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Unformatted text preview: -A statement of financial position-It is the accounting equation-No revenues and No expenses on balance sheet b/c they are temporary!-The new balance from retained earnings goes into owner’s equity-Under Assets: there are current and long-term (plant)-Under Liabilities: there are current and long-term (plant) 2-If something will be with you for longer than 1 year, then it is long-term-Like Retained Earnings, it is done on a specific date Current Assets Long-Term Assets Cash Equipment Accounts Receivable Building Inventory Land 4). Statement of Cash Flow-Shows where your cash is and tracks it-3 Categories: Operating- normal business operations Investing- buying/selling plant (long-term) assets Financing- loans, bonds, stock-This is also date specific.-Shows what parts of your business have affected your cash flow Current Liabilities Long-Term Liabilities Accounts Payable Notes Payable Salary Wages...
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- Fall '08
- Accounting, Generally Accepted Accounting Principles, Owner’s Equity, -Like Retained Earnings