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Video provided for captions.
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Why do we need adjusting entries? How do we account for unrecorded receivables and liabilities?
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We define the income statement, describe the purpose of the income statement, and determine what information is included in the income statement.
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We define the balance sheet, stating its purpose. We explain what information is provided on the balance sheet.
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PUBLIC UNIVERSITY VS. PRIVATE UNIVERSITY ACCOUNTING
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trial balance, closing entries, statement of revenues and expenditures, balance sheet
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Algorithmic version of Problem 16-1A in text. Deals with deferred tax liability
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temporary differences between income tax via GAAP and income tax due to IRS regulations
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change in inventory methods; impact on net income, retained earnings and tax liability
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Finance lease; calculate lease payments, amortize lease amount
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stock dividends payable, property dividends, treasury stock
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warranty expense, estimated warranty liability
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