Financial Statements, Equations/Ratios

smjackson7
Flashcards by , created over 5 years ago

Accounting 101 Flashcards on Financial Statements, Equations/Ratios, created by smjackson7 on 02/05/2014.

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smjackson7
Created by smjackson7 over 5 years ago
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Question Answer
Net Income (NI) = HINT: (This + that - This + That) (Rev + Gains) - (Exp. + Losses)
What is on the Balance Sheet (BS)? Assets, Liabilities & SE
What is on the Statement of Retained Earnings (RE)? Beg. RE + NI - Dividends Ending RE
What is on the Income Statement (IS) Rev. - Cost & Expenses = NI
Total Assets = Total Liabilities + Equity (SE)
What is on the Statement of Cash Flows? Cash Flows from Operating, Investing & Financing Activities
Inv. E = Purchases - COGS
Re E = Re B + NI - Dividends
Total OE = Contributed Capital (CC) RE Other Comprehensive Income (OCI)
Total Assets = Current + Noncurrent Assets
Total Liabilities = Current + Noncurrent Liabilities
Cutoff for a Liability to be considered Current 1 year
Contributed Capital (CC) = Common Stock (par value) + Addition Paid-In Capital
Cash appears on which Statement AS: Balance Sheet Asset
Accounts Payable (AP) on as: Balance Sheet (BS) Liability
Buildings as: BS Asset
AR as: BS Asset
Commissions Earned as: Income Statement (IS) Rev.
Common Stock (CS) as: BS Owner's Equity (OE)
Dividends as: Statement of RE
Insurance Expense as: Income Statement (IS) Expense
Land as: BS Asset
Note Payable as: BS Liability
Rent Expense as: Income Statement (IS) Expense
Retained Earnings *beg of period* Statement of RE OE
Salaries Expense Income Statement (IS) Expense
Supplies as: BS Asset
What are the 4 types under the Asset on a Classified Balance Sheet? Current Assets, PP&E, Investments & Intangibles
What are the (2) types of liabilities listed within the Classified Balance Sheet? Current & Noncurrent
Name the main items listed on the Single Step Income Statement. Revenue, Expenses, Total Expenses, Net Income Before Taxes, Income Tax Expense (if accounted for) & Net Income.
What is on the Statement of Retained Earnings? 5 Lines! Retained Earnings (Beg. Balance), Net Income (NI), Subtotal, Less: Dividends Retained Earnings (Ending Balance)
(Equation) Total Assets = This + That Total Liabilities + Total Owners' Equity
(Equation) Total Assets (2 subtotals) Current Assets + Noncurrent Assets