February 2007
Intermediate to advanced
288 pages
6h 32m
English
book
Crash Course in Accounting and Financial Statement Analysis, Second Edition
by Matan Feldman, Arkady Libman
Content preview from Crash Course in Accounting and Financial Statement Analysis, Second Edition
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Retained Earnings: The Link Between Balance Sheet and Income Statement
How is the balance sheet affected by the lemonade stand’s profitability during the course of 2005?
The income statement is connected to the balance sheet through retained earnings in shareholders’ equity:
Income (revenues, etc.) increases retained earnings: reflected as a credit to retained earnings.
Expenses (COGS, SG&A, etc.) decrease retained earnings: reflected as debits to retained earnings.
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