Colleen Fernandez, president of Rhino Enterprises, applied for a $175,000 loan from First Federal Bank. The bank requested financial statements from Rhino Enterprises as a basis for granting the loan. Colleen has told her accountant to provide the bank with a balance sheet. Colleen has decided to omit the other financial statements because there was a net loss during the past year.
Discuss the following questions:
- Is Colleen behaving in a professional manner by omitting 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?
Post to the module discussion board and then reply to at least two of your classmates posts.
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