Alex Kerr has been running Kerr Consulting as a proprietorship but is planning to expand operations.

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Alex Kerr has been running Kerr Consulting as a proprietorship but is planning to expand operations in the near future. In Chapter 12 , Alex had considered taking on a partner, but decided not to form a partnership after all. To raise cash for future expansion, he has now decided to incorporate and create Kerr Consulting Corporation. He has gone through all the legal steps to incorporate his business; as of February 1, 2014, Kerr Consulting Corporation is authorized to issue an unlimited number of common shares and 50,000 $2.00 preferred shares. The Kerr Consulting January 31, 2014, balance sheet appears below. All amounts in the accounting records reflect current market value. Kerr Consulting Assets Cash…………………………………………………………$32,350 Accounts receivable…………………………………………….4,900 Inventory………………………………………………………2,713 Supplies………………………………………………………….100 Prepaid rent……………………………………………………2,000 Equipment……………………………………………………..2,000 Accumulated amortization-equipment…………………………(66) Furniture……………………………………………………….6,000 Accumulated amortization-furniture…………………………(200) Total assets………………………………………………….$49,797

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