Chapter 3 - 3-1 3-1 CHAPTER 3 Financial Statements, Cash...

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Unformatted text preview: 3-1 3-1 CHAPTER 3 Financial Statements, Cash Flow, and Taxes Key Financial Statements Balance sheet Income statements Statement of retained earnings Statement of cash flows Accounting income vs. cash flow Federal tax system 3-2 3-2 The annual report Balance sheet provides a snapshot of a firms financial position at one point in time. Income statement summarizes a firms revenues and expenses over a given period of time. Statement of retained earnings shows how much of the firms earnings were retained, rather than paid out as dividends. Statement of cash flows reports the impact of a firms activities on cash flows over a given period of time. 3-3 3-3 Balance sheet: Assets Cash A/R Inventories Total CA Gross FA Less: Dep. Net FA Total Assets 2005 7,282 632,160 1,287,360 1,926,802 1,202,950 263,160 939,790 2,866,592 2004 57,600 351,200 715,200 1,124,000 491,000 146,200 344,800 1,468,800 3-4 3-4 Balance sheet: Liabilities and Equity...
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This note was uploaded on 04/09/2008 for the course BADM 310 taught by Professor O'brien during the Spring '08 term at SD State.

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Chapter 3 - 3-1 3-1 CHAPTER 3 Financial Statements, Cash...

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