Ch3. Video 9 - Completing the Accoutning Cycle (Financial Statements) Example
Interactive Video
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Business
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University
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Practice Problem
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Hard
Wayground Content
FREE Resource
This video tutorial covers the completion of the accounting cycle by preparing financial statements. It begins with a recap of previous chapters and then explains how to create an income statement, a statement of retained earnings, a balance sheet, and a statement of cash flow. The tutorial emphasizes the importance of understanding revenues, expenses, assets, liabilities, and equity, and how they are represented in financial statements. The use of a cash T table is highlighted for simplifying the statement of cash flow.
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3 questions
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1.
OPEN ENDED QUESTION
3 mins • 1 pt
What is the ending retained earnings balance after accounting for dividends?
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2.
OPEN ENDED QUESTION
3 mins • 1 pt
What is the total assets calculated in the balance sheet?
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3.
OPEN ENDED QUESTION
3 mins • 1 pt
What is the increase in cash reported in the statement of cash flow?
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