Your friend Maxine plans to supplement her job salary by running her own company at night and on the weekends. When the company earns enough money so that she can pay for a holiday house in Fiji, she plans to pay the company's bills, sell its remaining assets, withdraw all its cash and shut it down. Since Maxine will be extremely busy with her regular job and with running her new company, she plans to wait until she is ready to shut down the company to prepare a balance sheet, income statement and cash flow statement. You think this is a bad idea. Required:

Do your best to convince Maxine that she should prepare financial statements more often, giving her examples of how doing this can help her and her company.