ACCT 2000-1

ACCT 2000-1 - ACCT 2000 14:37:00 ← ← Financial...

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Unformatted text preview: ACCT 2000 22/01/2009 14:37:00 ← ← Financial statement • Income statement o Profit/ loss statement o How successful was the company o Summary of results of operations o Summary of revenues and expenses Revenue is inflow of assets for the sales of goods and services Expenses is the outflow of assets and cost incur to generate revenue Revenue – Expenses= revenues should be greater then Expenses and its called (Net Income) • Financial statement o Company name o Date o Income statement Revenues: computer sales, repair services and total all of your revenues Expenses: commission and advertising General Expenses: Rent, utilities, income taxes, cost of goods sold • Balance Sheet o TJ Basketball o 12/31/08 (cumulative) o Summary of assets, liabilities, owners equity Assets: probable future economic benefits Accounts receivable: money people owe you Inventory: all things worth money Liabilities: probable future economic sacrifice Obligations Debt Accounts payable: incoming bills Note: bank loans Owners equity: owners claims to the business Assets – Liabilities Snapshot of the companies financial position ← ← BALANCE SHEET EXAMPLE ← TJ BB Corp. ← Balance sheet ← 12/31/08 ← ← Assets • 1 st Current assets: are cash or expected to be turned into cash within 12 months of balance sheet date o Cash is the first thing you see on the balance sheet •...
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This note was uploaded on 04/24/2010 for the course ACCT 2000 taught by Professor Holmes during the Spring '08 term at LSU.

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ACCT 2000-1 - ACCT 2000 14:37:00 ← ← Financial...

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