ACC 201 Final Project Part II Bank Memo - ACC 201 Final Project Part II Bank Memo Jelkin Ferrand Southern New Hampshire University To The Chairman

ACC 201 Final Project Part II Bank Memo - ACC 201 Final...

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ACC 201 Final Project Part II Bank MemoJelkin FerrandSouthern New Hampshire University
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To: The Chairman, American Express BankFrom: Jelkin Ferrand - Peyton ApprovedDate:August 5, 2016Subject: LoanIntroduction:Peyton Approved is a fast-growing organization providing dog treats that are hypo-allergenic andhealthy; the product targets sick dogs that react to name-brand treats. The company did well onits first quarter and went from a home-based business to a corporation seeking expansion. Thecompany was founded in July 15, 2015. It aims to capture the bakery market –by focusing onproviding affordable hygienic products –and open more stores throughout the nation.In order to accomplish our goal, we’ll need to raise a certain amount of funds, which puts us inthe need of your financial services. I write to you in the hope of acquiring a loan from yourinstitution. But first, I want to brief you in our practices and how well we did in the last threemonths so that you can take an informed decision.Overview of the Company’s Accounting System:Peyton Approved employs responsible accounting practices. The company’s reports on assetsand expenses are properly and accurately formulated by using the principle of accrual basisof accounting –which as you may know, provides a better understanding of the financialmatters of a company –instead of the cash basis, which requires less knowledge to master. Byusing this principle Peyton Approved seeks to report transactions as they happen, regardlessof the time when funds are received or whether or not we have paid our expenses. For
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