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11 Cards in this Set
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- Back
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How are performed services on account recorder?
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They are recorded in accounts receivable
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Once payment is received re: acct receivables, how is it documented?
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Acct. rec. is credited the amount paid and $ is also document under cash.
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what info is recorded on a income statement?
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Revenue - expenses= net income
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What info is recorded on the statement of stockholders equity?
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Common stock, retained earnings and dividends paid.
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What info is used on a Balance sheet ?
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asst (cash, AR or Land) = lia (salaries or payable) + stockholders equity ( cs+ re)
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what info is use to complete a statement of cash flow? Where do you find the info?
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Cash flow from operating activities; investing act; financing act (cs& dividend) =net change+ beginning balance= ending balance. info from balance sheet.
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How are services provided, credited on account, recorded?
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Acct. rec.; ret earn; and on income stat-rev =net income and not on stat of cash flow until payment is received
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How do you docum. received $ in advance for services to be performed in the future?
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It is recorded on the balance sheet under cash, unearn rev. and on statement of cash flow
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Once services are rendered on a prepaid acct. where is it documented?
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(unearn rev); ret.earn; on incom stat: rev and net rev and 0 on cash flow bec $ was docum on cash flow stat when first received
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Are salaries paid considered a operating expense
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yes
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Are dividends paid consider an : FA, IA, or a OA
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Financial activity
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