1 / 5

Susan’s Lawn Service

Susan’s Lawn Service Phone 471-4487. Susan’s Lawn Service. Presented By: Leo, Ashley, Sungtae, David, Tony. BRIEF. Susan set up a company in June, specializing in lawn services.

taurus
Download Presentation

Susan’s Lawn Service

An Image/Link below is provided (as is) to download presentation Download Policy: Content on the Website is provided to you AS IS for your information and personal use and may not be sold / licensed / shared on other websites without getting consent from its author. Content is provided to you AS IS for your information and personal use only. Download presentation by click this link. While downloading, if for some reason you are not able to download a presentation, the publisher may have deleted the file from their server. During download, if you can't get a presentation, the file might be deleted by the publisher.

E N D

Presentation Transcript

  1. Susan’s Lawn Service Phone 471-4487 Susan’s Lawn Service Presented By: Leo, Ashley, Sungtae, David, Tony

  2. BRIEF • Susan set up a company in June, specializing in lawn services. • To buy the utilities, she borrowed $2,500 cash by signing a note payable promising to pay the $2,500 plus interest of $75 at the end of 3 months. • At the end of August, her bank deposits of collections from customers totaled $12,600. • We are going to prepare a quarterly income statement for this company for these 3 months.

  3. Question: • Do you see a need for one or more additional financial reports for this company for 2006 and thereafter? Explain.

  4. Answer: • Yes. Susan needs an additional financial report for her company, such as balance sheet. By taking consideration of assets and liabilities, Susan is able to get a better idea of the financial position of her company. She might also needs a statement of cash flows, which only deals with inflows and outflows of cash, and leads a straight view of her account.

More Related