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David decided to purchase the following equipment as of January 1, 2013 Use Life and that 17.500 2.500 10 Dryer corner be that Computer with graphics 3.500 Uued.ch 10 Syrs Walton Clothing, Inc. The Business Situation After graduating with a degree in business from Eastern University in Campus Town, USA, David Horton realized that he wanted to remain in Campus Town After a number of unsuccessful attempts at getting a job in his discipline, David decided to go into business for himself. In thinking about his business venture. David determined that he had four criteria for the new business 2. He wanted a business that would give back to the community 3. He wanted a business that would grow and be more successful every year. 4. Realizing that he was going to have to work very hard, David wanted a business that would generate a minimum net income of $25,000 annually White reflecting on the criteria he had outlined. David, who had been president of his fraternity and served as an officer in several other student organization. realized that there was no place in Campus Town to have custom sweatshirts made using a silk screen process. When student organizations wanted sweatshirts for their members or to market on campus, the officers had to make a trip to act 300 miles away to visit "Shirts and More." David had worked as a part-time employee at Shirts and More while he was in high school and had envisioned owning such a shop. He realized that a sweatshirt shop in Campus Town had the potential to meet all four of his criteria Mere, to obtain information useful in getting his shop started. Because Jayne liked David and was intrigued by his entrepreneurial spirit, she answered many of David's questions. In addition, Jayne provided information concerning the type of equipment David would need for his business and its average useful life. Anyne knows a competitor who is retiring and would like to sell his equipment. David can purchase the equipment at the beginning of 2013, and the owner is willing to give him terms of Sox due upon purchase and Sox due the quarter following the purchase. David has decided to use the sweatshirt supplier recommended by Lane He learned that a gross of good quality weatshirts to be sile screened would cost 514.me has encouraged David to ask the sweatshirt supplier for terms of of water purchases to be paid in the water of purchase with the remaining of the quarter's purchases to be paid in the quarter following the Davide learned from talking with Jame that the ink used in the silkscreen process cost primately 0.75 per shirt Knowing that the screen process is somewhat abor-intensive, David plans to hire she colege students to help with the process. Each one will work an average of 20 hours per week for 50 weeks during the year. David estimates total anual wages for the workers to be 72.000 Indon, David will need one person to the orders, bill customers, and sperate the cash register Cary Sue Smith, who is currently Director of Student Development tastern University has proached David about a job in sales. Cary Sows the officers of all of the student organizations on campus. In ditionshe is very active in the community, David thinks Cary Sue can bring In a lot of business. In addition she also has the clerical skills needed for the position. Because of her conta, David is willing to pay Cary Sue 1.200 per month plus a commission of SON osalesDavid estimates Cary Sue will spend Son of the workeday focusing on sales, and the remaining on will be spent on clerical and administrative duties. David realizes that he will have difficulty finding a person skilled in computer graphics to generate the designs to be printed on the shirts. Jayne recently hired a graphics designer in that position for Shirts and More at a rate of $500 per month plus $0.10 for each shirt printed. David believes he can find a university graphics design student to work for the same rate Jayne is paying her designer David was fortunate to find a commercial building for rent near the university and the downtown area. The landlord requires a one-year lease. Although the monthly rent of $1,000 is more than David had anticipated paying, the building is nice, has adequate parking, and there is room for expansion. David anticipates that 75% of the building will be used in the silk-screen process and 25% will be used for sales David's fraternity brothers have encouraged him to advertise weekly in the Eastern University student newspaper. Upon inquiring, David found that a 303 30 ad would cost $25 per week. David also plans to run a weekly ad in the local newspaper that will cost him $75 per week. David to produce the following us for 2013 Sales budget Schedule of expected collections from customers Shirt purchases but Schedule of expected payments for purches Screen bor budget Selling and administrative expenses budget Budited income statement Cashbudget Buted balance sheet The loan officer advised David that the Interest rate on a 12-month loan would ex. David expects the loan to be taken out as of January 1, 2013 David has estimated that his income tax rate will be 20. He expects to pay the total tax due when returneres led in 2014 cheduled to collections from customers Wang Besar 1. 2018 times the sea for a she manding memory of the North the Year December 21, 2013 David wants to sell a large number of quality shirts at a reasonable price. He estimates the selling price of each customized shirt to be $16. Jayne has suggested that he should ask customers to pay for 70% of their purchases in the quarter purchased and pay the additional 30% in the quarter following the purchases. After talking with the insurance agent and the property valuation administrator in his municipality, David estimates that the property taxes and insurance on the machinery will cost $2.240 annually property tax and insurance on display furniture and cash register will total 380 annually. Jayne reminded David that maintenance of the machines is required for the silk-screen process. In addition, David realizes that he must consider the cost of utilities. The building David wants to rent is roughly the same size as the building occupied by Shirts and More. In addition, Shirts and More sells approximately the same number of shirts David plans to sell in his store. che precedente Walton Clothing, the the Year 2013 Therefore, David is confident that the maintenance and utility costs for his shop will be comparable to the maintenance and utility costs for Shirts and More, which are as follows within the relevant range of zero to 8,000 shirts. Shirts Sold Utility Costs Maintenance Costs $1.716 1,720 $1,100 1,158 January February March April May 1,740 1,171 1,198 1,740 1,758 1,268 June 1,274 2,000 2,110 2,630 3,150 5,000 5,300 3,920 2,080 8,000 6,810 6,000 3,000 July August September October November December 1,818 1,825 1,780 1,914 1,860 1,855 1,749 1,205 1,117 1,400 1,362 1,347 1,193 David estimates the number of shirts to be sold in the first five quarters, beginning January 2013, to be: First quarter, year 1 Second quarter, year 1 Third quarter, year 1 Fourth quarter, year 1 First quarter, year 2 8,000 10,000 20,000 12,000 18,000 David decides to establish his company as a corporation. He will invest $10,000 of his personal savings in the company. Seeing how determined his son was to become an entrepreneur, David's father offered to co-sign a note for an amount up to $20,000 to help David open his sweatshirt shop, Walton Clothing, Inc. However, when David and his David decided to purchase the following equipment as of January 1, 2013 Use Life and that 17.500 2.500 10 Dryer corner be that Computer with graphics 3.500 Uued.ch 10 Syrs Walton Clothing, Inc. The Business Situation After graduating with a degree in business from Eastern University in Campus Town, USA, David Horton realized that he wanted to remain in Campus Town After a number of unsuccessful attempts at getting a job in his discipline, David decided to go into business for himself. In thinking about his business venture. David determined that he had four criteria for the new business 2. He wanted a business that would give back to the community 3. He wanted a business that would grow and be more successful every year. 4. Realizing that he was going to have to work very hard, David wanted a business that would generate a minimum net income of $25,000 annually White reflecting on the criteria he had outlined. David, who had been president of his fraternity and served as an officer in several other student organization. realized that there was no place in Campus Town to have custom sweatshirts made using a silk screen process. When student organizations wanted sweatshirts for their members or to market on campus, the officers had to make a trip to act 300 miles away to visit "Shirts and More." David had worked as a part-time employee at Shirts and More while he was in high school and had envisioned owning such a shop. He realized that a sweatshirt shop in Campus Town had the potential to meet all four of his criteria Mere, to obtain information useful in getting his shop started. Because Jayne liked David and was intrigued by his entrepreneurial spirit, she answered many of David's questions. In addition, Jayne provided information concerning the type of equipment David would need for his business and its average useful life. Anyne knows a competitor who is retiring and would like to sell his equipment. David can purchase the equipment at the beginning of 2013, and the owner is willing to give him terms of Sox due upon purchase and Sox due the quarter following the purchase. David has decided to use the sweatshirt supplier recommended by Lane He learned that a gross of good quality weatshirts to be sile screened would cost 514.me has encouraged David to ask the sweatshirt supplier for terms of of water purchases to be paid in the water of purchase with the remaining of the quarter's purchases to be paid in the quarter following the Davide learned from talking with Jame that the ink used in the silkscreen process cost primately 0.75 per shirt Knowing that the screen process is somewhat abor-intensive, David plans to hire she colege students to help with the process. Each one will work an average of 20 hours per week for 50 weeks during the year. David estimates total anual wages for the workers to be 72.000 Indon, David will need one person to the orders, bill customers, and sperate the cash register Cary Sue Smith, who is currently Director of Student Development tastern University has proached David about a job in sales. Cary Sows the officers of all of the student organizations on campus. In ditionshe is very active in the community, David thinks Cary Sue can bring In a lot of business. In addition she also has the clerical skills needed for the position. Because of her conta, David is willing to pay Cary Sue 1.200 per month plus a commission of SON osalesDavid estimates Cary Sue will spend Son of the workeday focusing on sales, and the remaining on will be spent on clerical and administrative duties. David realizes that he will have difficulty finding a person skilled in computer graphics to generate the designs to be printed on the shirts. Jayne recently hired a graphics designer in that position for Shirts and More at a rate of $500 per month plus $0.10 for each shirt printed. David believes he can find a university graphics design student to work for the same rate Jayne is paying her designer David was fortunate to find a commercial building for rent near the university and the downtown area. The landlord requires a one-year lease. Although the monthly rent of $1,000 is more than David had anticipated paying, the building is nice, has adequate parking, and there is room for expansion. David anticipates that 75% of the building will be used in the silk-screen process and 25% will be used for sales David's fraternity brothers have encouraged him to advertise weekly in the Eastern University student newspaper. Upon inquiring, David found that a 303 30 ad would cost $25 per week. David also plans to run a weekly ad in the local newspaper that will cost him $75 per week. David to produce the following us for 2013 Sales budget Schedule of expected collections from customers Shirt purchases but Schedule of expected payments for purches Screen bor budget Selling and administrative expenses budget Budited income statement Cashbudget Buted balance sheet The loan officer advised David that the Interest rate on a 12-month loan would ex. David expects the loan to be taken out as of January 1, 2013 David has estimated that his income tax rate will be 20. He expects to pay the total tax due when returneres led in 2014 cheduled to collections from customers Wang Besar 1. 2018 times the sea for a she manding memory of the North the Year December 21, 2013 David wants to sell a large number of quality shirts at a reasonable price. He estimates the selling price of each customized shirt to be $16. Jayne has suggested that he should ask customers to pay for 70% of their purchases in the quarter purchased and pay the additional 30% in the quarter following the purchases. After talking with the insurance agent and the property valuation administrator in his municipality, David estimates that the property taxes and insurance on the machinery will cost $2.240 annually property tax and insurance on display furniture and cash register will total 380 annually. Jayne reminded David that maintenance of the machines is required for the silk-screen process. In addition, David realizes that he must consider the cost of utilities. The building David wants to rent is roughly the same size as the building occupied by Shirts and More. In addition, Shirts and More sells approximately the same number of shirts David plans to sell in his store. che precedente Walton Clothing, the the Year 2013 Therefore, David is confident that the maintenance and utility costs for his shop will be comparable to the maintenance and utility costs for Shirts and More, which are as follows within the relevant range of zero to 8,000 shirts. Shirts Sold Utility Costs Maintenance Costs $1.716 1,720 $1,100 1,158 January February March April May 1,740 1,171 1,198 1,740 1,758 1,268 June 1,274 2,000 2,110 2,630 3,150 5,000 5,300 3,920 2,080 8,000 6,810 6,000 3,000 July August September October November December 1,818 1,825 1,780 1,914 1,860 1,855 1,749 1,205 1,117 1,400 1,362 1,347 1,193 David estimates the number of shirts to be sold in the first five quarters, beginning January 2013, to be: First quarter, year 1 Second quarter, year 1 Third quarter, year 1 Fourth quarter, year 1 First quarter, year 2 8,000 10,000 20,000 12,000 18,000 David decides to establish his company as a corporation. He will invest $10,000 of his personal savings in the company. Seeing how determined his son was to become an entrepreneur, David's father offered to co-sign a note for an amount up to $20,000 to help David open his sweatshirt shop, Walton Clothing, Inc. However, when David and his