- University of Minnesota - Twin Cities
- Accounting 2050
- Chapter 1
Last Modified: 2011-10-10
reports the amount of assets, liabilities, and stockholders' equity of an accounting entity at a point in time.
A= L + SE (Basic accounting equation)
reports the revenues less the expenses of the accounting period
Revenues – Expenses = Net Income (profit)
Beginning retained earnings + Net Income – Dividends = Ending Retained Earnings
- Balance Sheet (single point in time--Resources owned and amounts owed are listed in order of liquidity)
- Income Statement (All revenues earned from sales to customers as well as expenses incurred to produce those revenues)
- Statement of Retained Earnings (Accumulated net earnings less dividends to owners represents re investments in the company)
- Statement of Cash Flows (In and outflow of cash, Investment activities, financing activities and operating activities.)
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