Based off of the work I have so far, can you answer the following questions and does this all make sense without seeing all the information:

1. Analyze the information you developed in the financial statements. What risks does Teal Digital Consulting face? Can the selection of alternative accounting policies mitigate these risks? If no, how can the identified risks for the small business to be covered? Defend your position.
2. Had the company made a profit through October 31, 2019 as Megan Teal believed? If so, how would you explain why the cash in the bank had declined? Simply saying they spent money is not a sufficient answer....but "why" is there a difference?
3. How would you report the status and financial future of the business on October 31, 2019?

Accounting 1- Answers - Microsoft Excel File Home Insert Page Layout Formulas Data Review View do Cut Calibri 11 - A= = Wrap Text General E AutoSum . A Paste Copy * Fill - Format Painter BI U . DA Merge & Center . $ - % , $68 408 Conditional Format Formatting . as Table . Styles Insert Delete Format 2 Clear . Sort & Find & Clipboard Styles Filter Select Cells Editing 0147 G M NO 144 Adjusted Trial Balance Balance sheet 146 As at October 31 147 As at October 31 148 Debit Credit Assets Cash 149 $1,675 Current Assets Accounts Receivable 10,500 Cash $1,675 150 Supplies 1,300 10,500 151 Prepaid Insurance 1,925 Accounts Receivable Supplies 1,300 152 Intangible Assets 7,500 Prepaid Insurance 1,925 153:c. Dep. & Amortiz. Expense-Softw Long term assets 154 Office Furniture 8,500 Intangible Assets 7,500 7,083 155 ep. & Amortiz. Expense-Office Fun Acc. Dep. & Amortiz. Expense-Softwa -417 156 Office Equipment 7,000 Office Furniture 8,500 8,217 157 p. & Amortiz. Expense-Office Equ 292 Dep. & Amortiz. Expense-Office Furn -283 158 Computer Equipment 17,000 Office Equipment 7,000 6,708 159 & Amortiz. Expense-Computers e 944 3,500 ep. & Amortiz. Expense-Office Equip -292 160 Accounts Payable Computer Equipment 17,000 16,056 161 Interest Payable 140 . & Amortiz. Expense-Computers eqi -944 162 Note Payable 28,000 Total Assets $53,464 163 Owner's Capital 30,500 Liabilities & Owner's Equity Drawings 600 Current Liabilities 165 ervice Revenue 49,500 Accounts Payable 3,500 166 Rent Expense 9,600 140 167 nsurance Expense 175 Interest Payable Non current Liabilities 168 Supplies Expense 1,750 Note Payable 28,000 Accounting 1- Answers - Microsoft Excel 83 File Home Insert Page Layout Formulas Data Review View * Cut Copy * Calibri = = Wrap Text General E Autosum - BIU . . DA. | Merge & Center - $ - % , 148 8 Conditional Format Insert Delete Format 3Fill . Format Painter Number Formatting " as Table . Styles . 2 Clear . Font Alignment Styles Cells Filter . Select L186 M 169 Supplies Expense 1,750 Note Payable 28,00 Repairs Expense 170 . & Amortiz. Expense-Office Furni 283 Owner's Capital 24,624 292 Total Liabilities & shareholders 56,264 172pep. & Amortiz. Expense-Software 417 173 Amortiz. Expense-Computers egy 944 174 1,975 Interest Expense 140 Salaries Expense 36,000 Income Statement $111,376 113576 For the period Ending October 31 Service Revenue 181 Less: Opearting Expenses: 182 183 Rent Expense Insurance Expense 9.609 175 Supplies Expense 185 Repairs Expense 3,800 186 . & Amortiz. Expense.Office Furni 283 187 & Amortiz. Expense-Office Equip 188 Dep. & Amort 189 Amortiz. Expense-Computers eqy 191 Utilities Expense 1.975 36,000 -55,236 192 Salaries Expense Operating loss 1 Sheet6 Sheet7 Sheets Sheet9 Sheet10 Sheet11 Sheet6 /Sheet7 Sheet8 Sheet9 Sheet10 Sheet11 /Sheet12 Sheet13