Ch3 acg 2021 notes part PDF

Preview

Summary

acg notes ...

Description

Friday, September 28, 2018

ch 3 ACG 2021 part 2 Financial Statements from an adjusted trial balance ! 1. Income Statement !

• using revenue and expense from trial ! 2. Statement of retained earnings !

• using retained earnings and dividends from balance; and pull net income from step 1 ! 3. Balance Sheet !

• using asset and liability account from trial balance; and pull updated retained earnings balance from step 2! 4. Cash Flow !

• from changes in cash flows for the period ! - Closing entries ! • income statement, revenue expenses ! - Income Summary ! • revenue; income ! • expenses; income summary! • income summary; retained earnings ! • dividends; retained earnings ! • Helps the company ability to pay its debts in the near future !

1...