ACC 110 Lecture Notes - Share Capital, Deferred Tax, Accounts Receivable

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Current assets are assets that will be used up, sold, or converted to cash within one year or one operating cycle. Current liabilities will be paid or satisfied within one year or one operating cycle. An exception would be if there is an expectation that it will be sold soon: current liability, since the bank loan might have to be paid at any time. Earnings august 1, 2010 $ - august 1, 2011. Net income 97,500 net income 189,000 net income. Earnings july 31, 2011 ,500 july 31, 2012. Note: the fact each shareholder invested ,000 each is irrelevant because it"s included in the commons shares account not retained earnings. E2-9: operating, operating, operating, financing, operating, investing, financing. Retained earnings at the beginning of the year. Dividends declared during the year 129,000 25,000 10,000. Retained earnings at the end of the year. Capital stock at the end of the year 180,000 150,000 100,000.