The Following Are the Assets, Liability, and Equity of Anil's

question 111

Essay

The following are the assets, liability, and equity of Anil's Animation.
Cash
Retained Earnings
Accounts Payable
Accounts Receivable
Office Equipment
Common Shares
Notes Payable
Art Supplies
a) What type of business organization is Anil's Animation?
b) Identify the accounts according to the accounting equation.

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Definitions:

Manufacturing Defects

Flaws in a product resulting from the manufacturing process that make it dangerous or unfit for its intended use.

Arbitration

A process for the settlement of disputes whereby an impartial third party or board hears the dispute, then makes a decision that is binding on the parties. Most commonly used to determine grievances arising out of a collective agreement, or in contract disputes.

Automobiles

Motor vehicles with four wheels designed primarily for passenger transportation on public roads.

Caveat Emptor

Latin: “Let the buyer beware.”