ADPR5910 Exam 2 Lecture Notes 5

ADPR5910 Exam 2 Lecture Notes 5 - ADPR5910 Notes 3/2/2011...

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ADPR5910 Notes 3/2/2011 Balance Sheets and Income Statements - Assets and liabilities - Assets o Current: become assets within 12 months Cash- most liquid Accounts receivable- things that are billed/invoiced but hasn’t been paid yet but expect to turn into cash Loans- come from owners of company or stockholders Tax refunds- refunds that we EXPECT to come ANYTHING EXPECTED to turn into cash in next year is a current asset Allowance for bad debts Inventory: raw materials, work in progress, finished work o Fixed, other Value of fixed assets declines over time Deposit or investment Not expected to turn into cash in next 6 months - Liabilities o All debts that are expected to be paid within 12 months o Accounts payable: When people are invoiced for a product or service Crude payroll: won’t pay until first of following month debt until paid o Current, long-term, stockholders’ equity Current: within 12 months Long-term: paid over a longer period of time (longer than 12 months)
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ADPR5910 Exam 2 Lecture Notes 5 - ADPR5910 Notes 3/2/2011...

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