February 2007
Intermediate to advanced
288 pages
6h 32m
English
book
Crash Course in Accounting and Financial Statement Analysis, Second Edition
by Matan Feldman, Arkady Libman
Content preview from Crash Course in Accounting and Financial Statement Analysis, Second Edition
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Lemonade Stand and the Accounting Equation
Recalling the lemonade stand (see Chapter 5), you opened a business checking account, into which you put $100 of your own money and borrowed $50 from the bank, which agreed to lend it to you at a 10% annual interest rate.
At its inception on January 1, 2005, what are the lemonade stand’s assets (resources) and how were those assets funded (liabilities and shareholders’ equity)?
| Assets | = | Total cash available to the business | = | $150 |
| Liabilities | = | Bank loan | = | $50 |
| Shareholders’ equity (SE) | = | Your own money | = | $100 |
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