I need some help getting started with this Milestone.

I. Partnership: The company is considering forming a partnership and wants to be sure it understands the key issues regarding partnership formation,

income distribution, and liquidation.

A. Explain the process and methods used to account for partnership formation. How do these methods impact the firm's balance sheet?

B. Illustrate how the company could split profits and losses.

C. Describe what happens if the partnership doesn't do well and the company has to dissolve it, or one of the partners becomes insolvent.

D. Illustrate the dissolution process by creating a hypothetical cash distribution schedule. Ensure all information is entered accurately

II. Corporation: The company is also considering structuring its business as a corporation, but is aware that there are a lot of complex issues to consider

when accounting for an incorporated entity. The company is concerned about the following key areas:

A. Differentiate between various forms of bankruptcy and restructuring that the firm should understand.

1. Summarize the key points of interest if the firm fell on hard times and had to file voluntary bankruptcy. What ethical implications should

be considered when debating whether or not to file bankruptcy?

2. Identify the key areas of concern if the firm fell on hard times and their creditors forced them into bankruptcy. What defenses are

available in this situation?

3. Illustrate hypothetical calculations that would be done to help creditors understand how much money they might receive if the company

were to liquidate. Ensure all information is entered accurately. Please refer to the illustration (Exhibit 13.2) on page 592 from your

textbook to view potential calculations.

ACC 690 Milestone One Guidelines and Rubric Overview: The final project for this course is the creation of a portfolio consisting of a report and spreadsheets. You will be placed in a real-world scenario in which you will take the role of an associate in a certified public accountant (CPA) firm. The CPA partners in the scenario would like to help you grow within the firm by getting you more contact with some of the larger clients. You will address questions from one of the firm's most influential and growing clients by assembling the necessary information in report. Your report should include spreadsheet examples. Topics addressed in the portfolio will cover partnership formation, bankruptcy, and acquisition of another company (which may be international). Your three milestone assignments will consist of shorter reports and supporting spreadsheets. You should use your instructor's feedback from the milestone submissions to improve your final report and spreadsheets. Prompt: In Milestone One, you will complete a report covering Section I and Part A of Section II of the final project. In the report you will discuss the key issues of partnership, such as formation, splitting profits/losses, dissolution, and a cash distribution schedules. You will also discuss the issue of bankruptcy, both voluntary and forced, as well as liquidation. Specifically, the following critical elements must be addressed: I. Partnership: The company is considering forming a partnership and wants to be sure it understands the key issues regarding partnership formation, income distribution, and liquidation. A. Explain the process and methods used to account for partnership formation. How do these methods impact the firm's balance sheet? B. Illustrate how the company could split profits and losses. C. Describe what happens if the partnership doesn't do well and the company has to dissolve it, or one of the partners becomes insolvent. D. Illustrate the dissolution process by creating a hypothetical cash distribution schedule. Ensure all information is entered accurately. II. Corporation: The company is also considering structuring its business as a corporation, but is aware that there are a lot of complex issues to consider when accounting for an incorporated entity. The company is concerned about the following key areas: A. Differentiate between various forms of bankruptcy and restructuring that the firm should understand. 1. Summarize the key points of interest if the firm fell on hard times and had to file voluntary bankruptcy. What ethical implications should be considered when debating whether or not to file bankruptcy? 2. Identify the key areas of concern if the firm fell on hard times and their creditors forced them into bankruptcy. What defenses are available in this situation? 3. Illustrate hypothetical calculations that would be done to help creditors understand how much money they might receive if the company were to liquidate. Ensure all information is entered accurately. Please refer to the illustration (Exhibit 13.2) on page 592 from your textbook to view potential calculations. Guidelines for Submission: Your report must be submitted as a 2- to 3-page Word document with double spacing, 12-point Times New Roman font, one-inch margins, and at least two sources (in addition to your textbook) cited in APA format. Your accompanying spreadsheets must be submitted as Microsoft Excel files. Instructor Feedback: This activity uses an integrated rubric in Blackboard. Students can view instructor feedback in the Grade Center. For more information, review these instructions. Critical Elements Partnership: Formation Proficient (100%) Explains the process and methods used to account for partnership formation and how they impact the firm's balance sheet Partnership: Split Illustrates the options for distribution of profits and ensures all information is entered accurately Describes what happens in partnership dissolution or partner insolvency Partnership: Dissolve Partnership: Cash Distribution Schedule Corporation: Voluntary Bankruptcy Illustrates the dissolution process by providing an example of a cash distribution schedule, ensuring accuracy Summarizes the key points of interest if the firm had to file voluntary bankruptcy and discusses the ethical implications that should be considered Corporation: Forced Bankruptcy Identifies the key areas of concern if the firm was forced into bankruptcy and the defenses available in this situation Corporation: Liquidate Articulation of Response Illustrates calculations and ensures all information is entered accurately Submission has no major errors related to citations, grammar, spelling, syntax, or organization Needs Improvement (75%) Explains the process and methods used to account for partnership formation but does not explain how they impact the firm's balance sheet or explanation is cursory or has inaccuracies Illustrate the options for distribution of profits and losses but there are inaccuracies Describes what happens in partnership dissolution or partner insolvency but description is cursory or has inaccuracies Illustrates the dissolution process by providing an example of a cash distribution schedule, but there are inaccuracies Summarizes the key points of interest if the firm had to file voluntary bankruptcy but does not discuss the ethical implications that should be considered, or discussion is cursory or has inaccuracies Identifies the key areas of concern if the firm was forced into bankruptcy but does not identify defenses available, or identification is cursory or has inaccuracies Illustrates calculations but there are inaccuracies Submission has major errors related to citations, grammar, spelling, syntax, or organization that negatively impact readability and articulation of main ideas Not Evident (0%) Does not explain the process and methods used to account for partnership foundation Value 12.86 Does not illustrate the options for distribution of profits and losses 12.86 Does not describe what happens in partnership dissolution or partner insolvency Does not provide an example of a cash distribution schedule 12.86 Does not summarize the key points of interest if the firm had to file voluntary bankruptcy 12.86 Does not identify the key areas of concern if the firm was forced into bankruptcy 12.86 Does not illustrate calculations 12.86 Submission has critical errors related to citations, grammar, spelling, syntax, or organization that prevent understanding of ideas Total 9.98 12.86 100%