we had three primary learning objectives. The three objectives were preparing closing entries, reversing entries, and a post-closing trial balance, preparing a financial statement worksheet, and to prepare a classified income statement, retained earnings statement and balance sheet. In order for a company to close the books at the end of a financial period the closing entries are made into the accounting journal based on the account balances on the adjusted trial balance. These closing entries
Words: 268 - Pages: 2
ACC 290 Week 4 WileyPLUS – 100% Correct To Buy This material Click below link http://www.uoptutors.com/acc-290-new/acc-290-week-4-wileyplus-new Question 1 Mike Greenberg opened Clean Window Washing Inc. on July 1, 2014. During July, the following transactions were completed. July 1 Issued 12,023 shares of common stock for $12,023 cash. 1 Purchased used truck for $8,023, paying $2,050 cash and the balance on account. 3 Purchased cleaning supplies for $917 on account
Words: 845 - Pages: 4
financial information can be used to determine a company's financial status and help a company make sound financial decisions. This information is reported in the form of four basic financial statements: Income Statement, Balance Sheet, Retained Earnings Statement (also known as the Statement of Stockholders Equity), and Statement of Cash Flows. To fully understand the financial health of a company one has to understand the purpose of each statement and what type of information is found in
Words: 910 - Pages: 4
retirement. The Tootsie Roll Company has four important financial statements that reflect important information in order to obtain their loan. Ahead I will explain the details relevant to the Tootsie Roll Company in relation to their revenues, retained earnings, cash inventories and cash flows. Each of these statements show important information and ahead I will point out certain numbers that are worth highlighting. Annexed at the end of this paper are the Tootsie Roll Statements. One of the first statements
Words: 796 - Pages: 4
Financial Statements Paper The 4 fundamental monetary reports are the balance sheet, income Statement, retained earnings statement, as well as statement of cash flow (Kimmel, Weygandt, Kieso, 2011). The balance sheet is used to show an idea of what a business has (Kimmel, Weygandt, Kieso, 2011). The balance sheet reports the quantity of assets and claims to assets for a time period (Kimmel, Weygandt, Kieso, 2011). Assets are products the business has that might be used if required to get money
Words: 789 - Pages: 4
show a company’s financial standing at any point in time throughout the course of a fiscal year or throughout the entire time the company is open for business. A statement of equity, also known as the retained earnings statement, shows an investor or the public what the company’s earnings were for the prior year. A cash flow statement shows what cash and liquid assets the company has on hand. This statement will help to ensure
Words: 912 - Pages: 4
as it lessens the stockholder's equity. This also affects the income statement and the retained earnings statements since the income will need to be adjusted due to the overstatement of income and therefore the retained earnings, which shows the amounts and causes of changes in retained earnings during the period (Kimmel, Weygandt, & Kieso, 2007) and therefore will be adjusted since the earnings for the period had been misstated. The second error in accounting principles was an overstatement
Words: 774 - Pages: 4
Class Summary Justin Timberlake ETH/318 April 6, 2015 Jimmy Kimmel Class Summary Throughout this course I have learned some informative things regarding accounting. In week one we learned about the different forms of business organizations, the accounting environment, the accounting equation, and the four main financial statements. In week two we learned about debits and credits, the difference between cash, accrual basis accounting, and unearned and accrued revenue. In week three several
Words: 1401 - Pages: 6
it could be drowning in debt with no viable way to pull itself out. When a company has few assets and high liabilities, it could signify a company that is in trouble, or it could be evidence of expansion. For internal use, this statement helps management to see their current financial state and make payments and collections accordingly to bring their accounts current. Whatever it is used for, this information is vital, but it is important to analyze this information in conjunction with the other
Words: 823 - Pages: 4
maintain to operate at a successful level; one of the main things that must happen is the different type of financial reports that must be made. In any company there will be the at least four main reports a balance sheet, an income statement, a retained earning statement, and a statement of cash flow. These different reports are the back bone of any financial decision that a company must make and also help to track the flow of money within the company. The balance sheet is used to report the total amount
Words: 773 - Pages: 4
