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The McGee Cake Company I n early 2010, Doc and Lyn McGee formed the McGee Cake Company. The company produced a full line of cakes, and its specialties included chess cake,* lemon pound cake, and double-iced, double-chocolate cake. The couple formed the company as an outside interest, and both continued to work at their current jobs. Doc did all the baking, and Lyn handled the marketing and distribution. With good product quality and a sound marketing plan, the company grew rapidly. In early 2014, the company was featured in a widely distributed entrepreneurial magazine. Later that year, the company was featured in Gourmet Desserts, a leading specialty food magazine. After the article appeared in Gourmet Desserts, sales exploded, and the company began receiving orders from all over the world. Because of the increased sales, Doc left his other job, followed shortly by Lyn. The company hired additional workers to meet demand. Unfortunately, the fast growth experienced by the company led to cash flow and capacity problems. The company is currently producing as many cakes as possible with the assets it owns, but demand for its cakes is still growing. Further, the company has been approached by a national supermarket chain with a proposal to put four of its cakes in all of the chain's stores, and a national restaurant chain has contacted the company about selling McGee cakes in its restaurants. The restaurant would sell the cakes without a brand name. Doc and Lyn have operated the company as a sole proprietorship. They have approached you to help manage and direct the company's growth. Specifically, they have asked you to answer the following questions: QUESTIONS What are the advantages and disadvantages of changing the company organization from a sole proprietorship to an LLC? What are the advantages and disadvantages of changing the company organization from a sole proprietorship to a corporation? Ultimately, what action would you recommend the company undertake? Why?
Mike and Mindy Miller paid the following medical expenses during the year (all in excess of reimbursement). Hospital and doctor bills: $840 Medicine and drugs: $730 Hospitalization insurance premiums: $6,200 Medicine and drugs (for dependent mother, ..
Earth’s Best Company has sales of $200,000, Cost of Goods Sold of 100,000, a net income of $15,000, and the following balance sheet: Calculate the firm’s Quick Ratio?
You now have all the necessary information to calculate the weighted average cost of capital for Tesla.
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You see an article in the newspaper that details the performance of mutual funds over the last five years.
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How ISO 9000:2005 and 9004:2009, 19011:2011 would have helped Agua Fabric in getting ISO Certification?
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A friend who owns a perpetuity that promises to pay $1,000 at the end of each year, forever, comes to you and offers to sell you all of the payments to be received after the 25th year for a price of $1,000. At an interest rate of 10%, should you pay ..
Current assets normally include all of the following except. The integrity of financial statement presentations and disclosures is enhanced when
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Comprehensive Problem (Tax Return Problem). Stantus Accounting Services reported the following amounts of income and expenses:
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