a.

b.c.

Financial statements are prepared: Multiple Choice Only for publicly owned business organizations. For corporations, but not for sole proprietorships or partnerships. Primarily for the benefit of persons outside of the business organization. In either monetary or nonmonetary terms, depending upon the need of the decision maker. At December 31, Year 1, the accounting records of Braun Corporation contain the following items: Accounts Payable Land Capital Stock Building Retained Earnings $ 14,500 $ 237,000 ? $ 177,000 $ 157,000 Accounts Receivable Cash Equipment Notes Payable $ 37,000 ? $ 117,000 $ 187,000 If Capital Stock is $257,000, what is the December 31, Year 1 cash balance? Multiple Choice $615,500. $92,500. $47,500. $84,500. At December 31, Year 1, the accounting records of Braun Corporation contain the following items: Accounts Payable Land Capital Stock Building Retained Earnings $ 15,000 $ 238,000 ? $ 178,000 $ 158,000 Accounts Receivable Cash Equipment Notes Payable $ 38,000 ? $ 118,000 $ 188,000 If Capital Stock is $318,000, total assets of Braun Corporation at December 31, Year 1, amounts to: Multiple Choice $717,000. $103,000. $917,000. $679,000