Financial Statements - Financial Statements Balance Sheet Income Statement Cash Flow Retained Earnings Statement Balance Sheet o Assets = Liabilities

Financial Statements - Financial Statements Balance Sheet...

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8/27/15 Financial Statements - Balance Sheet, Income Statement, Cash Flow, Retained Earnings Statement - Balance Sheet o Assets = Liabilities + Owner’s Equity (A = L + O) o Assets: things you own Anything ‘receivable’ is an asset List assets by equitity and current and long term (how quickly you can turn to cash) Cash Accts Receivable Prepaid Expenses Inventory Notes Receivable (3 yr.) Equipment Vehicles Buildings Land o Liabilities: things that you owe Unearned Revenue If a customer comes and buys a TV with cash, it is labeled ‘unearned revenue’ until the TV is given to the customer, the ‘unearned revenue’ then turns into a sale in revenue and cash in assets If a customer comes and buys a TV with a payment plan, it is labeled as accounts receivable and revenue each time a payment is paid Anything ‘payable’ is a liability Notes payable vs. accounts payable Notes payable is from a lending agency
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