Exam1 - Study Stuff - ASSETS Cash Short-term investments...

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A SSETS LIABILITIES OWNER’S EQUITY Cash Accounts payable Paid-In-Capital (i.e. Common Stock) Short-term investments Notes Payable Retained earnings Accounts receivable Accrued Liabilities Revenues: increase Notes receivable Income taxes payable Expenses: decrease Inventory Short-term borrowings Supplies Salaries and wages payable Prepaid expenses Unearned Revenue *LONG-TERM ASSETS* Property, plant, and equipment (PPE) Intangibles Investments
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INCOME STATEMENT STATEMENT OF RETAINED EARNINGS BALANCE SHEET Revenues and Gains – Expenses and Losses Net Income Beginning retained earnings +Net income (-Net loss) -Dividends Ending retained earnings Assets = Liability + Owner’s Equity INCOME STATEMENT STATEMENT OF RETAINED EARNINGS BALANCE SHEET Time Frame Period of time (Movie) Period of time (Movie) Point in time (Snapshot) Content Revenue - Expense = Net Income Retained Earnings, Income earned and Dividends paid. (Does not show capital contributed by owners) Lists the book value (remember the cost principle) of all the variables in the accounting equation: Assets, Liabilities, and Owner’s Equity. Use/ Objective Used as a tool to measure/evaluate performance of management. To track the ongoing balance of earnings not yet paid out to stockholders, and to determine why the company’s retained earnings balance changed during the year. Depicts the overall financial position of the company at the end of a period. Puts the relationship of claims on the firm’s resources (liabilities and owner’s equity) to the firm’s
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This note was uploaded on 08/30/2011 for the course ACG 2021 taught by Professor Hornik during the Fall '08 term at University of Central Florida.

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Exam1 - Study Stuff - ASSETS Cash Short-term investments...

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