1) Working capital includes both current and non-current assets. Do you agree or disagree with this statement? Explain.

2)Why does the equity section of a balance sheet usually contain an account, capital in excess of par?

3) Explain why common stockholders are paid after preferred stockholders.

4)Compare the information supplied by an income statement, a balance sheet, and a statement of cash flows.

5) Are retained earnings and cash the same thing? Explain.

6) What assets are current assets? Which of these assets are least liquid? Why?