Chapter 1, Problem 17QS

To determine

A

Concept Introduction:

Balance sheet:

A balance sheets represents the financial position of a business in terms of its assets, liabilities and shareholder's equity.

Assets:

The assets can be defined as the things that are resources owned by the owner of the business or the company which have future economic value. Example cash, investment, equipment etc.

Liabilities:

The liabilities can be defined as the sum or the total of short-term i.e. current liabilities and long-term i.e. long-term liabilities. The short-term and long-term liabilities are the debts or obligations which needs to be paid on a later decided date.

Equity:

Equity can be defined as the capital invested by the shareholders of the company plus all the retained earnings as well as the including the preferred share capital.

To Identify:

The amounts (in millions of Korean won) of Samsung's 2017 −

(1) Assets,
(2) Liabilities
(3) Equity

To determine

B

Concept Introduction:

Balance sheet:

A balance sheets represents the financial position of a business in terms of its assets, liabilities and shareholder's equity.

Assets:

The assets can be defined as the things that are resources owned by the owner of the business or the company which have future economic value. Example cash, investment, equipment etc.

Liabilities:

The liabilities can be defined as the sum or the total of short-term i.e. current liabilities and long-term i.e. long-term liabilities. The short-term and long-term liabilities are the debts or obligations which needs to be paid on a later decided date.

Equity:

Equity can be defined as the capital invested by the shareholders of the company plus all the retained earnings as well as the including the preferred share capital.

To prove:

  $Assets=Liabilities+Equity$

For Samsung for the year 2017.