Problem Three:

E1.11 on page 1-39, except note that both businesses are limited companies, not proprietorships. After calculating the amounts in (a) through (d), also answer (e) through (g) that follow:

(e) How can you tell that these businesses are limited companies and not proprietorships?

(f) The textbook uses the term "net income" to summarise profitable operations.What is the term used in IFRS (the term we will use in this course)?

(g) Assume that the CFO of Greene's Goods also owns shares in the company. Suppose the CFO receives a $40,000 salary and $10,000 in dividends. What would be the final effects of each of these on the SOCI, the Balance Sheet, and the Statement of Changes in Equity?

E1.11 (LO 5) Two items are omitted from each of the following summaries of statement of financial position Analyze financial statements items. and income statement data for two proprietorships for the year 2020, Greene's Goods and Solar Enterprises. Greene's Solar Goods Enterprises Beginning of year: Total assets (1 10,000 (129,000 Total liabilities 85,000 (c) Total equity (a) 80,000 End of year: Total assets 160,000 180,000 Total liabilities 120,000 50,000 Total equity 40,000 130,000 Changes during year in equity: Additional investment (b) 25,000 Dividends 37,000 (d) Total revenues 220,000 100,000 Total expenses 175,000 60,000