Accounting Help!?

Answers:0   |   LastUpdateAt:2012-08-20 03:18:02  

Asked at 2012-08-20 03:18:02
Two students bought a cart for $ 4000 that was created for the sale of food . This cost , along with the cost of supplies and licenses brought their initial expenses to $ 5,200. We used $ 700 of personal savings , and a loan of $ 4,500 from the parents of Nancy . They agreed to pay interest on the loan balance each month based on an annual rate of 6% . They return the capital in the next two years . Their average monthly income is $ 6,400 and out-of -pocket expenses of 3,900 for ingredients , supplies , exclusive of interest . They believe that the car will last at least three years , after which it is expected to sell for $ 500. MedlinePlus MedlinePlus a) Prepare the annual pro forma income statement , balance sheet and cash flow statement for the first year in business .

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