Trade credit is a source of spontaneous financing

Excellent, Inc sells accounting textbooks

The following information summarizes Excellent's operating activities for the year: Merchandise Inventory, January 1 $10,000 Merchandise Inventory, December 31 7,000 Purchases 95,000 Selling and Administrative Expenses 65,000 Sales Revenue 180,000 Required: Prepare Excellent, Inc's income statement for the year ended December 31. What will be an ideal response

Once a sound financial plan is in place, there should be no need to ever change it

Indicate whether this statement is true or false.