Acct 151 chapter 1

Acct 151 chapter 1 - shareholders investors Bank of America...

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Chapter 1 3. When a company such as Apple Computer develops new software they need financial statements to determine potential profitability and how to market the product. When new bills are passed in Congress financial statements allow for examination of the bill’s impact on the national budget. Financial statements also allow anyone wishing to purchase stock the information needed to make a proper investment. 4. Users of financial statements can be senators, Apple Computer, corporate
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Unformatted text preview: shareholders, investors, Bank of America, or any investment or consulting firm. 25. 1. Assets Liabilities and Owner’s Equity Total Assets = 5 million Liabilities = 3 million Owner’s Equity =2 million Total Liabilities= 5 million 2. Assets Liabilities and Owner’s Equity Total Assets = 6 million Notes Payable = 1million Liabilities = 3 million Owner’s Equity = 2 million Total Liabilities = 6 million 49. 1. 315, 326 2. ? 3. 2729746= 2082427+5076...
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This note was uploaded on 04/29/2008 for the course ACCT 151 taught by Professor Largay during the Spring '07 term at Lehigh University .

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