Financial Accounting Assignment: You Are an Entrepreneur Essays

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Introduction
In nowadays tide economic situation it is became more than hard for graduated students and even professionals to ensure they will find a suitable job and keep it for long. Many people are forced to stay in job they don’t like or that is not aligned with their education background just to survive and to be able to meet their basic needs. In light of this reality I decide to create my own business in partnership with a former colleague. The business name is Talent Source located in Baltimore.
1. Describe the type of business you have created
a. The product or service, and general staffing plan. Provide a rationale for your plan.
Talent source is a human resources consulting company located in Baltimore Maryland specialize …show more content…
The discussions around the subject are going. The differences between GAAP and IFRS and the how will the adoption of IFRS impact companies are subject to an analysis. When IFRS will be fully adopted we will refer to an external expertise to help us with the transition process. Any significant impact to our accounts and our financial reporting will be shared with the firm creditors.
2. Talent Source pro forma balance sheet and income statement
Assets
Year 1 Year2 Year3
Cash 4770 33660 88774
Account receivable 0 0 0
Supplies 2200 2200 2200
Equipement 7400 7400 7400
Accumulated depreciation equipment 1920 3840 5770
Total assets 12450 39420 92614
Liabilities
Account payable 0 0 0
Note payable 3482 4538 5462
Interest payable 348 454 546
Salaries and wages payable 0 0 0
Rent payable 0 0 0
Utilities payable 0 0 0
Unearned service revenue 0 0 0
Total Liabilities 3830 4992 6008
Stockholder Equity
Investment Isabelle 16000 16000 16000
Investment Aniela 16000 16000 16000
Retained Earning (2300) (23380) 2500
Earnings (21080) 25880 52108
Total Liabilities and Stockholder Equity 12,450 39,420 92,614
Income Statement
Service revenue 110390 208690 246160
Expenses 131470 171720 171720
Net loss/profit (21080) 25880 52108

1. Internal controls to
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