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Essay

Fundamentals of Financial Statements

Essay specific features

 

Issue:

Business

 

Written by:

Richard J

 

Date added:

April 19, 2013

 

Level:

University

 

Grade:

A

 

No of pages / words:

3 / 801

 

Was viewed:

3870 times

 

Rating of current essay:

 
Essay content:

Additionally, this paper differentiates and explains information reported on the balance sheet and the income statement as a result of the transactions. Finally, this paper identifies and describes three accounting concepts which were a challenge while running the simulation. During the simulation preliminary transactions were conducted for business set-up resulting in entries to the balance sheet...
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Starting in December however, $10,000 in supplies was used in the form of an operating expense to generate $21,000 in revenue. This cash transaction demonstrated the concept of matching revenue and expense by producing a net gain which was reported on the income statement as net income of $11,000. Additionally, this transaction resulted in a balance sheet annotation which included an increase in assets, a decrease in supplies, and an increase of $11,000 in owner's equity...
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