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Financial report. I will be talking about the financial performance of my business including how a profit and loss account works and what my account tells me.

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Introduction

Example Of A Financial Report My business is a service for the community. I wash cars for a small fee round my local area and I am the only person who is involved and carries out my business. In this statement I will be talking about the financial performance of my business including how a profit and loss account works and what my account tells me. Financial performance is key to have a successful business so this means that it is key to use profit and loss accounts and also balance sheets. With a profit and loss account the main thing you can use it for is to see if you are making a profit or a loss and then from this you can decide whether the business is worth carrying on or expanding or whether that you should just stop with the business because its making a loss/ not viable. ...read more.

Middle

The profit my business makes is calculated my taking away all of the expenses I have (overheads) from all of the sales I make this is called net profit. Gross profit is net profit with other deductions like the stock we have at that time. In a balance sheet it lists all of you assets and liabilities for your business. There are a few different kinds of assets, fixed assets are things like buildings, vehicles and equipment. I only have equipment has a fixes asset as I walk to where I am working and I use school for my building to carry any other work out the amount of fixed assets on my balance sheet total to £5.48. The other type of asset on my balance sheet is current assets which includes what stock I have, Debtors which is any money that is owed to the business and also what money the business has either in cash or in the bank. ...read more.

Conclusion

In June which was at the start of my business I already had a result over 1 and it was 1.65 so this meant that my business was already safe at the beginning and in September it rises more than double the amount in June to 4.40 and then in December it dramatically rises to 17.96 which is absolutely outstanding for a business. But obviously my business doesn’t include allot of the things that over business would have to do with cost. So because of doing my business as a project at school I don’t have to pay for the building or any telephone calls, I also get the use of internet and a computer which I don’t pay for so if I was starting this business on my own I would have allot more costs and obviously the resulting figures I get out of this ratio would be much smaller because of all the extra liabilities my business have. JUNE Acid Test= Cash-stock £19.01-£8.99 Current liabilities £12.10 =£0.83 SEPTEMBER £53.01-£0.00 £4.10 =£12.93 DECEMBER £67.92-£0.00 £0.00 =£67.92 ...read more.

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