Refer to the Rainmaker financial statements located on My Accounting Lab. Required 1. How much trade and
Question:
Required
1. How much trade and other accounts receivable did Rainmaker have at December 31, 2011?
2. What were total assets at December 31, 2011? At December 31, 2010?
3. Write the company's accounting equation at December 31, 2011, by filling in the dollar amounts:
Assets = Liabilities + Shareholders' Equity
4. Identify total sales revenue for the year ended December 31, 2011, and the year ended December 31, 2010. Did revenue increase or decrease during 2011?
5. How much net income or net loss did Rainmaker experience for the year ended December 31, 2011? Was 2011 a good year or bad year compared to 2010?
Financial Statements
Financial statements are the standardized formats to present the financial information related to a business or an organization for its users. Financial statements contain the historical information as well as current period’s financial... Accounts Receivable
Accounts receivables are debts owed to your company, usually from sales on credit. Accounts receivable is business asset, the sum of the money owed to you by customers who haven’t paid.The standard procedure in business-to-business sales is that...
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Related Book For 
Accounting Volume 1
ISBN: 978-0132690096
9th Canadian edition
Authors: Charles T. Horngren, Walter T. Harrison, Jo Ann L. Johnston, Carol A. Meissner, Peter R. Norwood
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