Busn&FinCh02 - Balance Sheet is a snapshot of the...

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Balance Sheet is a snapshot o Assets = Liabilit Assets #REF! #REF! Current assets Cash $119 $183 Accounts Receivable 465 698 Inventory 563 565 Total $1,147 $1,446 Fixed Assets Net Fixed Assets 1,654 1,719 Total Assets $2,801 $3,165 Why is this called the balance sheet?
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of the account balances on the last day of the period ities + Shareholders' Equity #REF! Balance Sheet ($ in Millions) #REF! Liabilities and Shareholders' Equity #REF! #REF! Current Liabilities Accounts Payable $237 $278 Notes Payable 206 133 Total $443 $411 Long-term debt 418 464 Total Liabilities $861 $875 Shareholders' Equity Common Stock and paid-in surplus 610 638 Retained Earnings 1,330 1,652 Total $1,940 $2,290 Total Liabilities and Shareholders' Equity $2,801 $3,165
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Balance Sheet is a snapshot o Assets = Liabilit Assets #REF! #REF! Current assets Cash $119 $183 Accounts Receivable 465 698 Inventory 563 565 Total $1,147 $1,446 Fixed Assets Net Fixed Assets 1,654 1,719 Total Assets $2,801 $3,165 Why is this called the balance sheet?
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of the account balances on the last day of the period ities + Shareholders' Equity #REF! Balance Sheet ($ in Millions) #REF! Liabilities and Shareholders' Equity #REF! #REF! Current Liabilities Accounts Payable $237 $278 Notes Payable 206 133 Total $443 $411 Long-term debt 418 464 Total Liabilities $861 $875 Shareholders' Equity Common Stock and paid-in surplus 610 638 Retained Earnings 1,330 1,652 Total $1,940 $2,290 Total Liabilities and Shareholders' Equity $2,801 $3,165 $2,801 $2,801 TRUE
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Income Statement = Profits = Earnings = Shows profit for period. Income Statement Form Net Income does not necessarily mean “Cash i #REF! Income Statement ($ in Millions) #REF! Rev Net Sales $1,600 Ex Cost of Goods Sold 841 Ex Depreciation 71 Earnings before interest and tax $688 Ex Interest paid 76 Taxable income $612 Ex Taxes 202 Net Income $410 Dividends = $88.00 Addition to retained earnings = #REF! #REF! #REF! #REF! Revenues = Sales = Net Sales = Amounts earned by business from delivering products or services to gets $100; the $100 is the Revenue. Revenues may take the form of cash, credit card receipts, or Expenses = Costs associated with creating Revenues. Example01: The business paid $50 for the sh an expense called "Cost Of Goods Sold" or COGS. Example02: Employee's pay is an expense immediately or at a future time (accounts payable
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mula is: Revenues - Expenses = Net Income in”. to customer. Example: Customer gets shoes, business r accounts receivable (collect from customer later). hoes and sold the shoes for $100 Revenue; the $50 is to the business. Expenses may be paid in cash, e).
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Income Statement ($ in Millions) #REF! Net Sales $1,600 Cost of Goods Sold 841 Depreciation 71 Earnings before interest and tax $688 Interest paid 76 Taxable income $612 Taxes 202 Net Income $410 Dividends = $88.00 Addition to retained earnings = #REF! #REF!
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Busn&FinCh02 - Balance Sheet is a snapshot of the...

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