acc 401 wk 2 homework ch 3

2

b. Balance Sheet

Balance sheet is a statement of financial position. It is one of the main reports in financial statements. It shows the financial position of the company. Balance sheet will be prepared for a specific period. It summarizes a company’s assets, liabilities and shareholders’ equity. It is prepared by using accounting equation that is ’Assets = Liabilities + Stockholders’ Equity’.

Consolidated balance sheet at the date of acquisition of P Company and subsidiary is
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