Bus 557 Financial Accounting Assgn #2

898 words - 4 pages

“You Are an Entrepreneur”


Running Head: You Are an Entrepreneur

Cathy D. Brown

Professor: Kenneth Lavery
Course: BUS 557 Financial Accounting
May 19, 2013

ABSTRACT

The paper will describe my business as an Entrepreneur. The business I choose would be run as a sole proprietorship business owned and controlled by one man (myself) even ...view middle of the document...

I will create a Cost Operating Report. This document serves as a report to summarize income, expenses and inventory, illustrating a restaurant's total profits and losses over a period of time.

Describe the type of business you have created including: 
The business I choose is that of a restaurant. It’s name would be Lalia’s Oriental Restaurant it would be run as a sole proprietorship. I would receives all profits (subject to taxation specific to the business) and has unlimited responsibility for all losses and debts. I would be able to chalk out the plan and executes them. My eyes would be on everything and everyone. My plan proposals proposal plan will include approximately 500-square-foot of outdoor patio area with 30 seats, which would bring the total number of seats available at the restaurant to 200. My 82,000-square-foot restaurant will features a 42-seat lounge, an eight-seat sushi bar; an 80-seat dining room and a 78-seat grill room. Unlike typical restaurant I will provide a unique combination of excellent food at value pricing with a fun and entertaining atmosphere One of the most important parts of owning a restaurant, understanding the cash flow, the cash flow is the amount of cash coming in versus the amount of cash going out of your business on a daily, weekly and monthly basis). If you don’t understand this basic concept of restaurant finances, you put yourself at great financial risk. Below is my estimated Monthly Chart of Account:
Monthly Chart of Account for Restaurant

Food $9,298 65.00%
Wine $1,359 9.50%
Liquor $ 1,114 8.00%
Beer $ 2,432 17.00%
Soft Beverages $72 0.50%
Catering $ 0 0.00%
Cost of Goods Sold (COGS)
Food $3,022 32.350%
Wine $489 36.00%
Liquor $294 25.00%
Beer $681 ...

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