Lecture Accounting: What the numbers mean (10/e): Chapter 4 - Marshall, McManus, Viele

Chapter 4 - The bookkeeping process and transaction analysis. After reading this chapter, you should be able to answer the following questions: How can the basic accounting equation be expanded to include revenues and expenses? How does the expanded accounting equation stay in balance after every transaction? How is the income statement linked to the balance sheet through owners’ equity? . | 2008 The McGraw Hill Companies Inc. All Rights Reserved. McGraw Hill Irwin Copyright 2014 by The McGraw Hill Companies Inc. All rights reserved. Chapter 4 The Bookkeeping Process and Transaction Analysis PowerPoint Authors Susan Coomer Galbreath . CPA Charles W. Caldwell . CMA Jon A. Booker . CPA CIA Cynthia J. Rooney . CPA McGraw Hill Irwin Copyright 2014 by The McGraw Hill Companies Inc. All rights reserved. 23 LO 1 The Balance Sheet Equation A Mechanical Key A L SE The basic accounting equation can be expanded to include revenues and expenses. A L PIC RE R - E BEG McGraw Hill Irwin 4 3 2008 The McGraw Hill Companies Inc. All Rights Reserved. 24 LO 2 The Balance Sheet Equation Assets Liabilities Stockholders Equity Accounts Notes Paid-in Retained Transaction Cash Receivable Equipment Payable Capital Earnings Revenues - Expenses a 2 000 2 000 b 6 000 6 000 c 2 000 10 000 8 000 d e 8 000 3 000 3 000 8 000 f 2 000 2 000 Total 12 000 3 000 7 000 14 000 2 000 0 8 000 - 2 000 6 000 Transactions a. The stockholders invested 2 000. b. The company borrowed 6 000 from a bank. c. Equipment costing 10 000 was purchased for 2 000 cash and signing a note payable for 8 000. d. Equipment that cost 3 000 was sold for 3 000. The 3 000 will be received within 30 days. e. The company provided services for 8 000 and received cash. f. Wages of 2 000 were paid in cash. 2008 The McGraw Hill Companies Inc. All Rights Reserved. McGraw Hill Irwin 4 4 25 LO 3 The Balance Sheet Equation Assets Liabilities Stockholders Equity Accounts Notes Paid-in Retained Transaction Cash Receivable Equipment Payable Capital Earnings Revenues - Expenses a 2 000 2 000 b 6 000 6 000 c 2 000 10 000 8 000 d e 8 000 3 000 3 000 8 000 f 2 000 2 000 Total 12 000 3 000 7 000 14 000 2 000 0 8 000 - 2 000 6 000 Statement of Changes in Income Statement Retained Earnings Revenues 8 000 Beginning Balance - Expenses 2 000 Add Net Income 6 000 Less Dividends - Net Income 6 000 Ending Balance 6 000 .

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