The business will be located in New Jersey, Pennsylvania or Florida with ten -twelve employees initially. John projects a loss in the first year of operation of approximately $70,000 due to start up costs, including marketing and business development. He is interested in protecting his personal assets from the creditors of the business venture. John anticipates making $160,000 of fixed asset purchases during the first year of operation. Three of John’s friends, will join this business venture. Todd who is an attorney with a scientific background, living in Florida. Scott, who is an IT specialist, lives in California. Kate, who is a marketing/public relations and project manager, lives in Pennsylvania. Todd’s contributions to the business venture will his legal services, business advice, and cash of approximately $50,000. Scott will contribute $10,000 and his services. Kate will contribute $90,000 and her services to the business. Since the business is projected to be profitable and expand in year two, John may seek funding from outside investors for expansion in year three. He does not want a large number of investors.
Requirements
Please prepare a concise written report responding to the following questions:
Based on the information above, what entity do you recommend for John in this situation- sole proprietorship, partnership, C Corporation, S corporation, or LLC? Why?
John indicates that the employees will be able to work remotely during the first year of operations. Briefly discuss the state tax implications and differences of operating in New Jersey, Pennsylvania or Florida ?
What other business and personal tax planning advice would you give John?
The above essay will be evaluated based on your presentation and the level of knowledge for this course. Please list all citations. Suggested lenght 2-4 page
For your initial Discussion post, describe at least two typical adjusting entries a service-type business would need to record
For your initial Discussion post, describe at least two typical adjusting entries a service-type business would need to record to bring account balances up-to-date.
For your examples, one of the adjusting entries should be an accrual and another a deferral. You may use similar examples as those in your textbook and you may also research other typical adjusting entries for service-type companies. Be sure to address the following questions:
What are the purposes of each of your example adjusting entries?
Why are these adjusting entries required?
What if the company does not record these adjusting entries? Would financial statements be accurate? Why or why not?
Should the adjusting entries described be posted to the general ledger before preparing an adjusted trial balance? Why or why not?
Beyond the explanations above, post the actual adjusting entries (with accounts, debits and credits) for each of your examples.
Business types are generally classified as either service, merchandising, or manufacturing entities. Oftentimes, however, a business may be involved
Accounting Assignment Help Business types are generally classified as either service, merchandising, or manufacturing entities. Oftentimes, however, a business may be involved in more than one endeavor such as providing a service and selling a product at the same time. As far as ownership, a business may be owned by one individual (proprietorship), by two or more persons (partnership), or by many investors (corporation).
Assume that you want to start a business; what would it be? Describe the type of business you would like to start. Would it be classified as a service, a merchandiser, a manufacturer, or a hybrid (more than one) type of business? Conduct research as needed and explain your classification. What form of ownership would you prefer? Proprietorship, partnership, or corporation? If a corporation, what type of corporation? What factors would you consider in making your determination? Research the benefits and potential drawbacks of your chosen form of ownership beyond the information provided in the textbook.
Additionally, list at least three asset accounts and three liability accounts you would expect your new business to have. Explain the purpose of each account to your specific business.
Lastly, assume you were to invest $50,000 cash into your new business venture. Present the journal entry that would be created to record this transaction. Then, show how your ownership interest would be presented in the equity section of the business balance sheet.
Be sure to post at least one reference in support of your explanations and conclusions.
Each week, you will be asked to respond to the prompt or prompts in the discussion forum. Your initial Essay
Each week, you will be asked to respond to the prompt or prompts in the discussion forum. Your initial post should be 75-150 words in length, and is due on Sunday. By Tuesday, you should respond to two additional posts from your peers.
Determining Benchmarks
This week we covered Chapter 7, Budgeting and Chapter 8, Evaluating Variances from Standard Costs. Budgeting is used to project revenue and costs into the future, typically twelve months. Evaluating variances from standard costs is the process of evaluating performances against benchmarks serving as goals. From the company you used in Week 1, please speculate how benchmarks can be determined when evaluating variances from standard costs. Provide detailed examples and how you arrived at those examples.
Please make an initial post and two replies to either your classmates or professor. The initial post must be at least 75 – 150 words with one external reference in APA format, while your replies must be at least 100 words.