Math!!
A company receives 10,000 cash in exchange for common stock list the accounts to debit and credit
10,000 debit to cash, 10,000 credit to common stock
Accounts payable
Liabilities
Income Statement
Provides information about profitability for a particular period for the company, Revenues − Expenses = Net Income or Net Loss
Unadjusted Trial Balance
What lists the revenues and expenses
A company has 107,837 in current assets and 150,485 in current liabilities.
Find the current ratio.
Buildings
Assets (extra long or short term)
Statement of Retained Earnings
Informs users about how much of the earnings were kept and reinvested in the company, Retained Earnings, Beginning + Net income or − Net loss for the period − Dividends for the period = Retained Earnings, Ending
Straight line depreciation
What is (cost-residual value)/useful life
A tractor is found to have a residual value of 10,000 originally costing 50,000 with a useful life of 10 years
Use the straight line method to solve.
Common stock
Equity
Balance sheet
Provides valuable information to financial statement users about economic resources the company has (assets) as well as debts the company owes (liabilities) and allows decision makers to determine their opinion about the financial position of the company, Assets = Liabilities + Stockholders’ Equity
Certified management accountants
specialize in accounting and financial management knowledge and often work for a single company.
The company is found to have 210,000 net income for the year with 100,000 in total assets.
Find the ROA
Long term account note payable
Liabilities
Statement of cash flows
Reports on a business’s cash receipts and cash payments for a period of time, Cash flows from operating activitiesCash flows from investing activitiesCash flows from financing activities
Sarbanes-Oxley Act
Requires Companies to Review Internal Controls