Identify five local accountants or accounting firms. Research the
services that they provide to small businesses....
Identify five local accountants or accounting firms. Research the
services that they provide to small businesses. If possible, try to
determine the cost of these services. Discuss your findings and
insight.
Solutions
Expert Solution
Services provided by the accounting firms are Accounting and
Bookkeeping, Taxation, Auditing, Preparation of Financial
Statement, Payroll Processing, Auditing, Management Reporting ,
Review and supervision etc
Morrison Accounting Services was organized on June 2 by a group
of accountants to provide accounting and tax services to small
businesses. The following transactions occurred during the first
month of business:
June 2
Received contributions of $10,000 from each of the three owners
of the business in exchange for shares of stock. (Capital
Stock)
June 5
Purchased a computer system for $12,000. The agreement with the
vendor requires a down payment of $2,500 with the balance due in 60...
The Situation:
Certified Public Accountants (CPA’s) provide valuable services
for their clients, both businesses and individuals. Although it’s
important to make client’s happy, accountants have additional
considerations when preparing financial statements and tax
returns.
The Dilemma
Aaron Ault, is the owner of a small contracting business. In
late January 2016, he delivered original expense and income records
so that his CPA Katrina Belinski could prepare 2015 financial
statements and tax returns for Ault’s small business firm. Several
weeks later, Katrina...
Thrifty Tax Services, Inc. was organized in 2018 to provide tax
and accounting services to small businesses. The following are
balance sheet values as of June 1, 2018:
Cash $
1,400
Accounts
receivable 750
Supplies
210
Equipment 8,200
Patent
5,900
Accounts
payable
600
Notes
payable -0-
Common
Stock
2,000
Additional Paid in
Capital
12,000
Retained
earnings
1,860
Total $16,460 $16,460
Consider the following transactions that occurred during June
2018:
Sold 1,000 shares of $1 par value stock for $10 per share to
investors.
Borrowed $7,500 from...
Thrifty Tax Services, Inc. was organized in 2017 to provide tax
and accounting services to small businesses. The following are
balance sheet values as of January 1, 2018: Cash $ 1,400 Accounts
receivable 750 Supplies 210 Equipment 8,200 Patent 5,900 Accounts
payable 600 Notes payable -0- Common Stock 2,000 Additional Paid in
Capital 12,000 Retained earnings 1,860 Total $16,460 $16,460
Consider the following transactions that occurred during January
2018: Sold 1,000 shares of $1 par value stock for $10 per...
Some firms provide goods and services both to end users and to
other businesses. Your textbook uses J.M. Smucker Company (in
Orville, Ohio!) as an example. Smuckers sells products like grape
jelly to you through grocery stores like Giant Eagle, but sells
bulk flavorings to other food manufacturers to use as ingredients
in their products. Select a company that markets to both consumers
and businesses (i.e., Industrial) Market. You can choose any firm
you want (provided it is not one...
According to Small Business Administration research, only half
of new businesses survive for the first five years and only
one-third of new businesses are able to survive for 10 years.
According to Kamo (2016), "Sometimes people start businesses with a
dream of making money but don’t have the skill or interest to
manage cash flow, taxes, expenses, and other financial issues. Poor
accounting practice puts a business on a path straight to failure"
(para. 14). For this week’s discussion, search...
According to Small Business Administration research, only half
of new businesses survive for the first five years and only
one-third of new businesses are able to survive for 10 years.
According to Kamo (2016), "Sometimes people start businesses with a
dream of making money but don’t have the skill or interest to
manage cash flow, taxes, expenses, and other financial issues. Poor
accounting practice puts a business on a path straight to failure"
(para. 14). For this week’s discussion, search...
Describe some of the basic services that banks can provide to
businesses. How do banks identify business services? How do banks
tend to sell these service offerings to any given business?
Identify the five most common threats facing firms from their
local competitive environment that are represented in the five
forces framework, and discuss under what conditions firms in a
specific industry are most likely to earn an above average profit
and when they are likely to earn a below average profit ?
Imagine you are trying to sell your digital marketing services
to local small firms. Explain how you would use each of the six
steps in the selling process.