ACC DQ
1
It is generally thought that the financial statements report on the financial health and progress (or digress) of a company. Select one of the financial reports and explain what information it provides for decision making
2
Please attempt this problem and see what you come up with. Please do not attach a file with your response, instead write or copy and paste your answer into the threads. Thanks.
E1-21A
Amounts of the assets and liabilities of Mary Burke Banking Company, as of August 31, 2012, are given as follows. Also included are revenue and expense figures for the year ended on that date (amounts in millions):
|
Total revenue |
$ 31.4 |
|
Receivables |
0.3 |
|
Current liabilities |
155.4 |
|
Common stock |
14.2 |
|
Interest expense |
0.1 |
|
Salary and other employee expenses |
17.4 |
|
Long-term liabilities |
2.6 |
|
Investment assets |
$169.3 |
|
Property and equipment, net |
1.6 |
|
Other expenses |
6.6 |
|
Retained earnings, beginning |
9.3 |
|
Retained earnings, ending |
? |
|
Cash |
2.8 |
|
Other assets |
14.2 |
Construct the balance sheet of Mary Burke Banking Company at August 31, 2012. Use the accounting equation to compute ending retained earnings.
