What did george do that may have concerned the bank

Reference no: EM131418583

George began a business, and after collecting $6,000 from an equity investor and borrowing $5,000 from a bank, he purchased a piece of land for $8,000. During the year, he leased the land to Sheila and received $3,000 in cash. He paid $2,500 cash for expenses during the year and paid an $800 dividend to the equity investor.

Prepare an income statement, a statement of shareholders' equity, a balance sheet, and statement of cash flows for the period. What did George do that may have concerned the bank? Explain.

Reference no: EM131418583

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