By Robert Libby

Libby/Libby/Short wrote this article according to their trust that the topic of economic accounting is inherently attention-grabbing, yet monetary accounting textbooks are usually no longer. they suspect most money accounting textbooks fail to illustrate that accounting is an exhilarating box of research and person who is critical to destiny careers in enterprise. while penning this textual content, they thought of profession relevance as their consultant whilst deciding on fabric, and the necessity to interact the coed as their consultant to variety, pedagogy, and layout. Libby/Libby/Short is the single monetary accounting textual content to effectively enforce a real-world, unmarried concentration corporation method in each bankruptcy. scholars and teachers have answered very favorably to using concentration businesses and the real-world monetary statements. the firms selected are enticing and the decision-making concentration indicates the relevance of monetary accounting whether or now not the coed has selected to significant in accounting.

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Or individuals who buy small percentages of large corporations, they make their purchases hoping to gain in two ways. They hope to receive a portion of what the company earns in the form of cash payments called dividends and eventually sell their share of the company at a higher price than they paid. As the Maxidrive case suggests, not all companies increase in value or have sufficient cash to pay dividends. Creditors lend money to a company for a specific length of time. They hope to gain by charging interest on the money they lend.

Beginning Retained Earnings ($5,510) + Net Income ($1,780) – Dividends ($900) = Ending Retained Earnings ($6,390). 18/07/10 4:25 PM Confirming Pages CHAPTER 1 MAXIDRIVE CORP. 5 Statement of Cash Flows cash flows directly related to earning income $ 33,563 (30,854) (450) (1,190) 1,069 cash flows from purchase/sale of productive assets (1,625) (1,625) cash flows from investors and creditors 1,400 (1,000) 400 (156) 5,051 $ 4,895 change in cash during the period ($1,069 2 1,625 1 400) last period’s ending cash balance ending cash on the balance sheet The notes are an integral part of these financial statements.

In doing so, Exeter and American Bank assumed that the statements accurately represented Maxidrive’s financial condition. As they soon learned, and now have claimed in their lawsuits, the statements were in error. 1. On its balance sheet, Maxidrive overstated the economic resources it owned and under- stated its debts to others. 2. On its income statement, Maxidrive overstated its ability to sell goods for more than the cost to produce and sell them. 3. On its statement of retained earnings, Maxidrive overstated the amount of income it reinvested in the company for future growth.

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