AEM 221 Ch 1 Study Sheet

AEM 221 Ch 1 Study Sheet - Net income(Income= R E o Pretax...

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AEM 221 Study Sheet Assets Accounts Recievable Cash Property Liabilities Accounts payable Notes payable Taxes payable Stockholder's Equity Retained earnings (old retained earnings+net income-dividends) o Net income is post taxes Contributed capital ($ from investors) Expenses Operating expenses Cost of products sold Income tax expense Interest expense Revenue Net sales IRCB      (Income statement, Statement of Retained Earnings, Statement of cash flows, Balace       Sheet) Income Statement Total Revenues o Net Sales o Income Total Costs and Expenses o Costs/Expenses
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Unformatted text preview: Net income (Income= R - E) o Pretax Income o Income Tax expense Statement of Retained Earnings • Beginning retained earnings (0 if company just started) • Net Income ( from Income Statement) • Dividends • Ending Retained earnings Statement of cash flows • Cash flows • Cash at beginning of year • Cash at end of year Balance Sheet • Assets (Accounts recievable, cash, property, inventory) • Liabilities (payable, salary) • Stockholders Equity (Retained earnings, contributed capital(money from investors))...
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