Wiki Art

In: Business and Management

Submitted By ayamaraqa
Words 8116
Pages 33
ISSUES IN ACCOUNTING EDUCATION
Vol. 26, No. 3
2011
pp. 593–608

American Accounting Association
DOI: 10.2308/iace-50038

Wiki Art Gallery, Inc.: A Case for
Critical Thinking
Fred Phillips and Brandy Mackintosh
ABSTRACT: This instructional case requires students to provide advice to a client who is currently a co-owner of a for-profit art gallery. The client is planning to purchase his coowner’s shares at a price to be determined based on their company’s recent financial performance. The company’s financial statements, prepared by the client’s co-owner, contain accounting choices and judgments that students should identify and evaluate using critical thinking skills. This case is suitable for use in introductory and intermediate financial accounting, and in introductory auditing and assurance courses. Accompanying the case is a set of teaching notes and assessment rubrics for use by instructors.

THE CASE
The Setting
Wiki Art Gallery, Inc. (WAG) is a privately owned business started in 2006 by two students.
Rob Wilco combined his entrepreneurial business interests with Stephen Conley’s knowledge of artwork to create an online art gallery, which they named WAG. WAG’s start-up years were challenging. The owners contributed their savings to the company, but initially earned little return on their significant investments of money and time. Propelled by a belief that their work would pay off, they persevered. Now, it appears their luck is changing. WAG became profitable in late 2009 and has reported a sizable net income for the year ended September 30, 2011. Both owners are excited by this turn of events. In the summer of 2010, Stephen had indicated he would like to buy out Rob, which coincided with Rob’s interest in leaving WAG and embarking on a new career.
Realizing that he has limited accounting knowledge, Stephen has approached you for advice. As a private company,…...

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