Project Part 1
Onyx Corporation, a promising young jewelry company, has recently finished its second year of business with less than satisfactory figures on their financial statements. While the company’s assets increased from their initial year of business to their second year, their liabilities also increased. The owners of the company were disappointed to note that the company’s income statement showed a rather significant loss from the previous year (nearly $322,000 more) and both years have had seriously negative net incomes. The owners of the company expected a loss in their first year of business due to the initial costs of opening the business; however, they were rather surprised by this year’s increased loss.