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accountinglab - Statement of cash flows C/f investments...

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Re end= RE beg+ NI –Dividends SE decreased by debits Liability increased by credits A=L+SE Retained earnings- debit for decrease (dividend and net losses)- credit for increase (net income) Start with income statement- Rev-expenses= NI Retained earnings statement- RE beg + income-dividends=RE end Balance sheet- Assets = Liabilities + SE(contributed capital +retained earnings)
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Unformatted text preview: Statement of cash flows- C/f +investments+ financing =ending cash balance (should correspond with balance sheet) Unearned revenue is a liability Interest rate is always annual Paying out is a reduction in cash At month end, accrual is checked dec 31- salaries expense Set up a salaries payable Sales expense and salaries payable=cash...
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