24 Jun r all of the follo
Answer all of the following questions/problems and submit them to your mentor in a Word document.
You should use a financial calculator and Excel to solve the problems.
Remember: You must export your table(s) from Excel to Word before submitting your work.
Discuss the importance of financial statements and how they are used by businesses.
What is the basic format of the income statement and what is the relevance of the basic categories?
Cash flows for an organization come from operating activities and investment activities. Discuss the importance of each to the organization.
The Happy Auto Shop has the following annual information:
Gross Sales
$700,000
Net sales
$696,000
Gross profit
$448,000
What are the shops returns and allowances and cost of goods sold?
Construct a statement of financial position (balance sheet) for the Humperdink family using the following information:
cash
$50
Checking account
$2,500
student loan balance
$6,000
stocks and bonds
$2,600
savings account
$5,850
residence
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