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Study sets matching "owner's equity"

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Study sets matching "owner's equity"

18 terms
Owner's Equity Basics
Capital Stock
Legal Capital
What is the purpose of legal capital?
List the Main Types of Ownership in Bu…
Means by which ownership is conveyed
The par value of the stock or the stated value of the stock i…
1. Establishes Minimum Investment... 2. Provides protection for…
1. Sole Proprietorship... 2. Partnership... 3. Corporation
Capital Stock
Means by which ownership is conveyed
Legal Capital
The par value of the stock or the stated value of the stock i…
12 terms
Owner's Equity
Bonus Issue
Cash Issue
First general journal entry (when appl…
Share issue - undersubscription
(Share split)... Number of shares increases... Does not change capi…
(Rights issue)... Made to existing shareholders... Does change capi…
Debit Bank - trust... Credit Application - class... (CRJ)
Debit Application - class... Credit Issued capital - class... (to r…
Bonus Issue
(Share split)... Number of shares increases... Does not change capi…
Cash Issue
(Rights issue)... Made to existing shareholders... Does change capi…
18 terms
Owner's Equity Basics
Capital Stock
Legal Capital
What is the purpose of legal capital?
List the Main Types of Ownership in Bu…
Means by which ownership is conveyed
The par value of the stock or the stated value of the stock i…
1. Establishes Minimum Investment... 2. Provides protection for…
1. Sole Proprietorship... 2. Partnership... 3. Corporation
Capital Stock
Means by which ownership is conveyed
Legal Capital
The par value of the stock or the stated value of the stock i…
14 terms
Changes Affecting Owner's Equity
Revenue
Expense
Withdrawal
Received cash as investment
increase in owner's equity through business activities
decrease in owner's equity through business operations
assets taken for owner's personal use (drawing)
Debit cash Credit owner's equity (capital)
Revenue
increase in owner's equity through business activities
Expense
decrease in owner's equity through business operations
14 terms
Changes Affecting Owner's Equity
Revenue
Expense
Withdrawal
Received cash as investment
increase in owner's equity through business activities
decrease in owner's equity through business operations
assets taken for owner's personal use (drawing)
Debit cash Credit owner's equity (capital)
Revenue
increase in owner's equity through business activities
Expense
decrease in owner's equity through business operations
14 terms
Changes Affecting Owner's Equity
Revenue
Expense
Withdrawal
Received cash as investment
increase in owner's equity through business activities
decrease in owner's equity through business operations
assets taken for owner's personal use (drawing)
Debit cash Credit owner's equity (capital)
Revenue
increase in owner's equity through business activities
Expense
decrease in owner's equity through business operations
29 terms
Assets, Liability, Owner's Equity
Assets=
Economic-Entity Assumption
Reliable characteristics
Cost principle
Liability + Owner's Equity
Separate personal expenses from company's
Ensure sources are verifiable e.g. with recipes
Write down the price of what you pay but not it's worth.
Assets=
Liability + Owner's Equity
Economic-Entity Assumption
Separate personal expenses from company's
21 terms
stockholder's (owner's) equity
common stock
preferred stock
treasury stock
par value
voting shares in an entity that are subordinate to all other…
non-voting shares in an entity that have higher preferential…
stock that has been authorized by the entity, issued to the p…
the dollar amount assigned to a security by its issue, such a…
common stock
voting shares in an entity that are subordinate to all other…
preferred stock
non-voting shares in an entity that have higher preferential…
17 terms
1) Owner's Equity Basics
In a corporation, what is the owners i…
What are the two sources of SHE?
What is the calculation to find total…
What are authorized shares?
stockholders' equity
retained earnings and contributed capital
= total assets - total liabilities
the number of shares that a corporation may issue
In a corporation, what is the owners i…
stockholders' equity
What are the two sources of SHE?
retained earnings and contributed capital
11 terms
CH11: Owner's Equity
Issuance of Common Stock
Purchase an Asset w/ Common Stock
Issuance of Preferred Stock
Buyback Stock/Purchase Treasury Stock
D: Cash... C: APIC-Common Stock... C: Common Stock
D: Equipment... C: APIC-Common Stock... C: Common Stock
D: Cash... C: APIC-Preferred Stock... C: Preferred Stock
D: Treasury Stock... C: Cash
Issuance of Common Stock
D: Cash... C: APIC-Common Stock... C: Common Stock
Purchase an Asset w/ Common Stock
D: Equipment... C: APIC-Common Stock... C: Common Stock
13 terms
Assets, Liability, Owner's Equity
Cash In Bank
Accounts Receivable
Equipment
Supplies
Asset
Asset
Asset
Asset
Cash In Bank
Asset
Accounts Receivable
Asset
11 terms
Assets, Liabilities, Owner's Equity
Cash
Accounts receivable
Supplies inventory
Equipment
Asset
Asset
Asset
Asset
Cash
Asset
Accounts receivable
Asset
20 terms
Assets, liabilities, owner's equity
Cash
Petty cash
Notes receivable
Interest receivable
Asset
Asset
Asset
Asset
Cash
Asset
Petty cash
Asset
11 terms
Assets, Liabilities, Owner's Equity
Prepaid Insurance
Brian Dawson, Capital
Petty Cash
Accts. Pay. - Dunn Supplies
Asset
Owner's Equity
Asset
Liability
Prepaid Insurance
Asset
Brian Dawson, Capital
Owner's Equity
Assets, Liability, Owner's Equity
Assets=
Economic-Entity Assumption
Reliable characteristics
Cost principle
Liability + Owner's Equity
Separate personal expenses from company's
Ensure sources are verifiable e.g. with recipes
Write down the price of what you pay but not it's worth.
Assets=
Liability + Owner's Equity
Economic-Entity Assumption
Separate personal expenses from company's
14 terms
Changes Affecting Owner's Equity
Revenue
Expense
Withdrawal
Received cash as investment
increase in owner's equity through business activities
decrease in owner's equity through business operations
assets taken for owner's personal use (drawing)
Debit cash Credit owner's equity (capital)
Revenue
increase in owner's equity through business activities
Expense
decrease in owner's equity through business operations
14 terms
Changes Affecting Owner's Equity
Revenue
Expense
Withdrawal
Received cash as investment
increase in owner's equity through business activities
decrease in owner's equity through business operations
assets taken for owner's personal use (drawing)
Debit cash Credit owner's equity (capital)
Revenue
increase in owner's equity through business activities
Expense
decrease in owner's equity through business operations
14 terms
Changes Affecting Owner's Equity
Revenue
Expense
Withdrawal
Received cash as investment
increase in owner's equity through business activities
decrease in owner's equity through business operations
assets taken for owner's personal use (drawing)
Debit cash Credit owner's equity (capital)
Revenue
increase in owner's equity through business activities
Expense
decrease in owner's equity through business operations
14 terms
Changes Affecting Owner's Equity
Revenue
Expense
Withdrawal
Received cash as investment
increase in owner's equity through business activities
decrease in owner's equity through business operations
assets taken for owner's personal use (drawing)
Debit cash Credit owner's equity (capital)
Revenue
increase in owner's equity through business activities
Expense
decrease in owner's equity through business operations
14 terms
Asset, Liability, or Owner's Equity?
accounts payable?
Accounts payable Smith Company?
Cash?
pre paid insurance?
liability
liability
asset
asset
accounts payable?
liability
Accounts payable Smith Company?
liability
14 terms
26.1 Equity- Owner's Equity Basics
What purpose does legal capital serve?
Define "legal capital."
How is the number of shares in the Tre…
List the main types of ownerships in b…
1. Establishes minimum investment;... 2. Provides protection for…
The par value of the stock or the stated value of the stock i…
The number of shares purchased by the issuing firm and not ye…
Sole proprietorship;... Partnership;... Corporation.
What purpose does legal capital serve?
1. Establishes minimum investment;... 2. Provides protection for…
Define "legal capital."
The par value of the stock or the stated value of the stock i…
10 terms
Liability Accounts and Owner's Equity Accounts
Liabilities def
Depreciation def
Owner's Equity is the business' ___
O.E. format
obligations due at some specific future date
the process of allocating an asset's cost to the periods in w…
worth
Name of person, Capital = his equity in the business
Liabilities def
obligations due at some specific future date
Depreciation def
the process of allocating an asset's cost to the periods in w…
12 terms
The Accounting Equation (Asset/Liability/Owner's Equity)
Cash
Supplies
Pre-paid insurance
Accounts Receivable (sold on account)
Asset
Asset
Asset
Asset
Cash
Asset
Supplies
Asset
Assets, Liabilities, or Owner's equity
Owner's withdrawls
Wages Payable
Equipment
Cash
Owner's Equity
Liabilities
Assets
Assets
Owner's withdrawls
Owner's Equity
Wages Payable
Liabilities
32 terms
Ch. #11 "Reporting and Interpreting Owner's Equity"
Primary Sources of Stockholder's Equit…
Benefits of Stock Ownership
Authorized # of Shares
Issued Shares
contributed capital, retained earnings
-voting rights... -limited liability... -higher risk... -higher reward…
maximum number of shares that can be issued
total number of shares sold
Primary Sources of Stockholder's Equit…
contributed capital, retained earnings
Benefits of Stock Ownership
-voting rights... -limited liability... -higher risk... -higher reward…
11 terms
Assets, Liabilities, Owner's Equity, Revenue?
Cash
AR
supplies
prepaid insurance
asset
asset
asset
asset
Cash
asset
AR
asset
17 terms
Chapter 11: Reporting and Interpreting Owner's Equity
Authorized Number of Shares
issued shares
outstanding shares
common stock
maximum number of shares of a corporation's capital stock tha…
represent the total number do shares of stock that have been…
refer to the total number of shares of stock that are owned b…
the basic voting stock issued by a corporation
Authorized Number of Shares
maximum number of shares of a corporation's capital stock tha…
issued shares
represent the total number do shares of stock that have been…
24 terms
Ch. 11 notes- owner's equity
owner's equity is also known as what?
ownership
Why corporations?
LLC
net worth
net amount of money that owners own on equity
raise significant sums of capital
established as a state corporation with provisions that fail…
owner's equity is also known as what?
net worth
ownership
net amount of money that owners own on equity
9 terms
Asset, Liability or Owner's Equity
Cash
Supplies
Capital (Expense)
Capital (Revenue)
Assets
Assets
Owner's Equity
Owner's Equity
Cash
Assets
Supplies
Assets
14 terms
Chapter 11: Reporting and Interpreting Owner's Equity
Par value
Legal Capital
No-par value stock
Treasury Stock
is the nominal value per share of capital stock specified in…
is the permanent amount of capital defined by state law that…
is the capital stock that has no par value specified in the c…
Is a corporation's own stock that has been issued but subsequ…
Par value
is the nominal value per share of capital stock specified in…
Legal Capital
is the permanent amount of capital defined by state law that…
9 terms
Financial Statements Module - Statement of Owner's Equity
Statement of Owner's Equity
Statement of Owner's Equity for a Corp…
Statement of Owner's Equity for a Corp…
Dividends
Shows the changes in equity for a period of time (same period…
Beginning Balance (Jan 1)... + Additional sale of Common stock... =…
Beginning RE (Jan 1)... + Net Income... - Dividends... = Ending Retain…
NOT considered an expense because there is no legal requireme…
Statement of Owner's Equity
Shows the changes in equity for a period of time (same period…
Statement of Owner's Equity for a Corp…
Beginning Balance (Jan 1)... + Additional sale of Common stock... =…
86 terms
Assets, Liabilities, or Owner's Equity?
What is an asset?
What is a liability?
What is owner's equity?
What is the Expanded Accounting Equati…
Debit (Cash, Accounts Receivable, Equipment)
Credit (Notes Payable, Accounts Payable)
Credit (Owner's Capital, Owner's Drawings, Revenues, Expenses)
Assets=Liabilities+Owner's Capital-Owner's Drawings+Revenues-…
What is an asset?
Debit (Cash, Accounts Receivable, Equipment)
What is a liability?
Credit (Notes Payable, Accounts Payable)
12 terms
(5) Financial Statement - Statement of Owner's Equity
Financial Statement
Four Major Components of Financial Sta…
Statement of Owners' Equity
2 Main Components of Equity
Financial Statements are set of accounting reports that conve…
1) Balance Sheet (Statement of Financial Position)... 2) Income…
Shows the changes in the equity for a period of time ... _ perio…
1) Contributed Capital (Common Stock)... 2) Retained Earnings
Financial Statement
Financial Statements are set of accounting reports that conve…
Four Major Components of Financial Sta…
1) Balance Sheet (Statement of Financial Position)... 2) Income…
12 terms
owners equity
treasury stock
retained earnings
when declaring dividends you...
when paying dividends you...
a corporations own stock that it has reacquired (contra accou…
if losses exceed income since the corporation began, retained…
debit retained earnings ... credit dividends payable
credit retained earnings... debit dividends payable
treasury stock
a corporations own stock that it has reacquired (contra accou…
retained earnings
if losses exceed income since the corporation began, retained…
8 terms
Chapter 5 -Relationship of Revenue, Expenses and Withdrawals to Owner's Equity
Temporary Accounts
Permanent Accounts
Revenue Accounts
Expense Accounts
Accounts used to collect information that will be transferred…
Accounts that are continuous from one accounting period to th…
Record business income revenue earned from selling goods or s…
Expenses decrease the Owner's Capital. Advertising Ex. is an…
Temporary Accounts
Accounts used to collect information that will be transferred…
Permanent Accounts
Accounts that are continuous from one accounting period to th…
9 terms
Assets, Liabilities or Owner's Equity (Exercise) LEAL
Computer Equipment
Office Furniture
Accounts Payable
Owner, Capital
Asset
Asset
Liability
Owner's Equity
Computer Equipment
Asset
Office Furniture
Asset
8 terms
Chapter 5 -Relationship of Revenue, Expenses and Withdrawals to Owner's Equity
Temporary Accounts
Permanent Accounts
Revenue Accounts
Expense Accounts
Accounts used to collect information that will be transferred…
Accounts that are continuous from one accounting period to th…
Record business income revenue earned from selling goods or s…
Expenses decrease the Owner's Capital. Advertising Ex. is an…
Temporary Accounts
Accounts used to collect information that will be transferred…
Permanent Accounts
Accounts that are continuous from one accounting period to th…
8 terms
Transactions that Affect Assets, Liabilities, and Owner's Equity - Part 1
Accounting Equation
Balance Side
Credit
Debit
Assets = Liabilities + Owner's Equity
Side where an account is the same side used to increase the a…
Right side of the T account
Left side of the T account
Accounting Equation
Assets = Liabilities + Owner's Equity
Balance Side
Side where an account is the same side used to increase the a…
8 terms
Chapter 4:Transactions that Affect Assets, Liabilities, and Owner's Equity
Accounting Equation
Balance Side
Credit
Debit
Assets = Liabilities + Owner's Equity
Side where an account is the same side used to increase the a…
Right side of the T account
Left side of the T account
Accounting Equation
Assets = Liabilities + Owner's Equity
Balance Side
Side where an account is the same side used to increase the a…
8 terms
Chapter 4:Transactions that Affect Assets, Liabilities, and Owner's Equity
Accounting Equation
Balance Side
Credit
Debit
Assets = Liabilities + Owner's Equity
Side where an account is the same side used to increase the a…
Right side of the T account
Left side of the T account
Accounting Equation
Assets = Liabilities + Owner's Equity
Balance Side
Side where an account is the same side used to increase the a…
33 terms
Chapter 2 - Asset, Liability, or Owner's Equity?
SE
L
A
A
Cash received from innvestors who become owners
Loan that is owed to the bank
Bottles of products ready to be sold to customers
Shelves and racks in the warehouse used to store energy drinks
SE
Cash received from innvestors who become owners
L
Loan that is owed to the bank
ACCT 200 Asset, Liability, or Owner's Equity
cash
accounts receivable
supplies, equipment, land, building
prepaid insurance
asset
asset
asset
asset
cash
asset
accounts receivable
asset
8 terms
Balance Sheet, Statement of Owner's Equity or Income Statement
Office Equipment
Cash Withdrawal by Owner
Revenue
Prepaid Insurance
Balance Sheet
Statement of Owner's Equity
Income Statement
Balance Sheet
Office Equipment
Balance Sheet
Cash Withdrawal by Owner
Statement of Owner's Equity
21 terms
ACCT 1: Asset, Liability, or Owner's Equity?
Cash
notes receivable
supplies
prepaid rent
asset
asset
asset
asset
Cash
asset
notes receivable
asset
35 terms
AIF Chapter 18: Company Performance - Owner's Equity & Financial Position
Statement of Retained Earnings
Balance Sheet
Balance Sheet General Formula
Assets
A link between the income statement and the balance sheet... Beg…
Statement of Financial Position
Assets = Liabilities + Owner's Equity
Resources having future economic benefit
Statement of Retained Earnings
A link between the income statement and the balance sheet... Beg…
Balance Sheet
Statement of Financial Position
153 terms
Combo with "Assets, Liability, Owner's Equity" and 2 others
Assets=
Cash
Accounts receivable
Notes receivable
Liability + Owner's Equity
Asset
Asset
Asset
Assets=
Liability + Owner's Equity
Cash
Asset
18 terms
Liabilities/Assets/Owner's Equity or Revenue/Expenses
Capital Stock
Accounts Payable
Salaries/Wages Payable
Notes Payable
OE
L
L
L
Capital Stock
OE
Accounts Payable
L
14 terms
1.2.2 Assets, Liabilities, and Owner's Equity
What is an asset?
An asset is recognized when:
What is a liability?
When is liability recognized?
a resource that is expected to provide future economic benefits
"1. It is acquired in past transaction or exchange 2. The val…
A claim on assets by "Creditors" (non-owners) that represents…
"1. The obligation is based on benefits or service: received…
What is an asset?
a resource that is expected to provide future economic benefits
An asset is recognized when:
"1. It is acquired in past transaction or exchange 2. The val…
40 terms
FNEC assets, liabilities, owner's equity, revenue, expense
cash
investments
accounts receivable
inventory
a
a
a
a
cash
a
investments
a
20 terms
OWNERS EQUITY - DRAWINGS - EXPENSES
RENT EXPENSE
WATER AND ELECTRICITY
DONATIONS
WAGES
RENT EXPENSE
WATER AND ELECTRICITY
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