Bergman Chapter 2 HMWK

Bergman Chapter 2 HMWK - Chris Bergman Principles of...

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Chris Bergman Principles of Finance SECTION 25049 OPC 004 September 29, 2008 christopherbergman@g.austincc.edu 1) Income statement : A financial statement that measures a company's financial performance over a specific period. Balance sheet: A financial statement that summarizes a company's assets, liabilities and shareholders' equity at a specific point in time. Accounts such as cash, inventory and property are on the asset side of the balance sheet, while on the liability side there are accounts such as accounts payable or long-term debt. Statement of returned earnings: reconciles the net income during a given year and any cash dividends paid, with the change in retained earnings between the start and the end of that year. 3) Cathy Chen, CPA Income Statement For the year ending December 31, 2009 Sales Revenue $360,000 Less: Operating expenses Salaries 180,000 34,000 Office supplies 10,400 17,000 Lease Expense 32,400 Depreciation expense
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Bergman Chapter 2 HMWK - Chris Bergman Principles of...

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