Managerial Accounting Balance Sheet and Income statement

Managerial Accounting Balance Sheet and Income statement -...

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Managerial Accounting Balance sheet & income Statement
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Balance Sheet Assets Liabilities Liabilities are obligations, usually money owned Income Statement: Revenues Expenses Gains Losses Balance Sheet Categories (it maintains the historical record of tis categories for the entire history of the business) Assets Liabilities Owner’s equity Assets ( these are resources that a business owns for the purpose of generating profits ) Accounts Receivable Inventory (materials you are selling, for example, Toyota cars) Equipment Cash Liabilities: (obligations that the business undertakes for the purpose of generating profits)
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Notes Payable Wages Payable Accrued Interest Payable Accounts Payable Income Statement Sales Revenue Selling Expenses Cost of Sales Wage expenses Net income : Revenues – Expenses Expenses (for the Buckley Bookstore) $28,750 Revenues 45,000 Net Income: $45,000-$28,750 = $16,250. Balance Sheet Accounts Payable Inventory Retained Earnings Accounts Receivable
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Equipment Current Assets:! (they are expected to turn into cash within a year)
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