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Summary Financial Accounting
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Summary Financial Accounting
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Week 1Statement of retained earnings:
Retained earnings last year
+ Net income this year
- Less dividends
= Retained earnings this year
Week 2
Unearned revenue is NOT a revenu! It’s a liability.
Depreciation expense equipment
Accumulated depreciation equipment
So the account of limousine for example or equipment doesnt change it self!
Closing entries:
Using income summary account to close entries.
1. Close revenue accounts income summary
2. Close EACH expense account income summary
3. Close income summary retained earnings
4. Close dividends retained earnings
Retained earnings goes to the balance sheet.
Multistep Income statements
Single step income statements:
Total revenues – total expenses = income before income taxes.
, Ratio’s:
Janaury 31
February 28
March 31
April 30
May 31
Juni 30
July 31
August 31
September 30
October 31
November 30
December 31
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