Essay Jan Martinelli Case Study – Finance Assignment Help

Assignment Task :

Jan Martinelli, a college student, has been seeking ways to earn extra spending money. As an active sports enthusiast, Jan plays tennis regularly at the North Fulton Tennis Club, where her family has a membership. The president of the club recently approached Jan with the proposal that she manage the club’s tennis courts. Jan’s primary duty would be to supervise the operation of the club’s four indoor and six outdoor courts, including court reservations. In return for her services, the club would pay Jan $300 per week, plus Jan could keep whatever she earned from lessons and the fees from the use of the ball machine. The club and Jan agreed to a one-month trial, after which both would consider an arrangement for the remaining year of Jan’s college program. On this basis, Jan orga-nized Topspin. During June 2014, Jan managed the tennis courts and entered into the following transactions:

a. Opened a business account by depositing $1,000.

b. Paid $300 for tennis supplies.

c. Paid $200 for the rental of video equipment to be used when offering lessons during June.

d. Arranged for the rental of two ball machines during June for $250. Paid $150 in advance, with the remaining $100 due July 1.

e. Received $1,600 for lessons given during June.

f. Received $500 in fees from the use of the ball machines during June.

g. Paid $800 for salaries of part-time employees who answered the telephone and took reservations while Jan was giving lessons.

h. Paid $225 for miscellaneous expenses.

i. Received $1,200 from the club for managing the tennis courts during June.

j. Withdrew $270 for personal use on June 30. As a friend and accounting student, you have been asked by Jan to aid her in assess-ing the venture. (continued