User Account

All Pages

Write a loan request that brent and den will submit

Assignment Help Accounting Basics
Reference no: EM13323527

Brent and Den worked for several years as sales representatives for Xerox Corporation. During this time, they became close friends as they acquired expertise with the firm's full range of copier equipment. Now they see an opportunity to put their experience to work and fulfil lifelong desires to establish their own business. The local TAFE College is expanding, and there is no copy centre within eight kilometers of the campus. Business in the area is booming-office buildings and flats are springing up, and the population of this section of the city is growing.

Brent and Den want to open a copy centre near the campus. A small shopping centre across the street from the TAFE has a vacancy that would fit their needs. Brent and Den each have $20,000 to invest in the business, but they forecast the need for $30,000 to renovate the store.

Xerox will lease two large copiers to them at a total monthly rental of $4,000. With enough cash to see them through the first six months of operation, they are confident they can make the business succeed. The two work very well together, and both have excellent credit ratings. Brent and Den must borrow $80,000 to start the business, advertise its opening, and keep it running for its first six months.

Required

Assume the roles of Brent and Den, the partners who will own the Copy Centre.

1. On behalf of Brent and Den write a loan request that Brent and Den will submit to a bank with the intent of borrowing $80000 to be paid back over three years. The loan will be a personal loan to the partnership of Brent and Den, not to the Copy Centre. The request should specify all the details of Brent's and Den's plan that will motivate the bank to grant the loan. Include a budgeted income statement for the first six months of the copy centre's operation

On behalf of Brent and Den write a loan request include the followings:

The request should specify all the details of Brent's and Den's plan that will motivate the bank to grant the loan. Include a budgeted income statement for the first six months of the copy centre's operation.

Reference no: EM13323527

Questions Cloud

How long does the first to arrive have to wait for second : Alan leaves Los Angeles at 8:00 a.m. to drive to San Francisco, 400 mi away. He travels at a steady 47.0mph. How long does the first to arrive have to wait for the second
What are the possible combinations of inflow and outflow : what are the possible combinations of inflow and outflow of water in the tank in a given day. if the water level in the tank is 7ft from the bottom at the start of day, what are the possible water levels in the tank at the end of the day.
Estimate the volume of your body : Estimate the volume of your body. (Consider your body to be a cylinder having a radius of about 6 inches (or 0.15 m) and a height of about 1.5 meters
Find the stress in the cable when the truck comes to a stop : A tow truck is using a cable to pull a car up a 15 degree hill. If the car weighs 4000 lbs and the cable has a diameter of .75 inches, find the stress in the cable when the truck comes to a stop while on the hill.
Write a loan request that brent and den will submit : Specify all the details of Brent's and Den's plan that will motivate the bank to grant the loan. Include a budgeted income statement for the first six months of the copy centre's operation.
Write a function that takes an array of integers : Write a function that takes an array of integers and passes back the highest and lowest value in the array.
Estimate the minimum absolute pressure : Estimate the minimum absolute pressure (in pascals) that can be developed at the inlet of a pump to avoid cavitation if the fluid is carbon tetrachloride at 20 celsius
Determine max temperature rise in celcius degress allowed : The tank material is such that it can withsatand tension caused by a volume expansion of 2%. Determine the max temperature rise in Celcius degress allowed without jeopardizing safety.
What is the maximum possible work function of the cathode : You need to design a photodetector that can respond to the entire range of visible light. What is the maximum possible work function of the cathode

Reviews

Write a Review

Accounting Basics Questions & Answers

  Net asset balances not invested in capital assets

Did any of the internal service funds report significant operating surpluses or deficits for the year? Were any accumulated significant net asset balances over the years not invested in capital assets?

  Burden of unlimited liability

Which of the following business has the burden of unlimited liability?

  What was the actual price per pound of the iron

For 2009, PMD Inc. had set the following standards for production of metal tables: 35 pounds of iron at a standard cost of $2.60 per pound. During June the company produced 300 tables. The company bought 10, 625 pounds of iron at a cost of $25,500..

  What is their taxable income for 2012

Sally and Tom are married, have three dependent children, and file a joint return in 2012. If they have adjusted gross income (AGI) of $90,000 and itemized deductions of $10,000, what is their taxable income for 2012?

  What are the capital balances for messalina, romulus

The capital balance for Messalina is $ 210,000 and for Romulus is $ 140,000. These two partners share profits and losses 60 percent (Messalina) and 40 percent (Romulus).

  Variable cost per unit for company

Assume that at the high point month of producing the most of production during a five month time period 50,000 units were produced at a cost of 550,000 and the low point month producingthe least of production during a five monthtime period 20,000 ..

  Calculate after tax cash inflow from the disposal

Silver Shades corporation disposes of a capital asset with an oringial cost of 115000 and accumulated depriciation of 62500 for a salvage price of 18000. Silver Shades tax rate is 30%. Calculate after tax cash inflow from the disposal of the capit..

  Explain include authority and reasoning

Explain the problem with authority and resoning

  Compute the break-even point

In August, Gold Company sold 770 units of their only product. For the month, fixed costs were $10,400, variable costs were 57% of sales, and the average sales price was $62.

  Determine the growth rate of the company

Determine the growth rate of the company for each of next three years.

  Localization implementation options

Get a clear understanding of the (LIO) Localization Implementation options events that would trigger testing What type of testing is required manual/automated?

  Regular balance in the trial balance columns

Which one of the following accounts has a regular balance in the trial balance columns of the work sheet for manufacturing company operating under the perpetual inventory system?

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

Submit Assignment

Academics

Major Subjects

Majors

Get In Touch

whatsapp: +1-415-670-9521

Phone: +1-415-670-9521

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd