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what is on the right side of the balance sheet?
Liabilities and equity
what is on the left side of the balancesheet?
Assets
what does accounts receivable mean?
performing a service for clients who do not pay immediately
what does accounts payable mean?
we received a service we have not yet payed for
what does expense mean?
when we spend money, e.g.: rent expense or salaries expense
what does common stock mean?
when the owner contributes money to the corporation in exchange for stock
How do you calculate an income statement?
Revehues - Expenses = Net income/Net loss
how do you calculate a statement of retained earnings?
Retained earnings, Beginning
+ Net income or Net loss for the period
- Dividends for the period
= Retained Earnings, Ending
