LN06-ch6-AFM101s11

They iinclude patents nclude patents copyrights

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Unformatted text preview: al have no physical existence and a existence and a llong life. They ong life. They iinclude patents, nclude patents, copyrights, copyrights, trademarks, etc. ttrademarks, etc. trademarks, rademarks, Financial Accounting, Third Canadian Edition 6-17 Financial Statement Formats Let’s now look Let’s at the liability section of a section classified classified balance sheet. Financial Accounting, Third Canadian Edition 6-18 Financial Accounting, Third Canadian Edition 6-19 Current liabilities Current liabilities Current are obligations are obligations tthat will be paid hat will be paid with current with current assets, normally assets, normally within one year. within one year. within within Financial Accounting, Third Canadian Edition 6-20 Long-term liabilities are debts that have Long-term liabilities are debts that have Long-term maturity dates extending beyond one maturity dates extending beyond one year from the balance sheet date. year from the balance sheet date. year year Financial Accounting, Third Canadian Edition 6-21 Financial Statement Formats Finally, we get Finally, to the shareholders’ equity section equity of a classified balance sheet. balance Financial Accounting, Third Canadian Edition 6-22 Share capital (or capital stock) reflects the monetary Share capital (or capital stock) reflects the monetary Share value of contributions made by shareholders. value of contributions made by shareholders. value value Financial Accounting, Third Canadian Edition 6-23 Retained earnings is the total Retained earnings is the total Retained earnings of the company less the earnings of the company less the ttotal dividends declared since otal dividends declared since inception of operations. iinception of operations. inception nception Financial Accounting, Third Canadian Edition 6-24 Classified Income Statement Income statements have up to four major sections: 1. Continuing operations 2. Discontinued operations 3. Extraordinary items 4. Earnings per share Financial Accounting, Third Canadian Edition 6-25 Classified Income Statement − − ± − General Format for the Classified Income Statement Gross sales minus any Gross sales minus an...
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This note was uploaded on 09/22/2012 for the course AFM 101 taught by Professor Kennedy during the Spring '08 term at Waterloo.

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