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BU227 (25)
Lecture

BU127 Chapter 1

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Department
Business
Course
BU227
Professor
Peter Lade
Semester
Fall

Description
Liabilities: Amounts owned to not owners/outsiders Owner’s Equity: The amount owed to the owners by the entity, to the non-owners. Also defined as a residual interest. (A-L=O.E) A business itself has no value, what makes a business valuable is it’s owners equity. Balance Sheet: represents the financial position of the business at a specific point of time. Income Statement: result of operations for a period of time, how did we perform? O.E (End of Period) = O.E (Beginning of Period) + (Rev + Exp) – Distrib. To owners + contirbutions to
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