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Question 1
20 / 20 pts
(TCO 1) The Accounting Equation is used to develop the organization’s financial reports. (1) Describe what owners’ equity values would be if Assets are $100,000 and Liabilities are $27,000 by showing the Accounting Equation (10 points) and (2) provide an explanation of what accounts could be found in owners’ equity. (10 points)
Question 2
20 / 20 pts
(TCO 1) The financial statements present a company to the public in financial terms. (1) Which financial statement requires input from the Income Statement and Statement of Retained Earnings (10 points), and (2) explain what information this financial statement provides. (10 points)