The newsletter Rural Roots, published by The Rural School and Community Trust, includes an article titled “Student-Run Grocery Store Up and Running.” The article is available at www.ruraledu.org/roots/rr201d.htm.

Instructions Read the article and answer the following questions.

(a) List the various ways that accounting would be critical to the successful formation and operation of Wolf Den Market.

(b) Identify various accounts that would be used by Wolf Den Market. First list balance sheet accounts; then list income statement accounts.

INTERPRETING FINANCIAL STATEMENTS