You are asked to provide a Business Report (1,000 words for the main body of the report) for the friends who have invested in Fashion Clothing, commenting on the business’ prospects and including the following five financial statements:
Since none of the investors have a background in accounting and finance, you should also explain what each of these statements means as a part of your report.
1. An opening statement of financial position at the start of July 20X5.
2. A monthly cash flow forecast, showing the bank balance at the end of each of the 6 months and indicating what level of overdraft facilities the friends need to negotiate with their bank manager. Explain what additional expense they should take into account as a result of needing this financial assistance (overdraft).
3. A projected income statement for the first 6 months of trading.
4. A projected statement of financial position for Fashion Clothing at the end of its first 6 months of operations.
5. A projected statement of cash flows for the first 6 months of trading and using the indirect method.
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