Project 10.1.-10 Ans - have a large amount of asset Balance...

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Leong Thomas #1 Income Statement—Cost of Goods Sold: $5,100. The company is doing great selling 5k worth of goods. It’s not bad for a company that started for just one month. Income Statement—Net Income: $2,725. Net Income for this month should be $3,525 without paying next month’s rent. The company is doing great for having $2,725 for the first month of operation. Balance Sheet—Accounts Receivable Balance: $4,294.50. The company is doing well developing their reputation for this field. It’s a good start. Balance Sheet—Total Current Assets: $21,062.53. It’s always good for a company to
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Unformatted text preview: have a large amount of asset. Balance Sheet—Total Current Liabilities: $1,402.53 It’s decent. Statement of Cash Flows—Ending Cash Balance: $15,068.03. It’s good to have a large amount of currency flow. That means the company can aim for better profit. #2 To improve the company’s financial performance, sales will need to be increased. And it’s good not to keep too much goods in the inventory just in case of failing to sell the product....
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