Reference no: EM131219403
Write a six to eight (6-8) page business plan in which you:
Describe the type of business you have created including:
The product or service, and general staffing plan. Provide a rationale for your plan.
The form of your business and the benefits it offers your particular business,
A chart of accounts specific to your business, including a rationale as to the selection of each account. (Note: The chart of accounts is a blueprint of your business for the lender/investor. It should report the expected resources that you will consume in your business (assets), the sources of those resources (liabilities and equity), the sources of revenue, and expenditures that you expect to incur to earn those revenues. You may build a detailed chart that includes business units, divisions, product lines, etc.)
Based on the form of your business, analyze whether or not you will be required to use Generally Accepted Accounting Principles (GAAP) or International Financial Reporting Standards (IFRS) accounting methods and how the IFRS / GAAP convergence will impact your business. Suggest how you will incorporate any changes into your books and records. (Note: You need to demonstrate to the lender/investor that you have recognized possible changes to GAAP that may impact the accounting and reporting of your accounting events.)
Prepare a pro forma balance sheet and income statement providing the assumptions made and support the valuations assigned.
Considering the value of assets (assigned per your balance sheet) used within your business, recommend two (2) specific internal controls that you will implement to protect your company’s assets and resources, justifying how each will provide assurances to management. (NOTE: Safeguarding assets and protecting personal data are paramount to ensuring the viability of a business. Demonstrate to the lender/investor that your assets will be safeguarded and customer information (if applicable) will be protected.)
Based on the internal control recommendations that you made, suggest how you will implement each within your business environment, indicating how challenges or resistances will be overcome.
Evaluate the impact of the regulatory environment, including the Sarbanes-Oxley Act and other regulatory requirements, on your business venture, giving considering to how you intend to comply with the requirements and the general impact to decision making within your business.
Use at least four (4) quality academic resources in this assignment.
|
The cost of direct material plus direct labor is less
: Flextin Company currently produces 1,000 units of one of its products each month. The costs of manufacturing 1,000 units are as follows: Direct materials $45,000 Direct labor 30,000 Factory overhead (30% is variable) 90.000 If Flextin can buy 1,000 u..
|
|
Company productive capacity is limited
: Product A requires 3 machine hours per unit to be produced, Product B requires 5 machine hours per unit, and the company’s productive capacity is limited to 40,000 machine hours. Product A sells for $15 per unit and has variable costs of $6 per unit...
|
|
Lamp division cut into sales to outside customers
: The Post Division of the Chester Company produces basic posts which can be sold to outside customers or sold to the Lamp Division of the Chester Company . Last year the Lamp Division bought all of its 25,000 posts from Post Division. Suppose the tran..
|
|
Will packer be able to produce the stove at new target cost
: The stove includes a warming drawer, broiler unit, and high BTU burner. With these special features, Packer Stoves Inc. believes it can sell the stoves for $4,700. Packer Stoves Inc. desires to earn a 25% profit on each stove. With this feature dropp..
|
|
Evaluate the impact of the regulatory environment
: Describe the type of business you have created including: The product or service, and general staffing plan. Provide a rationale for your plan. Evaluate the impact of the regulatory environment, including the Sarbanes-Oxley Act and other regulatory r..
|
|
Cash dividends and two classes of stock
: Cash dividends and two classes of stock Raymond Inc., has two classes of capital stock outstanding: 25,000 shares of 5%, $100 par value cumulative preferred and 30,000 shares of $10 par value common. During the current year, the company earned net in..
|
|
Mix variance often more critical than a volume measure
: Revenue variances can be separated into volume measures and mix. Why is a differential on a mix variance often more critical than a volume measure?
|
|
Proponent of variable costing believe that having fixed cost
: Proponents of variable costing believe that having fixed cost per unit distorts the costing picture and results in inventory recessions. What is the downside of using variable costing? Please answer in 4-8 sentences and do not just cut and paste from..
|
|
What are the positives of developing standards
: What are the "positives" of developing standards? Negatives? What types of standards or expectations have existed in jobs that you have worked?
|