【正文】 business’s normal operating cycle if longer than a year ? Current liabilities include – Notes payable, short term – Accounts payable – Accrued expenses payable – Ine taxes payable LIABILITIES ? Longterm liabilities are – Debts not payable within one year or within the business’s normal operating cycle if longer than a year ? Longterm liabilities include – Notes payable, long term – Bonds payable OWNERS’ EQUITY ? Owners’ equity –Represents the shareholders’ ownership of the assets of the business ? Owners’ equity of a corporation consists of – Common stock – Retained earnings STATEMENT OF CASH FLOWS ? The statement of cash flows reports the pany’s cash inflows and outflows from operating, investing, and financing activities A I R amp。 SE A T R A VE L, I N C .I nco m e Sta t emen tM onth En ded A pri l 30 , 200 1R ev enu e:Se r v i ce r ev enu e $8,500Ex pen ses:Sa l ar y ex pen se $1,200R ent ex pen se 1 , 100U t i l i t i es 400T o t al ex pen ses 2 , 700N et I nco m e $5,800AI R amp。 S E A T RA V E L , I N C.S t a t e m e n t o f Ca s h F lo w sM o n t h E n d e d A p r il 3 0 , 2 0 0 1Ca sh f lo w s fr o m o p e r a ti n g a ct i vitie s:Co ll e ct i o n s f r o m c u st o m e r s $ 6 ,5 0 0P a y m e n ts t o s u p p li e r s a n d e m p l o ye e s ( 3 ,1 0 0 ) Ne t ca sh i n f l o w f r o m o p e r a t i n g a ct i v i t i e s 3 ,4 0 0Ca sh f lo w s fr o m i n ve st i n g a ct i v i t i e s:A cq u i s i t i o n o f l a n d $ ( 4 0 ,0 0 0 )S a l e o f la n d 2 2 ,0 0 0 Ne t ca sh o u tf l o w f r o m i n ve st i n g a ct i v i t i e s ( 1 8 ,0 0 0 )Ca sh f lo w s fr o m f i n a n ci n g a ct i v i t i e s:Is su a n ce ( s a le ) o f s to ck $ 5 0 ,0 0 0P a y m e n t o f d i v i d e n d s ( 2 ,1 0 0 ) Ne t ca sh i n f l o w f r o m f i n a n c i n g a ct i v i t i e s 4 7 ,9 0 0Ne t i n c r e a se in c a sh $ 3 3 ,3 0 0Ca sh b a l a n ce , Ap r i l 1 , 2 0 0 1 0Ca s h b a la n c e , A p r il 3 0 , 2 0 0 1 $ 3 3 ,3 0 0A I R amp。 SE A T R A VE L, I N C .St at em en t o f R e t ai ned Earn i ngsM ont h End ed A pri l 30 , 2001R et ai ned earni ngs , A pri l 1 , 200 1 $ 0A d d: N et i nco m e f or t he m on t h 5 , 800$5, 800Less: D i v i dends ( 2 , 100 )R et ai ned Ea rni ngs , A pri l 30 , 2001 $3, 700BALANCE SHEET ? The balance sheet (statement of financial position) reports the pany’s assets, liabilities, and owners’ equity A I R amp。 S EA T R AVEL , I NC.Inc om e S tat em en tM on th En de d A pril 30 , 2 00 1Rev en ue :Se rvic e re ve nu e $8 ,50 0Ex pe ns es :Sa lary ex pe ns e $1 ,20 0Ren t e xp en se 1 ,10 0Util itie s 40 0 To tal ex pe ns es 2 ,70 0 Net In co me $5 ,80 0 INCOME STATE