You are assigned as the financial advisor of the would-be entrepreneur James Udderlie. Write a 100-word report of the possibilities of James getting a loan for his new business.
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- Your friend James comes to you with his plan to start an Indiana-based daycare company Hoosier DaDa inc. He brings you the pro forma financial statements below that reflect his projections for the company’s first four years in business. Unfortunately, James has never taken a finance class, so he asks you to complete the following financial analysis.A friend you have known all your life comes to you with an idea for a business. The friend asks you to invest $10,000 (which you have). You have questions for your friend. What are they?You are a financial advisor working with a client named John. John is a 35-year-old professional earning a gross monthly income of $7,000. He has recently received a significant raise and is determined to make the most of his newfound financial stability. However, John has a complex financial situation, with various financial goals, expenses, and debt obligations. He seeks your advice on how to optimize his financial situation, achieve his goals, and make wise investment decisions. John's Financial Goals and Information: Retirement: John aims to retire at the age of 60 and wants to maintain a comfortable retirement income of $60,000 per year (adjusted for inflation). Emergency Fund: John wants to establish an emergency fund that covers at least six months of his living expenses. Debt Management: John has outstanding student loans totaling $50,000 with an interest rate of 6% and a remaining term of 10 years. Homeownership: John plans to buy a house within the next five years. He…
- You are assigned as the financial advisor of the would-be entrepreneur James Udderlie. Write a 100-wordreport of the possibilities of James getting a loan for hisnew business.Type your report below (you may attach tables /appendices / calculations as you see fit). Be mindful ofthe word limit. Do not send PDF document formatreport. You may like to consider some template toframe your answer e.g., 5 "C" (condition / collateral /capacity / character/ capital; 4 Ps (Price / Product /Promotion / Place); or SWOT (Strength / Weakness /Opportunity / Threat).You are a financial advisor working with a client named John. John is a 35-year-old professional earning a gross monthly income of $7,000. He has recently received a significant raise and is determined to make the most of his newfound financial stability. However, John has a complex financial situation, with various financial goals, expenses, and debt obligations. He seeks your advice on how to optimize his financial situation, achieve his goals, and make wise investment decisions. John's Financial Goals and Information: Retirement: John aims to retire at the age of 60 and wants to maintain a comfortable retirement income of $60,000 per year (adjusted for inflation). Emergency Fund: John wants to establish an emergency fund that covers at least six months of his living expenses. Debt Management: John has outstanding student loans totaling $50,000 with an interest rate of 6% and a remaining term of 10 years. Homeownership: John plans to buy a house within the next five years. He…How do I do a general journal entry on this scenario: Seeing that the business is getting some traction, but could benefit for more capital, Scoot Blout invests another $30,000 of his personal money into the business.
- You are the Senior Credit Officer at your bank. Miss James, your Junior Credit Officer, has presented the following projected data for 2019 supplied by The Mosely Corporation. She has asked for assistance in completing the statement of financial position. The Mosely Corporation has applied for a loan to start a project that you will eventually make the credit decision on. Mosely's actual sales for 2018 were $2,400,000. your The bank's lending policy requires that a borrower's financial position must show equity of at least 20% in order to attract the bank's funding. (a) Use the data to complete the statement of financial position for 2019Assume you wrote up a proposal requesting $5000 for charity. The money would be used to buy food that volunteers (employees from the company) would distribute to the homeless on Saturday. The proposal is approved and you receive the money. However, the CEO comes to you and asks, "What will be the return on the investment?" How would you reply?You work as an accountant for a small land development company that desperately needs additionalfinancing to continue in business. The president of your company is meeting with the manager of alocal bank at the end of the month to try to obtain this financing. The president has approached youwith two ideas to improve the company’s reported financial position. First, he claims that because abig part of the company’s value comes from its knowledgeable and dedicated employees, you shouldreport their “Intellectual Abilities” as an asset on the balance sheet. Second, he claims that by reporting the company’s land on the balance sheet at its cost, rather than the much higher amount that realestate appraisers say it’s really worth, the company is understating the true value of its assets.Required:1. Thinking back to Chapter 1, why do you think the president is so concerned with the amountof assets reported on the balance sheet?2. What accounting concept introduced in Chapter 2 relates to the…
- Your uncle, Mr. Mensah is a sole proprietor dealing in building materials in Accra. His friend, Kofi Manu has convinced him to convert his sole proprietorship business into a limited liability company. Just last week your Uncle wanted a loan facility from a bank and the bank asked him to submit three years financial statements in addition to other documents. Having learnt the definition of financial accounting and financial statements, your Uncle wants you to help him understand certain issues in accounting. Required: a) Explain four disadvantages of converting the business to a private limited liability company. b) Referring to the definition of financial accounting explain the process that financial transactions have to go through in the preparation of financial statements. c) Apart from the bank that is asking your Uncle to submit financial statements, identify four other users of financial statements and explain their information needAfter researching the different forms of business organization, Natalie Koebel decides to operate “Cookie Creations” as a corporation. She then starts the process of getting the business running. In November 2022, the following activities take place. Nov. 8 Natalie cashes her U.S. Savings Bonds and receives $520, which she deposits in her personal bank account. 8 She opens a bank account under the name “Cookie Creations” and transfers $500 from her personal account to the new account in exchange for common stock. 11 Natalie pays $65 to have advertising brochures and posters printed. She plans to distribute these as opportunities arise. (Hint: Use Advertising Expense.) 13 She buys baking supplies, such as flour, sugar, butter, and chocolate chips, for $125 cash. 14 Natalie starts to gather some baking equipment to take with her when teaching the cookie classes. She has an excellent top-of-the-line food processor and mixer…After researching the different forms of business organization, Natalie Koebel decides to operate “Cookie Creations” as a corporation. She then starts the process of getting the business running. In November 2022, the following activities take place. Nov. 8 Natalie cashes her U.S. Savings Bonds and receives $520, which she deposits in her personal bank account. 8 She opens a bank account under the name “Cookie Creations” and transfers $500 from her personal account to the new account in exchange for common stock. 11 Natalie pays $65 to have advertising brochures and posters printed. She plans to distribute these as opportunities arise. (Hint: Use Advertising Expense.) 13 She buys baking supplies, such as flour, sugar, butter, and chocolate chips, for $125 cash. 14 Natalie starts to gather some baking equipment to take with her when teaching the cookie classes. She has an excellent top-of-the-line food processor and mixer…