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Unit 2 Notes - statements made Order in which financial...

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Select a company that you are familiar with from the transportation industry. Collect the 4 main financial statements from credible sources (e.g., nationally syndicated newspapers, peer-reviewed journals, investor relations, Web sites or annual reports. Create a flow chart that illustrates the steps in the accounting cycle. Include any other relevant information in the chart that would apply within the steps. When reviewing the financial statements, focus your attention on the expenses and revenues incurred by the company. Adhere to APA formatting guidelines when writing your response. Additionally, your response should be free of grammatical errors, use complete sentences, and give specific details to support
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Unformatted text preview: statements made. Order in which financial statements are prepared • Income statement: prepared first with the revenue and expense account balances • Statement of retained earnings = beginning balance of retained earnings, add net income. Subtract dividends = retained earnings • Balance sheet Accounting cycle Journalize and post accounting transactions Prepare the trial balance Journalize and post adjusted entries Prepare and adjust trial balance Prepare financial statements Journalize and post closing entries Prepare a post-closing trial balance...
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