Solution Manual for Financial Accounting, 10th Edition

Solution Manual for Financial Accounting, 10th Edition provides expert-verified solutions to help you study smarter.

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Chapter 1The Financial Statements 1-1Chapter 1The Financial StatementsShort Exercises(5 min.)S 1-1Computed amounts in boxesTotal Assets=Total Liabilities+Stockholders’ Equitya.$660,000=$320,000+$340,000b.135,000=57,000+78,000c.401,000=45,000+356,000(5 min.) S1-2Ethics is a factor that should be included in every business andaccountingdecision,beyondthepotentialeconomicandlegalconsequences.Ideally, for each decision, honesty and truthfulnessshouldprevail,consideringtherightsofothers.Thedecisionguidelines at the end of the chapter spell out the considerations weshould take when making decisions.Simply, we might ask ourselvesthree questions:(1)Isthe action legal? (2) Who will be affected bythe decision? (3) How will the decision make me feel afterward?

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