finacc ch1

assets

= liabilities + equity

asset

accounts receivable (asset or a liability?)

income statement

losses, gains, revenues, and expenses are reported on the

net income

total revenues - total expenses

balance sheet

equity, liabilities, and assets are listed on the

current assets

cash, accounts receivable

long term assets

investment assets, net property and equipment

total stockholders equity

retained earnings + common stock

current liabilities

accounts payable

long term liabilities

long term notes payable

income statement

salary expense

retained earnings, statement of cash flow

dividends