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Unformatted text preview: ASSET= LIABILITIES + OWNERS EQUITY Accounts Receivable + Retained Earnings + EXPENSE INCURRED FOR CASH ASSET= LIABILITIES + OWNERS EQUITY Cash -Retained Earnings RECEIVABLE COLLECTED IN CASH ASSET= LIABILITIES + OWNERS EQUITY Cash + Accounts Receivable EXPENSE INCURRED ON ACCOUNT ASSET= LIABILITIES + OWNERS EQUITY Accts. Payable + Retained Earnings CASH DIVIDENDS DECLARED AND PAID ASSET= LIABILITIES + OWNERS EQUITY Cash -Retained Earnings Prepare simple versions of the four basic financial statements-Income Statement Revenues Expenses = Net income (net loss)-Statement of owners equity Common Stock - Retained Earnings Beginning Bal. Dividends + Net Income-Balance Sheet Assets Liabilities + Owners Equity Analyze financial Statement Information for real-life companies...
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- Spring '08