RETAINED EARNINGS/EQUITY SECTION/INCOME STATEMENT
What are RETAINED EARNINGS? What restrictions are there(contractual/voluntary)
Corrections of errors to prior periods are made directly to retained earnings
Changes in accounting principles- is permitted when the new method will make the Financial Statements more accurate
How are corporate income statements different –include income tax, why?
Discussion: presentation of non-typical items
Class Work P13-7A P13-8A