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Explain why is it important for a small company like Pet Airways to prepare a regular budget?

Knowing What You Now Know

Now that you have read the chapter and observed the Pet Airways company video, answer the following Critical Thinking Questions.

  1. Considering Pet Airways’ accounting equation, what might be some of the firm’s liabilities? What might be considered assets?
  2. Identify the types of costs that Pet Airways might list on its income statement?
  3. Why is it important for a small company like Pet Airways to prepare a regular budget?

View This – Pet Airways Is a “”Feel-Good” Business

Alysa Binder and Dan Wiesel, co-founders of Pet Airways love what they do. They also love their furry customers who they provide custom services too! Alysa and Dan are not only having fun doing what they love, but they are running a business. To learn more about this incredible fun business:

1. Read CASE 15.3 at the end of Chapter 15 (The narrative is on page 531).
2. Watch carefully the following video clip and take notes.

Click on the following link to access the video: Pet Airways – Accounting and Financial Statements

Click on the link to access a transcript of the video: Pet Airways – Accounting and Financial Statements

We will discuss this in class.


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