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Chapter1 - B USI1002 In t roduction to Accounting Tutorial...

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BUSI1002 Introduction to Accounting Tutorial Assignment Solution AS1 Chapter 1 5. Service businesses include: Standard and Poor’s, Dun & Bradstreet, Merrill Lynch, Southwest Airlines, CitiCorp, Humana, Charles Schwab, and Prudential. Businesses offering products include Nike, Reebok, Gap, Apple Computer, Ford Motor Co., Philip Morris, Coca-Cola, Best Buy, and Circuit City. 17. (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. 22. 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 Assets = Liabilities + Equity $375,000 (a) $125,000
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