The balance sheet is the only financial statement created for a specific point in time. It reports a company’s assets as well as the source of those assets: liabilities, capital stock, and retained earnings. Assets and liabilities are divided between current and noncurrent amounts, which permits the company’s working capital and current ratio to be computed for analysis purposes. The statement of cash flows explains how the company’s cash balance changed during the year. All cash transactions are classified as falling within operating activities (daily activities), investing activities (nonoperating activities that affect an asset), or financing activities (nonoperating activities that affect either a liability or a stockholders’ equity account).
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Transaction 1—A company buys inventory on credit for $2,000. How does transaction analysis work here? What accounts are affected by this purchase? Answer: Inventory, which is an asset, increases by $2,000. The organization has more inventory than it did prior to the purchase. Because no money has yet been paid for these goods, a liability for the same amount has been created. The term accounts payable is often used in financial accounting to represent debts resulting from the acquisition of inventory and supplies. inventory (asset) increases by $2,000accounts payable (liability) increases by $2,000 Note that the accounting equation described in the previous chapter remains in balance. Assets have gone up by $2,000 while the liability side of the equation has also increased by the same amount to reflect the source of this increase in the company’s assets.
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