eon mobil balance sheet as a result total assets did not change and liabilities and equity accounts were unaffected as shown in the following ilration accounting equation accounting equation 12 08x table 01 the income statement which reports the company s revenues expenses gains and losses for a specified time interval is a link between balance sheets accounting equation cheat sheet accounting case study 5 ilration of a balance sheet the balance sheet and the accounting equation remain in balance financial statements of nonprofits 14x table 05 2x png define accounting accounting equation assignments expertsmind authorstream edelbalance1 accounting equation accounting equation can be viewed here 14x simple table 17 elements of the fundamental accounting equation retained earnings example with the expanded accounting equation you can easily see the company s net income 14x simple table 13 the totals now indicate that accounting accounting equation the purpose of an income statement is to report revenues and expenses since asc has not yet earned any revenues nor incurred any expenses balance sheet example from a model the accounting equation definition components lesson transcript study com 61x table 10 14x simple table 28 the totals now indicate that accounting at first this rule can be really confusing but think of it this way all the assets owned by a business fall into one of two categories image titled make a balance sheet for accounting step 1 three financial statements infographic now let s look at the equity and liability section of the balance sheet bs reformulated as common size which means that all the heads are shown in accounting equation 5 trial balance accounting totals acg 2021 lecture notes fall 2017 lecture 1 deferred income accounting equation financial statement topic x 3 the accounting cycle learning outcomes by the end of this topic you should be able to 1 identify the steps involved in the accounting cycle 2 double entry bookkeeping system t accounts example acc120 lecture notes fall 2017 lecture 4 trial balance accounting equation general ledger understanding debits and credits in accounting lesson transcript study com accounting equation problems and solutions balance sheet example accounting equation 2 say goodbye to calculators and generate your company s balance sheet with a in debitoor accounting bookkeeping practices image titled make a balance sheet for accounting step 7 what does a company balance sheet tell you