Concept explainers
1.
Statement of
To Prepare: The statement of stockholder's equity of A Academy for the year December 31, 2015.
2.
Balance sheet: This financial statement 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 Prepare: The balance sheet for the year December 31, 2015.
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Financial Accounting
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