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25 Mar 2018

Introduction

Now that you’ve created the basis for your fictitious restaurant, you can explore more topics that will allow you to record business transactions for your enterprise.

Part 1

Your first step in the project is to write a one-page paper to explain the basis of your business. Which business form (sole proprietorship, partnership, corporation) did you choose and why? Explain the three basic financial statements that your business will rely on to make decisions now that it is up and running. Which financial statement do you think you would rely on the most? Why?

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Patrina Schowalter
Patrina SchowalterLv2
28 Mar 2018

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Your Restaurant Business Discussion

Part 1: Opening Your Own Business

You are considering starting your own restaurant. What are thetypes of business organizations can you choose from? Which onewould you choose, and what benefits and disadvantages would thatform offer you?

Part 2: Accounting for Your Own Business

Throughout the course, you will be working on your ownfictitious business—a new restaurant! In Part 1 of this discussion,you chose how you would like to structure your business: a soleproprietorship, a partnership, or a corporation. Now, let’s assumeyou have been in business for a short time. Your staff is busycooking, waiting tables, and making your customers happy. You’llneed to record all of the transactions in order to keep an accuraterecord of how well your restaurant is performing. This importanttask can certainly be done by hand, but there are also a lot ofgreat software programs that can help make the task easier. Evensmall businesses can benefit from accounting/financial software.Research the business software QuickBooks. In your initial post,explain what QuickBooks is and how you feel it could help improveyour ability to track and record transactions in your newrestaurant.

Cooking with QuickBooks Discussion

Part 1:

Benefits of QuickBooks Software

Who knew how much work it could be to run a restaurant?! You are doing well in your new business and have done a wonderful job exploring the accounting equation, chart of accounts, and recording transactions. Previously, you did some research to find out what QuickBooks is and how it might be helpful in recording business transactions. You will do a bit more research on QuickBooks here to find out what it is capable of, beyond just recording business transactions. Explain to your classmates how QuickBooks might be able to help you with the trial balance and financial statements.

Part 2:

Pay the Cooks

By now, your fictitious restaurant has been up and running for a short time. Hopefully your customers are all going home with a full stomach and a plan to return again soon! You have already looked at how QuickBooks might help you begin to record your business transactions. Explain the five basic steps of transaction analysis. After explaining the steps, walk through the steps for the following transaction: You paid your kitchen cooks $500 in cash for their first week of work.

I. You and two friends, Pat and Ron, have decided to form a newbusiness, running a restaurant. Your friends, pat and Ron, bringthe following to the business: Pat is something of an entrepreneur.He has several ventures and ready access to financing for yourbusiness. Because of his varied interests, however, he doesn’t wantto be an employee of the business. He does, however, want to havesome input into the management of the business. Ron has a full timejob, which she is willing to leave to make a full time commitmentto running this restaurant. She has limited funds available andhopes to develop “sweat equity” in the restaurant through her workeffort. She is a skilled chef who will manage the kitchen and thefood production. You are the “idea person”. You have conceived ofthis enterprise, and are charged with getting everything lined up.You will be involved in the day-to-day running of things, and willbe the manager of the business side of the restaurant. I. You needto decide the form of the business and explain why you chose thatform. Detail the options available and advantages and disadvantagesof each. II. Having chosen the form of business, you also need toarrange financing to obtain all of the kitchen equipment, diningroom equipment, stock the bar, purchase food, pay rent, getoperating capital for the first two months of operation, and amillion other details. A arranges through his sources to getfinancing. The lender requires that you do whatever is necessary tominimize his risk and each of the three of you to be responsiblefor the loan. What are all of the options? Which ones are best? Howdo they work? III. You also need to have sources for food, drink,etc. What are the options for buying/obtaining them? Which ones arebest? Why? How do they work? Do you need written contracts? Why? Ifyou run into problems with your suppliers, what are your remedies?Do they depend upon the options you chose when you began yourrelationship with them? Why? IV. What risks do you undertake inoperating a restaurant? How do you protect yourself against thoserisks? Are the solutions you have come up with practical ones? Why?(Consider ALL risks: UCC, tort, financial, etc.).

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