Fundamentals of Financial Management Concise
Quiz 3: Financial Statements,cash Flow,and Taxes
The Amount Shown on the December 31,2015 Balance Sheet as "Retained
The amount shown on the December 31,2015 balance sheet as "retained earnings" is equal to the firm's net income for 2015 minus any dividends it paid
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The income statement shows the difference between a firm's income and its costs--i.e. ,its profits--during a specified period of time.However,not all reported income comes in the form of cash,and reported costs likewise may not be consistent with cash outlays.Therefore,there may be a substantial difference between a firm's reported profits and its actual cash flow for the same period.
If we were describing the income statement and the balance sheet,it would be correct to say that the income statement is more like a video while the balance sheet is more like a snapshot.
EBIT stands for earnings before interest and taxes,and it is often called "operating income."
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