三级医院评审之患者十大安全目标解读-1.ppt

Accounting English Accounting English Principal difference in the owners’ equity Questions What are the liabilities? What are the owners’ equity? When the owners of a business withdraw cash, do the withdrawals appear as expenses on the income statement? Explain. List some examples of current liabilities and long-term liabilities. Lesson Three — Exercise Liabilities, or creditors’ equity ,are the obligations ,or debts, that the firm must pay in money or services at some time in the future . Lesson Three — Exercise Owners’ equity is defined as the differences between the assets and the liabilities, and is often referred to as a residual claim ——a claim to the assets remaining after the debt to creditors has been discharged. Lesson Three — Exercise No. These withdrawals do not appear as expenses in the income statement because they are made for the owners’ personal use or to engage in other business activities． Such withdrawals will reduce both the assets and the owners’ equity Of the business at the same time． Lesson Three — Exercise current liabilities : Accounts payable Accrued wages Salaries payable Sales excise taxes payable Income or property taxes payable short-term notes payable Dividends payable … … Lesson Three — Exercise The declaration of a dividend reduces the retained earnings portion of the owners’ equity and creates a liability called dividends payable on a corporation’s balance sheet. Lesson Three — Exercise The payment of a dividend eliminates the liability and reduces assets (usually cash). Lesson Three — Exercise Lesson Three — Exercise g. Advertising Service Company statement of owners’ equity For the Year Ended Dec.31,2006 K. Menton, Capital (Jan. 1, 2006) USD 350 000 Add: Additional Investments during the Year 50 000 Net Income for the Year 220 000 270 000 USD 620 000 Less: Capital Withdrawals during the Year