(Solution) - Using Financial Reports Evaluating the Reliability of a Balance -(2025 Original AI-Free Solution)

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Academic Level: Undergrad. (yrs 3-4)

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Pages: 5 Words: 1375

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Using Financial Reports: Evaluating the Reliability of a Balance Sheet
Frances Sabatier asked a local bank for a $50,000 loan to expand her small company. The bank asked Frances to submit a financial statement of the business to supplement the loan application. Frances prepared the following balance sheet.

Required:
The balance sheet has several flaws. However, there is at least one major deficiency. Identify it and explain itssignificance.