basic accounting equations

basic accounting equations - Notes Receivable-short term...

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Beginning Balance + Net Income – Dividends = Ending Balance Basic Accounting Equation Economic resources = rights to those resources as a result of financing the asset acquisitions Things of value = rights of creditors + rights of the owners in the assets of the entity Format of the balance sheet Assets are listed by their ease of conversion into cash (liquidity) Liabilities are listed by their maturity (due date) Assets = Liabilities + Stockholders’ Equity A = L + SE 8 Primary Balance Sheet Accounts as Classified CURRENT ASSETS Cash Marketable securities Accounts receivable (less Allowance for doubtful accounts)
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Unformatted text preview: Notes Receivable-short term Interest receivable Inventory Prepaid insurance Prepaid rent Supplies CURRENT LIABILITIES Accounts payable Wages payable Interest payable Short-term notes payable Current maturities of long-term debt payable Income tax payable Rent payable Dividends payable Unearned rent LONG-TERM INVESTMENTS Long-term note receivable Securities-stocks Long-term bond investment LONG-TERM LIABILITIES Long-term notes payable Bonds payable Mortgage payable Warranty payable Pension payable Capital Lease payable Deferred income taxes payable...
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basic accounting equations - Notes Receivable-short term...

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