ACCOUNTING1

ACCOUNTING1 - As an owner, you should have a share of the...

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ACCOUNTING 14:51 Liability- fancy name for debt If we sell stock, that means equity ASSETS= Liability + Stockholder’s equity ^Fundamental accounting equation : helps to identify and record transactions You generated the cash to buy the assets through liability and equity. To get profit, revenues have to be greater than expenses.
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Unformatted text preview: As an owner, you should have a share of the earnings. Stockholder’s equity Common Retained Stock earnings Retained earnings: kept in the business. + R evenue, - E xpenses, -D ividends So retained earnings= RED accounts *INCOME STATEMENT- all of the revenues 14:51 14:51...
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This note was uploaded on 01/19/2012 for the course ACCT 2000 taught by Professor Holmes during the Fall '08 term at LSU.

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ACCOUNTING1 - As an owner, you should have a share of the...

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