Financial Accounting

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:
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.
My accountant told me that the balance sheet shows assets = liabilities plus equity.  What does that mean?
I don’t understand what the Statement of Retained Earnings is all about.  What is retained earnings?
Remember to utilize Anne’s financial information (posted with DB topic) to help illustrate the concepts covered. Share examples and key details to expand your post. What accounts are used on the income statement? Which of Anne’s accounts are used on her balance sheet? How would you response to each of the questions in this scenario?
Support and defend your analysis with scholarly sources as outlined in the discussion board rubric.

Don't use plagiarized sources. Get Your Custom Essay on
Financial Accounting
Just from $13/Page
Order Essay
Calculator

Calculate the price of your paper

Total price:$26
Our features

We've got everything to become your favourite writing service

Stuck with your assignment?
We've got you covered.

Order your paper now!
Live Chat+1(978) 822-0999EmailWhatsApp

Order your essay today and save 20% with the discount code SPEED