What is in the income statement? - ANSWERSrevenues - expenses = net income
What is in the Statement of Stockholders Equity? - ANSWERSBeg C.S, C.S issued, Ending Common Stock
Beg R.E, +/- Net income, +/- Dividends, End R.E
Total Stockholders' Equity= End C.S + R.E
What is on the balance shee...
Accounting Exam 1 Questions &
Answers
What is in the income statement? - ANSWERSrevenues - expenses = net income
What is in the Statement of Stockholders Equity? - ANSWERSBeg C.S, C.S issued,
Ending Common Stock
Beg R.E, +/- Net income, +/- Dividends, End R.E
Total Stockholders' Equity= End C.S + R.E
What is on the balance sheet? - ANSWERSAssets (Cash, Land: Total Assets)
Liabilities (Notes Payable)
Stockholders' equity (C.S, R.E: Total stock Equity)
Total Liabilities + S.E
What is on the statement of cash flow? - ANSWERSOperating activities
Investing activities
Financing activities
Net change in cash (add/subtract from activities)
+ Beg. Cash Balance
= Ending Cash Balance
What is an operating activity? - ANSWERSEveryday business (revenue, expense)
What is a investing activity? - ANSWERSBuying Land, Machinery, Buildings
Owner Investing
What is an Financial activity? - ANSWERSUsually with S.E transactions
Dividends, borrowing cash, paying a loan
What are considered Assets? - ANSWERSCash, Land, Accounts receivable, Supplies,
Prepaid insurance, Prepaid rent, Building, Equiptment, Inventory
What are considered liabilities? - ANSWERSSalaries payable, unearned revenue,
Notes payable, Accounts payable.
What is considered stockholders equity? - ANSWERSCommon stock, Retained
Earnings (Revenue, Expense)
How to find the annual rate - ANSWERSDiscount rate x (365 days/term of loan)
FOB Shipping point - ANSWERSPaid for by the buyer (Transportation-in)
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