Case 3-1 Maynard Company B*

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Master in Business Administration Program School of Business and Management Xavier University - Ateneo de Cagayan Cagayan de Oro City Case No. 3-1 MAYNARD COMPANY (B)* I. VIEWPOINT Friend, Diane Maynard II. STATEMENT OF THE PROBLEM 1. How to prepare an Income Statement in a proper form for June and explain the derivation of each item including Cost of Sales? 2. Why is the change in Cash balance greater than the Net Income? 3. Why the following amounts are incorrect Cost of Sales for June and what circumstances would it be a correct Cost of Sales? a) $ 14,715 b) $ 36,030 III. OBJECTIVE 1. To be able to present in…show more content…
3-1 Question No. 2 MAYNARD COMPANY (B)* Attachment C Why is the change in Cash balance greater than the Net Income? The Changes in Cash Balance was greater than the Net Income because the Company received Cash and Payments (Sales + Receivables + Bank Loan) more than it paid Cash (Payables + Expenses) amounting to $31,677.  Transactions that increases Cash but did not affect Net Income 1. Bank Loan which was a financing

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