Case #1: Ricky Rock Wrestling for Fun Richard Brandt graduated from York University with his BAS although he spent more time in the gym than in the classrooms and libraries. His parents and grandparents were very proud and happy of this achievement. As a graduation gift, Richard's Grandparents gave him $50,000 to start his own business. So, on September 1, 2015, Richard started a small business called "Ricky Rock Wrestling for Fun". "Ricky Rock" offers a party package designed for active kids, teen and adults that want to learn and practice wrestling activities for fun by learning how to perform headlocks, leg scissors and other tricks. As a student, he learned and practiced Greco-Roman wrestling and built an impressive body. Now graduated from university he has decided to continue with his passion of wrestling but added a spin to make money. In one tournament in 2013 Richard meet Linda who was competing for a US university team and she mentioned that she was working on girls birthday parties focused on wrestling. In June 2015 Richard contacted Linda and told her about his idea and Linda shared with him all documentation she has prepared in these years including: brochure to be distributed to potential customers, personal cards, party themes, parties activities, schedules and agendas, etc. During August Richard has completed his business plan and was ready to launch 'Ricky Rock Wresting for Fun' in the GTA. The following is a list of transactions that occurred during the first month of operations: September 1 Opened a business bank account with the $50,000 received as a gift from the Grandparents $50,000 September 1 Signed 12 month commercial insurance contract for any liability that might emerge from the activity, $600 per month for 1 year. September 2 Purchase in cash costumes of famous wrestlers to wear at parties. The costumes can last 2 years $600. September 3 Paid in cash the set up of the web site. It expects to last the whole life of this business $2,000. September 4 Collected the brochures and presentation cards to be used in promoting the business. One third is paid in cash while the rest will be paid on October 5th $300. September 5 First event organized and delivered. Birthday party for a 5 years old boy. Received the payment in cash $1,000. September 6 Second event organized and delivered as part of a series of activities organized by a charity to raise funds. One third is paid in cash while the rest will be paid by the Charity Organization on October 5th $3,000. September 8th Labour day, no events, no work so Richard goes to the gym and does a double routine (the rest of the days he just does a simple routine of 2.5 hours). September 12 Third event organized and delivered. Birthday party for a 7 years old boy. Parents promise to pay in a few days $1,000. September 15 Pays first 2 months of insurance $1,200. September 19 & 20 Fourth event organized and delivered. Provided one of the activities of a corporate team building extravaganza weekend. The contract signed says the payment will be effective in 30 days with a cheque $2,000. September 23 Paid the gym membership for September, October, November and December $2,000.