SOCSCI 2AC3 Lecture Notes - Lecture 2: Gross Margin, Retained Earnings, Financial Statement
20 Feb 2018
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Bank statement is not a financial statement. Financial statements are typically prepared in this order: income statement, statement of retained earnings, balance sheet, statement of cash flows. Investors & creditors look at the balance sheet to see whether the company owns enough assets to pay all that it owes to creditors. The income statement reports the amount of revenues less expenses for a period of time. Including name of what ur reporting on they have title, for what month and then is followed by list of: Money in money out how much do we have left. Why is income tax positive : overpaid taxes if they"ve lost money and paid taxes along the way, tax returns or deductibles. Gross margin over and above margin btwn 2 things, discrepancy measure: sale and cost of sale, product only. All other expenses are stuff that doesnt have to do w product pizza 10$ Thursday, january 18, 2018 cost of sale 8$
