Analyze the relationship between the transactions listed below and the success of your current or future business . For example: how would each transaction impact the income statement and balance sheet of your company? illustrate your claims using specific examples

transactions:

- purchasing caskets to display in the funeral home or purchasing one that a customer wants for their loved one. I would document the casket and credit it to accounts payable.

-I will also run into cost of goods sold which would include caskets, vaults, urns, monuments, clothing, memorial packages and jewelry. This are very important and will allow me to keep track of how well each one is doing and if I need to make any changes to help my business.

-Net profits will also be important because that will show how much I made after my customers have bought from me. I will also need to keep a profit and loss statement that will show how well my business is doing from the services offered such as cremation, open casket visitation, and all packages offered to my customers. By keeping track of these transactions, I will be able to see how well of a profit I am making and possibly what service or package needs to go if I am not making any money at all.

Answer rating: 100% (QA)

The transactions listed have significant implications for both the income statement and balance sheet of the funeral home business Lets analyze each t... View the full answer