Accounting Statements

Accounting Statements - There are four statements that a...

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There are four statements that a business uses to track their financial records, the income statement, statement of owner’s equity, balance sheet, and statement of cash flow. An income statement is a summary of the income coming and going out in a business over a certain period time. The income statement covers fees earned, revenue, expenses and net income. At the Stepping Stones Child Development Center, the earned income for November was 70,000.00(100 children @700.00 a month). The operating expenses for the month are Wages $50,000 supplies $2,000 and food $2500.00 for a total operating expenses of 54,500.00. The Net income for the month of November was $ 14,500. The center is located on the campus of Georgia State University therefore rent and utilities are paid by the state. The statement of owner’s equity is a summary concerning changes that occur in an owner’s equity over a certain period of time. The statement of owner’s equity lists the net income and the deductions for that
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This note was uploaded on 07/07/2011 for the course BUSINESS 350 taught by Professor Mitchell during the Fall '09 term at Troy.

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Accounting Statements - There are four statements that a...

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