3. You are an employer of a financial institution in Canada where you have beenworking as a loan officer for about one year. Patrick, who is a client, approaches youfor a loan of $35,000 to invest in his company. You were then provided with thefollowingCash$13,000$4,000$10,000$9,000Student LoanClothingEquipment$25,000$3,000$2,000Credit Card BalanceDebt to a friendAutoa. Group the information under assets and liabilitiesb. What is the owner's equity?c. Will you approve the loan? Give reasons for your answerd. If the company was a corporation, what items in the table are you likely to ignore?

The first two questions as been answered.

3. You are an employer of a financial institution in Canada where you have been working as a loan officer for about one year. Patrick, who is a client, approaches you for a loan of $35,000 to invest in his company. You were then provided with the following Cash $13,000 $4,000 $10,000 $9,000 Student Loan Clothing Equipment Credit Card Balance Debt to a friend $25,000 $3,000 $2,000 Auto a. Group the information under assets and liabilities b. What is the owner's equity? c. Will you approve the loan? Give reasons for your answer d. If the company was a corporation, what items in the table are you likely to ignore?

3. You are an employer of a financial institution in Canada where you have been working as a loan officer for about one year. Patrick, who is a client, approaches you for a loan of $35,000 to invest in his company. You were then provided with the following Cash $13,000 $4,000 $10,000 $9,000 Student Loan Clothing Equipment Credit Card Balance Debt to a friend $25,000 $3,000 $2,000 Auto a. Group the information under assets and liabilities b. What is the owner's equity? c. Will you approve the loan? Give reasons for your answer d. If the company was a corporation, what items in the table are you likely to ignore?

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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