Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

In this assignment, use the knowledge that you have gained in this class to develop an idea that will be the start of a business

In this assignment, use the knowledge that you have gained in this class to develop an idea that will be the start of a business plan. Build on the idea for the business that you submitted in your earlier assignments. The initial business plan should include the following: Name and product of your business. Type of business: Must be a service business Sole Proprietorship or Partnership. Chart of Accountsconsider the following: What assets your company will require Your investment Revenue At least 3 expenses Your capital and withdrawal accounts If a partnership, research how to set up the capital accounts Discuss the internal controls necessary for your business. Consider how the Sarbanes-Oxley Act applies. Develop journal entries for the first month. You must have the following, at a minimum: Initial investment Revenue/sales 3 expenses Owners withdrawal(s) Post these to the ledger. Develop a trial balance. Discuss in your narrative why you chose the particular business and why you decided to set it up as a sole proprietorship or as a partnership. Discuss the challenges that you will face in ensuring the integrity of your company's accounting information. The deliverable for this assignment is one Excel spreadsheet with worksheets for the journal, the ledger, and the trial balance, with the narrative part of the assignment pasted in from Word

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image_2

Step: 3

blur-text-image_3

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Corporate Financial Reporting And Analysis

Authors: S David Young, Jacob Cohen, Daniel A Bens

4th Edition

111949463X, 9781119494638

More Books

Students also viewed these Accounting questions

Question

=+b) What would you recommend doing next to help improve the model?

Answered: 1 week ago