Buy custom ACC 529 Fundamentals of Financial Statements Simulations
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| Topic: |
Business
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| Number of pages / Number of words: |
4 / 928 |
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(See figure 3)
Income Statement: Debit (increase) salaries expense and decrease net income from $15,000 to $14,500.
Statement of Changes: Decreased net income is transfer from Income Statement and expense comes out directly from owners' equity.
Balance sheet: Payment comes from the Balance sheet as a credit (decrease) on Cash and Owners' equity change is transfer over from the Statement of Changes
Convey to manager that salary is instant expense coming out from the bottom line and reflected in Owners' equity...
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The actual decrease (credit) is recorded on the Balance sheet.
Figure 3: Instant Expense
A combination of transactions occurred in the first two months (November & December) that will help Aunt Connie's Cookies grow in the up coming months. Below we will identify these strengths and discuss how this will impact Aunt Connie's growth...
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General points of the essay
ACC 529 Fundamentals of Financial Statements Simulations
Fundamentals of Financial Statement
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