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Accounting and Finance Essentials

Accounting and Finance Essentials. Presented by Bill Moylan. We are going to create gvt balance sheet and income statement. GVT Balance Sheet. OWN. OWE. Bills for raw materials. Cash in checking account Oven Mixing machine Some raw materials. OWNERS’ EQUITY.

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Accounting and Finance Essentials

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  1. Accounting and Finance Essentials Presented by Bill Moylan

  2. We are going to create gvt balance sheet and income statement

  3. GVT Balance Sheet OWN OWE Bills for raw materials • Cash in checking account • Oven • Mixing machine • Some raw materials OWNERS’ EQUITY • Initial money Ginny put in • The profits “retained”

  4. GVT Income Statement • Revenues (Sales) minus • Cost of goods sold equals • Gross margin minus • Operating expenses equals • Operating margin minus • Interest expense and income tax equals • Net Income

  5. FIVE Major “Types” of Accounts • Assets • Liabilities • Owners Equity • Revenue • Expense

  6. Assets

  7. Assets

  8. Liabilities

  9. Liabilities

  10. Owners Equity

  11. Owners Equity

  12. Revenue

  13. Revenue

  14. Expense

  15. Expense

  16. Gvt exercise 2

  17. Exercise 2: What Kind of Account?

  18. Exercise 2: What Kind of Account?

  19. Exercise 2: What Kind of Account?

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