Accounting assignment Chap. 1

Generalize about how financial report standards evolve:

Charlie and Maribelle Brown have owned and operated a retail furniture store for more than 20 years. They have employed an independent

CPA during this time to prepare various sales tax, payroll tax, and income tax returns, as well as financial statements for themselves

and the bank from which they have borrowed money from time to time. They are considering selling the store but are uncertain about how

to establish an asking price.

Prepare a brief written answer (no more than a couple of paragraphs) about what type of information is likely to be included in the

material prepared by the CPA that may help the Browns establish an asking price for the store.

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