1. Draw up the following financial statements for “Leak-Stoppers LLC”.
a) Income statement for the year ended 31 December 2013, and
b) Balance sheet as at that date.
2. Write a report to accompany the financial statements, addressed to Mr
Mansoor explaining your application and treatment of the following accounting
a) economic entity concept,
b) going concern concept – with regard to acquiring the lease,
c) accrual concept – with regard to the recognition of expenses and revenues,
d) matching concept with regard to accounting for non-current assets,
e) prudence (conservatism) concept with regard to doubtful debts,
f) a comment on his business’s performance (from the Income statement),
g) a comment on his business’s financial standing, from the Balance Sheet)
PLACE THIS ORDER OR A SIMILAR ORDER WITH US TODAY AND GET AN AMAZING DISCOUNT 🙂
Are you interested in this answer? Please click on the order button now to have your task completed by professional writers. Your submission will be unique and customized, so that it is totally plagiarism-free.