Upon graduation from MegaState University, you and your roommate decide to start your respective…

Upon graduation from MegaState University, you and your roommate decide to start your respective careers in accounting and salmon fishing in Remote, Alaska. Your career as a CPA in Remote is going well, as is your roommate’s job as a commercial fisherman. After one year in Remote, he approaches you with a business opportunity. As we are well aware, the winters are long up here and the locals need a way to stay fit. We each put up our first year’s savings of $5,000 and file for articles of incorporation with the state of Alaska to do business as Remote Fitness World. In return for our investment of $5,000, we will each receive equal shares of capital stock in the corporation. Then we go to Corner National Bank and apply for a $10,000 loan. We take the total cash of $20,000 we have now raised and buy $20,000 of exercise equipment from a distributor. We hire a qualified instructor to offer a one-hour group fitness class to be offered 15 times each week. We will pay the instructor $20 per hour for conducting the classes. We charge $10 for each class taken and sell monthly memberships for unlimited use of the facility for $50. Classes would be paid for on a cash basis, but we would give customers until the 10th of the following month to pay for a monthly membership. My most conservative estimate is that during the first month alone, the total number of classes signed up for will amount to 240 and we will sell 100 monthly memberships. As I see it, we will have only two expenses, the hourly wage for the instructor and rent for a vacant building of $1,000 per month, both payable during the month.

Required 1. Prepare a projected income statement for the first month of operations. 2. Prepare a balance sheet as it would appear at the end of the first month of operations. 3. Assume that the bank is willing to make the $10,000 loan. Would you be willing to join your roommate in this business? Explain your response. Also indicate any information other than what he has provided that you would like to have before making a final decision.

Calculate the price
Make an order in advance and get the best price
Pages (550 words)
*Price with a welcome 15% discount applied.
Pro tip: If you want to save more money and pay the lowest price, you need to set a more extended deadline.
We know how difficult it is to be a student these days. That's why our prices are one of the most affordable on the market, and there are no hidden fees.

Instead, we offer bonuses, discounts, and free services to make your experience outstanding.
How it works
Receive a 100% original paper that will pass Turnitin from a top essay writing service
step 1
Upload your instructions
Fill out the order form and provide paper details. You can even attach screenshots or add additional instructions later. If something is not clear or missing, the writer will contact you for clarification.
Pro service tips
How to get the most out of your experience with MyhomeworkGeeks
One writer throughout the entire course
If you like the writer, you can hire them again. Just copy & paste their ID on the order form ("Preferred Writer's ID" field). This way, your vocabulary will be uniform, and the writer will be aware of your needs.
The same paper from different writers
You can order essay or any other work from two different writers to choose the best one or give another version to a friend. This can be done through the add-on "Same paper from another writer."
Copy of sources used by the writer
Our college essay writers work with ScienceDirect and other databases. They can send you articles or materials used in PDF or through screenshots. Just tick the "Copy of sources" field on the order form.
See why 20k+ students have chosen us as their sole writing assistance provider
Check out the latest reviews and opinions submitted by real customers worldwide and make an informed decision.
Customer reviews in total
Current satisfaction rate
3 pages
Average paper length
Customers referred by a friend
15% OFF your first order
Use a coupon FIRST15 and enjoy expert help with any task at the most affordable price.
Claim my 15% OFF Order in Chat
Live ChatWhatsApp

Are You Looking For Assignment Help? We Can Certainly Assist You