Business 1220 ch2 financal statements.doc

1 Page
138 Views
Unlock Document

Department
Business Administration
Course
Business Administration 1220E
Professor
silverberg
Semester
Winter

Description
Business 1220 – Financial Statements Ch. 2 3 FINANCIAL 1. SOE – Statement of Earnings: over period of time STATEMENTS Financial 2. B/S – Balance Sheet: at a specific time information… 3. SRE – Statement of Retained Earnings: over the lifetime Components of a SOE 0. Gross Sales 1. Net Sales: Gross income – Sales returns & allowances – Sales SALES 2. Cost of Goods Sold (COGS): Beg. Inv. + Purchases – Ending Inv. COGS - COGAFS: Beg. Inv + Purchases equation Gross Income (Margin, Profit): Net Sales – COGS 3. Operating Expenses: a. General & admin Exp. EXPENSES 3 b. Selling Exp. types of OE c. Amortization Exp. Earnings from Operations: Gross income – Operating expenses 4. Other Incomes & Other Expenses: interest earned, sale of land, money borrowed 5. Net earnings before tax EARNINGS 6. Estimated income tax expense (%) Components of a B/S 7. Net Earnings after tax ASSETS (@ lower cost) Current Assets 1. Current Assets: Cash, Marketable Securities, A/R (– AFDA=NAR) , (liquidity) Inventory , Prepaid 2. Investment in subsidiaries: controlling interest (owns 50%), not short-term, NFS Other investments: no controlling interest, @ mkt value Property
More Less

Related notes for Business Administration 1220E

Log In


OR

Join OneClass

Access over 10 million pages of study
documents for 1.3 million courses.

Sign up

Join to view


OR

By registering, I agree to the Terms and Privacy Policies
Already have an account?
Just a few more details

So we can recommend you notes for your school.

Reset Password

Please enter below the email address you registered with and we will send you a link to reset your password.

Add your courses

Get notes from the top students in your class.


Submit