Susan told her friend that she was very angry with her father. She had asked...
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Accounting
Susan told her friend that she was very angry with her father. She had asked her father for a car, and her father replied that he did not have the cash. Susan said that she knew that her father was not telling the truth because she had seen a copy of her fathers business records. These records contained a balance sheet that showed a retained earning account with $650,000 in it. She said that anybody with $650,000 had enough cash to buy her daughter a car.
Required: Explain why Susans assessment of her fathers cash position may be invalid. What financial statements and which items on those statements would enable her to make a more accurate assessment of her fathers cash position?
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