QuickHelper

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About QuickHelper

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Teaching Since: May 2017
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  • MBA, PHD
    Phoniex
    Jul-2007 - Jun-2012

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  • Corportae Manager
    ChevronTexaco Corporation
    Feb-2009 - Nov-2016

Category > Accounting Posted 24 May 2017 My Price 5.00

Anne’s Beauty Salon, Inc, business and finance homework help

Question description

 

Anne Marie is the owner of Anne’s Beauty Salon, Inc. Her accountant prepares a monthly financial statement for her business. She doesn’t like to ask him questions about it. She would rather ask you as you are her friend and since she knows that you are taking an accounting course, she asks you the following questions: 
1. What does net income mean on the income statement? If I have enough cash at the end of the month then I assume I made money. This concept of net income seems complicated.
2. My accountant told me that the balance sheet shows assets = liabilities plus equity. What does that mean?
3. I don’t understand what the Statement of Retained Earnings is all about. What is retained earnings?
How would you respond to each of these questions?

Answers

QuickHelper
(10)
Status NEW Posted 24 May 2017 11:05 AM My Price 5.00

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