Take a step back in time and imagine Polaris in its infancy as a company. The year is 1954.

1. Read the history of Polaris at Identify the founder of the company.
2. Assume that Polaris was originally organized as a partnership. Polaris’ income statement in Appendix A varies in several key ways from what it would look like for a partnership. Identify at least two ways in which a corporate income statement differs from a partnership income statement.
3. Compare the Polaris balance sheet in Appendix A to what a partnership balance sheet would have shown. Identify and explain any account differences we would anticipate.

  • CreatedNovember 26, 2013
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