Business- Financial Reports Balance Sheet
Business- Financial Reports Balance Sheet 21027
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This 2 page Class Notes was uploaded by Katie Thedford on Monday October 3, 2016. The Class Notes belongs to 21027 at Fort Lewis College taught by Kaori Takano in Fall 2016. Since its upload, it has received 7 views. For similar materials see Business in BA 110-5H at Fort Lewis College.
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Date Created: 10/03/16
FINANCIAL REPORTS BALANCE SHEET Balance Sheet o Prepared for an economic entity o Prepared for a point in time o Includes: Assets Liabilities Equity Contributed capital Retained earnings Assets liabilities and equity Also referred to as statement of financial position Assets o Recourses of the business o Owned or controlled by the economic entity o Probable future benefit Liability o Creditors’ claims on an asset o Results from past transactions o probable future sacrifice Equity o Owners claims on an asset o Contributed capital + retained earnings o Contributed Capital: Amount of shareholders pay for stock purchased from company o Retained Earnings: Amount accumulated as a result of profitable operations Statement of Retained Earnings o Beginning Retained Earnings + Net Income – Dividends = Ending Retained Earnings 2
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