accounting 201 notes

accounting 201 notes - Assets = Liabilities Resources of...

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Assets = Liabilities + Equity Resources of value owner investment Cash A/P concapital S/T A/R Loan – Debit RE – Earnings not returned Inventory Revenues - Expenditures PPE Land L/T Building Equipment Assets = Liability + Equipment Real Accts. – balances roll forward to next May 31 – 6/1 balances Rev + Expenses / Temp + Nominal “Zeroed” – closed out CGS = costs good sold Accrual Accounting Cash Recognize Revenue when earned when cash is received Expenses when incomed when cash paid out For the Month Ended 6/30 Revenue: Sales 60,000 Expenses: CGS 28,000 Supplies 2,000 Wage 6,000 Utility 4,000 40,000 Net Income (Profit) 20,000 Statement of Stock Equity B Con. Cap. 50,000 June N/A E Con. Cap. 50,000 BRE 20,000 +/- NI 20,000 Divendends NA ERE 40,000
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As of 6/30 Assets Cash 168,000 Inventory 52,000 Equipment 100,000 Total assets 320,000 Liabilities AP 30,000 Loan 200,000 Total liabilities230,000 Equity CC 50,000 RE 40,000 Total equity 90,000 Cash Flow Statement Operating (Net Income) Investing (Long term assets) Financing (Capital) E1 – 17 – Partnership, Proprietorship, or Corporation
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This note was uploaded on 04/07/2008 for the course ACCT 201 taught by Professor Shleifer during the Spring '08 term at Clemson.

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accounting 201 notes - Assets = Liabilities Resources of...

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