SECTION 85 – SAMPLE PROBLEMS
SECTION 85 SAMPLE PROBLEMS problem 1 Jenny developed a new product that she now sells through a number of retail stores. Over the years, since she started the business, she has grown to 5 stores. Jenny owns the land and building of each of the stores. She also has a distribution center. A few years ago, she acquired a parcel of vacant land next to one of her retail stores that she thinks will appreciate in value. Jenny is a resident of Canada and all of the stores and the distribution center are located in Canada. A recent balance sheet for Jenny s business includes the following items: Jenny s Business Balance Sheet Assets Liabilities Cash Accounts Payable Accounts receivable Line of Credit Inventory Mortgages Land inventory Other Long Term Liabilities Machinery and equipment Computers and office furni
SECTION 85 – SAMPLE PROBLEMS PROBLEM 1 Jenny developed a new product that she now sells through a number of retail stores. Over the years, since she started the business, she has grown to 5 …
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