Financial Statements of Landry's Restaurant
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Using the financial statements of Landry's Restaurants located in Appendix A of the text, Fundamentals of Financial Accounting 1st ed., by Phillips, Libby, and Libby
Need to prepare an answer to b & e:
b. What are the total assets? Which financial statement did you find this information? What are the components of this financial statement?
e. Which financial statement do you feel is the most important? Why?
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Solution Summary
Various financial examinations of Landry's restaurant are given based upon reports.
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Total assets for Landry Restaurants for the year 2003 were reported as $1,102,785,506. This data is located in the consolidated balance sheet (located in Appendix A of the annual report).
The consolidated balance sheet contains information outlining the sub-components that comprise assets, liabilities, and shareholders' equity-the three variables in the accounting equation (assets=liabilities + shareholders' equity). For example, assets are broken down into current assets (those assets that will be converted to cash within an accounting cycle) and long term assets (those assets that will not be converted to cash within an accounting cycle). These sub-categories are divided ...
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