BU227 Chapter 1: chapter+1+solutions.doc
Document Summary
A business is defined and treated as a separate entity because the owners, creditors, investors, and other interested parties need to evaluate its performance and its potential separately from other entities and from its owners: the heading of each of the four required financial statements should include the following: (a) name of the entity (b) title of the statement (c) specific date or period of the statement, or the period of time it covers (d) unit of measure. I (i) (f) (1) (2) (3) (4) (5) (6) (7) (8) Income statement should show revenues and expenses separately. equity. (4) retained earnings, ,000, should be reported under shareholders" equity. (5) due from customers, ,000, should be reported under assets, i. e. , trade receivables. (6) supplies on hand, ,000, should be reported under assets. (7) accumulated depreciation, ,000, should be subtracted from service vehicles. Financial accounting, 4ce, libby, libby, short, kanaan, gowing 2011 mcgraw-hill ryerson limited.
