Acme Fireworks Prospectus Essay Example for Free

Acme Fireworks Prospectus Essay Acme Fireworks is a fireworks retailer that sells fireworks, puts on ground display fireworks, and large aerial displays fireworks. Acme Fireworks has been a sole proprietorship since it began two years ago. At this time the owner is receiving inquiries as to Acme Fireworks ability to create fireworks displays on a regular basis. CITATION Rog12 \l 1033 (Rogers, 2012). In anticipation of increased business, the owner of Acme Fireworks is in need of some information. This prospectus is going to inform the owner as to: Whether or not the business will be governed by common law or the Uniform Commercial Code. Analyze whether or not the owner has any actual contracts. Explain the potential personal liability to Acme Fireworks is someone is injured by a stray firework. Discuss different employment types while discussing the advantages and disadvantages of each type as it applies to Acme Fireworks. And finally, give suggestions as to why Acme Fireworks should no longer be a sole proprietorship. When it comes to contracts, it is important to understand that there are two different bodies of law that come into play, the Uniform Commercial Code (UCC) and the common law of contracts. The difference between the UCC and the common law contract can make a huge difference in the outcome of a contract dispute. This could be the difference between being able to collect punitive damages, discharge or modify a contract, be able to sue under breach of contract, and whether or not there truly a legally recognizable contract after all CITATION Gun12 \l 1033 (Denton, 2012). It is important to understand the type of contract governed by each body of law. The UCC applies to the sale of goods and securities, and common law of contracts applies to contracts for services, real estate, insurance, intangible assets, and employment CITATION Gun12 \l 1033 (Denton, 2012). If the contract should happen to be for both  the sale of goods and for securities, the dominant element would be in control of the contract CITATION Gun12 \l 1033 (Denton, 2012). Should Acme Fireworks have contracts with the inquiring businesses, these contracts would be governed under UCC rule. The contracts would be for both goods and services with goods being the dominant factor of the contracts. There would be more fireworks than there would be personnel. Hence, this would be the reasoning for a UCC contract. In order for the owner to have valid contracts with inquiring businesses there are five elements that must be present in order for the contracts to be valid. First there must be an offer. An offer is an invitation for another to enter into a contract CITATION Rog 12 \l 1033 (Rogers, 2012).Then there is the need for acceptance. Acceptance is the acquiescence to enter into a contract CITATION Rog12 \l 1033 (Rogers, 2012). Then there is consideration. Consideration is anything of legal value that is asked for and received as the price for entering into a contract CITATION Rog12 \l 1033 (Rogers, 2012). Now there is legality. Legality is the extent to which the contract is legal and not against public policy CITATION Rog12 \l 1033 (Rogers, 2012). Finally, there is capacity. Capacity is the mental competency to enter into a contract CITATION Rog12 \l 1033 (Rogers, 2012). Considering Acme Firework’s new â€Å"contracts†; Was there an offer? No, there was not an offer. The businesses were making inquiries, asking questions trying to find out what Acme Fireworks could handle. Was the acceptance? No, there was no acceptance. There were no contracts offered, therefore nothing to accept. Was there consideration? No, there was no consideration. Pricing of the firework displays was talked about, but that w as just information given to answer question f the inquiry. Is there legality? Yes, when the contracts are made they will be legal as they will not be against public policy. Is there capacity? Yes, there is capacity. It is safe to assume that the owner of Acme Fireworks and the owners of the other businesses are of sound mind and body therefore able to enter into legally binding contracts. So, did the owner have enforceable contracts? No, he did not. While there was legality and capacity; there was no offer, acceptance, or consideration present. Fireworks displays are beautiful and exciting, but they are also very dangerous. The operator of a fireworks display has a duty to fireworks are done in a safe way that does not injure spectators CITATION All13 \l 1033  (Business, 2013). To successfully sue a promoter of a firework display, it must be shown that the promoter failed to keep spectators at a reasonable safe distance CITATION All13 \l 1033 (Business, 2013). In order to sue the operator of a firework display it must be shown that the spectator was injured by the discharge of a fireworks or firework that did not explode properly CITATION All13 \l 1033 (Business, 2013). Should an injury occur negligence by the operator is presumed, as the operator is in sole control of firing the fireworks. Essentially, Acme Fireworks is going to want any such liabilities to be the responsibility of the company and not result in personal liability. Being a sole proprietorship Acme Fireworks will be liable for all debts and claims against the business. A lawsuit of this type could be financially devastating. However, should Acme Fireworks take the time and effort to incorporate or to form a Limited Liability Company they would more than likely be protected to a significant degree from such personal injury CITATION All13 \l 1033 (Business, 2013) Should these contracts come into being, Acme Fireworks will need to hire more employees. But which type of employee should Acme Fireworks employ? The full-time employee works regular and on-going, between 35-45 hours a week, which includes non-wage entitlements and benefits like paid holiday leave, sick leave, and long service leave CITATION ASU14 \l 1033 (ASU, 2014). Part-time permanent work is regular and on-going, involves fewer hours than full-time and usually has set days or set hours. No benefits and entitlements are received by part-time employees. Casual work is on-going and involves irregular hours and hourly pay. Casual workers work on an as needed basis, which means that they work when they are needed CITATION ASU14 \l 1033 (ASU, 2014). There are no entitlements for casual workers since the entitlements are factored into 20% of the higher hourly rate that casual workers receive CITATION ASU14 \l 1033 (ASU, 2014). Casuals usually receive hourly rates of pay based on a minimum 15% loading of normal or applicable hourly rates of pay CITATION ASU14 \l 1033 (ASU, 2014). Fixed term or contract employees are hired for a fixed period of time for a specific project or to replace an employee on sick leave or paternal leave CITATION ASU14 \l 1033 (ASU, 2014). This type of employee would need an agreement in writing that sets out the length of the employment contract. Fixed term employees are entitled to the same annual personal and other leave as  full-time employees, but on a proportional basis for the period of their employment CITATION ASU14 \l 1033 (ASU, 2014) Piecework and commission only payment employees rather than being paid a wage or salary are paid by: Piecework – the paying f a specific amount for completing a specific task. Commission – the paying of a percentage for each sale made Retainer plus commission – the paying of a fixed amount plus commission. Should Acme Fi reworks decide to hire more employees, my suggestion would be to hire casual workers. Casual workers do not expect to work all the time they work when they are needed. They would not have to give them any entitlements just work. Should Acme Fireworks become so busy that they are working everyday then they might want to get some full time workers. But, as of right now go with the casual workers. Acme Fireworks has been a sole proprietorship since it began two years ago. As a sole proprietorship all liabilities for finances and operations are on the owner. The owner’s personal property is tied to the business, so the owner assumes a risk against his personal property should the business experience financial hardship. Profits and losses of the business are reported through the owner and are taxed at the individual rate. The sole proprietorship entity is the easiest entity to set up, but the owner will probably have to sell the business to retrieve his investment. Should Acme Fireworks become a partnership? A partnership has two or more owners that share equal control, unless the partnership agreement says otherwise or the entity is set up as a limited partnership CITATION Phi14 \l 1033 (Phillips, 2014). Like a sole partnership, profits and losses of the business flow through the partners and are taxed at the individual rate. Operating partners assume risks, both legally and financially. Creditors can attempt to collect debts from the partner’s personal assets CITATION Phi14 \l 1033 (Phillips, 2014). To recoup their investment the partner is required to sell his interest in the business. With the potential for devastatingly high personal injury claims, this entity would not be the one for Acme Fireworks. This entity jeopardizes the personal assets of the businesses owners. A corporation? A corporation can have an unlimited number of owners, known as shareholders. This business entity remains separate from the owners in legal and financial matters CITATION Phi14 \l 1033 (Phillips, 2014). The profits and losses of a corporation are taxed at corporate rates, not individual rates. Should the  corporation realize a profit it is paid out to the shareholders who then report it as income and pay taxes on it at an individual rate CITATION Phi14 \l 1033 (Phillips, 2014). Corporations are taxed twice, once at the time of profits and losses and then again when the shareholders realize the dividends. Or a limited liability company? This entity is a partnership and a corporation mixed together. Owners are protected from personal liability like a corporation, but enjoy the tax advantages similar to a partnership. The LLC would be the entity I would suggest for Acme Fireworks due to the ability to be free from personal liability and the ability to be taxed at the lower partnership rate. References: BIBLIOGRAPHY \l 1033 ASU. (2014). Employment Type Defin itions Eligibility Summary. Retrieved from ASU: http://www.asu.edu Business, A. (2013, July 13). Fireworks Displays. Retrieved from Avoiding Personal Liability: http://www.allbusiness.com Denton, G. . (2012). Thwe difference between a contract that falls undert the UCC and one that does not and why it is important to you. Retrieved from Gunderson Denton at Law: http://www.gundersondenton.com/business/difference-contract-falls-ucc-important Phillips, C. (2014). Three Types of Business Entity. Retrieved from Small Business: http://www.smallbusiness.chron.com Rogers, S. (2012). Essentials of Bussiness Law. San Diego: Bridgepoint Education, Inc.

African American Hate Crimes in Gwendolyn Brook’s Poetry Essay

The murder of Michael Brown in Ferguson, Missouri , the murder of a black teen for playing loud music in Florida, the Little Rock integration and all other forms of abuse or hate crimes done against African Americans will always be engraved in our history and in the hearts of all African Americans as a period of injustice. It was a common tragedy to lose a family member to one of the many riots assembled by the Ku Klux Klan or simply by a group of Caucasians determined to exterminate â€Å"niggers.† Many were able to see how detrimental hate crimes were through media. African Americans who owned magazines, newspapers and so forth were finally able to voice their opinions and tell their side of the story to balance out the usually biased media run by Caucasians. As a result of the exposed cruelty towards African Americans, blacks felt justified, some whites became enraged, and yet other whites began to feel guilty for devaluing the lives of African Americans. Brooks’s ballad â€Å"A Bronzeville Mother Loiters in Mississippi. Meanwhile, a Mississippi Mother Burns Bacon† illuminates the hate crime committed against a young African American boy and the guilt that consumes the speaker after she realizes her involvement caused his death. Brooks’s poem acts as a metaphor to convey how America (during the period of injustice) attempted to overlook the truth of the immoral crimes committed against African Americas, but as a result of publicized brutality, realized they were wrong. Background information regarding the death of Emmett Till will allow the reader to better understand how Brooks uses the ballad as a metaphor to represent Americas attempt to overlook the immoral acts committed against African Americans. According to â€Å"The Murder of Emmett Till,† an article addressing Emmett Till’s death and the media coverage on it, Till’s death was a prank gone wrong. â€Å"After picking cotton with his cousins all day, Till and his cousins took a joy ride with the family car to Bryant’s Grocery store where his cousins dared him to talk Carolyn Bryant (Brian). What happened as he was leaving is fiercely debated. Some white witnesses claimed he either said, "Bye, baby," or whistled at her, while others say that she became enraged after he simply put his change in the womans hand. Emmett Till’s alleged â€Å"fresh behavior† spread like wildf... ...acism seen in closed-minded individuals through Brooks’s use of fairy tale language and the depiction of the husband. Likewise, America is made up of both types of individuals, and through the use of publicized media, we can only hope to increase the knowledge of the senseless violence we known as hate crimes. After reading Brook's ballad one can only hope that Emmett Till and other victims of hate crimes will act as a reminder and provide an inclining of hope that another tragic death will not follow. Works Cited Brooks, Gwendolyn. â€Å"A Bronzeville Mother Loiters in Mississippi. While Mississippi Mother Burns Bacon.† Selected Poems. New York: Harper Perennial Modern Classics, 2006. Print. Favat, F. Andrà ©.. Child and Tale: The origins of Interest. Urbana, Ill.: National Council of Teachers of English, c1977. Print. Mootry, Maria K. â€Å"Brook’s a bronzeville mother loiters in Mississippi. Meanwhile, a Mississippi mother burns bacon.† Explicator 42.4 (1984): p51, 2p Academic Search Complete. Web. 13 July 2011. Thorton, Brian. The Murder of Emmett Till. Journalism History 36.2 (2010): p396-104, 9p Academic Search Complete. Web. 13 July 2011.

Cost-Salvage Value/Total units of production Essay

Salta Company installs a manufacturing machine in its factory at the beginning of the year at a cost of $87,000. The machine’s useful life is estimated to be 5 years, or 400,000 units of product, with a $7,000 salvage value. During its second year, the machine produces 84,500 units of product. Determine the machines’ second year depreciation under the units of production method: Answer: $16,900 Cost-Salvage Value/Total units of production (87,000 – 7,000)/400,000 = .2 .2 * 84,500 = 16,900 Amortization: Answer: Is the systematic allocation of the cost of an intangible asset to expense over its estimated useful life. Big River Rafting pays $310,000 plus $15,000 in closing costs to buy out a competitor. The real estate consists of land appraised at $105,000, a building appraised at $210,000 and equipment appraised at $35,000. Compute the cost that should be allocated to the land. Answer: $97,500 105,000 + 210,000 + 35,000 = 350,000 105,000/350,000 = .3 .3 * 325,000 = 97,500 Leasehold: Answer: are the rights granted to the lessee by the lessor of a lease. Copyright: Answer: Gives its owner the exclusive right to publish and sell a musical or literary work during the life of the creator plus 70 years. A patent: Answer: Gives its owner exclusive right to manufacture and sell a patented item or to use a process for 20 years. Carmel Company acquires a mineral deposit at a cost of $5,900,000. It incurs additional costs of $600,000 to access the deposit, which is estimated to contain 2,000,000 tons and is expected to take 5 years to extract. Compute the depletion expense for the first year assuming 418,000 tons were mined. Answer: $1,358,500 5,900,000 + 600,000 = 6, 500,000 Cost – Salvage Value/ Total Units of Capacity 6,500,000-0/2000000 = 3.25 3.25 * 418,000 = 1,358,500 Cambria Company reports net sales of $4,315 million; cost of goods sold of $2,808 million; net income of 283 million; and average total assets of $2,136. Compute its total asset turnover. Answer: 2.02 Net Sales/Average Total Asset 4,315/2,136 = 2.02 Salta Company installs a manufacturing machine in its factory at the beginning of the year at a cost of $87,000. The machine’s useful life is estimated to be 5 years, or 400,000 units of product, with $7,000 salvage value. During its second year, the machine produces 84,500 units of product. Determine the machine’s second year depreciation under the straight-line method. Answer: $16,000 Cost – salvage value/useful life in periods 87,000 – 7,000/5 =16,000 A depreciation asset costing $75,000 is purchased on September 1, year 1. The asset is estimated to have a salvage value of $10,000 and an estimated useful life of 4 years. Double-declining-balance depreciation is used. If the asset is sold on December 31, Year 3 for $13,000, the journal entry to record the sale will include: Answer: A debit to loss on sale for $2,625. Chapter 11 Quizzes The current FUTA tax rate is 0.8% and SUTA tax rate is 5.4%. Both taxes are applied to the first $7,000 of an employee’s pay. Assume that an employee earned $8,900. What is the amount of total unemployment taxes the employer must pay on the employee’s wages? Answer: 434.00 7,000*5.4% = 378 7000*0.8% = 56 378 + 56 = 434 FICA taxes include: Answer: Social Security taxes Liability: Answer: Must sometimes be estimated If the times interest ratio: Answer: Increase then the risk decreases. Gross pay is? Answer: Total compensation earned by an employee before any deductions. A company’s income before interest expense and taxes is $250,000 and its interest expense is $100,000. It’s times interest earned ratio is: Answer: 2.50 Income before Interest expense and income taxes/Interest Expense 250,000/100,000 = 2.50 Employee vacation benefits: Answer: are estimated liabilities The amount of federal income taxes withheld from an employee’s paycheck is determined by: Answer: the amount of the employee’s current earnings for the pay period and number of withholding allowances the employee claims. Amount received in advanced from customers for future products or services: Answer: are liabilities A company estimates that a warranty expense will be 4% of sales. The company’s sales for the current period are $185,000. The current period’s entry to record warranty expense is: Answer: Debit warranty expense $7,400; credit estimated warranty liability $7,400 185,000*4% = 7,400 An employee earned 62,500 during the year working for an employer. The FICA tax rate for social security is 6.2% and FICA tax rate for Medicare is 1.45%. The current FUTA tax rate is 0.8% and SUTA is 5.4%. Both unemployment taxes are applied to the first $7,000 of an employee’s pay. What is the total unemployment taxes does the employee have to pay? Answer: $0.00 Employees do not pay unemployment taxes. FUTA taxes are: Answer: unemployment taxes Arena Company’s salaried employee’s earned two weeks’ vacation per year. It pays $858,000 in total employee salaries for 52 weeks but its employees work only 50. Record Arena Company’s weekly journal entry to record the vacation expense; Answer: Debit vacation benefits expense $17,160; Credit vacation benefits payable $17,160 858,000/50 = 17,160 A company sells computers at a selling price of $1,800 each. Each computer has a 2 year warranty that covers replacement of defective parts. It is estimated that 2% of all computers sold will be under the warranty at an average cost of $150 each. During November the company sold 30,000 computers and 400 computers were serviced under the warranty at total cost of 55,000. The balance is the estimated warranty liability account at November 1 was $29,000. What is the company’s warranty expense for the month of November? Answer: 90,000 (30,000*2%*150) = 90,000 A company had fixed interest expense of $6,000, its income before interest expense and any income taxes is $18,000, and its net income is $8,400. The company’s Times interest earned ratio equals: Answer: 3.0 Advanced ticket sales totaling $6,000,000 cash would be recognized as follows: Answer: Debit Cash; Credit Unearned Revenue During August, Arena Company sells $356,000 in product that has a one year warranty. Experience shows that warranty expenses average about 5% of the selling price. The warranty liability account has a balance of $12,800 before adjustment. Customers returned product for warranty repairs during the month that used $9,400 in parts and repairs. The entry to record customer warranty repairs is: Answer: Debit Estimated Warranty Liability $9,400; credit Parts Inventory $9,400 Obligations not expected to be paid within the longer of one year or the company’s operating cycle is reported as: Answer: Long-term liability Times Interest earned computation is: Answer: (Net Income + Interest expense + Income taxes)/Interest expense The difference between the amount received from issuing a note payable and the amount repaid is referred to as: Answer: Interest A contingent Liability: Answer: is a potential obligation that depends on a future event arising from a past transaction or event. In the accounting records of a defendant, lawsuits: Answer: should be recorded if payment for damages is probable and the amount can be reasonably estimated. A company’s fixed interest expense is $8,000 its income before interest expense and income taxes is $32,000. Its net income is $9,600. The company’s time’s interest earned ratio equals: Answer: 4.0 An Estimated Liability: Answer: Is a known obligation of an uncertain amount that can be reasonably estimated. Recording employee payroll deduction may involve: Answer: Liabilities to individual employees, Liabilities to federal and state governments, Liabilities to insurance companies, and Liabilities to labor unions. Chapter 12 Quizzes Kevin and Jeannie formed This & That as a limited liability company. Unless the member owners elect to be treated otherwise, the IRS will tax the LLC as: Answer: a partnership A partnership that has two classes of partners, general and limited, where the limited partners have no personal liability beyond the amounts they invest in that partnership, and no active role in the partnership, except as specified in the partnership agreement is a: Answer: Limited Partnership Groh and Jackson are partners. Groh’s capital balance in the partnership is $64,000, and Jackson’s capital balance is $61,000. Groh and Jackson have agreed to share equally in income and loss. Groh and Jackson agree to accept Block with a 20%interest. Block will invest $35,000 in the partnership. The bonus that is granted to Groh and Jackson equals: Answer: $1,500 1.64,000 + 61,000=125,000 2. 125,000 + 35,000=160,000 3. 160,000*20%= 32,000 4.35,000 – 32,000 = 3,000 5. 3,000*1/2= 1,500 Badger and Fox are forming a partnership. Badger invests a building that has a market value of $350,000; the partnership assumes responsibility for a $125,000 note secured by a mortgage on the property. Fox invest $100,000 in cash and equipment that has a market value of $75,000. For the partnership the amount recorded for Badgers capital and Fox’s capital are: Answer: Badger $225,000 and Fox $175,000 Badger 35,000-125,000 = 225,000; Fox 100,000 + 75,000 = 175,000 Regina Harrison is a partner in Pressed for Time. An analysis of Regina’s capital account indicates that during the most recent year, she withdrew $20,000 from the partnership. Her share of the partnership’s net loss was $16,000 and she made an additional equity contribution for $10,000. Her capital account ended the year at $150,000, what was her capital balance at the beginning of the year? Answer: $176,000 10,000 – 16,000 – 20,000 = -26,000 150,000 – (-26,000) = 176,000 Collins and Farina are forming a partnership Collins is investing in a building that as market value of $80,000. However the building carries a $56,000 mortgage that will be assumed by the partnership. Farina is investing $20,000 cash. The balance of Collins capital Account will be: Answer: $24,000 80,000 – 56,000 = 24,000 A partnership in which all partners have mutual agency and unlimited liability is called: Answer: General Partnership In the absence of a partnership agreement, the law says that income (and loss) should be allocated based on: Answer: Equal shares Groh and Jackson are partners. Groh’s capital balance is $64,000 and Jackson’s capital balance is $61,000. They have agreed to share equally in income or loss. Groh and Jackson agree to accept Block with a 25% interest. Block will invest $35,000 in the partnership. The bonus that is granted to Block equals: Answer: 5,000 64,000 + 61,000 = 125,000; 125,000 +35,000 = 160,000; 160,000*25% = 40,000; 40,000 – 35,000= 5,000 Nee High and Low Jack are partners. They share income and loss equally. Highs beginning partnership capital balance for the current year is $285,000 and Jack’s is $370,000. The partnership had net income of $250,000 for the year. High withdrew $90,000 and Jack withdrew $100,000. What is Jack’s return on equity? Answer: 41.3% A partnership agreement: Answer: is binding even if it is not in writing. A partnership designed to protect innocent partners from malpractice or negligence claims resulting from acts of another partner is: Answer: Limited Liability Partnership Partner’s withdrawals of assets are: Answer: Debited to their withdrawals account Sam, Bart, and Alex are dissolving their partnership. Their partnership agreement allocates each partner 1/3 of all income and losses. The current period’s capital account balances are Sam, $45,000; Bart, $37,000; and Alex, $(5,000). After all assets are sold and liabilities are paid, there is $77,000 in cash to be distributed. Alex is unable to pay the deficiency. The journal entry to record the distribution should be: Answer: Debit Sam, Capital $42,500; Debit Bart, Capital $37,000; Credit Cash $77,000 Smith, West, and Krug form a partnership. Smith contributes $180,000, West contributes $150,000 and Krug contributes $270,000. Their partnership agreement calls for the income or loss division to be based on the ratio of capital invested. If the partnership reports income of $175,000 for its first year, what amount of income is credited to Smith’s capital account? Answer: $52,500 Smith 180,000/600,000 = .3 .3 * 175,500 = 52,500 Smith, West and Krug form a partnership. Smith contributes $180,000, West contributes $150,000, and Krug contributes $270,000. Their partnership agreement calls for the income and loss division to be based on the ratio of capital invested. If the partnership reports income of $175,000 for its first year, what amount of income is credited to Krug’s capital account? Answer: $78,750 Krug 270,000/600,000 = .45 .45 * 175,000 = 78,750 Smith, West, and Krug form a partnership. Smith contributes $180,000, West contributes $150,000, and Krug contributes $270,000. Their partnership agreement calls for a 5% invest allowance on the partner’s capital balances with the remaining income or loss to be allocated equally. If the partnership reports income of $174,000 for its first year, what amount of income is credited to West’s capital account? Answer: $55,500 Smith, West, and Krug form a partnership. Smith contributes $180,000, West contributes $150,000and Krug contributes $270,000. Their partnership agreement calls for a 5% interest allowances on the partner’s capital balances with the remaining income or loss to be allocated equally. If the partnership reports income of $174,000 for its first year, what amount of income credited to Krug’s capital account? Answer: Badger and Fox are forming a partnership. Badger invests a building that has a market value of $350,000; the partnership assumes responsibility for a $125,000 note secured by a mortgage on the property. Fox invests $100,000 in cash and equipment that has a market value of $75,000. For the partnership, the amounts recorded for total assets and for total capital account are: Answer: In a partnership agreement, if partners agreed to an interest allowance of 10% annually on each partner’s investment, the interests allowance: Answer: Can make up for unequal capital contributions When a partner is unable to pay a capital deficiency: Answer: The deficiency is absorbed by the remaining partners before distribution of cash. Chase and Hatch are partners and share equally in income or loss. Chase’s current capital balance is $135,000 and Hatch’s is $120,000. Chase and Hatch agree to accept Flax with a 30% interest in the partnership. Flax invests $115,000 in the partnership. The amount credited to Flax’s capital account is: Answer: $111,000 135,000 +120,000 = 255,000 255,000 + 115,000 = 370,000 370,000*30% = 111,000 Chase and Hatch are partners and share equally in income or loss. Chase’s current capital balance is $135,000 and Hatch’s is $120,000. Chase and Hatch agree to accept Fax with a 30% interest in the partnership. Flax invests $115,000 in the partnership. The balances in Chase’s and Hatch’s capital accounts after admission of the new partner equal: Answer: The following information is available regarding John Smith’s capital account in Technology Consulting Group, a general partnership, for a recent year: Beginning of the year balance $22,000 His share of partnership income $8,500 Withdrawals made during the year $6,000 What is smith’s partner return on equity during the year in question? Answer: 36.6% 22,000+8,500-6,000=24,500 8,500/(22,000+24,500)/2=.3655=36.6%

Entrepreneurs Are Born As Talent Opportunists Business Essay - Free Essay Example

Sample details Pages: 8 Words: 2486 Downloads: 2 Date added: 2017/06/26 Category Business Essay Type Analytical essay Tags: Donald Trump Essay Did you like this example? The entrepreneur plays an important role in the development of economic nowadays, in recent 21st century, where the competitive market is so tough. They are highlighted as the person making the opportunity becomes the profit, who starts the own business and be their own boss (Stephen, 2007). People spend millions in business training course to learn the entrepreneurship and dream to have the wonderful life as successful magnate. Don’t waste time! Our writers will create an original "Entrepreneurs Are Born As Talent Opportunists Business Essay" essay for you Create order Many researches had been done to figure out what makes people on the way to become such a successful entrepreneur, is there any particular factors modeling it? The answer is that there is one kind of genetic factor called business talent that will decide whether one individual have enough condition to become an entrepreneur or not. You can practice yourself to have relevant skill or even the way to solve the experience in real business life but the innate ability comes naturally and cannot imitate to follow by. This business blood usually passed through generation where the idiom like father, like son is applied perfectly. In my opinion, potential entrepreneur is implied as a raw diamond, they must have perfect cutting to be shinier to take the attention. But the fact can not be rejected is that, in case they are not sparkling enough, they already are what they are as the diamond. It is just the simple example to prove that entrepreneur are born, not made. Entrepreneurs are born, not made. People always dreams to get rich to enjoy a comfortable life. The fastest way to the glory is take a chance as a risk-taker by starting your own business, become an entrepreneur who can open the enterprise and work for your own benefit. However, Damir (2012) stated entrepreneur is defined as an individual who known as mainly financial risk-taker to do the business activities through the enterprise. He is also the person who has the innovative spirit, creativity and strong emotion of confidence to prove himself to be unique. All of that characteristic comes unattended and starts with the desire to pursue high target of doing profitable business, and it becomes the most vital thing that drives most of successful entrepreneur. On contrary direction, there also exist some theory to prove that it is untrue to say no hope for people who do not have the potential business blood, entrepreneurship can also be practiced and nurtured by improving needed skills and experiences. Genes could not determine or influence that much to the way you think of business, it is up to the behavior and also the habits of one individual (Scott 2011). There are not only the entrepreneur gene of talent or some habits and characteristics inside one person who can be the potential star to bright. Maria (2011) highlighted that entrepreneur are born or made depends on some more external and internal factors which can affect the way one person do business such as time, geography, culture and of course a little luck . To sum up, in my opinions the most important things to make the perfect successful entrepreneur is innate factor that comes original talent that can not be followed or imitated. Practice and education can support partly in one individual to help them in improving their skill of doing business but can not affect to the way they recognize or react with the problem like the one who owns the innate abilities does. Entrepreneurs are born as talent opportunists. The ways entrepreneurs run the business, of course, is not similar to the skill of original managers need to have as learn how to plan the strategy and manage the activities inside the operation. As I had mentioned before, entrepreneur is person who has willingness to seize a risky opportunity to make it become competitive advantages. But without any courses of training program, one individual can have the sense of success to find when and where to apply their innate abilities. It is related to how far the field of vision one person can take, catch the right thing in the exactly time is definitely strong advantages that bring up the percentage of success. Innate entrepreneur will think different than the others who even can not recognize the valuable price of opportunity but the way to use it reasonably. There is something similar to the raw diamond without technical cutting; it obviously cannot shine to become priceless (Aminah Khalid, 2012). Most of successful entrepreneurs admit ted that there is a strong voice inside leads them to make decision when they face with the positive opportunity to earn profit even they were still very young. At that early age, they can not understand exactly what the entrepreneurship is but the spirit inside leads them to the right direction of doing the business activities. It is only just the small self-income business with the profit of 5 cents actually but with that good start of beginning, this young businessman can develop in future for sure. Entrepreneurs are born with innate characteristics. Without passion you dont have energy, without energy you have nothing. Donald Trump Passion and ambition, abilities to apply the knowledge, personalities, are main elements that Allen (2012) described as what the thing one entrepreneur needs to have as a must. They have the ability to think bigger than the others, and fast respond to the innovative idea. The willing to pass the challenges and want to make things differently becomes their strength. People who dont have ambition they get a regular job. Earl (2004) says as the founder of Black Enterprise magazine. Passion and ambition are listed as the most powerful things when one person wants to be the entrepreneurial leader need to have. The strong emotion of interesting to discover the business advantages will turn into the guide star which will help them to keep the spirit in whatever they do. It is no doubt to become an inspiration to step over the difficulties during the long business journey. The strong passionate heart will be the most useful encouragement to those entrepreneurs to not give up and keep moving forward to reach the reward as profit despite how hard is it. Just imagine that if somebody is in the lack of inspiration, can they put the effort in working hard? No, of course, the same concept is here. Passion can not be taught, it start with how strong the ambition of gaining the success does which contents inside the entrepreneur spirit from the very first start of their life. To have more obvious view of the discussion, I provide the example of the basketball player, who has the perfect height compare to the others, he can be taught the movement and the regulation of the game but it is not enough to be the champion, unless he has the strong passion and ambition to win. Moreover, the things that also very important are the ability to widen and import the knowledge effectively and imply it into the real business life. Although everybody can attend the same classroom, together they sha re the same source of information, but the potential entrepreneur how to make it become their own. It can be relevant as the weapons that everybody will have a chance to try but just the hero know how to pick it up and use it wisely. Usually, most of successful entrepreneur are smart, whose education process were very impressive and bright when they were young (Stephen, 2007). Those above abilities can be measure as the IQ score which is not affected by the human impacts but the nature involves. Last but not least in this part I want to discuss is about some personality traits which will become the important element to make one person in good shape of business leader. Those can be stated as leadership, creativity and responsibility. It is clear to say that the characteristic of one individual comes innately without training or learning through any paper-based theory. Skill of business can be taught, but the ability to deal with the troubles is unique and made naturally. Entrepren eur is the one who owns the company so that they usually intend to be in freedom of making choices by themselves. The leadership skill comes from the innate factor which seems to be inborn. The combination of inherit leadership skill include emotionally stable, dominant, enthusiastic, conscientious, tough-minded, self-assured and compulsive will help them to know exactly what they need to do to build their own plan and take the challenges. https://www.fschina.org/9-success-entrepreneur.html. In addition, the reason leading to the decision of opening the enterprise maybe just because they do not want to stay inside the box of original idea that is usually the same. According to Dr. Stephen (2007) the leadership will help them to have enough space to spread their wings of innovative and open-minded to accept the new materials sources. Successful entrepreneur always willing to learn of new things to be better than they used to be, they do not accept the way of sticking with the hierarc hy of bureaucracy. To stand strong as the leader of one enterprise, talent entrepreneur also need to be stable whenever the problems may come and improve the leadership of teamwork. Those characteristic belong to individual innate personalities, for example as the skill of working with team to share the work task. Talent entrepreneurial leader know how to divide the work equally follow by the mixture of their own opinion and the staffs. This talent of being active as a leader is always comes naturally. Furthermore, the creativity in solving problem in rush time is definitely the way to define the potential entrepreneur. Together with those factors what the leader in charge of, even it may take the failure or the success, entrepreneur will take the largest responsibility. They have the talent to think out-of-the-box, and able to generate the idea after idea when problem cause the business fail, they will be easy to get change their plan into another possible chances. When everybody s ees no hope, entrepreneur is the one who trust in themselves and make it become possible situation. Entrepreneurs are born and rise: The perfect condition advantages to be the successful entrepreneur come from family base. Furthermore, entrepreneurship does not only focus on the behaviors but also on the personalities that can pass through the generation. Like father, like son, one family with a businessman parent have a possibility to give birth to the child that have some characteristics to fit in the interest of doing business. Finding from study Allen (2012) found that there also exist some traits that support to recognize a potential person who may do well in competitive market place in the future. Those factors include the ability to identify new business opportunities or likelihood to make self-profit income and the desire to start their own business. Critical use: Being the potential entrepreneur is start with the passion and ambition that can figured in the very young age. Most of them owning the entrepreneur spirit with the strong emotion of leadership and the willingness to accept risks as challenges, who ready to make strange decision to take part in competition with full of ambition. According to Romain (2012), Steve Job (1955 2011) the father of Apple, one of the most powerful telecommunication companies who lead the worldwide trends of technology, is starting his talent of business in very first years of his life. Together with his friend named Stephen Wozniak and their inspirations in electronic devices, Steve Jobs developed a blue box. It was the kind of equipment that fooled the ATT a telecommunication company in United State, in defining the distance between switching areas and allowed people to make free phone call. They sold them to interested students in dorm and just stopped when nearly been caught by the police. One more evidence to have clearer view of how important the true blood affected to entrepreneurship is Bill Gates (1955 ?), chairman of Microsoft one of the richest guys in the world. Luckily, Bill Gates was born and nurtured in the business family with his father, William H. Gates II, is a Seattle attorney. His late mother, Mary Gates, was a schoolteacher, University of Washington regent, and chairwoman of United Way International. So it is obvious to know why he did so well in school to become a Harvard student with a passionate heart of writing the program for computer. He owns the profit as the age of teenager with the help of childhood friend Paul Allen. They began to set up their company called Traf-O-Data, provided the program to count the city traffics in Seattle (Mary, 2012). In the field of genetic can pass through the generation, let take a look on Donald Trump (1946 ?) known as the successful American business magnate, the chairman and president ofÂÂ  The Trump Organ izationÂÂ  and the founder ofÂÂ  Trump Entertainment Resorts was born in the family with completely wonderful business base. His father, Frederick Trump was a builder and real estate developer who came to specialize in constructing and operating middle income apartments in the Queens, Staten Island, and Brooklyn. After graduate from high school Donald Trump worked under his family company and after few years in 1971 he was able to convince his father to take control the family firm and reconstruct it as Trump Organization. The company now is managed and controlled under his son Donald Don John Trump and his daughter Ivana Trump. To make it more apparent, lets take a look on some research on how innate factors play an important role whenever the entrepreneurs catch the opportunity. According to Allen Gannett (2012), just 1% of the entrepreneurs agreed with the statement that claims business abilities can be taught and improves by practice, while on the other side 61% peo ple left admitted their mindsets were set naturally and unintentionally. Conclusion. Nothing happens perfectly, it is obvious to say that no one can gain the success with their business venture totally with their own potential experiences or skill. But it true to claim that no clue can not make the perfect entrepreneurship in case of lacking innate characteristic. However we can make our life and our chances put how much effort in our work, what skill we need to practice more and develop and be our best self. Make the original factor we had become the individual passion to motivate you to become the successful entrepreneur in market field by improving your own quality personality together with your own innate potential abilities. Different innate abilities are quite important to lead to the success of entrepreneur, with the passion inside your heart and how hard you learn and practice yourself will specify the next step. It will help you to seek the experience and make the danger risk become your own competitive advantages to become the successful entrepreneur. Hum an factors can impact to the success of entrepreneurship but the most vital thing is entrepreneurs are born, not made.