Chemalite

In regard to the newly formed corporation Chemalite Inc., there are a number of clarifications and points to be made regarding their statements of financial positions. Chemalite Inc. is a recently formed corporation by a chemical engineer with little business background to produce essentially “glow sticks”, useful as safety devices or anything else needed to give off a signal-like light source. With some outside investor help, the company was able to commence operations. It should be noted however, that there was little to no business experience, specifically in regard to the financials of the company and their presentation from any level of immediate interest within the company.
With very little experience from any sort of accounting or financial statement background, it certainly presents a challenge for anyone to accurately describe the financial position of the company. Luckily the bookkeeper that was hired has recorded the transactions of Chemalite and given a good b...