Financial Statement: The Financial statement is the part of final accounts of the company. The primary books of accounts like journal, ledgers are not presentable in front of users of the accounting information, that’s why the accountant of the company will prepare financial statements. The financial statement only records the quantitative information instead of qualitative one. Assets: Assets are the resources that a company needs to run the business. An asset is economic resources of the company. Liabilities: Liabilities are generally the amount owned by the company from lenders, suppliers, or a bank. Liabilities are the burden on the company that they have to pay to others. Equity: The company need finance to run the business. Equity is one of the methods through which the company raises the capital. Accounting Equation : The assets, liabilities and equity relation known as the accounting equation. Assets are the resources of company and that increase as business expand whereas liabilities are the burden on company that has to pay in future, Equity means the owner claim on assets. An Accounting Equation represent the Assets of the Company are equal to the liabilities and Equity of the company a. To identify: The amount of assets liabilities and equity.

Question

Want to see the full answer?

Answer 1

Question

Chapter 1, Problem 9QS

To determine

Financial Statement: The Financial statement is the part of final accounts of the company. The primary books of accounts like journal, ledgers are not presentable in front of users of the accounting information, that’s why the accountant of the company will prepare financial statements. The financial statement only records the quantitative information instead of qualitative one.

Assets: Assets are the resources that a company needs to run the business. An asset is economic resources of the company.

Liabilities: Liabilities are generally the amount owned by the company from lenders, suppliers, or a bank. Liabilities are the burden on the company that they have to pay to others.

Equity: The company need finance to run the business. Equity is one of the methods through which the company raises the capital.

Accounting Equation: The assets, liabilities and equity relation known as the accounting equation. Assets are the resources of company and that increase as business expand whereas liabilities are the burden on company that has to pay in future, Equity means the owner claim on assets. An Accounting Equation represent the Assets of the Company are equal to the liabilities and Equity of the company

a.

To identify: The amount of assets liabilities and equity.

b.

To determine

To verify: Accounting equation

Expert Solution & Answer

Want to see the full answer?

Check out a sample textbook solution

See solution

Students have asked these similar questions

Integrative ExerciseIntegrating Accounting for Liabilities and Equity Obtain Apple's 2016 10-K (filed October 26, 2016) either through the "Investor Relations" portion of its website (do a web search for "Apple Investor Relations") or go to www.sec.gov and click "Company Filings Search" under "Filings." Required: Using Apple's 10-K, answer the following questions (Hint: It may be easier to use the Word or PDF file and use the search feature within the program): 1. Calculate Apple's current, quick, and cash ratios for 2015 and 2016. The industry averages for these ratios for 2016 were 1.72, 1.41, and 0.77, respectively. Round your answers to two decimal places. 2016 2015 Current Ratio fill in the blank 1 fill in the blank 2 Quick Ratio fill in the blank 3 fill in the blank 4 Cash Ratio fill in the blank 5 fill in the blank 6 Comment on Apple's short-term liquidity. For 2016, Apple ____?______ the industry average for the cash but is below the industry average for the…

Identifying Key Numbers from Financial Statements Access Apple Inc.'s 10-K provided on SEC's EDGAR database for financial reports (www.sec.gov). Click link to access a copy of Apple's 2020 10-K: View Apple's 201 What are Apple's dollar amounts for assets, liabilities, and equity at September 26, 2020? Confirm that the accounting equation holds in this case. $ Assets 365,725 x Liabilities + $ 258,578 * $ Equity 107,147 x Round to one decimal place (i.e. 34.5%) What percent of Apple's assets is financed from creditor financing sources? 70.7 X %

In cell D22, by using cell references, calculate the total long-term assets for year 2014 Use the relevant cells from the given data in the balance sheet. In call D23, by using a cell reference, calculate the total assets for year 2014. Refer to the relevant cell from the given data in the balance sheet. Note: The total assets must equal the total liabilities and owners' equity." in cell D18, by using cell references, calculate the total current assets for year 2014. Use the relevant cells in the balance sheet. In cell D16, by using cell references, calculate the accounts receivable for year 2014. Use the relevant cells in the balance sheet, in cell H14, by using cell references, calculate the accounts payable for year 2014. Use the relevant cells from the given cata in the balance sheet. In cell H22, by using cell references, calculate the total owners' equity for year 2014. Use the relevant cells from the given data in the balance sheet. In cell H18, by using cell references,…