Transcription of FINANCIAL ACCOUNTING - California State University, …
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FINANCIAL ACCOUNTING - California State University, …
The McGraw-Hill Companies, Inc., 2001 Irwin/McGraw-HillFINANCIAL ACCOUNTINGR obert LibbyPatricia A. LibbyDaniel G. Short The McGraw-Hill Companies, Inc., 2001 Irwin/McGraw-HillChapter 1 FINANCIAL Statements and Business Decisions The McGraw-Hill Companies, Inc., 2001 Irwin/McGraw-HillThe Objectives of FINANCIAL AccountingFinancial statements are the primary means of communicating FINANCIAL information to parties outside the business SheetIncome StatementStakeholders The McGraw-Hill Companies, Inc., 2001 Irwin/McGraw-HillBusiness BackgroundBusiness owners (called investorsor stockholders) look for two sources of possible gain:Sellownershipinterest in thefuture for morethan they aportion of thecompany s earnings in cash(dividends). The McGraw-Hill Companies, Inc.
ownership interest in the future for more than they paid. Receive a portion of the company’s earnings in cash ... Total liabilities and stockholders' equity 27,261$ 1. Name of entity ... Cost of goods sold 26,980$ Selling, general and administrative 3,624
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