Assignment of accounting on excel

MIX 8: MATCH MUSIC Sam Adkins was waiting to board the London-to-New York airplane, when to his surprise he saw Janet Hale at the ticket counter. Sam and Janet met at Thunderbird and had kept in touch over the years. They arranged to sit by each other and to spend the evening catching up. Sam was a senior manager for a large consulting company, while Janet had held a number of management positions in the music industry. Sam had developed a strong reputation as an experienced manager in the e-commerce division of his firm. His consulting engagements ranged from start-up dot.coms to some of the major Internet- based companies. Janet had worked for a number of major music and entertainment companies in a variety of positions. Despite the troubles of Napster and MP3.com, Sam and Janet recognized the power of the Internet as a music distribution channel. While at Thunderbird, Janet and Sam had always agreed that they would start a company to- gether. They decided to create a fee-based e-commerce company that would sell customized music CDs as well as copy-protected MP3 downloads. Janet knew that over 250 million music downloads were occurring each week. Accordingly, Sam and Janet were confident that a segment of the market eXists which would be willing to pay a small fee to compensate both the artist and the recording company. With Janet’s connections in the music industry, she was confident that she could obtain the rights from a number of major record companies to sell individual songs that could be combined with other songs from differing artists and labels. For the CDs, the buyer would be able to miX and match various songs imprinted on a single CD. Additionally, the buyer could design the CD cover art. Over the Atlantic that evening, they decided to follow their dreams to start a new enterprise. Together, with champagne in hand, they toasted to their future success that starry night. The following days were a whirlwind of exciting work. Janet and Sam quit their jobs and began to build their company. The following transactions occurred during this time. Sam liquidated his 401(k) retirement plan and Janet sold various investments as each contributed $250,000 each to start the company. Sam and Janet each received 100,000 shares of Mix 86 Match Music (MMM) common stock. MMM borrowed $300,000 from Wells Fargo Bank payable over three years with a 10% interest rate. The bank required Sam and Janet to co-sign the loan. The loan was to be repaid in three equal installments, plus 10% interest also payable annually. MMM leased a multi-room office for one year. Monthly lease payments were $18,000 with the first three months paid at signing. Copyrig/at © 2000 T/aanderoird, The American Graduate Selaooi of International Management. All rights reserved. This ease was prepared by Philip D. Dra/eefor t/aepnrpose of elassroom discussion only, and not to indicate eit/aer eflfeetioe or inefleetioe management. PLACE THIS ORDER OR A SIMILAR ORDER WITH US TODAY AND GET AN AMAZING DISCOUNT :)