Introduction - Survey of financial statements
9 important questions on Introduction - Survey of financial statements
When is the Annual financial statement issued
What is considered as a fiscal year
When are Interim financial statements issued
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What does a Statement of Income show? What information does it show?
- Revenue
- Expenses
and provides information about the results of operations for a stated period of time only for one business year. Hence it shows profits or losses
What does the Income before fixed charges and income taxes mean
Gross P - Operating Expense = Income before fixed cahrges and income tax
Fixed costs (charges)
What do Equity Statements reflect
WHat does the Owners statement of Equity reflect
What are the three Equity selections
- Common stock = Number of shares autherized and the number of shares issued
- Additional paid-in Capital = Total amount for cash, property and other capital contirbuted by stockholders in excess of the par value of the common stock
- Retained earnings = Portion of net income enared by the corporations that is not distributed as dividends but retained in the business
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