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Financial Statements
Identifying what goes on a financial statement
Question | Answer |
---|---|
What order do the financial statements go in? | Income Statement Statement of Owner's Equity Balance Sheet Statement of Cash Flows |
What info is on the Income Statement? | Fees Expenses Net Income (Loss) |
What info is on the statement of Owner's Equity? | Capital -as of the 1st of the month Investments Net Income Increase in Owner's Equity Capital -as of the last day of the month |
What info is on the Balance Sheet? | Assets Liabilities Owner's Equity Capital -as of the last of the month |
What is on the Statement of Cash Flows? | Cash for operations Cash for investing -land, building, equipment Cash for investments by owner & withdrawals |