Accounting 210 AC 210
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This 2 page Class Notes was uploaded by JS24 on Saturday January 16, 2016. The Class Notes belongs to AC 210 at University of Alabama - Tuscaloosa taught by Lisa McKinney in Summer 2015. Since its upload, it has received 112 views. For similar materials see Intro to Accounting in Accounting at University of Alabama - Tuscaloosa.
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Date Created: 01/16/16
ACCOUNTING 210 GAP 0 Generally accepted accounting principles The basic Accounting Equation Assets Liabilities Stockholders Equity 1 2 3 Notes Payable loan Common Stock Retained Earning quotcontributed capital Accounts Payable what you owe your supplier What is a balance sheet tells you your assets liabilities and equities Liabilities Measurable amounts owed by the business to creditors notes payable accounts payable Retained Earnings Net incomepro t the company kept Equity common stock Revenues sale of goods or services Expenses cost of doing business Net Income How do the two equations t together Assets Liabilities Equity Retained Earnings Revenue Expenses Net Income Of your pro t some of it will go to stock holders dividends Quiz Financial Statements 0 Income Statement gt lists revenues expensesused or consumed 0 Statement of Retained Earnings gt what did you do with your earnings Balance Sheet Reports at a point in time what a business owns assets What it owes liabilities what is left over for the owners of companies stock equities Balances a Statement of Cash Flows Tells you how cash ows in and out Operating cash ows NEED to be positive Financing Perfect Company would operating investing Financing Relationships Among the Financial Statements 0 Net Income ows from the income statement to the statement of Retained Earnings o Ending Retained earnings ows from the statement of retained earnings to the balance sheet 0 Cash on the balance sheet and cash at end of year on the statement of cash ows agree
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