exhibit I Background Information Better World Storage Corporation (BWSC) duplicates, DVDs, MP3s, and all forms of electronic files from master copies provided by its clients. The company started operations in 2000 in the basement of the home of part-owner, Samantha Arthurs. Sales increased quickly, and within one year of starting operations the company moved into a rented space in downtown Toronto. The market that BWSC currently serves is mainly large companies that require training programs, corporate messages, and so on. The company is owned equally by Samantha Arthurs, Grant MacArthur, and Ashley Carvalho. Samantha started the venture and has always managed the sales function. In order to keep the company growing, she brought in Grant and Ashley as equal shareholders. Grant and Ashley each paid $30,000 for one-third of Samantha's shares. Grant is a good administrator and handles the accounting functions for the company. Samantha's skills are mainly in sales. Ashley looks after the production end and stays abreast of changes in technology. BWSC has an October 31 fiscal year end.
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Report for Better World Storage Corporation BWSC Date Insert Meeting Date Prepared by Your Name Introduction This report provides an overview of Better World Storage Corporation BWSC including backgro... View the full answer
Related Book For
Modern Advanced Accounting in Canada
ISBN: 978-1259087554
8th edition
Authors: Hilton Murray, Herauf Darrell
Posted Date:
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