Limited time offer 20% OFF StudySoup Subscription details

Loyola Marymount University - BADM 3030 - Class Notes - Week 1

Created by: Daniel Joseph de Boulay Elite Notetaker

> > > > Loyola Marymount University - BADM 3030 - Class Notes - Week 1

Loyola Marymount University - BADM 3030 - Class Notes - Week 1

School: Loyola Marymount University
Department: Business
Course: Key Concepts of Accounting and Finance
Professor: J. Mark Hattendorf
Term: Spring 2018
Tags: Accounting and finance
Name: Notes from first week of class
Description: These notes cover important foundational material that will come up on the Midterm, be relevant for you Team Project, and definitely will be present for the Final.
Uploaded: 08/29/2017
This preview shows page 1 of a 2 page document. to view the rest of the content
background image Revenue minus expenses = net income.  The income statement measures operating performance for the period whereas the balance sheet  shows you a picture of the company’s health for a specific given period of time. Reports revenue and 
expenses and resulting net income (or loss). Also includes gains and losses. 
Common stock ­ balance sheet
Income tax payable ­ balance sheet
Sales ­ Income statement 
Income tax expense ­ income statement 
Ending balance of retained earnings ­ balance sheet
Total assets ­ Balance sheet
Long­term debt ­ Balance sheet
Security deposit with Landlord ­ Balance sheet (asset, you already paid for it) 
Selling, general, and admin. Expenses ­ income statement 
Ending cash balance ­ balance statement & statement of cash flows 
The operating cycle of a merchandising company ordinarily is longer than that of a service 
company. 
Simple math:  Beginning Inventory + Purchases ­ COGS (cost of goods sold) = Ending Inventory There are two categories of expenses: cost of goods sold & operating expenses. 
Cost of good solds, is the money you’re taking out of inventory. 
Inventory is made up of material, labor, and overhead.  Key line items:  gross profitincome from operations, and net income. Gross profit is the cost of acquiring the product. It doesn’t include other metrics like administration costs. 
Operating profit includes admin. Expenses. 
Net income (measured in dollars and percentages) takes taxes and deductions into account. It is also 
created after subtracting the costs of doing business such as depreciation, interest, taxes and other 

This is the end of the preview. Please to view the rest of the content
Join more than 18,000+ college students at Loyola Marymount University who use StudySoup to get ahead
2 Pages 10 Views 8 Unlocks
  • Better Grades Guarantee
  • 24/7 Homework help
  • Notes, Study Guides, Flashcards + More!
Join more than 18,000+ college students at Loyola Marymount University who use StudySoup to get ahead
School: Loyola Marymount University
Department: Business
Course: Key Concepts of Accounting and Finance
Professor: J. Mark Hattendorf
Term: Spring 2018
Tags: Accounting and finance
Name: Notes from first week of class
Description: These notes cover important foundational material that will come up on the Midterm, be relevant for you Team Project, and definitely will be present for the Final.
Uploaded: 08/29/2017
2 Pages 10 Views 8 Unlocks
  • Better Grades Guarantee
  • 24/7 Homework help
  • Notes, Study Guides, Flashcards + More!
Join StudySoup for FREE
Get Full Access to Loyola Marymount University - BADM 3030 - Class Notes - Week 1
Join with Email
Already have an account? Login here
×
Log in to StudySoup
Get Full Access to Loyola Marymount University - BADM 3030 - Class Notes - Week 1

Forgot password? Reset password here

Reset your password

I don't want to reset my password

Need help? Contact support

Need an Account? Is not associated with an account
Sign up
We're here to help

Having trouble accessing your account? Let us help you, contact support at +1(510) 944-1054 or support@studysoup.com

Got it, thanks!
Password Reset Request Sent An email has been sent to the email address associated to your account. Follow the link in the email to reset your password. If you're having trouble finding our email please check your spam folder
Got it, thanks!
Already have an Account? Is already in use
Log in
Incorrect Password The password used to log in with this account is incorrect
Try Again

Forgot password? Reset it here