Question: Using Accounting Relations to Check Errors (Hard) A chief executive reported the following numbers for fiscal year 2009 to an annual meeting of shareholders (in
Using Accounting Relations to Check Errors (Hard)
A chief executive reported the following numbers for fiscal year 2009 to an annual meeting of shareholders (in millions):

Show that at least one of these numbers must be wrong because it does not obey accounting relations.
Revenues Total expenses, including taxes Other comprehensive income Total assets, end of year Total liabilities, end of year Dividends to shareholders Share issues Share repurchases Shareholders' equity, beginning of year $ 2,300 1,750 (90) 4,340 1,380 400 900 150 19,140
Step by Step Solution
There are 3 Steps involved in it
Get step-by-step solutions from verified subject matter experts
