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1
It is generally thought that the financial statements report on the
financial health and progress (or digress) of a company. Select
one of the financial reports and explain what information it
provides for decision making
2
Please attempt this problem and see what you come up with.
Please do not attach a file
with your response, instead write or copy and paste your
answer into the threads. Thanks.
E1-21A
Amounts of the assets and liabilities of Mary Burke Banking
Company, as of August 31, 2012, are given as follows. Also
included are revenue and expense figures for the year ended on
that date (amounts in millions):
Total revenue
$ 31.4
Receivables
0.3
Current liabilities
155.4
Common stock
14.2
Interest expense
0.1
Salary and other employee expenses
17.4
Long-term liabilities
2.6
Investment assets
$169.3
Property and equipment, net
1.6
Other expenses
6.6
Retained earnings, beginning
9.3
Retained earnings, ending
?
Cash
2.8
Other assets
14.2
Construct the balance sheet of Mary Burke Banking Company at
August 31, 2012. Use the accounting equation to compute
ending retained earnings.

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1It is generally thought that the financial statements report on t.docx

  • 1. 1 It is generally thought that the financial statements report on the financial health and progress (or digress) of a company. Select one of the financial reports and explain what information it provides for decision making 2 Please attempt this problem and see what you come up with. Please do not attach a file with your response, instead write or copy and paste your answer into the threads. Thanks. E1-21A Amounts of the assets and liabilities of Mary Burke Banking Company, as of August 31, 2012, are given as follows. Also included are revenue and expense figures for the year ended on that date (amounts in millions): Total revenue $ 31.4 Receivables 0.3 Current liabilities 155.4 Common stock 14.2 Interest expense 0.1 Salary and other employee expenses 17.4 Long-term liabilities 2.6 Investment assets $169.3
  • 2. Property and equipment, net 1.6 Other expenses 6.6 Retained earnings, beginning 9.3 Retained earnings, ending ? Cash 2.8 Other assets 14.2 Construct the balance sheet of Mary Burke Banking Company at August 31, 2012. Use the accounting equation to compute ending retained earnings.