Chapter 3, Problem 3.2APFA

1.

To determine

The amount which Incorporation AE reports for current assets, for the most recent year.

2.

To determine

The amount which Incorporation AE reports for current liabilities, for the most recent year.

3.

To determine

To List: Any current assets or current liabilities that likely relate to adjusting entries.

4.

To determine

The change in retained earnings reported in the balance sheet.

5.

To determine

The amount of net income reported in the income statement, for the most recent year.

6.

To determine

To Calculate: The amount of dividends paid during the year, and to verify it by looking at the retained earnings column in the statement of stockholders’ equity.