Day: January 13, 2009

S2-5 S2-9 The total assets is $95,000; total liabilities is $39,000 and the net income is $38,000 in June. S2-11 E2-15 a. (1) because cash ⊂ asset. b. (3) because Fleming’s personal funds are not included in the company’s assets. c. (3) because both cash and land ⊂ asset. d. (1) but adds a payable […]

P1- 45A 1. 2. The Image Runner is actually in a better financial position. The erroneous balance sheet report shows the total shareholders’ equity of $65,600 but it should be $90,700. A higher shareholders’ equity shows a better financial position. 3. Because we don’t know the current value of the equipment so we couldn’t put […]