MGMT 1A Chapter Notes - Chapter 1.5: Income Statement, Retained Earnings, Financial Statement
Document Summary
Companies prepare 4 financial s a emen s from he s mmarized acco n ing da a: Hese s a emen s provide relevan financial da a for in ernal and ex ernal sers. Re ained earnings of ,450 a he end of he repor ing period shown in he earnings statement . Income statement - repor s he s ccess or profi abili y of he company"s opera ions over a specific period of ime (da ed (cid:343)for he mon h ended 9/30/2017(cid:344)) Prepared from he da a appearing in he reven e and expense col mns. Heading iden ifies (1) company, (2) ype of s a emen , and (3) ime period covered by he s a emen . Finally, s a emen shows ne income (or ne loss) When reven es exceed expenses ne income res l s. When expenses exceed reven es ne loss res l s.
