You are promoting a rock concert in your area. Your purpose is to earn a profit, and you organize Concert Enterprises as a corporation.
1. Make a detailed list of 10 factors you must consider to establish the business.
2. Describe 10 of the items your business must arrange in order to promote and stage the rock concert.
3. Prepare your business’s income statement, statement of retained earnings, and balance sheet on June 30, 20XX, immediately after the rock concert. Use made-up amounts, and include a complete heading for each financial statement. For the income statement and the statement of retained earnings, assume the period is the three months ended June 30, 20XX.
4. Assume that you will continue to promote rock concerts if the venture is successful. If it is unsuccessful, you will terminate the business within three months after the concert. Discuss how you will evaluate the success of your venture and how you will decide whether to continue in business.