My Dream Of Becoming A Business Owner

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Introduction In today’s world many people dream of having their own business. Sometimes that dream never comes true because that person does not have the funds nor resources to make it happen. Many of those potential entrepreneurs reach out to other in hope to make that dream come true. I am one of those dreamers and I hope my dream of becoming a business owner has come. This dream can only come true with the help of you as an investor. Please take the time to study my profile. I hope you will find that I am capable of owning and operating a success business. The business I am starting is a wedding accessories specialty shop. It is a one stop shop where you can get practically everything you need to make your wedding special. You…show more content…
Although these employees have specific duties they will all help with other duties. We are to be one family focusing on the needs of the customers. The reason I have decided to open this type of shop is because people are always getting married and they get so frustrated when they have to run all over town to get the items they need for their wedding. This a business that will always be a need for. It has a high potential market and customers will not mine paying the extra money to get most of their items for the wedding at one stop. Listed below are some of the chart of accounts that will be used in my business: Cash $15,000 Note Payable $30,000 Supplies /Inventory $ 15,000 Rent Expense $ 1700 Advertising Expense $ 1,000 Gasoline Expense $ 700 Prepaid Insurance $ 1,500 Utilities Expense $ 1,100 Van $22,000 Wages and Salaries Expense $28,000 Equipment $15,000 The accounting method I will be using is the GAAP method. The business I am expecting to open will not be global but local. Our webpage will be out on the Internet so any one can purchase our items. So therefore, GAAP method would be more efficient. Also, the GAAP method uses cost principle versus fair value principle. In the cost principle the company will record assets at their cost. The cost principle will not only be used at the time of purchase but also over the life of the assets. For example, if I

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