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Explain why the balance sheet equation must balance

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Problem 1: How do the balance sheet, income statement and statement of cash flows each present a different view of the financial well-being of a firm?

Problem 2:

A) In words, explain why the balance sheet equation must balance?

B) What is the meaning of (owner's) equity?

C) Downriver Excursions LLC buys a new boat on credit for $10,000. How does this affect the income statement, balance sheet, and statement of cash flows for that calendar year? What if anything will be affected and by how much?

D) Downriver Excursions LLC buys a new boat on credit for $10,000. How does this affect the income statement, balance sheet, and statement of cash flows for that calendar year? What if anything will be affected and by how much?

Reference no: EM132796767

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