Barry Yellow started his painting business on September 1, 2021. He employed John Wilson, as an accounting assistant. John recently graduated from college with a postgraduate diploma in Cybersecurity. John interviewed well, and Barry was so impressed that he employed him on the spot. The trial balance on August 31, 2022, for the business, was prepared by John (see below). Barry Yellow Trial Balance Year ended August 31, 2022 DR CR Cash $16,300 Accounts Receivable $3,000 Equipment 31,000 Accounts Payable 3,400 Notes Payable 1,000 Bank Loan 20,000 Barry Yellow, Capital 29,000 Barry Yellow, Withdrawals 3,500 Service Revenue 4,000 Rent Expense 1,500 Salaries Expense 1,000 Utilities Expense 900 Interest Expense 200 Total $67,500 $47,300 John was perplexed and could not determine why the debits did not equal the credits, especially as these numbers will be used to complete the financial statements. The financial statements are required by Barry to be used to obtain a loan from the bank. 

Required: Discuss the case using the format below. (3 marks)  

Name of the report, team members, and date  Executive Summary (3 marks)  

Explain what you will examine in the case.  Findings (5 marks) 

Provide background information and the most relevant facts. Isolate the issues.  Case Evaluation (10 marks) 

Isolate the sections of the study you want to focus on. In it, explain why something is working or is not working.  Proposed Solutions (5 marks)  

Offer realistic ways to solve what isn't working or how to improve its current condition.  Conclusion (3 marks)  

Summarize the main points from the case evaluations and proposed solutions.  Recommendations (4 marks) 

Talk about the strategy that you should choose. Explain why this choice is the most appropriate.  Implementation (5 marks) 

Explain how to put the strategy into action.  References (2 marks) 

Provide all the citations.

Answer rating: 100% (QA)

Answer Report Title Barry Yellow Painting Business Trial Balance Analysis Team Members Your Name Date Date of Submission Executive Summary In this rep... View the full answer