100% satisfaction guarantee Immediately available after payment Both online and in PDF No strings attached
Previously searched by you
MNE3701 Assignment 2 (COMPLETE ANSWERS) Semester 1 2024 - DUE 30 April 2024 Course Entrepreneurship and Small Business Management (MNE3701) Institution University Of South Africa (Unisa) Book Small Business Management£2.05
Add to cart
MNE3701 Assignment 2 (COMPLETE ANSWERS) Semester 1 2024 - DUE 30 April 2024 Course Entrepreneurship and Small Business Management (MNE3701) Institution University Of South Africa (Unisa) Book Small Business Management
38 views 2 purchases
Module
Entrepreneurship and Small Business Management
Institution
University Of South Africa
Book
Small Business Management
MNE3701 Assignment 2 (COMPLETE ANSWERS) Semester 1 2024 - DUE 30 April 2024 ;100% TRUSTED workings, explanations and solutions. ......... QUESTION 1 • Demonstrate how you would go about constructing financial statements of your small business with reference to practical examples. (30) QUESTION 2 ...
MNE3701 Assignment 6 (COMPLETE ANSWERS) Semester 2 2024 - DUE 8 November 2024
MNE3701 Assignment 4 (COMPLETE ANSWERS) Semester 2 2024 - DUE 11 October 2024
MNE3701 Assignment 6 (COMPLETE ANSWERS) Semester 2 2024 - DUE 8 November 2024; 100% TRUSTED Complete, trusted solutions and explanations.
All for this textbook (36)
Written for
University of South Africa
Entrepreneurship and Small Business Management
All documents for this subject (200)
Seller
Follow
MasterVincent
Reviews received
Content preview
MNE3701 Assignment 2
(COMPLETE ANSWERS)
Semester 1 2024 - DUE 30
April 2024 ;100% TRUSTED
workings, explanations and
solutions.
ADMIN
[COMPANY NAME]
, QUESTION 1 • Demonstrate how you would go about constructing financial
statements of your small business with reference to practical examples. (30)
Constructing financial statements for a small business is a crucial aspect of financial
management and decision-making. These statements provide insights into the financial health
and performance of the business, aiding in strategic planning, attracting investors, and complying
with regulatory requirements. In this comprehensive guide, we'll discuss the practical steps
involved in creating financial statements for a small business, using examples to illustrate each
stage.
1. Introduction to Financial Statements: Financial statements typically include the Income
Statement, Balance Sheet, and Cash Flow Statement. Each serves a unique purpose:
• Income Statement: It showcases the revenue earned and expenses incurred over a
specific period, resulting in net income or loss.
• Balance Sheet: It presents the financial position of the business at a particular point in
time, detailing assets, liabilities, and equity.
• Cash Flow Statement: It tracks the cash inflows and outflows, depicting how cash
moves within the business.
2. Gathering Financial Data: To start, gather relevant financial data from various sources,
including:
• Sales records
• Purchase invoices
• Bank statements
• Payroll records
• Loan agreements
• Tax documents
3. Creating the Income Statement: Begin by calculating the net income for the period. Here's a
simplified example:
Revenue $50,000
Cost of Goods Sold (COGS) $20,000
Gross Profit $30,000
Operating Expenses $15,000
Net Income $15,000
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller MasterVincent. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for £2.05. You're not tied to anything after your purchase.
