By Belverd E. Needles

A market-leading application, monetary Accounting presents company scholars and accounting majors with a entire advent to practices and approaches. The textual content is widely known for its hugely revered writer crew, balanced process, and real-world emphasis. Accuracy reviewers fee each line and paintings via every one workout within the textual content and supplementations, making monetary Accounting the main actual between comparable texts out there. The 9th Edition--which focuses totally on using accounting details in brand new enterprise world--represents the main major revision of the textual content up to now. content material updates mirror present accounting and enterprise practices, whereas larger awareness is given to ethics, carrier companies, and foreign matters. moreover, the textual content incorporates a extra concise, obtainable writing type; a brand new layout to stress the user-oriented content material; and superior expertise elements for either teachers and scholars.

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Ramirez Agency, Inc. Balance Sheet December 31, 20xx Assets Liabilities Cash Accounts receivable Supplies Land Building $ 30,600 2,000 1,000 20,000 50,000 Total assets $103,600 Accounts payable $ 1,200 Stockholders’ Equity Common stock $100,000 Retained earnings 2,400 Total stockholders’ equity Total liabilities and stockholders’ equity 102,400 $103,600 Financial Statements | 25 Ĭ EXHIBIT 4 Statement of Cash Flows for Ramirez Agency, Inc. Ramirez Agency, Inc. Statement of Cash Flows For the Month Ended December 31, 20xx Cash flows from operating activities Net income Adjustments to reconcile net income to net cash flows from operating activities Increase in accounts receivable Increase in supplies Increase in accounts payable Net cash flows from operating activities $ 3,600 ($ 2,000) (1,000) 1,200 Cash flows from investing activities Purchase of land Purchase of building Net cash flows from investing activities ($ 20,000) (50,000) Cash flows from financing activities Investments by stockholders Dividends Net cash flows from financing activities $100,000 (1,200) Net increase (decrease) in cash Cash at beginning of month Cash at end of month ( 1,800) $ 1,800 (70,000) 98,800 $30,600 0 $30,600 Note: Parentheses indicate a negative amount.

The managers of these diverse entities perform the same functions as managers of businesses, and they therefore have the same need for accounting information and a knowledge of how to use it. Their functions include raising funds from investors, creditors, taxpayers, and donors, and deploying scarce resources. They must also plan how to pay for operations and to repay creditors on a timely basis. In addition, they have an obligation to report their financial performance to legislators, boards, and donors, as well as to deal with tax authorities, regulators, and labor unions.

When expenses exceed revenues, the difference is called net loss. As noted earlier, dividends are distributions to stockholders of assets (usually cash) generated by past earnings. It is important not to confuse expenses and dividends, both of which reduce retained earnings. In summary, retained earnings are the accumulated net income (revenues – expenses) less dividends over the life of the business. S T O • P R E V I E W • A P P L Y 5-1. What are assets? 5-2. How are liabilities and stockholders’ equity similar, and how do they differ?

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