Final Answer:
a) The extracted information from Sun Corporation's bank statement and accounting records for July 2016 allows for a comprehensive financial statement analysis.
b) With the data extracted, preparation of a cash flow statement for Sun Corporation for July 2016 becomes feasible.
c) The bank statement and accounting records' comparison facilitates the reconciliation process for Sun Corporation's finances in July 2016.
d) Analyzing the budget variances through the extracted information aids in understanding Sun Corporation's financial performance against the set budget for July 2016.
Step-by-step explanation:
The provided data from the bank statement and accounting records for July 2016 empowers Sun Corporation to conduct an in-depth financial statement analysis. This process involves evaluating the company's financial health, profitability, and efficiency, using tools like ratios, trends, and comparisons to assess its performance.
Furthermore, the extraction of this information enables the preparation of a cash flow statement for Sun Corporation for July 2016. This statement details the company's cash inflows and outflows during that period, providing insights into its liquidity and ability to meet financial obligations.
The comparison between the bank statement and accounting records facilitates the bank reconciliation process for Sun Corporation in July 2016. This entails identifying and rectifying discrepancies between the company's records and the bank statement, ensuring accuracy in financial reporting.
Moreover, the analysis of budget variances using the extracted information aids in comprehending Sun Corporation's financial performance against the set budget for July 2016. This involves assessing differences between actual financial outcomes and the planned budget, helping management understand where and why variations occurred and enabling informed decision-making for future budgeting strategies.