By Charles T. Horngren, Walter T. Harrison Jr., M. Suzanne Oliver
With its tried-and-true framework and revered writer group, Horngren/Harrison/Oliver’s monetary & Managerial Accounting is the depended on selection for teachers and scholars of ideas of Accounting.
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Extra resources for Financial & Managerial Accounting, Third Edition
Sample text
Companies want to be profitable and financially strong to attract investors, so there is a conflict of interest here. To provide reliable information, the SEC requires companies to have their financial statements audited by independent accountants. An audit is an examination of a company’s financial records. The independent accountants then issue an opinion that states whether or not the financial statements give a fair picture of the company’s financial situation. The vast majority of accountants do their jobs professionally and ethically, but we never hear about them.
Statement of Retained Earnings Month Ended April 30, 2013 Retained earnings, April 1, 2013 Net income for the month Dividends Retained earnings, April 30, 2013 1 $ 0 5,200 5,200 (2,000) $3,200 SMART TOUCH LEARNING, INC. Balance Sheet April 30, 2013 Liabilities Assets Cash Accounts receivable Office supplies 2 Land $19,900 2,000 500 11,000 Total assets $33,400 Accounts payable $ 200 Stockholders’ Equity Common stock Retained earnings Total stockholders’ equity Total liabilities and stockholders’ equity 30,000 3,200 33,200 $33,400 SMART TOUCH LEARNING, INC.
Proprietorships and partnerships, in contrast, end when their ownership changes for any reason. A corporation’s life is not dependent on a specific individual’s ownership. No Mutual Agency No mutual agency means that the stockholder of a corporation cannot commit the corporation to a contract unless that stockholder is acting in a different role, such as an officer in the business. Mutual agency of the owners is not present in a corporation as it is in a partnership. Limited Liability of Stockholders A stockholder has limited liability for the corporation’s debts.