Question: Evan O Brien publishes a travel magazine In need of cash

Evan O’Brien publishes a travel magazine. In need of cash, the business applies for a loan with National Bank. The bank requires borrowers to submit financial statements. With little knowledge of accounting, Evan O’Brien, a stockholder, does not know how to proceed.

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.

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  • CreatedJanuary 16, 2015
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