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Preparing Financial Statements презентация
Содержание
- 1. Preparing Financial Statements
- 2. Preparing Financial Statements Publicly owned companies –
- 3. Now, let’s prepare the financial statements for JJ’s Lawn Care Service for May.
- 4. Net income also appears on the Statement of Retained Earnings. The Income Statement
- 5. Summarizes the increases and decreases in Retained
- 6. Now, let’s prepare the Balance Sheet. The Statement of Retained Earnings
- 7. The Balance Sheet
- 8. Relationships among the Financial Statements
- 9. Notes to the Financial Statements Examples
- 10. Closing the Temporary Accounts Close Revenue accounts
- 11. Closing the Temporary Accounts
- 12. Since Sales Revenue has a credit balance,
- 13. Closing Entries for Revenue Accounts
- 14. Since expense accounts have a debit balance,
- 15. Closing Entries for Expense Accounts
- 16. Since Income Summary has a $400 credit
- 17. Closing the Income Summary Account
- 18. Since the Dividends account has a debit
- 19. Closing the Dividends Account
- 20. After-Closing Trial Balance
- 21. Evaluating the Business
- 22. Monthly Quarterly Jan. 1 Dec. 31 Annually
- 23. Ethics, Fraud, and Corporate Governance A company
- 24. Supplemental Topic: The Worksheet
- 25. End of Chapter 5
Слайд 2Preparing Financial Statements
Publicly owned companies – those with shares listed on
The annual report includes comparative financial statements and other information relating to the company’s financial position, business operations, and future prospects.
The financial statements contained in the annual report must be audited by a firm of certified public accountants (CPAs).
Слайд 5Summarizes the increases and decreases in Retained Earnings during the period.
The
Слайд 9Notes to the
Financial Statements
Examples of Items Disclosed
Lawsuits pending
Scheduled plant closings
Governmental
Significant events occurring
after the balance sheet date
Specific customers that
account for a large portion of
revenue
Unusual transactions and
related party transactions
Drafting the Notes that Accompany Financial Statements
Слайд 10Closing the Temporary Accounts
Close Revenue accounts to Income Summary.
Close Expense accounts
Close Income Summary account to Retained Earnings.
Close Dividends to Retained Earnings.
The closing process gets the temporary accounts ready for the next accounting period.
Слайд 12Since Sales Revenue has a credit balance, the closing entry requires
Closing Entries for Revenue Accounts
Слайд 14Since expense accounts have a debit balance, the closing entry requires
Closing Entries for Expense Accounts
Слайд 16Since Income Summary has a $400 credit balance, the closing entry
Closing the Income Summary Account
Слайд 18Since the Dividends account has a debit balance, the closing entry
Closing the Dividends Account
Слайд 22Monthly
Quarterly
Jan. 1
Dec. 31
Annually
Many companies prepare financial statements at various points throughout
Interim Financial Statements
Preparing Financial Statements Covering Different Periods of Time
Слайд 23Ethics, Fraud, and
Corporate Governance
A company should disclose any facts that an
Public companies are required to file annual reports with the Securities and Exchange Commission (SEC). The SEC requires that companies include a section labeled “Management Discussion and Analysis” (MD&A) because the financial statements and related notes may be inadequate for assessing the quantity and sustainability of a company’s earnings.
