As part of the requirements of her university entrepreneurship program, Natalie Koebel had
been operating Cookie Creations, a proprietorship, on a part–time basis. The purpose of Cookie
Creations was to provide lessons to whoever wished to learn how to make
cookies.
For the most part,
these lessons took place in peoples homes, schools, and community centres. Natalie provided all of the ingredients and utensils required to make cookies. As Natalie approaches her graduation from university, she is considering other
these lessons took place in peoples homes, schools, and community centres. Natalie provided all of the ingredients and utensils required to make cookies. As Natalie approaches her graduation from university, she is considering other
opportunities available in addition to operating Cookie Creations.
Natalies parents, Janet and Brian Koebel, have been operating Koebels Family Bakery Ltd. a private corporation, for a number of years. They have been overwhelmed with the demand for their cupcakes. They have recently negotiated a contract with a national coffee shop to provide cupcakes on a weekly basis.
Natalies parents, Janet and Brian Koebel, have been operating Koebels Family Bakery Ltd. a private corporation, for a number of years. They have been overwhelmed with the demand for their cupcakes. They have recently negotiated a contract with a national coffee shop to provide cupcakes on a weekly basis.
They have also negotiated a long–term loan to purchase a new piece of
equipment.
In anticipation of Natalie graduating, and in hope of spending a little more time away from the
bakery, they have discussed with Natalie the possibility of her becoming one of the shareholders of Koebels Family Bakery Ltd. In addition, Natalie would assume the full-time
bakery, they have discussed with Natalie the possibility of her becoming one of the shareholders of Koebels Family Bakery Ltd. In addition, Natalie would assume the full-time
responsibility of administrator.
Natalie could continue to provide cookie–making lessons; however, that would be done by Koebels Family Bakery in future rather than by Natalie personally.
1. As Koebels Family Bakery begins to meet the demands of its new contractual commitment with the national coffee shop, what accounting information will
Natalie need as administrator, and why? How often will she need this
information?
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