The financial statements of Brookfield Asset Management Inc. are presented at the end of the book. Complete the following instructions by referring to these financial statements and the accompanying notes.

Instructions

(a) What were the company's total assets at the end of the two periods that are presented?

(b) How much cash (and cash equivalents) did the company have at December 31, 2014?

(c) What were the company's revenues for the current and preceding year?

(d) By what percentage did 2014 revenues change over those of 2013? Did net income change at the same rate? Explain.

(e) Using the financial statements and related notes, identify at least three different types of adjusting entries Brookfield would have made in preparing its financial statements for the year ended December 31, 2014.

(f) Identify all the items causing changes in retained earnings, including amounts, for the company's year ended December 31, 2014.

(g) Briefly summarize what management's responsibilities are for the financial statements and for the systems of internal control that produce the financial information. How do you know they have actually carried out their responsibilities?