Presented below are condensed data from the financial statements of Gallo Factory for 2014 and 2013.The figures are expressed in thousands.Use this information to answer the questions that follow.
Required: Based on the information provided,is Gallo Factory considered a business or non-business entity? How do you know by examining the financial statements?
Definitions:
Domestic Industries
Industries within a country’s borders that produce goods and services for the local market.
Foreign Competition
The economic competition that domestic companies face from abroad in both local and international markets.
Dodd-Frank Act
A comprehensive financial reform legislation enacted in 2010 in the United States, aimed at reducing risks in the financial system and protecting consumers.
Antifraud Provisions
Regulatory measures designed to protect investors by preventing fraudulent trading practices and securities fraud.
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