BACC 211

Question 1

income statement

Answer 1

revenues-expenses=net income

Question 2

statement of retained earnings

Answer 2

RE beginning yr + (net income-dividend)= RE

Question 3

balance sheet

Answer 3

must balance

assets=liabilities+stockholders equity
this is also the basic accounting equation

Question 4

statement of cashflows

Answer 4

operating activities +investing activities
+financing activities= change in cash

beg cash
end cash

Question 5

what is a transaction