FINANCIAL STATEMENT Income Statement represents the revenues, expenses and net income or net loss of an entity for a – specific period. Statement of Owner’s Equity summarizes the changes that occurred in the owner’s capital account. – Balance shows the financial position or condition of an entity by listing the assets, liabilities and – owner’s equity. Statement of Cash Flows provides information about cash receipts and cash payments of an entity – during a period. How to compute for Net Income: Net Income = Revenues Expenses – Source: Basic Accounting Made Easy By: Win Lu Ballada Daily Session Guide in AGRICULTURAL CROP PRODUCTION
FINANCIAL STATEMENT Income Statement – represents the revenues, expenses and net income or net loss of an entity for a specific period. Statement of Owner’s Equity – summarizes the changes that occurred in the owner’s capital account. Balance – shows the financial position or condition of an entity by listing the assets, liabilities and owner’s equity. Statement of Cash Flows – provides information about cash receipts and cash payments of an entity during a period. How to compute for Net Income: Net Income = Revenues – Expenses Source: Basic Accounting Made Easy By: Win Lu Ballada Daily Session Guide in AGRICULTURAL CROP PRODUCTION
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