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Purpose of the Statement of Cash Flows Provides information about the cash receipts and cash payments of a business entity during the accounting period. Helps investors with questions about the company’s: Ability to generate positive cash flows. Ability to meet its obligations and to pay dividends. Need for external financing. Investing and ...

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Discontinued Operations When management enters into a formal plan to sell or discontinue a segment of the business, the related gains and losses must be disclosed on the income statement.

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Publicly Owned Corporations Face Different Rules By LAW, publicly owned corporations must: Prepare financial statements in accordance with GAAP. Have their financial statement audited by an independent CPA. Comply with federal securities laws. Submit financial information for SEC review.

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Liabilities – Question Devon Mfg. borrows $100,000 from First Bank. The loan will be repaid in 20 years and has an annual interest rate of 8%. Is this a current liability or a noncurrent liability? The obligation will not be paid within one year or one operating cycle, so it is a noncurrent liability.

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Accountable Events Acquisition. Allocation of the acquisition cost to expense over the asset’s useful life (depreciation). Sale or disposal.

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Which Unit Did We Sell? When identical units of inventory have different unit costs, a question naturally arises as to which of these costs should be used in recording a sale of inventory.

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How Much Cash Should a Business Have? Every business needs enough cash to pay its bills!

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Wholesalers buy merchandise from several different manufacturers and then sell this merchandise to several retailers. Retailers sell merchandise directly to the public.

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Statement of Retained Earnings This statement summarizes the increases and decreases in Retained Earnings during the period.

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At the end of the period, we need to make adjusting entries to get the accounts up to date for the financial statements.

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