The statement of owners' equity simply list the beginning balance, additions, deductions and ending balance of owners' equity for the accounting period. when capital contributions have been made during the period, we must exame the owners' capital accounts in the general ledger to deternine the exact ending balance of owners' equity.
举一反三
- Which statement regarding the liabilities and owners’ equity section of balance sheet is False? A: Payment of Dividend Payable eliminates both the assets and the owners’ equity. B: Liabilities are debts or obligations that must be discharged in money or services in the future. C: Owners’ equity is a residual claim to the remaining assets after discharge of debts. D: Balance sheet of corporations should separate Capital Stock and Retained Earnings
- The ________ shows the assets, liabilities, and owners' equity of a firm, at a specific point in time. A: income statement B: balance sheet C: statement of cash flows D: trial balance
- is the interest of the owners in an enterprise. Also known as owner's equity. A: Owner's equity B: Capital C: Assets D: Liabilities
- Revenues can lead to an increase in the owners’ equity, and therefore, the increase in the owners’ equity should be recognized as the income of a firm. ( )
- What are the two types of business owners' equity? A: original capital B: invested capital C: retained earnings D: additional capital