ACC 201 Final Project Part II Bank Memo
Stephanie Annis
Southern New Hampshire University
To: The Bank Manager
From: Stephanie Annis/CFO of Peyton Approved
Date: 09/30/2014
Subject: Business Expansion Loan
Peyton Approved is a company that manufactures home-made all-natural and hypoallergenic dog treats. Our dog Peyton has severe allergies which prevent him for eating any local store dog treat products. We found that other dog owners were dealing with these same issues and was a huge demand. We decided to start baking our own all-natural and hypoallergenic dog treats. Over the past year we have been making and selling these treats out of our home. During the last three months we have seen tremendous growth, sales and demand …show more content…
Peyton Approved has substantial strategies in place to make sure that its accounting system is in place. One is by hiring qualified business managers. The role of the business manage(s) include: Safeguarding company assets (Cash), Follow company policies, Promoting operational efficiency and ensuring accurate and reliable account records. Second, there is a special system in place for the recording of cash. Those who record the cash, do not receive the cash. Third, Department Managers are to be contacted and give approval before any cash leave the company. Lastly, the dividing of responsibility between two or more people to prevent fraud and promote accuracy of accounting …show more content…
During the past three months Peyton’s financial statements have shown revenues of $60,063.40, expenses of $27,879.33 net income of $32,184.07, Cost of goods sold- $157.60, retained earnings of $29,184.07 and total assets and liabilities of $66,814.07. This shows that the company has done well for this quarter and is in the position for future growth.
Analysis and Opportunities
Overall, the company shows a high profit, has the potential and the opportunity for continuous growth, success. The company has a positive future and the ability to maintain success business.
Conclusion
In conclusion, Peyton Approved has provided in detail the company’s financials for the past three months and are seeking a business expansion loan. Financials show that Peyton Approved has had a very successful first quarter and is continuing to grow. Products are of great demand and the company shows the substantial funds needed to continue a successful operation.
Sincerely,
Peyton Approved
References
Nobles, T. L., Mattison, B. L., Matsumura, E. M. (2014). Horngren’s financial and managerial accounting (4th ed.). Upper Saddle River, NJ: Pearson Education,
Stephanie Annis
Southern New Hampshire University
To: The Bank Manager
From: Stephanie Annis/CFO of Peyton Approved
Date: 09/30/2014
Subject: Business Expansion Loan
Peyton Approved is a company that manufactures home-made all-natural and hypoallergenic dog treats. Our dog Peyton has severe allergies which prevent him for eating any local store dog treat products. We found that other dog owners were dealing with these same issues and was a huge demand. We decided to start baking our own all-natural and hypoallergenic dog treats. Over the past year we have been making and selling these treats out of our home. During the last three months we have seen tremendous growth, sales and demand …show more content…
Peyton Approved has substantial strategies in place to make sure that its accounting system is in place. One is by hiring qualified business managers. The role of the business manage(s) include: Safeguarding company assets (Cash), Follow company policies, Promoting operational efficiency and ensuring accurate and reliable account records. Second, there is a special system in place for the recording of cash. Those who record the cash, do not receive the cash. Third, Department Managers are to be contacted and give approval before any cash leave the company. Lastly, the dividing of responsibility between two or more people to prevent fraud and promote accuracy of accounting …show more content…
During the past three months Peyton’s financial statements have shown revenues of $60,063.40, expenses of $27,879.33 net income of $32,184.07, Cost of goods sold- $157.60, retained earnings of $29,184.07 and total assets and liabilities of $66,814.07. This shows that the company has done well for this quarter and is in the position for future growth.
Analysis and Opportunities
Overall, the company shows a high profit, has the potential and the opportunity for continuous growth, success. The company has a positive future and the ability to maintain success business.
Conclusion
In conclusion, Peyton Approved has provided in detail the company’s financials for the past three months and are seeking a business expansion loan. Financials show that Peyton Approved has had a very successful first quarter and is continuing to grow. Products are of great demand and the company shows the substantial funds needed to continue a successful operation.
Sincerely,
Peyton Approved
References
Nobles, T. L., Mattison, B. L., Matsumura, E. M. (2014). Horngren’s financial and managerial accounting (4th ed.). Upper Saddle River, NJ: Pearson Education,