By Carl S. Warren, James M. Reeve, Jonathan Duchac
The authors of ACCOUNTING, 23e, remember the fact that you want to locate vital details fast. This textbook makes use of an built-in studying process that will help you entire homework and lead you to accounting mastery. development at the authors' confirmed strategy, transparent examples and high-impact writing consultant you thru the practise of economic statements because the authors artfully offer a framework for figuring out what accounting is all approximately and accounting's evolving position in company.
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Extra resources for Accounting
Cash flows from investing activities: Cash payments for purchase of land. . . . . . Cash flows from financing activities: Cash received as owner’s investment . . . . . . Deduct cash withdrawal by owner . . . . . . . Net cash flow from financing activities . . . . . Net cash flow and November 30, 2009, cash balance . $ 7,500 ...... 4,600 $ 2,900 ...... . . . . . .
80,000 $ 50,000 55,550 $105,550 30,000 75,550 $155,550 For Practice: PE 1-5A, PE 1-5B Balance Sheet Bank loan officers use a business’s financial statements in deciding whether to grant a loan to the business. Once the loan is granted, the borrower may be required to maintain a certain level of assets in excess of liabilities. The business’s financial statements are used to monitor this level. The balance sheet in Exhibit 6 reports the amounts of NetSolutions’ assets, liabilities, and owner’s equity as of November 30, 2009.
Statement of owner’s equity 3. Balance sheet 4. Statement of cash flows A summary of the revenue and expenses for a specific period of time, such as a month or a year. A summary of the changes in the owner’s equity that have occurred during a specific period of time, such as a month or a year. A list of the assets, liabilities, and owner’s equity as of a specific date, usually at the close of the last day of a month or a year. A summary of the cash receipts and cash payments for a specific period of time, such as a month or a year.