a. Know: Identify the three major financial statements. b. Understand: Company B has assets totaling $100,000, but liabilities of $70,000. Calculate Company B's owner's equity? c. Apply: In 2022, Company A had net sales of $465,000, cost of goods sold at $260,000, total operating expenses at 100,000 with taxes of 16,000. In 2022, Company B hadnet sales of 440,000, cost of goods sold at $247,000 total operating expenses at 40,000 with taxes of 12,000. Write three sentences or more in which you calculate and compare the bottom line of two companies.

a. Know: Identify the three major financial statements. b. Understand: Company B has assets totaling $100,000, but liabilities of $70,000. Calculate Company B's owner's equity? c. Apply: In 2022, Company A had net sales of $465,000, cost of goods sold at $260,000, total operating expenses at 100,000 with taxes of 16,000. In 2022, Company B hadnet sales of 440,000, cost of goods sold at $247,000 total operating expenses at 40,000 with taxes of 12,000. Write three sentences or more in which you calculate and compare the bottom line of two companies.

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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