Chapter 4, Problem 4.1BYP

(a)

To determine

Financial Statements: A financial statement is a complete record of the financial transactions that takes place in a company at a particular point of time. It provides important financial information like assets, liabilities, revenues and expenses of the company to its internal and external users. It helps them to know the exact financial position of the company. There are four basic financial statements; they are the income statement, retained earnings statement, balance sheet, and statement of cash flows.

Current Assets: Current assets refer to the assets of a business which are kept in reserve for the purpose of converting them into cash, in a short time period, or in next twelve months.

To determine: The total current assets of A Company

(b)

To determine

Whether the assets included by A Company are listed in proper order

(c)

To determine

The classification of assets of A Company

(d)

To determine

Total cash and cash equivalents of A Company as at September 28, 2013

(e)

To determine

Total current liabilities of Incorporation A at September 28, 2013 and September 29, 2012