...Assignment 2: You Are an Entrepreneur Nikholas Martin Dr. Bell ACC 557: Financial Accounting Tuesday, February 12, 2013 Table of Contents EXECUTIVE SUMMARY 3 geral business Description Mission Statement operational highlights 5 STARTUP EXPENCES REVENUE GROWTH PROJECTED PROFITS FORECASTING 6 Sales Forecast Cash Flow Projections Income Statement Balance Sheet BUSINESS CONTROLS 11 Accounting System INTERNAL CONTROL COMPLIANCE TO REGULATORY BODIES REFERENCE…………………………………………………………………………………….12 Executive summary Wellfit, Inc will provide fitness plan, body workouts and health exercise. Health service provision is one of the sector that is fast gaining popularity and Wellfit, Inc intends to tap on the industry’s success by capitalizing the scarcity of service provides and the large market available. The business venture intends to offer workout services and health exercise at a low cost to its targeted market segment. The management of the business venture is made up personnel with experience in health care, and since the US health care market is on the boom, Wellfit’s market volume is projected to rise to $70 million by the year 2015 since the largest market segment is still untapped. Heart disease related illness and obesity are currently on the rise causing an increase for the demand of health and fitness clubs (Armstrong...
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...Shawanna Butler 5/23/2016 | Assignment 1: You Are an Entrepreneur | Financial Accounting | * Write a six to eight (6-8) page business plan in which you: 1. Describe the type of business you have created including: a. The product or service, and general staffing plan. Provide a rationale for your plan. b. The form of your business and the benefits it offers your particular business, c. A chart of accounts specific to your business, including a rationale as to the selection of each account. (Note: The chart of accounts is a blueprint of your business for the lender/investor. It should report the expected resources that you will consume in your business (assets), the sources of those resources (liabilities and equity), the sources of revenue, and expenditures that you expect to incur to earn those revenues. You may build a detailed chart that includes business units, divisions, product lines, etc.) 2. Based on the form of your business, analyze whether or not you will be required to use Generally Accepted Accounting Principles (GAAP) or International Financial Reporting Standards (IFRS) accounting methods and how the IFRS / GAAP convergence will impact your business. Suggest how you will incorporate any changes into your books and records. (Note: You need to demonstrate to the lender/investor that you have recognized possible changes to GAAP that may impact the accounting and reporting of your accounting events.) ...
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...Assignment 1: You are an Entrepreneur! Over the last century, convenience stores have provided a thriving service to local neighborhoods and community. Typically, corner stores are defined as neighborhoods retail shops that specialize in a limited selection of merchandise, such as milk, bread and other household necessities. Convenience stores are largely a cash based business conveniently located for quick in and out shopping and can be operated by one clerk. The consumer usually requires the services and products that the corner store offers on a daily, weekly or bi weekly basis. Corner stores provide quick checkout times, extended hours of business and very convenient locations. Convenient stores are considered mature industry and it is one of the powerful growing retail stores in United States of America. To serve the customers and give them a great customer service with convenient merchandise and product and also generate greater revenue is the main focus of EZ convenient store. EZ LLC convenient store recognized a need for a store in the area after a community need. I conducted a resident’s survey asking about the need for a convenient store and the idea was overwhelmingly supported by the community. There are no such stores within two mile radius and the target market includes local resident both on and off reserve. EZ convenient store is looking for LLC members who have extensive retail experience in both grocery and sundry sales and have identified primary categories...
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...You are an Entrepreneur – MP’s Music Specialty Store Marilyn Parham Strayer University ACC 557 Financial Accounting Prof. Olasunmbo August 17, 2015 You are an Entrepreneur – MP’s Music Specialty Store In June of 2015 student life got to the point that more was needed in order to have feelings of fulfillment. The love of music has always been of personal interest and a high priority, not just singing but exploring and collecting old and new music from all genres. Today is the day the personal interest becomes more than just a personal interest, it becomes the reality of forming a new music store business. MP’s Music Specialty Story will venture out to find investors or lenders to obtain startup capital for the new business. MP’s Music Specialty Store will offer customers the highest value in finding the music they want and love. The products that MP’s Music Specialty Store will have in inventory will be records, CDs, and even cassettes of country, gospel, and rap, jazz, pop, rock, and classical will be sold. Along with the music there will be services provided by an expert sales representative in the music store to offered help for hard to find music. Even if a customers doesn’t know the title of the music they are searching for, MP’s expert will be able to assist the customers. The entrepreneurs are also singers who write music which will be sold and design artwork covers for albums, CD’s, and cassette that will be for sale as well. MP’s Music Specialty Store found...
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...You Are an Entrepreneur! ACC 557 Abstract Being a full time working mom with a house, husband and grad school to attend to, it does not give me a great deal of free time to pursue my lifetime goal of opening up my own day care center. Today, I have decided to turn that goal into a business finally with the support of my friends and family. However, I do need to obtain start-up capital from a lender or from an investor. My goal is to properly convince the lender or investor that opening up my own daycare center is more than just a dream and that I am very passionate about opening up this business and making it a very profitable one. I feel that I have a firm grasp of how to properly run a daycare center, the accounting practices that impact a daycare center as well as the controls needed to safeguard assets to ensure that we stay in compliance and adhere to all regulations set forth. My plan is to start this business inside my home with the name of “Babies & Beyond” located in Somerset, New Jersey, see how well I do, and then perhaps look to expand and build a complete center one day. You are an Entrepreneur! 1. Describe the type of business you have created including: A daycare center is a place for parents to drop their children off with ease and comfort knowing that their money is going to good use to keep their children safe while also providing the children with a curriculum for learning. Daycare programs provide...
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...You Are an Entrepreneur Abstract In this paper I am going to speak and focus on a business called My Health. My Health is a home healthcare agency ran by my business partners and I. Stephanie Robinson, who is a Registered Practitioner, Ashley Manns, who is a Medical Assistant and I, Ashlee Burns. I am a Registered Nurse with my Master’s Degree in Business Administration with a concentration in Healthcare Management. My Health will have all different types of staffing from an Office Manager to a Medical Assistant. My Health offers patients the opportunity to get affordable healthcare treatment in the comforts of their home. I will be discussing the form of my business and also comprised in this paper will be a balance sheet and an income statement. My Heath is a home healthcare agency ran by business partners Stephanie Robinson, Ashley Manns and I, Ashlee Burns. Stephanie Robinson is a Nurse Practitioner that has ten years of experience. Ashley Manns has been a practicing Medical Assistant in a medical office setting for five years. I am a Registered Nurse that has three years of experience in nursing with a background in administrative and insurance reimbursement work. I also have my Masters in Business Administration with a concentration in Healthcare Management. My Health is going to provide affordable medical attention to patients in the comforts of their home. The My Health staff will be checking on the patient a couple of days throughout the week depending...
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...Assignment 2: You Are an Entrepreneur Student: Peter M. Burke Instructor: Dr. Muhammad Sumadi ACC557: Financial Accounting November 18, 2012 Introduction When I was about two years old, my grandfather took me on my first of many fishing trips to a small lake near his house. When his grandchildren visited, we all went along with him. He gave each of us our own special fishing poles, and he taught us everything about fishing, from how to set up our poles to how to bait our hooks, and eventually how to clean fish. As I grew older, our fishing trips grew from hour-long visits to a local lake to trips to the coast, where we would go on deep-sea fishing expeditions. He found relaxation and peace in the hobby, and it became my favorite way to relax as well. I have decided that there is no reason that I cannot turn this hobby that I love into a profitable business, and have decided to become a deep sea fishing guide. Type of business The business that I intend to start is a charter fishing boat business. The name of the business will be Blue Water Fishing Guides. I will operate the business out of Islamorada, Florida, a small town located in the Florida Keys. I will start the business with two fishing boats with a total passenger capacity of 6 guest fishermen per boat in addition to a captain. One boat will operate on a daily basis as long as there are at least two customers, with the second boat being in use if the first boat’s capacity is exceeded. There are...
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...You are an Entrepreneur Shequila Doctor Dr. Peter McDanel Financial Accounting 02/13/2013 Abstract As a business owner, there are multiple things to consider. I love children, so as my hobby I would babysit after work. After giving a lot of thoughts, I decided to start my own daycare out of my home. My daycare would be open 24 hrs. Because the daycare is out of my home I will be saving on leasing a building. This paper will show the benefits of my day care. It will also have a chart that implement how funds are coming in and being spent. The usage of General Accepted Accounting Principles will also be discussed. It would also explain insurance just in case of accidents. This paper would also explain that is regulatory environment and why it is important to this company. Key words: daycare, GAAP, and regulatory environment As a business owner of Doctors Daycare, you can make average money or supplement a spouse’s income by running a childcare service from your home. Running a daycare from your home allow you order to spend time with my own children while still being able to bring in some money to contribute to the family budget. Have a daycare business is not so whatever your reasons be sure this is really what you want to do before you make your move. You have to love working with children to run your own childcare business. If you don't enjoy working with them it will show. Keep in mind these families are entrusting you with the welfare of...
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...CHAPTER 9 Accounting for Receivables ASSIGNMENT CLASSIFICATION TABLE Brief Exercises 1 A Problems B Problems Study Objectives 1. Identify the different types of receivables. Explain how companies recognize accounts receivable. Distinguish between the methods and bases companies use to value accounts receivable. Describe the entries to record the disposition of accounts receivable. Compute the maturity date of and interest on notes receivable. Explain how companies recognize notes receivable. Describe how companies value notes receivable. Describe the entries to record the disposition of notes receivable. Explain the statement presentation and analysis of receivables. Questions 1, 2 Exercises 2. 3 2 1, 2, 14 1A, 3A, 4A, 6A, 7A 1B, 3B, 4B, 6B, 7B 3. 4, 5, 6, 7, 8 3, 4, 5, 6, 7 3, 4, 5, 6 1A, 2A, 3A, 4A, 5A 1B, 2B, 3B, 4B, 5B 4. 9, 10, 11 8 7, 8, 9, 14 6A, 7A 6B, 7B 5. 12, 13, 14, 15, 16 9, 10 10, 11, 12, 13 6A, 7A 6B, 7B 6. 11 10, 11, 12 7A 7B 7. 7A 7B 8. 17 12, 13 6A, 7A 6B, 7B 9. 18, 19 3, 12 14, 15 1A, 6A 1B, 6B 9-1 ASSIGNMENT CHARACTERISTICS TABLE Problem Number Description 1A 2A 3A 4A 5A 6A 7A 1B 2B 3B 4B 5B 6B 7B Prepare journal entries related to bad debts expense. Compute bad debts amounts. Journalize entries to record transactions related to bad debts. Journalize transactions related to bad debts. Journalize entries to record...
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...Assignment 1: You Are an Entrepreneur! ENTERPRENEUR Introduction My family and I own a small family owned community business called Snacks, Snacks, and More Snacks! We provide freshly prepared mini sandwiches, mini quiche and an assortment of baked goods. Snacks are replenished throughout the day to ensure food is fresh and hot, based upon the customer’s availability. We strive for perfection and are committed to provide a clean and safe work environment for the employees. We pride ourselves in stimulating the economy by expanding our workforce to include hiring a diverse group of people. We are committed to generate profitable growth for both the company and employees. Mission Our Mission is to provide a variety of snacks at an affordable price so that customers can purchase more in smaller quantities. Our mission allows our company to create a solid customer base that will gain their loyalty to our business as we grow out our business in family based communities. Values Our main priority is to satisfy our customers with quality services and products, to maintain a constant customer base. We will cater to our customers in a professional manner by offering quality, competitively priced merchandise delivered with courtesy and professionalism. Chart of Accounts CHART OF ACCOUNTS | Balance Sheet Accounts | | | | | | | | | | ASSETS | | LIABILITIES | | | | | | | | | | 1000 | CASH | | 2000 | | PAYABLES | 1010...
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...You are an Entrepreneur!: Sports Officials Plus Abstract: A case study for the Strayer University, Alexandria, VA, Business 557 Financial Accounting class, this paper provides for the initial draft of a business plan for a small privately-owned, local business to be called Sports Official Plus, LLC. It will provide a review of its product, personnel staffing, a chart of accounts, and a pro forma balance sheet and income statement. Also provided will be a review of some internal control measures and asset protection, a regulatory impact statement especially as related to Sarbanes-Oxley and the application of GAAP versus IFRS. Business Plan – Sports Officials Plus Sports Officials Plus is a new apparel store that caters to the sports official community in northern Virginia, the District of Columbia and southern Maryland. As our name suggests our focus is to provide the shoes, clothing and accessories that officials from various sports require to perform their jobs and to position ourselves as the top retail store servicing this particular market. We are the only apparel store in the in the northern Virginia area to specialize in gear for sports officials. My intention is to obtain 80% market share and become a central hub of shopping activity for the regional sport official and their support organizations. Sports Officials Plus will be located at in the revitalized Springfield Plaza in in Springfield, VA allowing for easy access from anywhere in the surrounding area...
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...Advertising and Communication Law Bait and Switch Angela C. Blackburn Maria Toy, J.D. LEG 500: Law and Ethics In The Business Environment August 21, 2010 Introduction The Bureau of Consumer Protection works to protect consumers against unfair, deceptive, or fraudulent practices in the marketplace. The Bureau has seven divisions, each with its own area of expertise: • Advertising Practices protects consumers by enforcing the nation's truth-in-advertising laws. • Consumer and Business Education plans, develops, and implements creative national campaigns to alert consumers to their rights and to explain the science of compliance to industry. • Enforcement litigates civil contempt and civil penalty actions to enforce all FTC federal court injunctions and administrative orders that address consumer protection issues, including advertising and financial practices. • Financial Practices protects consumers from deceptive and unfair practices in the financial services industry, including protecting consumers from predatory or discriminatory lending practices. • Marketing Practices leads the Commission's response to Internet, telecommunications, and direct-mail fraud; deceptive spam; fraudulent business. • Planning & Information collects, analyzes, and makes available to law enforcement consumer fraud, identity theft. • Privacy and Identity Protection safeguards consumers'...
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...Diana Medina Stayer University ACC557-Financial Accounting Professor Chambers May 15, 2015 ENTERPRENEUR Introduction We decided to initiate a cleaning company under the name Cleaners D’Shining (CD’S). The company which counts with stuff who are highly trained and experienced will provide standard services that include general property cleaning, including offices, lobbies, and public areas. Detailed elevator cleaning, including tracks, walls, maintenance for resilient and non-resilient flooring, including: Tile, Ceramic, Granite, Concrete, Stripping, Waxing and Buffing floors, Hardwood floors maintenance, Carpet cleaning and shampooing, Interior and exterior window cleaning, Bathroom cleaning, disinfecting and provisioning and recycling services. We will be servicing the affluent commercial spaces primarily. These targeted customers will be willing to pay a premium for our service because of the high level of professionalism and trustworthiness that we offer, not replicated by any of our competition. We strive to be a leader using the latest technology and innovation to carry us into other areas such as new services or new automated equipment. We are committed to a safe work environment for all those employed. We believe growth is necessary to provide opportunities on an ever increasing scale for our people. Therefore, we are dedicated to profitable growth as a company, and growth as individuals. CD’S Cleaning Service's projected growth rate is high each year with profitable...
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...Assignment 2: You are an Entrepreneur 1. Describe the type of business you have created including: a. The product or service, and general staffing plan. Provide a rationale for your plan. Royal Arts is a small business based in the United States and was founded in 2013 by Paul Royal. Royal Arts specializes in creating custom wood furniture and stylish carvings. The furniture includes tables, chairs, cabinets, book shelves and desks. Our company consists of 22 employees who are assigned to different areas in the whole company. The company is led by a general manager, followed by two assistant managers, a human resource representative, a marketing agent and an accountant. Our company’s operating hours are Monday through Saturday from 8.00am to 8.00pm. The business is closed every Sunday to allow employees to rest and get ready for the week ahead. The general manager is responsible for the overall management of the company; he oversees all the activities and ensures all employees work towards achieving the common goal of the company. The general manager also ensures that policies, procedures and government regulations are implemented. The human resource representative is responsible for hiring, and training employees. The accountant’s role is to ensure that the company has sufficient amount of working capital. He prepares the profit and loss statement and monthly closing and cost accounting reports. Inventory control would be a part of the general manager and the accountant’s...
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...In this piece of task I will be discussing what skills you need to run a business and become a successful entrepreneur. The skills you need to run a business; Leadership skills; are needed to run businesses to help people know what they are doing. They will motivate their team to perform well to meet the overall company objectives. These leaders will have deadlines for their objectives and will not fail to meet the deadlines. Strategic business planning skills; most business follows a plan even if it's not written down in a document. Although developing and implementing strategic change is a skill all business owners need. Undertaking a strategic audit and writing a business plan is the first step in this discipline. Marketing Skills; marketing is a key skill to have and buy delivering what people want to buy is an obvious requirement to running a business but not many people truly understand how to market a business correctly. Marketing led organisations always buck the trend and tend to produce more revenues and profits than their competitors. Sales and Customer Relationships; selling is really important; everyone has probably sold something in their lives already. Whether you have an interview for a job you have to sell yourself or you have sold a house in the past. The skills required in sales are really to understand the selling process - from initial contact to completing the sale. Good sales people rarely leave a meeting without an order or at least a commitment...
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