Jul
Chester Hunter, president of Jackrabbit Enterprises, applied for a $250,000 loan from Belgrade National Bank. The bank requested financial statements from Jackrabbit Enterprises as a basis for granting the loan. Chester has told his accountant to provide the bank with a balance sheet. Chester has decided to omit the other financial statements because there was a net loss during the past year.
Is Chester behaving in a professional manner by ommiting some of the financial statements?
What types of information about their businesses would owners be willing to provide bankers? What types of information would owners not be willing to provide?
What types of information about a business would bankers want before extending a loan?
What common interests are shared by bankers and business owners?
Answer:
It sounds like you’re looking for someone to do your homework for a course you are on, but haven't really paid much attention to.
Some of the more obvious: the bank would need full disclosure of audited financial accounts for the past few years, including fixed assets of the business, other collateral, shareholder information and probably personal financial standing of the directors.
Financial transparency and security are common interests.
Answer:
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