Question

Amy and brian were investigating the acquisition of a tax accounting business, bottom line inc. (bli). as part of their discussions with the sole shareholder of the corporation, ernesto young, they examined the company's tax accounting balance sheet. the relevant information is summarized as follows:

Answer 1

The balance sheet is summarized in the following categories: assets, liabilities, and stockholder's equity. To verify the balance sheet is in balance, assets = liabilities + stockholder's equity.