ACC557-Week8-WritingAssignment1

ACC557-Week8-WritingAssignment1 - Assignment 1: Application...

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Assignment 1: Application of Financial Statement 1 Assignment 1: Application of Financial Statement Melissa Lawson August 21, 2011 ACC 557009 Dr. Ana Machuca Strayer University
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Assignment 1: Application of Financial Statement 2 Assignment 1: Application of Financial Statement Students will prepare a two to three (2-3) page response to the following: 1. Select either the balance sheet or income statement and explain how the use of it may be applied to your everyday life. 2. Using the same concept selected above, discuss how a business manager may benefit from an understanding of this statement. 3. Discuss how your understanding of the balance sheet and income statement may be applied to your current or future position. Melissa Lawson Balance Sheet August 21, 2011 Assets Liabilities and Owner’s Equity Cash $12,000 Current liabilities $ 1,400 Property 8,500 Long-term liabilities 15,000 Total Assets $20,500 Melissa Lawson, capital 4,100 Total liabilities and owner’s equity $20,500 A balance sheet is a financial statement that reports the assets, liabilities, and owner’s equity at a specific date. The balance sheet is like a snapshot of the financial condition at a specific moment in time. 1. Select either the balance sheet or income statement and explain how the use of it may be applied to your everyday life. We are living in a time of global economics, and the global economy is suffering.
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This note was uploaded on 01/14/2012 for the course ACC 557 taught by Professor Makkawi during the Fall '10 term at Strayer.

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ACC557-Week8-WritingAssignment1 - Assignment 1: Application...

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