Business 1220 ch2 financal statements.doc

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Department
Business Administration
Course
Business Administration 1220E
Professor
All Professors
Semester
Fall

Description
Business1220FinancialStatementsCh23 FINANCIAL STATEMENTS1SOEStatement of Earnings over period of timeFinancial 2BSBalance Sheet at a specific timeinformation3SREStatement of Retained Earnings over the lifetimeComponents of a SOE0Gross Sales 1Net Sales Gross income Sales returnsallowancesSales discounts SALES2Cost of Goods Sold COGS Beg InvPurchasesEnding Inv COGS COGAFS Beg InvPurchasesequationGross Income Margin Profit Net SalesCOGS 3Operating ExpensesaGeneraladmin ExpEXPENSES3 types bSelling Expof OEcAmortization ExpEarnings from Operations Gross incomeOperating expenses 4Other IncomesOther Expenses interest earned sale of land money borrowed5Net earnings before taxEARNINGS6Estimated income tax expense Components of a BS7Net Earnings after tax ASSETS lower cost Current Assets liquidity1Current Assets Cash Marketable Securities ARAFDANARInventoryPrepaid2Investment in subsidiaries controlling interest owns 50 not shortterm NFS Other investments no controlling interestmkt value Property plantequip3Property plant and equipment Land no Dep Pl
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