Essay on Acc 557 Assignment 2

1151 WordsAug 4, 20135 Pages
|You are an Entrepreneur ! | An international education company which send students to the U.S.A from Turkey. The exact definition of the company is based on Summer Work And Travel program. Let’s find the definition out with the help of 5W1H questions. WHO Participants of the program need to be a student who is/has: ages between 18-30; a full-time student of any university, a GPA 2.0/4.0, Sufficiently proficient in English to successfully interact in an English speaking environment; • Post-secondary school students enrolled in and actively pursuing a degree or other full-time course of study at an accredited post-secondary educational institution…show more content…
), Notes and Long Term Debt, Retained Earnings, Capital Stock. GAAP / IFPS My company will be required to use IFPS because of the expansion of the business can be reached to many different countries in near future. Another thing is if the company has an overseas partner or partners IFPS is must. This converge effects my business positively to be ready for any case in the future. And here is my company’s estimated income statement; Income Statement Optima Work And Travel 6/2/2013 - 1/1/2014 Financial Statements in U.S. Dollars Revenue Gross Sales 120000 Less: Sales Returns and Allowances 4000 Net Sales 116000 Cost of Goods Sold Beginning Inventory 17700 Add: Purchases 2500 Freight-in 1000 Direct Labor 10000 Indirect Expenses 500 Inventory Available 31700 Less: Ending Inventory 19100 Cost of Goods Sold 12600 Gross Profit (Loss) 103400 Expenses Advertising 2000 Amortization 200 Bad Debts 1000 Bank Charges 500 Charitable Contributions 0 Commissions 40000 Contract Labor 800 Depreciation 1200 Dues and Subscriptions 0 Employee Benefit Programs 0

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