Chris Schandling is a loan officer at the First National Bank in Rochester, Minnesota. One day Nathan

Question:

Chris Schandling is a loan officer at the First National Bank in Rochester, Minnesota. One day Nathan Wooten, who owns KidzLand (an indoor playground for young children), comes to the bank to see Chris about getting a $50,000 loan.

Required: (1) What types of questions do you think Chris will ask Mr. Wooten? Come up with at least three types of questions.

(2) What types of financial information do you think Chris will ask Mr. Wooten to provide? If Mr. Wooten asks Chris why this financial information is needed, how should Chris respond?

(3) Is it important that KidzLand’s financial statements follow GAAP? Why or why not? lo7

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JAPHETH KOGEI

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