Project 9.1-11 Ans

Project 9.1-11 Ans - operation. Balance SheetTotal Current...

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#1 Income Statement—Cost of Goods Sold: There is no cogs. This company is a service company, the company doesn’t need to buy and sell goods. It just provide service. Income Statement—Net Income: $6,490. The company is doing a good job. High profit and low expense. Balance Sheet—Accounts Receivable Balance: $0, the company is doing a good job having all the customers paying on time. Balance Sheet—Total Current Assets: $7,290. It’s doing now bad for the first year of
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Unformatted text preview: operation. Balance SheetTotal Current Liabilities: $7,990. Its doing not bad for the first year of operation. Statement of Cash FlowsEnding Cash Balance: $7,290. Its pretty good considering a Sole Proprietorship with just being a middleman. #2 To improve the companys financial performance, more service has to be completed. The company has to build up reputation in order to get higher profits....
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