Refer to the company you chose in C1.1. Examine this company’s financial statements and answer the following questions:

Required:

1. Examine the balance sheet of this company. Which accounts have debit balances and which accounts have credit balances?
2. Trace the net income from the income statement to the statement of owners’ equity.
3. Trace the ending balance of retained earnings from the statement of owners’ equity to the balance sheet.
4. Trace the ending balance of cash from the statement of cash flows to the balance sheet.
5. What is the date for the end of the accounting cycle?

Data from C1.1

Select a company you are interested in and obtain a copy of its most recent annual report. Keep this report for use throughout this book. Based on the information in this report, answer the following questions:
A. What type of business is this company (service, merchandising, or manufacturing)?
B. Does the company conduct business internationally?
C. What are the company’s primary products and/or services?
D. Who is the chief executive officer of the company?
E. Who is the auditor for the company?
F. Did the company have positive or negative income during the period?
G. What are the total assets at the end of the most recent period?
H. What are the total liabilities at the end of the most recent period?
I. What are the cash flows from operating activities for the most recent period?
J. What are the current, return on sales, and debt-to-equity ratios for the most recent period?