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COMM 293 (15)
Chapter 1

Chapter 1 Notes (facc).doc
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Department
Commerce
Course
COMM 293
Professor
Patricia Mallia
Semester
Fall

Description
← Balance Sheet: • report financial position  o amount of assets, liabilities and shareholders equity • of an accounting entity at a particular point in time • Format: o name of entity – Tipsy Karma o title of the statement – Balance Sheet o specific date of the statement – At March 31, 2009 o unit of measure – (in millions of dollars) • ASSETS = LIABILITIES  +  SHAREHOLDERS’ EQUITY • Assets: o economic resources controlled by the entity as a result of past transactions and from  which future economic benefits can be obtained  cash  land  plant and equipment  prepaid expenses  reflect future economic benefits  inventories  accounts receivable  intangible  trademarks, copyrights, etc. • Liabilities: o entity’s obligations that result from past transactions o arise primarily from the purchase of goods or services on credit and through cash  borrowings to finance the business  bank indebtedness  accounts payable  income taxes payable  long­term debt  formal written debt contracts  future income taxes  liabilities that result from differences b/w accounting rules and gov’t  tax rules • Shareholders’ Equity o share capital  investment of cash and other assets int eh business by the owners o retained earnings  amount of earnings reinvested in the business (and thus not distributed to  shareholders in the form of ends)      credit/debit is  ← ← Income Statement: • reports the accountant’s primary measure of performance of a business: o revenues generated less expenses incurred during the accounting period o = net income/net earnings • covers a specific time period (accounting period) • Elements: o revenues:  normally reported whether or not they have been paid for  accounts receivable, etc. o expenses:  cost of goods sold  amortization  portion of the cost of the vineyards, storage tanks, and equipment  used to produce goods sold
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