ACC 201 BANK MEMO- A.M.docx - Running head ACC 201 FINAL...

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Running head: ACC 201 FINAL PROJECT PART II BANK MEMO 1 ACC 201 Final Project Part II Bank Memo A.M. Southern New Hampshire University
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ACC 201 Final Project Part II Bank Memo 2 To: Bank Manager From: Peyton Approved Date: March 04, 2018 Subject: Request Line of Credit for Business Expansion Peyton Approved is a privately-owned dog treat bakery company specializing in all- natural and organic pet treats products, established on July 2014 in the USA. In the first three months of operations we experienced a significant growth, a line of credit will help the company continue to grow and expand. In this first 3 months we had total sales of $60,221 with net profits of $32,184.05. By obtaining a line of credit this will help ensure our business goals and continued success. The focus and target of Peyton Approved is small families of two to four member that live an active healthy lifestyle and follows the trend of eating organic. These customers value their pets as part of the family and want to promote good health for their pets like how they would themselves. The purpose of this memo is to request a line of credit to expand Peyton Approved businesses. Overview of the Company’s Accounting System Peyton Approved uses the Accrual basis of accounting so that each business transaction and its effects are recorded as it occurs, even when cash is not being exchanged. This means that revenue and expenses are recorded when earned or incurred. Receivables and prepaid expenses
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