After researching the different forms of business organization. Sheffield Koebel decides to operate "Cookie Creations" as a proprietorship. She then starts the process of getting the business running. In November 2021, the following activities take place.
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- Need helpRequirements According to materials given) : I.1) List the process for registering a company in details (How to apply a legal name for company; registered capital; registered address, etc; all the elements in details and files needed to be submitted.) (2) Design the company LOGO II. Describe the company's recruitment process, including the job advertisement. III. Design a 3-year business plan for Michael and his partner. VI. To help John prepare his Income Statement and Balance Sheet Michael has provided him with the following information: 1) A Post Closing Trial Balance for the month of August 2023 2) A list of accounting transactions for the month of September 2023After investigating the different forms of business organization, Natalie Koebel decides to operate her business as a corporation, Cookie Creations Inc., and she begins the process of getting her business running.While at a trade show, Natalie is introduced to Gerry Richards, operations manager of “Biscuits,” a national food retailer. After much discussion, Gerry asks Natalie to consider being Biscuits’ major supplier of oatmeal chocolate chip cookies. He provides Natalie with the most recent copy of the financial statements of Biscuits. He expects that Natalie will need to supply Biscuits’ Watertown warehouse with approximately 1,500 dozen cookies a week. Natalie is to send Biscuits a monthly invoice, and she will be paid approximately 30 days from the date the invoice is received in Biscuits’ Chicago office.Natalie is thrilled with the offer. However, she has recently read in the newspaper that Biscuits has a reputation for selling cookies and donuts with high amounts of sugar and…
- You, the ethical accountant, are the new controller at ProWasher Corporation (ProWasher) – congratulations on your new job! It is January 2024 and you are currently preparing the December 31, 2023 financial statements. ProWasher manufactures household appliances. It is a private company and has made the choice to follow ASPE (Accounting Standards for Private Entity). During your review of the accounts and discussion with the lawyer, you discover the following possible liabilities. 1. ProWasher began production of a new dishwasher in June 2023, and by December 31, 2023 had sold 100,000 units to various retailers for $500 each. Each dishwasher is sold with a one-year warranty included. The company estimates that its warranty expense per dishwasher will amount to $25. Warranties similar to these are available for sale for $75. By year end, the company had already paid out $1 million in warranty expenditures on 35,000 units. ProWasher’s records currently show a warranty expense of…SEPTEMBER 2019: In September 2019, Kate incorporated Kate’s Cards after investigating different organizational forms, and began the process of getting her business up and running. The following events occurred during the month of September 2019: Kate deposited $10,000 that she had saved into a newly opened business checking account. She received common stock in exchange. Kate designed a brochure that she will use to promote her greeting cards at local stationery stores. Kate paid Fred Simmons $50 to critique her brochure before undertaking her final design and printing. Kate purchased a new iMac computer tablet, specialized graphic arts software, and commercial printer for the company, paying $4,800 in cash. She decided to record all of these items under the same equipment account. Kate purchased supplies such as paper and ink for $350 at the local stationery store. She opened a business account with the store and was granted 30 days credit on all purchases, including the one she just…Assume you will start your business on the 1st of April 2021. Undertake market research and prepare a list of possible 20 business transactions relevant to a buss business that will happen during April. Please note these will then be put into a general journal.
- In this activity, you are going to record a comprehensive transactions involving merchandising concern. Prepare the journal entries, T-accounts and trial balance of a merchandising concern. Cielo Bonita is engaged in buying and selling of novelty items. The following transactions have transpired for the month of Sept. 2020. Sept. 1 – She invested P100,500 cash and an old office equipment presently valued at P33,200 which she bought 2 years ago for P50,000. Sept. 2- Purchased MDSE from ABC Enterprise for P20,000. Terms: n/30, FOB destination. ABC paid P1,500 for the freight cost. Sept. 3- Sold MDSE for cash amounted to P10,600. Sept. 6- Purchased MDSE from Ali Commercial for P26,500. Terms: 50% down payment, balance 2/10, n/30. Sept. 7 – Sold MDSE to Jay Cesar for P12,500. Terms: 2/10, n/30, FOB Shipping point. Sept. 8 – Purchased from COVID Furniture a display counted for P6,000. Terms : 50% down payment, balance 1/10, n/30.92 Sept. 9 – Sold MDSE to Giles Anthony for P14,000. Terms:…Please provide the journal entries using the account titles in the picture below.ABC Company is a small business that sells handmade crafts online. The company has been in operation for three years and has been profitable since its inception. The owner, Sarah, has decided to expand her business by renting a physical storefront in addition to her online sales. She plans to purchase inventory and hire an employee to help manage the physical storefront. Sarah wants to know how this expansion will affect her financial statements and overall profitability. 1. How will the purchase of inventory affect the financial statements 2. How will the hiring of an employee affect the financial statements 3. How will the rental expense for the storefront affect the financial statements ???ts?
- You come across different kinds of businesses every day. The following table describes some businesses. Using the description of each business, classify it as a sole proprietorship, a partnership, a corporation, or a limited liability company/limited liability partnership. Business Scenario Type of Business Christopher started a tutoring website. After a few months, a publishing company filed a lawsuit against his company for copyright infringement. Christopher had to shut down his business and lost all his personal assets in the process. Purple Consulting has five consultants in the firm. The company’s annual revenue is around $500,000. Income is distributed among all consultants, and each is personally liable for claims if the company goes under. Nicholas, the CEO of a beverage company, is required to certify the accuracy of information provided in the company’s quarterly reports. Paradigm Media is a company run by a group of new media…Eric is going to set up sole trader business as Decorator. he knows that he will be responsible for his business' s debts and some accounting responsibilities , however , he does not know about steps for starting a business. Required: in 500 words provide steps for starting a new small business.SP2. In September 2019, Kate incorporated Kate's Cards after investigating different organizational forms, and began the process of getting her business up and running. The following events occurred during the month of September 2019: 1. Kate deposited $10,000 that she had saved into a newly opened business checking account. She received common stock in exchange. 2. Kate designed a brochure that she will use to promote her greeting cards at local stationary stores. 3. Kate paid Fred Simmons $50 to critique her brochure before undertaking her final design and printing. 4. Kate purchased a new iMac computer tablet, specialized graphic arts software, and commercial printer for the company, paying $4,800 in cash. She decided to record all of these items under the same equipment account. 5. Kate purchased supplies such as paper and ink for $350 at the local stationary store. She opened a business account with the store and was granted 30 days credit on all purchases, including the one she…
