Case study #1: It is during the pandemic, your parents decided to build a small business in the city. It was a small convenient store that sell various goods. During the first month of the operation, your parents are extremely happy as it is earning well. The business does not hire staff as your parents decided to oversee the operation. However, in the next few months, the business has been not receiving enough profit to sustain business. You have learned that your parents are not recording the transaction of the business and do not keep any financial records that made difficult to monitor the income and expenses. Hence, what are the actions you may take to improve the management of the business in regards to its cash?
Case study #1: It is during the pandemic, your parents decided to build a small business in the city. It was a small convenient store that sell various goods. During the first month of the operation, your parents are extremely happy as it is earning well. The business does not hire staff as your parents decided to oversee the operation. However, in the next few months, the business has been not receiving enough profit to sustain business. You have learned that your parents are not recording the transaction of the business and do not keep any financial records that made difficult to monitor the income and expenses. Hence, what are the actions you may take to improve the management of the business in regards to its cash?
Practical Management Science
6th Edition
ISBN:9781337406659
Author:WINSTON, Wayne L.
Publisher:WINSTON, Wayne L.
Chapter2: Introduction To Spreadsheet Modeling
Section: Chapter Questions
Problem 20P: Julie James is opening a lemonade stand. She believes the fixed cost per week of running the stand...
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Case study #1: It is during the pandemic, your parents decided to build a small business in the city. It was a small convenient store that sell various goods. During the first month of the operation, your parents are extremely happy as it is earning well. The business does not hire staff as your parents decided to oversee the operation. However, in the next few months, the business has been not receiving enough profit to sustain business. You have learned that your parents are not recording the transaction of the business and do not keep any financial records that made difficult to monitor the income and expenses. Hence, what are the actions you may take to improve the management of the business in regards to its cash?
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