MGAB01H3 Chapter Notes - Chapter 1: Accounts Payable, Issued Shares
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MGAB01H3 Full Course Notes
Verified Note
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Document Summary
Net earnings for the period (*) ,000 + ,000 = ,000. (note: income taxes were ignored in this problem. ) Net earnings = ,700 ,940 = ,760; Shareholders" equity = ,200 ,000 = ,200. Total revenues = ,240 + ,740 = ,980; Total liabilities = ,880 ,010 = ,870. Net earnings (loss) = ,260 ,430 = (,170); Shareholders" equity = ,850 ,850 = ,000. Total expenses = ,680 ,770 = ,910; Total assets = ,890 + ,680 = ,570. Net earnings = ,840 ,720 = ,120; Total assets = ,520 + ,580 = ,100. The personal residences of the organizers are not resources of the business entity. It is not indicated whether the ,000 listed for service supplies and the. ,000 listed for service trucks and equipment reflect their cost when acquired or the current market value on december 31, 2016. Furthermore, the amount listed for bills from customers may not represent the potentially collectable amount.
