I just want to make sure I am not missing something this is the question I would like help with.Kate Collins has always been good at puting together rhymes for any occasion. Kate is a recent college graduate with a double major in business and art. Kate has always had a bit of an entrepreneurial streak and has decided to open her own business designing and selling greeting cards. Kate decided that she would rent a small studio where she would design the cards on a new Apple iMac that she is planning to purchase. Kate also decided to offer classes in greeting card design to other aspiring greeting card producers. After much thought, Kate decided to name her business " Kate's Cards."Serial Problem Kate's Card Chapter 1 b.SP1 b) What accounting information will Kate need to run her business?My answer is Assets = Liabilities + Owner's Equity, is called the accounting equation. (Wallace, Nelson, & Christensen, 2020) so therefore, she will need a Balance sheet, Income statement and Statement of cash flow. The balance sheet will include the owner’s equity because she is not yet a corporate business. What Am I missing? or is this covering everythin?
I just want to make sure I am not missing something this is the question I would like help with.Kate Collins has always been good at puting together rhymes for any occasion. Kate is a recent college graduate with a double major in business and art. Kate has always had a bit of an entrepreneurial streak and has decided to open her own business designing and selling greeting cards. Kate decided that she would rent a small studio where she would design the cards on a new Apple iMac that she is planning to purchase. Kate also decided to offer classes in greeting card design to other aspiring greeting card producers. After much thought, Kate decided to name her business " Kate's Cards."Serial Problem Kate's Card Chapter 1 b.SP1 b) What accounting information will Kate need to run her business?My answer is Assets = Liabilities + Owner's Equity, is called the accounting equation. (Wallace, Nelson, & Christensen, 2020) so therefore, she will need a Balance sheet, Income statement and Statement of cash flow. The balance sheet will include the owner’s equity because she is not yet a corporate business. What Am I missing? or is this covering everythin?
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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I just want to make sure I am not missing something this is the question I would like help with.Kate Collins has always been good at puting together rhymes for any occasion. Kate is a recent college graduate with a double major in business and art. Kate has always had a bit of an entrepreneurial streak and has decided to open her own business designing and selling greeting cards. Kate decided that she would rent a small studio where she would design the cards on a new Apple iMac that she is planning to purchase. Kate also decided to offer classes in greeting card design to other aspiring greeting card producers. After much thought, Kate decided to name her business " Kate's Cards."Serial Problem Kate's Card Chapter 1 b.SP1 b) What accounting information will Kate need to run her business?My answer is Assets = Liabilities + Owner's Equity, is called the accounting equation. (Wallace, Nelson, & Christensen, 2020) so therefore, she will need a Balance sheet , Income statement and Statement of cash flow . The balance sheet will include the owner’s equity because she is not yet a corporate business. What Am I missing? or is this covering everythin?
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