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ACC 308 Final Project: Notes to Financial Statements
ACC308
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Depreciation
The straight-line method is considered to be one of the great methods to
calculate the Peyton Approved equipment’s depreciation. According to research, the
straight-line method is known as the easiest method for calculation. It is basically
calculated by distributing the depreciation equally over the asset's life, and very few
errors occur as a result (Bragg, 2022). Here, the company should use the new
location with the same methods to make sure that the management, shareholders and
investors can compare the equipment depreciation evenly across different areas. It has
been found that the Peyton company’s depreciation will remain at approximately
$2143.00 as per the Pro Forma Balance Sheets and the Pro Forma Income Statement.
Supplies
In general, a company use supply management to enhance the performance of
the organisation. This kind of management follows some processes like acquiring,
identifying, and managing resources. Here the suppliers are required in the
organisation to operate everything. With the support of supply management, a
company can able to continue its operating systems and grow at a faster pace.
Basically, this management includes the purchase of services, information, physical
goods, and other important resources to enhance the performance of the company.
However, there are specific goals of supply management that help the company to
grow in their best ways. This goal includes the efficient allocation of resources, cost
control, the effective collection of information, and risk management associated with
business decisions. Moreover, supply management is considered a systematic business
process that includes the coordination of the inventory management, and pre-
production logistics, with the support of employees, budgeting, and other important
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information to run the business smoothly (Kenton, 2021). It has been found that
Peyton company's total supplies are presently $27,986.00. However, it is important for
the Peyton company to ensure that they have a proper understanding of the end
products, raw materials and costs so that they can ensure no risk or no errors will
occur at the time of managing the supplies.
Inventory
The LIFO method is used by the Peyton company. This method is considered
the last in first out method. Based on the product, this method could not be the best
method for the company to use. The company need to give focus on the first-in, first-
out method to utilise it in some products. If looking into the merchandise inventory,
the company has $229.00 inventory presently. The company need to look at other
company to learn other ways to reduce the overall costs like manufacturing costs,
inventory costs, and merchandise costs with the suppliers. However, it will be very
helpful for the company to enhance the supply forecast as well as it will help to
avoid shortages. Moreover, Peyton company need to review their inventory reports
from their original location to the new location, which can help the company to
handle their inventory effectively.
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References
Bragg, S. (2022, March 10). Straight line depreciation definition. AccountingTools.
Retrieved April 5, 2022, from
https://www.accountingtools.com/articles/2017/5/15/straight-line-depreciation
Kenton, W. (2021, October 11). Supply management: An overview. Investopedia.
Retrieved April 5, 2022, from
https://www.investopedia.com/terms/s/supplymanagement.asp
