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Chapter 1

COMMERCE 1AA3 Chapter Notes - Chapter 1: Financial Statement, Retained Earnings, Income Statement


Department
Commerce
Course Code
COMMERCE 1AA3
Professor
Emad Mohammad
Chapter
1

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Financial statements sheets:
Question
Financial Statement
Answer
How well did the company
perform during the year?
Income statement
Revenues + gains Expenses + losses =Net
income or (net loss)
Why did the companys
retained earnings change
during the year?
Statement of retained
earnings
Beginning retained earnings + Net Income
+Other comprehensive income Dividends =
Ending retained earnings
What is the companys
financial position at year-
end?
Balance sheet
Assets = Liabilities + Owners’ equity
How much cash did the
company generate and
spend during the year?
Statement of cash flows
Operating cash flows +/ Investing cash flows
+/− Financing cash flows =Increase(decrease)
in cash
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