Business, 16.10.2020 07:01, wwwvio7565
Estella Osage publishes an online travel magazine. In need ofcash, the business applies for a loan with National Bank. The bank requires borrowers to submit financial statements. With little knowledge of accounting, Estella Osage, the owner, does not know how to proceed. The explanations for how to prepare each statementRequirements:1. What are the four financial statements that the business will need to prepare?2. Is there a specific order in which the financial statements must be prepared?3. Explain how to prepare each statement. Requirements 1, 2, and 3. What are the four financial statements that the business will need to prepare? Is there a specific order in which the financial statements must beprepared? Explain how to prepare each statementIn the first column, select the four financial statements that the business will need to prepare. In the second column, select the number corresponding with the order the financial statements must be prepared. If there is no specific order, select "n/a" for each statement. In the third column, select the letter grouping that corresponds with the proper explanations for how to prepare each statement.1. Financial statement 2. Order 3. How to preparea. Each asset account is listed separately and then totaled. Cash is always listed first. b. Each dollar amount is calculated by evaluating the cash column on the transaction detail. c. Each expense account is listed separately from largest to smallest and then subtotaled if necessary. d. Financing activities include cash contributions by the owner and owner withdrawals of cash. e. Investing activities include the purchase and sale of land and equipment. f. Liabilities are listed separately and then totaled. Liabilities that are to be paid first are listed first. g. Net income is calculated as total revenues minus total expenses. h. Operating activities involve cash receipts for services provided and cash payments for expenses paid. i. The beginning capital is listed first and will always be the ending capital from the previous time period. j. The ending cash balance must match the cash balance on the balance sheet. k. The header includes the name of the business, the title of thestatement, and the date, listed as a period of time.ββl. The header includes the name of the business, the title of thestatement, and the date, listed as a specific date. m. The owner's contribution and net income are added to the beginning capital. n. The owner's equity is taken directly from the statement ofowner's equity. o. The owner's withdrawals are subtracted from capital. If there had been a netloss, this would also be subtracted. p. The revenue accounts are always listed first and then subtotaled if necessary. q. This statement must always balance. Assets = Liabilities + Equity
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