Intermediate Accounting -Accounting Notes #3

I1 cash reducing asset different types of statements

Info iconThis preview shows page 1. Sign up to view the full content.

View Full Document Right Arrow Icon
This is the end of the preview. Sign up to access the rest of the document.

Unformatted text preview: lity) a.i.1. Cash (reducing asset) Different Types of Statements: Balance Sheet (Statement of Financial Position): Assets = Liability + Owner’s Equity (Owner’s Contribution) Income Statement: Revenue – Expenses = Net Income Statement of Retained Earnings: Beginning Balance of Retained Earnings (Credit +) from last year’s B/S + Net Income (Credit +) Subtotal [max amount of dividends possible] (Credit +) <Dividends Declared> (Contra – Equity Debit +) <Debit +> Ending Balance of Retained Earnings (Cred...
View Full Document

Ask a homework question - tutors are online