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Credit approval in a contract for deed addendum states the buyer will provide the seller a signed financial statement within 5 days of final acceptance of the contract. The buyer authorizes the seller to conduct credit checks.
What are financial statements?
Financial statements are a group of summaries of information regarding the cash flows, financial position, and financial results of an organization. They consist of the cash flow statement, balance sheet, and income statement.
The following are some uses for financial statements:
- to assess a company's capacity for producing cash and the sources and use of that cash.
- to ascertain if a company has the ability to pay down its debts.
- to monitor financial outcomes over time in order to identify any potential problems with profitability.
- to calculate financial ratios from the financial statements that can be used to assess the state of the enterprise.
- should look into certain commercial transactions specifics as described in the disclosures that go along with the statements.
To learn more about financial statements, visit:
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