Mike is planning to expand his business and invest in several new Taco Giant trucks.To qualify for a loan,the bank wants to know the net income of Mike's business.What kind of document should Mike provide?

Question

Quizplus · Accepted Answer

A profit and loss statement, also known as an income statement, shows the revenue, expenses, and net income of a business over a specific time period. This will provide the bank with the information they need to assess the financial health of Mike's business and determine if he is eligible for a loan. A cash flow analysis, balance sheet, and budget would also provide useful information, but they may not specifically address the bank's request for net income.

Mike Is Planning to Expand His Business and Invest in Several