# Financial Statements, Equations/Ratios

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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 Created by smjackson7 over 5 years ago
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Chapter 2 +
 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