ACCT 3309 Lecture 3 - Class 3 How the Financial Statements...

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Class 3 How the Financial Statements are Related
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Balance Sheet Assets Liabilities Equity (Net Worth or Shareholder Equity) Income Statement Revenue Expenses Statement of Cash Flows Cash In & Cash Out Resulting from: Operations Investing Financing The Statements
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Income Statement to Balance Sheet Net Profit becomes a part of Retained Earnings. Balance Sheet to Statement of Cash Flows (CSF). CSF reconciles Beginning to Ending Cash. How the Statements are Related
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Sale of 2 birdbaths with a cost of $20 for a cash sale price of $30. Sale of 100 birdbaths with a cost of $20 each for a sales price of $30 each on credit.
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Unformatted text preview: Next month…. .receipt of $3,000 in payment for the 100 birdbaths. Purchased 50 birdbaths for cash. Purchased 10 birdbaths on account (A/P). Paid for 10 birdbaths purchased on account. Purchased supplies for cash $40. Birdbath Example Purchased a copy machine for $5,000 cash. Determine 1 st years depreciation on copier (5 yr. life, S.L) Note: Purchase of Supplies = Expense Purchase of Copier = Capitalize Birdbath Example Ch. 6, pp. 87-97 Systems & Reports Ch. 7, pp. 99-117 Intro. To Periodic SEC Reports List of Group Members & Company due. Assignments...
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