22 Aug Discussion Board wk 7 Acc 307
10439Ava has always wanted to own her own business. Last year, she took the leap and leased a pet store in a nearby city. She incurred start-up and large inventory costs for buying food in bulk. She also had to purchase four large tables and two machines to help move the food in storage. She even hired four people: a groomer, a clerk, a stock person, and a bookkeeper. Unfortunately, the bookkeeper has accounting experience but no tax experience. Now, she is lost.
How can Ava handle the start-up costs? What kinds of assets can they depreciate?
What kinds of records should Ava keep?
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