专业英语会计学chap002概述.pptVIP

;Learning objectives;Introduction to Financial Statements;Introduction to Financial Statements;Introduction to Financial Statements;;Introduction to Financial Statements;Introduction to Financial Statements;A Starting Point: Statement of Financial Position;The Concept of the Business Entity;Assets;Assets;Liabilities;Owners’ Equity;Owners’ Equity;The Accounting Equation;Let’s analyze some transactions for JJ’s Lawn Care Service.;On May 1, 2005, Jill Jones and her family invested $8,000 in JJ’s Lawn Care Service and received 800 shares of stock.;On May 2, JJ’s purchased a riding lawn mower for $2,500 cash.;On May 8, JJ’s purchased a $15,000 truck. JJ’s paid $2,000 down in cash and issued a note payable for the remaining $13,000.;On May 11, JJ’s purchased some repair parts for $300 on account.;Jill realized she had purchased more repair parts than needed. On May 18, JJ’s was able to sell half of the repair parts to ABC Lawns for $150, a price equal to JJ’s cost. JJ’s will receive the cash within 30 days.;On May 25, ABC Lawns pays JJ’s $75 as a partial settlement of its accounts receivable.;On May 28, JJ’s pays $150 of its accounts payable.;On May 29, JJ’s recorded lawn care services provided during May of $750. All clients paid in cash.;Now, let’s review how JJ’s transactions affected the accounting equation.;These transactions impact the Statement of Cash Flows.;Investments by and payments to the owners are not included on the Income Statement.;Operating activities include the cash effects of revenue and expense transactions.;Investing activities include the cash effects of purchasing and selling assets.;Financing activities include the cash effects of transactions with the owners and creditors.;Now, let’s prepare the Balance Sheet for JJ’s Lawn Care Service for May 31, 2005. ; Assets = Liabilities + Owners’ Equity $21,850 = $13,150 + $8,700;Relationships Among Financial Statements;Financial Statement Articulation;Financial Reporting and Finan