ACCT 203 Week I Notes
ACCT 203 Week I Notes Acct 203
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This 1 page Class Notes was uploaded by Iveta Hristova on Thursday January 14, 2016. The Class Notes belongs to Acct 203 at College of Charleston taught by William VanDenburgh in Spring 2016. Since its upload, it has received 89 views. For similar materials see Financial Accounting in Math at College of Charleston.
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Date Created: 01/14/16
Accounting 203 Week I 7 January Financial Statements 1. Income Statement R – E = NI Revenue – Expenses = Net Income 2. Statement of Retained Earnings BRE ± NI – DIV = ERE Beginning Retained Earnings ± Net Income – Dividends = End Retained Earnings 3. Balance Sheet A = L + SE Assets = Liabilities + Stockholder’s Equity A point in time, all others are for a period in time 4. Statement of Cash Flow Operating ± Financing ± Investing Debit = Credit Asset + ($ you have) -($ you owe) Liability - + Stockholder’s Equity - + Accounts Payable – informal agreements, promises Notes Payable – formal agreements, signed documents Journal Entries Insert debits first Indent credits An exchange of only promises is not a transaction so no journal entry is required List assets first, in order of liquidity (cash is always first) List liabilities in order of maturity “Current” assets/liabilities mean within 12 months Current ratio = current assets/current liabilities
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