South Corporation has been in the business of delivering small packages for local companies within the city of Atlanta, Georgia, since 1960. The following information concerning financial activities during 2015 is available at December 31, 2015: A. Prepare an income statement for the year ended December 31, 2015.
B. If you were a bank loan officer and South Corporation wanted to borrow $100,000 from your bank, would you lend the money? Explain.
C. Calculate retained earnings at December 31, 2015.

Question

South Corporation has been in the business of delivering small packages for local companies within the city of Atlanta, Georgia, since 1960. The following information concerning financial activities during 2015 is available at December 31, 2015:  A. Prepare an income statement for the year ended December 31, 2015.
B. If you were a bank loan officer and South Corporation wanted to borrow $100,000 from your bank, would you lend the money? Explain.
C. Calculate retained earnings at December 31, 2015.

Quizplus · Accepted Answer

The Answer of South Corporation has been in the business of delivering small packages for local companies within the city of Atlanta, Georgia, since 1960. The following information concerning financial activities during 2015 is available at December 31, 2015:  A. Prepare an income statement for the year ended December 31, 2015.
B. If you were a bank loan officer and South Corporation wanted to borrow $100,000 from your bank, would you lend the money? Explain.
C. Calculate retained earnings at December 31, 2015.

South Corporation Has Been in the Business of Delivering Small