Chapter 3, Problem 3.4BYP

(1)

To determine

Balance Sheet

Balance sheet is a financial statement that reports a company’s resources (assets) and claims of creditors (liabilities) and stockholders (stockholders’ equity) over those resources. The resources of the company are assets which include money contributed by stockholders and creditors. Hence, the main elements of the balance sheet are assets, liabilities, and stockholders’ equity.

To determine:  The differences between Incorporation V balance sheet and a typical U.S Company’s balance sheet.

(2)

To determine

Liabilities included under the provisions category in the balance sheet of Incorporation V.