By Robert Libby, Patricia A. Libby Fred Phillips

The required textbook for any access point collage accounting path.

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5. 6. Type Statement Land Wages Expense Accounts Receivable Rent Revenue Contributed Capital Note Payable After you have finished, check your answers with the solution in the margin. 1. 2. 3. 4. 5. 6. indd 16 9/18/09 5:41:54 PM Confirming Pages CHAPTER 1 Business Decisions and Financial Accounting 17 “So, you’ve just seen how your financial statements should look in one month and how they relate. ” “It actually makes me anxious to get started. ” Evaluate the Results USING FINANCIAL STATEMENTS The financial statements are a key source of information when external users, like creditors and investors, make decisions concerning a company.

It is slightly more expensive to form than a sole proprietorship because a lawyer typically is needed to draw up a partnership agreement, which describes how profits are shared between partners and how that would change if new partners are added or existing partners leave. indd 4 9/18/09 5:41:35 PM Confirming Pages CHAPTER 1 5 Business Decisions and Financial Accounting The key advantage of a partnership over a sole proprietorship is that it typically has more resources available to it, which can fuel the business’s growth.

Indd 11 9/18/09 5:41:42 PM Confirming Pages 12 CHAPTER 1 EXHIBIT 1. 3 Business Decisions and Financial Accounting Statement of Retained Earnings Explanation PIZZA AROMA, INC. 3 Again, a dollar sign is used at the top and bottom of the column of numbers and a double underline appears at the bottom. The Balance Sheet YOU SHOULD KNOW Balance sheet: Reports the amount of assets, liabilities, and stockholders’ equity of a business at a point in time. 4 The next financial report is the balance sheet.

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