BUSI1002 Introduction to Accounting Tutorial Assignment Solution
Service businesses include:
Standard and Poor’s, Dun & Bradstreet,
Merrill Lynch, Southwest Airlines, CitiCorp, Humana, Charles Schwab, and
Businesses offering products include Nike, Reebok, Gap,
Apple Computer, Ford Motor Co., Philip Morris, Coca-Cola, Best Buy, and
(a) Assets are resources owned or controlled by a company that are
expected to yield future benefits. (b) Liabilities are creditors’ claims on
assets that reflect obligations to provide assets, products or services to
others. (c) Equity is the owner’s claim on assets and is equal to assets
minus liabilities. (d) Net assets refer to equity.
The four basic financial statements are: income statement, statement of
owner’s equity, balance sheet, and statement of cash flows.
34. At December 31, 2006, RadioShack had (in millions) assets of $2,070.0,
liabilities of $1,416.2, and equity of $653.8.
Quick Study 1-7