Accounting: Tools for Business Decision Making, 5th Edition

Published by Wiley
ISBN 10: 1118128168
ISBN 13: 978-1-11812-816-9

Chapter 1 - Introduction to Financial Statements - Broadening Your Perspective - Financial Reporting and Analysis: BYP1-1

Answer

a) Total assets at Dec 31, 2011 were \$857,856. Total assets at Dec 31, 2010 were \$857,959. b) The cash on hand Dec 31, 2011 was \$78,612. c) Accounts payable at Dec 31, 2011 was \$10,683. Accounts payable at Dec 31, 2010 was \$9,791. d) Total revenue in 2011 was \$532,505. Total revenue in 2010 was \$521,448. e) Net income (or net earnings) decreased by \$9,125.

Work Step by Step

a) Total assets are found on the balance sheet. b) The cash balance is found on the statement of cash flow and also on the balance sheet. c) Accounts Payable is a liability found on the balance sheet. d) Revenue is found on the income statement. e) The change in net income is found by comparing the income statements from the 2 years. $53,063-43,938=9,125$
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