Chapter 1, Problem 1.1FSC

(1)

To determine

Financial statements: Financial statements are condensed summary of transactions communicated in the form of reports for the purpose of decision making.

To find: The balance of cash and cash equivalents of Corporation T as at January 30, 2016

(2)

To determine

To find: The total of assets of Corporation T as at January 30, 2016, and January 31, 2015

(3)

To determine

To indicate: The accounting equation of Corporation T as at January 30, 2016

(4)

To determine

To indicate: The sales revenue of Corporation T as at January 30, 2016, and mention whether the revenue increased or decreased from 2014 to 2015

(5)

To determine

To indicate: The net income of Corporation T for 2015 and for 2014, and mention whether the earnings became better or worse from 2014 to 2015

(6)

To determine

To solve: ROA of Corporation T for the year ending January 30, 2015

(7)

To determine

To compare: The return on assets of Corporation T with that of Corporation K