AFM 101 Misc

AFM 101 Misc - -Declaring dividends may affect: asset...

Info iconThis preview shows page 1. Sign up to view the full content.

View Full Document Right Arrow Icon
AFM 101 Misc LAB1 - Ending retained earnings – beginning retained earnings = net income – dividends - Beginning Total Equity, plus / minus Net Income / Loss, plus Additional Shareholder Investment, less Dividends = Ending Total Equity - PURCHASE OF TRUCKS FOR USE IN BUSINESS DOES NOT REPRESENT EXPENSE? - SERVICE SUPPLIES PURCHASED FOR USE IN BUSINESS (STATES EXPLICITLY THAT THEY HAVE BEEN USED), HOWEVER, REPRESENT EXPENSES?
Background image of page 1
This is the end of the preview. Sign up to access the rest of the document.

Unformatted text preview: -Declaring dividends may affect: asset (cash), liability (dividend payable); must affect equity (retained earnings) because ending retained earnings = beginning retained earnings + net income dividends LAB2-Cash received for repair of merchandise is not revenue-Tool received in exchange for shares is not revenue...
View Full Document

Ask a homework question - tutors are online