need answers to questions 1-4
Me 9Search ACC111 GroupProjectilnstructions_V1a.docx - Saved Help View Review Mailings References Layout AaBbCcD AaBbCcDx AaBbi AaBbCcC AaB A 1 Normal 1 No Spac. Heading 1 Heading 2 A A Aa- Ap Title A-D- A- Styles Paragraph Group Project 1 Let's examine a case using Sal's Silly Song Corporation and Greg's Tunes Corporation. It is now the end of the first year of operations and both company's want to know how well they came out at the end of the year. Neither business kept complete accounting records. There were no dividends paid out by either corporation. Assume that the Stockholders' Equity given includes only the initial investment made by each corporation's shareholders. The following is the financial information supplied by the two companies at year end. Sal's Silly Song Corporation $23,000 $8,000 $35,000 $22,000 Total Assets Stockholders' Equity Total Revenues Total Expenses Greg's Tunes Corporation Total Liabilities Stockholders' Equity Total Expenses Net Income $10,000 $6,000 $44,000 $9,000 Sal and Greg were the sole owners of their respective corporations. Greg has forgotten all the accounting he learned in college Sal majored in English literature, so she never learned any accounting. To gain information for evaluating their businesses, they ask you several questions. For each answer you must show your work to convince the two companies that you know what you are talking about Answer each auestion including comnutations on the workinn naner file nrovided Focus HEWLETT-PACKARD Mollie O Search ACC111_GroupProject IInstructions_V1 a.docx - Saved Help References Mailings Review View Layout A A Aa- A E-E-E- EE T AaBbCcD AaBbCcD AaBbl AaBbCcC A aB AaE Title Su 1 No Spac. Heading 1 Heading 2 1Normal Styles ont Paragraph $9,000 Net Income Sal and Greg were the sole owners of their respective corporations. Greg has forgotten all the accounting he learned in college. Sal majored in English literature, so she never learned any accounting. To gain information for evaluating their businesses, they ask you several questions. For each answer you must show your work to oonvince the two companies that you know what you are talking about. Answer each question including computations on the working paper file provided. 1. Which business has more Assets? Include in your answer the computation of the total Assets for Greg's Tunes Corporation 2. Which business owes more to creditors? Include in your answer the computation of the total Liabilities for Sal's Silly Song Corporation. 3. Which business has more Stockholder's Equity? Include in your answer the computation of Stockholders' Equity for both companies 4. Which business brought in more Revenue? Include in your answer the computation of the total Revenue for Greg's tunes Corporation. 5. Which business was more profitable? Include in your answer the computation Net Income for Sale's Silly Song Corporation 6. Which of the questions in 1-5 do you think is the most important for evaluating these two businesses, and explain why? 7. Which business looks better from a financial standpoint and explain why? DFocus KARD %23
