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CH5-8 Discusion accountiong 1 Let's s start a new small business selling Masks during Covid: How should you structure your business? (i.e., corporation, LLC, sole

CH5-8 Discusion accountiong 1

Let's s start a new small business selling Masks during Covid:

How should you structure your business? (i.e., corporation, LLC, sole Propertiship ) and why?

Do you need inventory for this business? Why?

What inventory system you will use? FIFO, LIFO, or weighted average? why?

What accounting system will You use Cash basis Or Accrual and why?

How would you account for Gross profit? Net Income?

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