2. Terry Maness, Inc., publishes a travel magazine. In need of cash, the business asksMetro Bank for a loan. The…

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2. Terry Maness, Inc., publishes a travel magazine. In need of cash, the business asks

Metro Bank for a loan. The bank requires borrowers to submit financial statements.

With little knowledge of accounting, Terry Maness, the sole shareholder, does not

know how to proceed.

Requirements

R1. Explain how to prepare the balance sheet and the income statement.

R2. Which organization is the self-regulating body of accountants that defines pronouncements

that guide how the financials will be prepared?

R3. Indicate why a lender would require this information.

R4. What type of organization is Terry Maness?

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