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Chap5 Notes - account for a large portion of revenue 6...

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I. Publicly owned companies a. those with shares listed on a stock exchange II. Annual Report a. Includes compaitive financial statements b. Other info relating to the company’s financial position, business operations, and future prospects III.Financial statements a. Must b audited by a firm of CPAs b. Notes to the financial statements i. Items disclosed 1. Lawsuits pending 2. Schedueled plant closings 3. Governmental Investigations 4. Significant Events occurring after balance sheet date 5. Specific customers that
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Unformatted text preview: account for a large portion of revenue 6. Unusual transactions and related party transactions IV. Closing Temp. Accts a. Gets the temporary accts ready for the next accounting period i. Process 1. Close revenues to income summary 2. Close Expense accounts to Income Summary. 3. Close Income Summary account to Retained Earnings. 4. Close Dividends to Retained Earnings V. Sales Revenue has a credit balance a. Closing entry requires a debit to the Sales Revenue Account...
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